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NSE and BSE to hold special trading session on February 1 for Union Budget., Finance Minister to present 2026–27 budget; debt and forex markets closed., Analysts expect budget to boost capex, exports, defence, and rural demand.

* NSE and BSE to hold special trading session on February 1 for Union Budget.
* Finance Minister to present 2026–27 budget; debt and forex markets closed.
* Analysts expect budget to boost capex, exports, defence, and rural demand.

NSE and BSE will open for a special session on Feb 1 as Finance Minister Nirmala Sitharaman presents the 2026–27 budget. Investors await policy signals on growth, capex, and export support amid weak market performance and record foreign fund outflows.

shorts/business/budget-2026-are-nse-bse-open-or-will-stock-markets-observe-holiday-today

* NSE and BSE to hold special trading session on February 1 for Union Budget.
* Finance Minister to present 2026–27 budget; debt and forex markets closed.
* Analysts expect budget to boost capex, exports, defence, and rural demand.

The National Stock Exchange (NSE) and the BSE will remain open on February 1 for a special trading session on account of the Union Budget. Finance Minister Nirmala Sitharaman will present the budget for 2026–27 at 11 am.

The domestic equity markets are set to open higher as investors track policy signals on growth, government capital expenditure and support for export-oriented sectors impacted by US tariffs.

GIFT Nifty futures closed at 25,443 on Friday, indicating the NSE Nifty 50 is likely to open above its previous close of 25,320.65.

Debt and foreign exchange markets will remain closed.

The benchmark Nifty 50 has gained 7.8 percent since the previous budget but has lagged emerging market and Asian peers amid record foreign fund outflows and subdued corporate earnings.

Policy measures since the last budget, including GST cuts, interest rate reductions and liquidity easing, have improved prospects for domestic earnings and consumption demand.

"We expect the budget to strike a balance between sustaining public capex momentum and adhering to the fiscal consolidation path," said Pranav Haridasan, Managing Director and Chief Executive Officer, Axis Securities.

India’s economy is projected to grow between 6.8 percent and 7.2 percent in fiscal 2027, marginally lower than the estimated 7.4 percent growth in fiscal 2026, according to the Economic Survey released on Thursday.

Analysts expect targeted steps to support export-oriented sectors facing US tariff pressures, while defence spending is likely to rise to boost domestic manufacturing.

Equities have had a weak start to 2026. The Nifty and Sensex declined 3.1 per cent and 3.5 per cent, respectively, in January, their worst monthly performance in 11 months, weighed down by weak earnings, global trade concerns and around USD 4 billion in foreign outflows. The outflows also pushed the rupee to record lows.

Higher capital outlays could support industrial and infrastructure stocks, while measures aimed at boosting rural demand may benefit consumer-facing companies.

An extension of production-linked incentive schemes could aid electronics manufacturers, while insurers may gain if tax deductions on life insurance products are increased.
<h3>(Inputs from Reuters)</h3>
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Budget 2026: Are NSE, BSE open or will stock markets observe holiday today?

The National Stock Exchange (NSE) and the BSE will remain open on February 1 for a special trading session on account of the Union Budget. Finance Minister Nirmala Sitharaman will present the budget for 2026–27 at 11 am.

The domestic equity markets are set to open higher as investors track policy signals on growth, government capital expenditure and support for export-oriented sectors impacted by US tariffs.

GIFT Nifty futures closed at 25,443 on Friday, indicating the NSE Nifty 50 is likely to open above its previous close of 25,320.65.

Debt and foreign exchange markets will remain closed.

The benchmark Nifty 50 has gained 7.8 percent since the previous budget but has lagged emerging market and Asian peers amid record foreign fund outflows and subdued corporate earnings.

Policy measures since the last budget, including GST cuts, interest rate reductions and liquidity easing, have improved prospects for domestic earnings and consumption demand.

&quot;We expect the budget to strike a balance between sustaining public capex momentum and adhering to the fiscal consolidation path,&quot; said Pranav Haridasan, Managing Director and Chief Executive Officer, Axis Securities.

