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VICTORIS
Budget Express 2026

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  • LIC
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Indian Indices - Live Markets

MARKET HIGHLIGHTS
Feb 06, 16:16 IST

Siddhartha Khemka - Head of Research, Wealth Management, Motilal Oswal Financial Services

Indian equity benchmarks ended marginally higher on Friday, with the Nifty closing at 25,693, up 51 points (+0.2%). The market recovered from early losses as selective buying emerged during the latter part of the session. Gains were led by select FMCG, oil and gas and private banking stocks, which saw renewed interest following recent corrections. Broader markets showed weakness, with the Nifty Midcap 100 ending flat and Smallcap 100 slipping 0.3%. Sectoral trends were mixed.

The FMCG index advanced 2.2% led by ITC and HUL, while Consumer Durables rose 1%, offering support to the benchmark. In contrast, IT stocks remained under pressure, extending recent losses, with the index down nearly 9% over the past three sessions amid concerns around the rapid pace of artificial intelligence advancements and continued weakness in global technology stocks following the launch of a new legal AI tool by Anthropic.

On the domestic macro front, the RBI Monetary Policy Committee concluded its first policy review of 2026 by maintaining the repo rate at 5.25% and continuing with a neutral policy stance. The central bank underscored the need to balance easing inflation trends against prevailing global uncertainties, while also noting that recent trade agreements have lent support to the near-term growth outlook.

Gold and silver prices corrected as a stronger U.S. dollar and weakness in market prompted investors to trim exposure to precious metals with the Q3 earnings season approaching its conclusion, stock-specific movements are likely to remain in focus over the weekend, with results awaited from companies such as BSE, SBI, Grasim and more.

Overall, markets may remain range-bound in the near term, with stock specific action on the back of earnings outcomes and lingering global uncertainties. Attention will shift to upcoming U.S. economic data and commentary from Federal Reserve officials for further cues on the global macro environment and interest-rate trajectory.

Feb 06, 10:59 IST

Naveen Kulkarni, Chief Investment Officer, Axis Securities PMS

The RBI’s decision to maintain the repo rate and retain a neutral stance was in line with expectations. Despite global volatility, GDP growth for FY26 has been revised marginally upwards to 7.4%, from 7.3% earlier. The inflation outlook remains comfortable, although the FY26 forecast has seen a slight uptick to 2.1% from 2.0%.

While the possibility of a further 25 bps rate cut in upcoming policy meetings cannot be entirely ruled out, it appears unlikely, particularly in light of the India–US trade deal announcement, healthy GDP growth, contained CPI inflation, and improving trends in credit growth.

For banks, Q3 marked a clear inflection point in credit growth, with momentum expected to continue. Secured retail segments continue to demonstrate healthy growth, while unsecured segments are showing gradual signs of revival. Corporate credit growth has remained reasonably robust, especially for larger banks. NIM trends were divergent in Q3: large banks reported stable margins, while mid- and small-sized banks outperformed, posting healthy improvements.

Heading into Q4, we expect NIMs to remain steady to marginally improve, as the impact of the December ’25 rate cut is yet to fully play out. Continued deposit repricing, albeit at a slower pace, should provide support to margins.

Credit costs have turned the corner and are expected to improve further as stress in unsecured portfolios moderates. Slippages are likely to trend lower, and the asset quality outlook remains favourable. Overall, we expect banks to deliver healthy earnings growth over the medium term. We remain positive on select large banks such as Kotak Mahindra Bank and SBI, and prefer Federal Bank, City Union Bank, and Ujjivan SFB among SMID banks.

Feb 06, 10:44 IST

Anil Rego- Founder and Fund Manager at Right Horizons PMS

The MPC meeting underscores a calibrated approach that balances a resilient domestic growth outlook with a benign inflation environment. Headline CPI remains well below the RBI’s tolerance band of 2–6%, even after a gradual normalization from recent record lows, providing the central bank with policy space to prioritize growth stability. WPI has also turned positive after several months of contraction, led by firming manufacturing prices, signalling a mild pickup in cost pressures but not yet at levels that warrant a shift in the policy stance. Against this backdrop, the MPC’s decision to maintain the policy rate and retain a neutral stance reflects confidence that inflation is contained while growth momentum remains intact.