India’s economy is projected to grow between 6.8 percent and 7.2 percent in fiscal 2027, marginally lower than the estimated 7.4 percent growth in fiscal 2026, according to the Economic Survey released on Thursday.

Analysts expect targeted steps to support export-oriented sectors facing US tariff pressures, while defence spending is likely to rise to boost domestic manufacturing.

Equities have had a weak start to 2026. The Nifty and Sensex declined 3.1 per cent and 3.5 per cent, respectively, in January, their worst monthly performance in 11 months, weighed down by weak earnings, global trade concerns and around USD 4 billion in foreign outflows. The outflows also pushed the rupee to record lows.

Higher capital outlays could support industrial and infrastructure stocks, while measures aimed at boosting rural demand may benefit consumer-facing companies.

An extension of production-linked incentive schemes could aid electronics manufacturers, while insurers may gain if tax deductions on life insurance products are increased.
(Inputs from Reuters)
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Domestic benchmarks Nifty 50 and Sensex are likely to open the Union Budget session on weak footing, as poor global cues, persistent FII outflows, and a weak currency dampen sentiment.

Markets are likely to remain highly volatile, with sharp moves possible in either direction depending on key announcements around fiscal policy, capex push, sector-specific incentives, and the fiscal deficit target (expected around 4.3–4.4% of GDP for FY27), according to analysts.

On Friday, the S&amp;P 500 its decline on Friday, with the benchmark index slipping 0.43 percent, marking its third consecutive losing session. The Dow Jones Industrial Average fell 0.36 percent, while the tech-heavy Nasdaq Composite underperformed, sliding 0.94 percent. All three major indexes were down more than 1 percent at their intraday lows.

Stocks retreated as technology shares stayed under pressure, even as investors broadly welcomed President Donald Trump’s nomination of Kevin Warsh as Federal Reserve chair.

A favourable Budget reaction could trigger an upside breakout, while any disappointment or profit-booking may pull indices back towards lower support zones. “Until there is clarity from the Budget, the overall bias remains cautious to neutral,” said Ponmudi R, CEO of Enrich Money.

In the previous session, the Nifty declined 0.4 percent to snap a three-day winning streak weighed down by sharp losses in metal and IT stocks.

However, between the last Budget and now, benchmark indices delivered modest returns, masking wide dispersion beneath the surface. Midcaps outperformed, but smallcaps slipped marginally, down 0.5 percent, reflecting tighter liquidity and selective risk-taking.

India's underperformance becomes more pronounced when viewed against global peers in dollar terms. While the Sensex and Nifty delivered returns of just 0.3 percent and 1.8 percent respectively (in dollar terms), several global indices posted outsized gains. The Nasdaq climbed 20.7 percent, the S&amp;P 500 rose 15.4 percent, and Japan's Nikkei jumped 37 percent.

Against this backdrop, investors are looking to the upcoming Budget for clarity on growth support, fiscal discipline and sector-specific triggers that could broaden participation and restore confidence. Whether the next budget can reverse India's relative underperformance and revive risk appetite remains the key question as markets turn the page to a new fiscal year.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Nifty, Sensex may see weak start on Budget session amid poor global cues

Domestic benchmarks Nifty 50 and Sensex are likely to open the Union Budget session on weak footing, as poor global cues, persistent FII outflows, and a weak currency dampen sentiment.

Markets are likely to remain highly volatile, with sharp moves possible in either direction depending on key announcements around fiscal policy, capex push, sector-specific incentives, and the fiscal deficit target (expected around 4.3–4.4% of GDP for FY27), according to analysts.

On Friday, the S&amp;amp;P 500 its decline on Friday, with the benchmark index slipping 0.43 percent, marking its third consecutive losing session. The Dow Jones Industrial Average fell 0.36 percent, while the tech-heavy Nasdaq Composite underperformed, sliding 0.94 percent. All three major indexes were down more than 1 percent at their intraday lows.

Stocks retreated as technology shares stayed under pressure, even as investors broadly welcomed President Donald Trump’s nomination of Kevin Warsh as Federal Reserve chair.

A favourable Budget reaction could trigger an upside breakout, while any disappointment or profit-booking may pull indices back towards lower support zones. “Until there is clarity from the Budget, the overall bias remains cautious to neutral,” said Ponmudi R, CEO of Enrich Money.

In the previous session, the Nifty declined 0.4 percent to snap a three-day winning streak weighed down by sharp losses in metal and IT stocks.

However, between the last Budget and now, benchmark indices delivered modest returns, masking wide dispersion beneath the surface. Midcaps outperformed, but smallcaps slipped marginally, down 0.5 percent, reflecting tighter liquidity and selective risk-taking.

India's underperformance becomes more pronounced when viewed against global peers in dollar terms. While the Sensex and Nifty delivered returns of just 0.3 percent and 1.8 percent respectively (in dollar terms), several global indices posted outsized gains. The Nasdaq climbed 20.7 percent, the S&amp;amp;P 500 rose 15.4 percent, and Japan's Nikkei jumped 37 percent.

Against this backdrop, investors are looking to the upcoming Budget for clarity on growth support, fiscal discipline and sector-specific triggers that could broaden participation and restore confidence. Whether the next budget can reverse India's relative underperformance and revive risk appetite remains the key question as markets turn the page to a new fiscal year.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Sensex Today | Stock Market LIVE Updates: Sun Pharma, Bajaj Auto, Bharat Electronics, HDFC Bank, Axis Bank were among major gainers on the Nifty, while losers were Hindalco, Tata Steel, JSW Steel, Coal India, Adani Enterprises. Nifty Midcap index sheds 0.7% and smallcap index down 1.5%. Among sectors, metal index down 4%, PSU Bank index down 1%.

Stock Market LIVE Updates: Sensex, Nifty trade flat on Budget day; Hindustan Copper, Vedanta, Hind Zinc, MCX down 10-14%

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Midcaps and PSU banks outperformed, while FMCG, IT, and real estate lagged., Global indices outperformed India; Brazil and South Korea saw strong gains., FIIs sold in secondary markets; DIIs provided stability with steady inflows.

* Midcaps and PSU banks outperformed, while FMCG, IT, and real estate lagged.
* Global indices outperformed India; Brazil and South Korea saw strong gains.
* FIIs sold in secondary markets; DIIs provided stability with steady inflows.

Indian markets saw uneven gains since the last Budget, with PSU banks and metals surging but defensives lagging. FIIs favored primary issuances, while DIIs stabilized equities. Investors now await the new Budget for growth clarity and renewed market confidence.

shorts/budget/budget-to-budget-psu-banks-shine-smallcaps-struggle-while-global-markets-race-ahead

* Midcaps and PSU banks outperformed, while FMCG, IT, and real estate lagged.
* Global indices outperformed India; Brazil and South Korea saw strong gains.
* FIIs sold in secondary markets; DIIs provided stability with steady inflows.

From market performance to foreign flows, the period between the previous Union Budget and the upcoming one has been marked by sharp divergences across sectors, market segments and geographies, underscoring how global cues, policy expectations and earnings trends have reshaped investor behaviour.

Domestic markets: gains uneven, leadership narrow

Between the last Budget and now, benchmark indices delivered modest returns, masking wide dispersion beneath the surface. Midcaps outperformed, but smallcaps slipped marginally, down 0.5 percent, reflecting tighter liquidity and selective risk-taking.

<img class="aligncenter size-full wp-image-13801525" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260131094004_page-9.jpg" alt="page-9" width="700" height="531" />

Sectorally, metals and PSU-linked themes dominated. Nifty Metal surged 43.4 percent, while PSU Bank rallied 45.1 percent, emerging as the best-performing pocket of the market. Banking and financials also held firm, with Nifty Bank up 20.7 percent and Nifty Finance gaining 18.2 percent. Commodities rose 21 percent and auto stocks advanced nearly 15 percent, aided by pricing power and resilient demand.