On the growth front, the RBI continues to see the Indian economy on a steady and improving trajectory. Real GDP growth for the current year is estimated at around 7.4%, supported by resilient private consumption and sustained fixed investment, while real GVA growth is projected at about 7.3%, driven by strong services activity and a revival in manufacturing.

Looking ahead, the RBI has marginally revised up its growth projections for the first half of FY27, with GDP growth expected at 6.9% in Q1 and 7.0% in Q2, highlighting the strength of domestic demand even as external conditions remain challenging.

From a sectoral perspective, policy continuity is supportive for banking and financial services, as stable rates aid net interest margins and improve visibility on credit growth, particularly for PSU banks with strengthening balance sheets. Rate-sensitive sectors such as housing, automobiles and consumer durables stand to benefit from steady borrowing costs, while manufacturing, capital goods and infrastructure-linked sectors gain from policy predictability and ongoing capex momentum. Services remain the key growth engine, with medium-term support from recent trade agreements. Overall, the MPC’s stance reinforces macro stability, anchoring expectations and supporting a constructive medium-term outlook across sectors.

  • Advances 18
  • Declines 32
  • Unchanged 0

Live Markets

Name LTP Chg %Chg Open High Low 52 Week High 52 Week Low Technical Rating
Key Indices

NIFTY 50

25,693.70 50.90 0.20 25,605.80 25,703.95 25,491.90 26,373.20 21,743.65 Technical Rating

NIFTY BANK

60,120.55 56.90 0.09 59,967.10 60,149.90 59,644.55 61,764.85 47,702.90 Technical Rating

NIFTY Midcap 100

59,502.70 -14.40 -0.02 59,400.75 59,573.60 58,757.80 61,548.85 46,865.70 Technical Rating

NIFTY NEXT 50

69,058.40 88.00 0.13 68,772.65 69,128.55 68,166.65 70,833.65 56,192.45 Technical Rating

NIFTY 100

26,297.30 49.00 0.19 26,204.25 26,309.25 26,069.50 26,975.15 22,177.35 Technical Rating

Nifty 200

14,316.00 21.25 0.15 14,270.10 14,323.55 14,182.25 14,700.95 11,941.45 Technical Rating

NIFTY 500

23,434.00 22.30 0.10 23,366.50 23,447.00 23,211.40 24,144.20 19,519.85 Technical Rating

NIFTY Smallcap 100

16,938.65 -45.25 -0.27 16,914.40 16,956.95 16,705.35 19,224.95 14,084.30 Technical Rating

NIFTY MIDCAP 50

17,023.30 -61.65 -0.36 17,029.10 17,043.50 16,838.05 17,572.45 13,269.65 Technical Rating

NIFTY SMLCAP 50

8,266.00 -19.10 -0.23 8,246.65 8,276.50 8,136.90 9,282.70 6,776.05 Technical Rating

India VIX

11.94 -0.23 -1.89 12.16 12.34 11.16 23.18 8.72 Technical Rating

NIFTY 750 TOTAL MKT

13,138.40 8.25 0.06 13,104.50 13,145.90 13,014.80 13,145.90 0.00 Technical Rating
Sectoral Indices

NIFTY Auto

27,519.55 -144.95 -0.52 27,602.55 27,643.45 27,307.55 29,179.10 19,316.65 Technical Rating

NIFTY IT

35,611.05 -532.25 -1.47 36,079.85 36,105.85 35,211.95 43,431.80 30,918.95 Technical Rating

NIFTY PSU Bank

8,876.20 -45.50 -0.51 8,902.45 8,937.05 8,758.30 9,175.55 5,530.35 Technical Rating

NIFTY Fin Service

27,807.10 117.75 0.43 27,658.15 27,822.60 27,531.35 28,275.20 22,819.90 Technical Rating

NIFTY Pharma

21,961.35 -158.55 -0.72 22,094.50 22,103.95 21,810.25 23,492.55 19,121.10 Technical Rating

NIFTY FMCG

51,882.75 1,151.10 2.27 50,667.85 51,935.55 50,383.90 58,485.05 49,336.50 Technical Rating

NIFTY Metal

11,943.15 21.95 0.18 11,823.75 11,959.55 11,756.00 12,509.75 7,690.20 Technical Rating

NIFTY Realty

824.85 5.15 0.63 819.10 826.10 807.45 1,049.70 742.20 Technical Rating

NIFTY Media

1,390.75 -2.25 -0.16 1,393.00 1,393.60 1,376.25 1,786.15 1,313.85 Technical Rating