<img class="aligncenter size-full wp-image-13801497" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260131092327_page-1.jpg" alt="page-1" width="700" height="878" />
In contrast, defensives and export-oriented sectors lagged. FMCG fell 12.5 percent, IT dropped 9.6 percent, and real estate corrected sharply by 17.9 percent. Pharma delivered muted gains of just 1.8 percent, while energy stocks rose a modest 5.6 percent, reflecting concerns around margins and policy uncertainty.

Global markets race ahead

India’s underperformance becomes more pronounced when viewed against global peers in dollar terms. While the Sensex and Nifty delivered returns of just 0.3 percent and 1.8 percent respectively (in dollar terms), several global indices posted outsized gains. The Nasdaq climbed 20.7 percent, the S&amp;P 500 rose 15.4 percent, and Japan’s Nikkei jumped 37 percent.

<img class="aligncenter size-full wp-image-13801499" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260131092536_page-2.jpg" alt="page-2" width="700" height="878" />
Emerging markets also saw strong rallies, with Brazil’s Ibovespa surging 62.7 percent and South Korea’s Kospi posting a striking 109.5 percent gain. Even China-linked indices such as the Hang Seng and Shanghai Composite delivered returns in excess of 30 percent, highlighting how India ceded relative leadership over the budget-to-budget period.

FII behaviour: primary inflows, secondary outflows
Foreign investor behaviour reflects this cautious stance on Indian equities. Data from ACE Equities show a consistent divergence between primary and secondary market flows. While FIIs continued to deploy capital in primary issuances almost every month, secondary market flows were largely negative and volatile.

Notably, October 2024 saw a massive secondary market outflow, while January and February 2025 also recorded heavy selling. Even in months where secondary flows turned positive, such as March 2024, June 2024 and September 2024, the trend failed to sustain. This pattern suggests selective long-term interest via IPOs and blocks, alongside persistent risk-off positioning in listed equities.
DIIs hold the fort.

<img class="aligncenter size-full wp-image-13801523" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260131093854_page-12.jpg" alt="page-12" width="700" height="2040" />

Domestic institutional investors emerged as the key stabilising force in equities over the budget-to-budget period, consistently absorbing supply amid persistent FII selling. DII equity inflows remained strong through most months, reflecting steady inflows from mutual funds and long-term domestic savings.

<img class="aligncenter size-full wp-image-13801524" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260131093930_page-13.jpg" alt="page-13" width="700" height="1488" />

This robust domestic participation helped cushion market volatility, supported headline indices and underscored the growing role of local capital in offsetting global risk-off flows.

Stock-level churn across market caps
At the stock level, leadership changed dramatically. Among largecaps, Shriram Finance and Muthoot Finance nearly doubled, while metal names like Hindalco, Vedanta and Hindustan Zinc posted strong gains. PSU banks such as Canara Bank and Union Bank also featured among the top performers.
<img class="aligncenter size-full wp-image-13801500" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260131092703_page-3.jpg" alt="page-3" width="700" height="878" />
On the flip side, several former favourites corrected sharply. Siemens, Trent and ITC lost between 30 percent and 46 percent, while IT services majors like TCS and Wipro also featured among the top largecap losers.

<img class="aligncenter size-full wp-image-13801502" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260131092741_page-4.jpg" alt="page-4" width="700" height="878" />
Midcaps and smallcaps saw even sharper dispersion. MCX, Nalco and L&amp;T Finance topped the midcap gainers list, while in smallcaps, Hindustan Copper and Force Motors delivered multi-bagger returns.

<img class="aligncenter size-full wp-image-13801505" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260131092848_page-5.jpg" alt="page-5" width="700" height="878" /> <img class="aligncenter size-full wp-image-13801507" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260131092928_page-7.jpg" alt="page-7" width="700" height="878" />
At the same time, stocks such as Aditya Birla Fashion and Tejas Networks listings saw steep drawdowns of over 50 percent.

What’s changed heading into this Budget

Compared with the previous Union Budget, markets are entering the new one with lower risk appetite, and heightened sensitivity to policy signals. The strong rally in PSU banks, metals and commodities contrasts with fatigue in consumption, IT and real estate, while persistent FII selling in secondary markets has capped headline index gains.

Against this backdrop, investors are looking to the upcoming Budget for clarity on growth support, fiscal discipline and sector-specific triggers that could broaden participation and restore confidence. Whether the next budget can reverse India’s relative underperformance and revive risk appetite remains the key question as markets turn the page to a new fiscal year.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Budget to Budget: PSU banks shine, smallcaps struggle, while global markets race ahead

From market performance to foreign flows, the period between the previous Union Budget and the upcoming one has been marked by sharp divergences across sectors, market segments and geographies, underscoring how global cues, policy expectations and earnings trends have reshaped investor behaviour.

Domestic markets: gains uneven, leadership narrow

Between the last Budget and now, benchmark indices delivered modest returns, masking wide dispersion beneath the surface. Midcaps outperformed, but smallcaps slipped marginally, down 0.5 percent, reflecting tighter liquidity and selective risk-taking.



Sectorally, metals and PSU-linked themes dominated. Nifty Metal surged 43.4 percent, while PSU Bank rallied 45.1 percent, emerging as the best-performing pocket of the market. Banking and financials also held firm, with Nifty Bank up 20.7 percent and Nifty Finance gaining 18.2 percent. Commodities rose 21 percent and auto stocks advanced nearly 15 percent, aided by pricing power and resilient demand.


In contrast, defensives and export-oriented sectors lagged. FMCG fell 12.5 percent, IT dropped 9.6 percent, and real estate corrected sharply by 17.9 percent. Pharma delivered muted gains of just 1.8 percent, while energy stocks rose a modest 5.6 percent, reflecting concerns around margins and policy uncertainty.

Global markets race ahead

India’s underperformance becomes more pronounced when viewed against global peers in dollar terms. While the Sensex and Nifty delivered returns of just 0.3 percent and 1.8 percent respectively (in dollar terms), several global indices posted outsized gains. The Nasdaq climbed 20.7 percent, the S&amp;amp;P 500 rose 15.4 percent, and Japan’s Nikkei jumped 37 percent.


Emerging markets also saw strong rallies, with Brazil’s Ibovespa surging 62.7 percent and South Korea’s Kospi posting a striking 109.5 percent gain. Even China-linked indices such as the Hang Seng and Shanghai Composite delivered returns in excess of 30 percent, highlighting how India ceded relative leadership over the budget-to-budget period.

FII behaviour: primary inflows, secondary outflows
Foreign investor behaviour reflects this cautious stance on Indian equities. Data from ACE Equities show a consistent divergence between primary and secondary market flows. While FIIs continued to deploy capital in primary issuances almost every month, secondary market flows were largely negative and volatile.

Notably, October 2024 saw a massive secondary market outflow, while January and February 2025 also recorded heavy selling. Even in months where secondary flows turned positive, such as March 2024, June 2024 and September 2024, the trend failed to sustain. This pattern suggests selective long-term interest via IPOs and blocks, alongside persistent risk-off positioning in listed equities.
DIIs hold the fort.



Domestic institutional investors emerged as the key stabilising force in equities over the budget-to-budget period, consistently absorbing supply amid persistent FII selling. DII equity inflows remained strong through most months, reflecting steady inflows from mutual funds and long-term domestic savings.



This robust domestic participation helped cushion market volatility, supported headline indices and underscored the growing role of local capital in offsetting global risk-off flows.

Stock-level churn across market caps
At the stock level, leadership changed dramatically. Among largecaps, Shriram Finance and Muthoot Finance nearly doubled, while metal names like Hindalco, Vedanta and Hindustan Zinc posted strong gains. PSU banks such as Canara Bank and Union Bank also featured among the top performers.

On the flip side, several former favourites corrected sharply. Siemens, Trent and ITC lost between 30 percent and 46 percent, while IT services majors like TCS and Wipro also featured among the top largecap losers.