NIFTY Energy

36,451.70 221.35 0.61 36,215.25 36,496.20 36,077.90 36,938.90 29,313.20 Technical Rating

Nifty Pvt Bank

28,944.15 182.60 0.63 28,731.55 28,961.65 28,698.30 29,748.45 23,783.15 Technical Rating

NIFTY Infra

9,541.00 38.60 0.41 9,486.15 9,548.40 9,453.15 9,792.60 7,589.95 Technical Rating

NIFTY Commodities

9,894.65 14.45 0.15 9,838.55 9,902.40 9,801.60 9,929.40 7,502.95 Technical Rating

NIFTY Consumption

11,799.85 82.70 0.71 11,709.45 11,811.45 11,618.65 12,716.20 10,090.65 Technical Rating

NIFTY PSE

10,345.90 0.00 0.00 10,323.85 10,352.30 10,250.80 10,456.15 7,956.45 Technical Rating

NIFTY Services

33,394.60 8.20 0.02 33,341.80 33,414.30 33,141.55 34,549.75 29,070.85 Technical Rating

Nifty FinSrv25/50

30,367.50 56.60 0.19 30,257.50 30,385.35 30,081.15 30,385.35 0.00 Technical Rating

Nifty Cons Durbl

36,437.30 346.35 0.96 36,063.30 36,486.00 35,697.30 40,472.45 32,205.30 Technical Rating

Nifty Healthcare

14,139.85 -88.60 -0.62 14,211.50 14,215.95 14,008.35 15,144.95 12,561.70 Technical Rating

Nifty Oil & Gas

12,208.20 62.05 0.51 12,139.75 12,219.35 12,079.95 12,445.70 9,327.50 Technical Rating

NIFTY India Mfg

15,410.10 -7.35 -0.05 15,370.75 15,420.65 15,260.05 15,420.65 0.00 Technical Rating

Nifty India Defence

7,753.40 -51.65 -0.66 7,815.25 7,815.25 7,695.05 7,815.25 0.00 Technical Rating
Other Indices

NIFTY MIDCAP 150

21,926.85 -4.65 -0.02 21,881.15 21,950.10 21,663.30 22,650.05 17,269.50 Technical Rating

NIFTY MIDSML 400

19,668.05 -25.45 -0.13 19,643.25 19,687.70 19,438.45 20,668.15 15,832.85 Technical Rating

NIFTY SMLCAP 250

15,864.50 -54.65 -0.34 15,870.40 15,880.40 15,689.90 18,077.35 13,314.70 Technical Rating

NIFTY MNC

30,983.05 319.50 1.04 30,592.80 31,022.95 30,491.40 31,226.80 23,981.05 Technical Rating

NIFTY AlphaLowVol 30

26,765.85 46.40 0.17 26,702.40 26,779.65 26,524.60 26,779.65 0.00 Technical Rating

Nifty200 Momentum 30

30,876.95 107.25 0.35 30,726.55 30,909.85 30,436.15 30,909.85 0.00 Technical Rating

Nifty LargeMid250

16,598.80 13.75 0.08 16,552.10 16,610.25 16,428.15 17,077.75 13,526.30 Technical Rating

Nifty500 Mul50:25:25

16,096.65 0.80 0.00 16,060.90 16,107.25 15,935.35 16,681.75 13,318.60 Technical Rating

NIFTY CPSE

6,910.85 -7.30 -0.11 6,900.75 6,916.20 6,850.15 6,978.35 5,284.25 Technical Rating

NIFTY MID SELECT

13,644.90 -55.60 -0.41 13,657.25 13,670.00 13,488.80 14,118.40 10,382.55 Technical Rating

NIFTY IND DIGITAL

8,793.00 -79.50 -0.90 8,857.50 8,859.95 8,728.20 9,723.25 7,334.40 Technical Rating

NIFTY M150 QLTY50

23,611.65 -41.70 -0.18 23,572.60 23,632.95 23,319.65 23,632.95 0.00 Technical Rating

Nifty Microcap 250

21,676.00 -173.00 -0.79 21,793.60 21,801.80 21,518.70 21,801.80 0.00 Technical Rating

Nifty Capital Market

4,717.50 -48.35 -1.01 4,742.90 4,742.90 4,645.00 4,742.90 0.00 Technical Rating
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