Midcaps and smallcaps saw even sharper dispersion. MCX, Nalco and L&amp;amp;T Finance topped the midcap gainers list, while in smallcaps, Hindustan Copper and Force Motors delivered multi-bagger returns.

 
At the same time, stocks such as Aditya Birla Fashion and Tejas Networks listings saw steep drawdowns of over 50 percent.

What’s changed heading into this Budget

Compared with the previous Union Budget, markets are entering the new one with lower risk appetite, and heightened sensitivity to policy signals. The strong rally in PSU banks, metals and commodities contrasts with fatigue in consumption, IT and real estate, while persistent FII selling in secondary markets has capped headline index gains.

Against this backdrop, investors are looking to the upcoming Budget for clarity on growth support, fiscal discipline and sector-specific triggers that could broaden participation and restore confidence. Whether the next budget can reverse India’s relative underperformance and revive risk appetite remains the key question as markets turn the page to a new fiscal year.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Mid-cap and small-cap indices rose 2-3%, driven by defense stocks., Nifty faces resistance at 25,450–25,500; Union Budget seen as key market trigger, FIIs sold this week; DIIs bought Rs 14,398 crore in equities.

* Mid-cap and small-cap indices rose 2-3%, driven by defense stocks.
* Nifty faces resistance at 25,450–25,500; Union Budget seen as key market trigger
* FIIs sold this week; DIIs bought Rs 14,398 crore in equities.

Mid- and small-cap indices outperformed, led by defence, energy, and oil & gas stocks. Nifty faces resistance at 25,450–25,500; Union Budget is expected to drive market direction, with volatility likely and cyclical sectors showing resilience.

shorts/business/broader-indices-outperform-over-100-small-cap-stocks-surge-up-to-29

* Mid-cap and small-cap indices rose 2-3%, driven by defense stocks.
* Nifty faces resistance at 25,450–25,500; Union Budget seen as key market trigger
* FIIs sold this week; DIIs bought Rs 14,398 crore in equities.

The broader market outperformed the benchmark indices during the week, with the BSE Mid-cap and Small-cap indices gaining between 2–3 percent led by defence, energy, oil &amp; gas stocks.

For the week, the BSE Sensex climbed 732.08 points, or 0.89 percent, to close at 82,269.78, while the Nifty50 advanced 272 points, or 1.08 percent, to settle at 25,320.65. However, on a monthly basis, both indices declined 3 percent each.

Foreign Institutional Investors (FIIs) turned buyers on Friday, purchasing equities worth Rs 2,251 crore. However, they remained net sellers for the week, having offloaded shares worth Rs 730 crore. Meanwhile, Domestic Institutional Investors (DIIs) continued their support, buying equities worth Rs 14,398.03 crore.

Among sectors, the Nifty Defence index outperformed with a nearly 9 percent gain, followed by Nifty Energy, which rose 6 percent. The Nifty Oil &amp; Gas index added 4 percent, while Nifty Realty and Metal indices climbed 3 percent each. On the other hand, the Nifty IT, FMCG, and Healthcare indices declined by 0.5 percent each.

"Indian equities traded in a volatile yet cautiously constructive tone during the week, shaped by domestic policy expectations and evolving global cues. Initially sentiment was subdued due to renewed tariff-related concerns and mixed corporate earnings, although optimism surrounding the India–EU trade agreement lent support, particularly to trade-oriented sectors. Select pockets of weakness were observed in Autos and Beverages amid intensifying competitive pressures," said Vinod Nair, Head of Research, Geojit Investments.

"Market sentiment improved mid-week following a favourable economic survey that reinforced expectations of robust FY27 growth and a benign inflation outlook. However, risk appetite weakened toward the end of the week ahead of the Union Budget, with volatility resurfacing amid FII outflows and rupee depreciation. Profit booking intensified in Metals and IT amid a firmer dollar and global liquidity concerns, with sentiment turning cautious ahead of clarity on the incoming Fed Chair. Markets remain wary that a potentially stronger inflation focus could prolong tight financial conditions and weigh on emerging markets."

"Looking ahead, markets are expected to remain largely event-driven, with the Union Budget acting as the key domestic trigger. Expectations are balanced between growth support and fiscal prudence. Cyclical sectors may continue to show relative resilience if supported by policy measures, while IT and export-oriented stocks are likely to remain sensitive to global macro cues," Nair added.

"Overall, markets are expected to stay range-bound, underpinned by strong domestic fundamentals but constrained by external uncertainties, including geopolitical risks, global tariff developments, and the U.S. Fed’s evolving policy outlook," he said further.

The BSE Small-cap index jumped 3 percent, led by sharp gains in Sharda Cropchem, Hindustan Copper, MIC Electronics, SPEL Semiconductor, Panorama Studios International, JITF Infralogistics, Mahindra Logistics, Moschip Technologies, Walchandnagar Industries, Garden Reach Shipbuilders &amp; Engineers, Manorama Industries, MTAR Technologies, Data Patterns (India), Punjab Chemicals &amp; Crop Protection, Sterlite Technologies, and Taneja Aerospace and Aviation, all of which surged more than 20 percent each.

Meanwhile, Vimta Labs, Sri Adhikari Brothers Television, OneSource Specialty Pharma, IFB Industries, South Indian Bank, SBFC Finance, and Best Agrolife declined over 15 percent.

<img class="alignnone size-full wp-image-13801311" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260131064957_111.png" alt="111" width="898" height="2123" />

Where is market headed?

Sudeep Shah, Head - Technical and Derivatives Research at SBI Securities

Going ahead, the immediate resistance for Nifty is placed in the 25,450–25,500 zone, with the Index failing to decisively close above this zone after attempting twice in the last six sessions. A decisive breakout above this zone could result in Nifty extending its pullback towards 25,650, followed by 25,800 in the near term. On the downside, the 200-day EMA zone of 25,200–25,150 zone is likely to act as a strong support.

Ajit Mishra – SVP, Research, Religare Broking

Our view on the Nifty remains unchanged. Sustenance above the 25,350 level could result in a further rebound towards the 25,600 zone, while a decisive break below the long-term moving average, the 200 DEMA around 25,150, may derail the recovery and drag the index towards the 24,750–24,900 zone. With all eyes on the Union Budget, we expect heightened volatility during the special trading session on Sunday and suggest preferring a hedged approach.

Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities

Technically, this market action indicates a consolidation movement in Nifty near the crucial resistance. The market is awaiting a fresh direction from the key economic event of Union Budget 2026 which will be presented in the Parliament on Sunday-1st Feb. Hence the outcome of this event could open fresh moves in the marketon on either side. Immediate support is placed at 25200 and a sustainable upmove above 25450-25500 levels could possibly open sharp upside ahead.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Broader indices outperform; over 100 small-cap stocks surge up to 29%

The broader market outperformed the benchmark indices during the week, with the BSE Mid-cap and Small-cap indices gaining between 2–3 percent led by defence, energy, oil &amp;amp; gas stocks.

For the week, the BSE Sensex climbed 732.08 points, or 0.89 percent, to close at 82,269.78, while the Nifty50 advanced 272 points, or 1.08 percent, to settle at 25,320.65. However, on a monthly basis, both indices declined 3 percent each.

Foreign Institutional Investors (FIIs) turned buyers on Friday, purchasing equities worth Rs 2,251 crore. However, they remained net sellers for the week, having offloaded shares worth Rs 730 crore. Meanwhile, Domestic Institutional Investors (DIIs) continued their support, buying equities worth Rs 14,398.03 crore.

Among sectors, the Nifty Defence index outperformed with a nearly 9 percent gain, followed by Nifty Energy, which rose 6 percent. The Nifty Oil &amp;amp; Gas index added 4 percent, while Nifty Realty and Metal indices climbed 3 percent each. On the other hand, the Nifty IT, FMCG, and Healthcare indices declined by 0.5 percent each.

&quot;Indian equities traded in a volatile yet cautiously constructive tone during the week, shaped by domestic policy expectations and evolving global cues. Initially sentiment was subdued due to renewed tariff-related concerns and mixed corporate earnings, although optimism surrounding the India–EU trade agreement lent support, particularly to trade-oriented sectors. Select pockets of weakness were observed in Autos and Beverages amid intensifying competitive pressures,&quot; said Vinod Nair, Head of Research, Geojit Investments.

&quot;Market sentiment improved mid-week following a favourable economic survey that reinforced expectations of robust FY27 growth and a benign inflation outlook. However, risk appetite weakened toward the end of the week ahead of the Union Budget, with volatility resurfacing amid FII outflows and rupee depreciation. Profit booking intensified in Metals and IT amid a firmer dollar and global liquidity concerns, with sentiment turning cautious ahead of clarity on the incoming Fed Chair. Markets remain wary that a potentially stronger inflation focus could prolong tight financial conditions and weigh on emerging markets.&quot;

&quot;Looking ahead, markets are expected to remain largely event-driven, with the Union Budget acting as the key domestic trigger. Expectations are balanced between growth support and fiscal prudence. Cyclical sectors may continue to show relative resilience if supported by policy measures, while IT and export-oriented stocks are likely to remain sensitive to global macro cues,&quot; Nair added.

&quot;Overall, markets are expected to stay range-bound, underpinned by strong domestic fundamentals but constrained by external uncertainties, including geopolitical risks, global tariff developments, and the U.S. Fed’s evolving policy outlook,&quot; he said further.

The BSE Small-cap index jumped 3 percent, led by sharp gains in Sharda Cropchem, Hindustan Copper, MIC Electronics, SPEL Semiconductor, Panorama Studios International, JITF Infralogistics, Mahindra Logistics, Moschip Technologies, Walchandnagar Industries, Garden Reach Shipbuilders &amp;amp; Engineers, Manorama Industries, MTAR Technologies, Data Patterns (India), Punjab Chemicals &amp;amp; Crop Protection, Sterlite Technologies, and Taneja Aerospace and Aviation, all of which surged more than 20 percent each.

Meanwhile, Vimta Labs, Sri Adhikari Brothers Television, OneSource Specialty Pharma, IFB Industries, South Indian Bank, SBFC Finance, and Best Agrolife declined over 15 percent.



Where is market headed?

Sudeep Shah, Head - Technical and Derivatives Research at SBI Securities

Going ahead, the immediate resistance for Nifty is placed in the 25,450–25,500 zone, with the Index failing to decisively close above this zone after attempting twice in the last six sessions. A decisive breakout above this zone could result in Nifty extending its pullback towards 25,650, followed by 25,800 in the near term. On the downside, the 200-day EMA zone of 25,200–25,150 zone is likely to act as a strong support.

Ajit Mishra – SVP, Research, Religare Broking

Our view on the Nifty remains unchanged. Sustenance above the 25,350 level could result in a further rebound towards the 25,600 zone, while a decisive break below the long-term moving average, the 200 DEMA around 25,150, may derail the recovery and drag the index towards the 24,750–24,900 zone. With all eyes on the Union Budget, we expect heightened volatility during the special trading session on Sunday and suggest preferring a hedged approach.

Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities

Technically, this market action indicates a consolidation movement in Nifty near the crucial resistance. The market is awaiting a fresh direction from the key economic event of Union Budget 2026 which will be presented in the Parliament on Sunday-1st Feb. Hence the outcome of this event could open fresh moves in the marketon on either side. Immediate support is placed at 25200 and a sustainable upmove above 25450-25500 levels could possibly open sharp upside ahead.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

9 out of 17 years BSE HEALTHCARE has given negative returns in February.

Type	R1	R2	R3	PP	S1	S2	S3
Classic	41,602.48	41,857.24	42,321.80	41,137.92	40,883.16	40,418.60	40,163.84
Fibonacci	41,412.70	41,582.46	41,857.24	41,137.92	40,863.14	40,693.38	40,418.60
Camarilla	41,413.66	41,479.60	41,545.53	41,137.92	41,281.78	41,215.84	41,149.91

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