Closing Bell: Sensex up 227 pts, Nifty at 23,250 on expiry day; realty, pharma gain, IT, media drag

Indian equity indices ended on strong note with Nifty around 23,250 on January 30. At close, the Sensex was up 226.85 points or 0.30 percent at 76,759.81, and the Nifty was up 86.40 points or 0.37 percent at 23,249.50.

We wrap up today's edition of the Moneycontrol live market blog, and will be back tomorrow morning with all the latest updates and alerts. Please visit https://www.moneycontrol.com/markets/global-indices for all the global market action.

The market exhibited high volatility on the monthly expiry day but managed to extend its winning streak for the third consecutive session. After an initial surge, Nifty saw profit-taking in the mid-session before a late rebound helped it close with decent gains. Sectoral performance remained mixed, with realty, energy, and pharma outperforming, while IT, media, and auto lagged. Broader indices pared early gains and ended flat.

With the budget countdown underway, we anticipate continued market fluctuations. Nifty is encountering resistance around its 20-day EMA at 23,300, and a decisive close above this level is crucial for further recovery. Otherwise, the index may face renewed pressure and again inch toward the 23,000–22,700 zone. In this environment, traders should emphasize selective stock picking and robust risk management.

Nifty closed in the positive for the third consecutive trading session. It closed with gains of ~86 points. On the daily charts we can observe that the Nifty has reached the 20-day moving average (23300) which can act as a resistance and restrict further upmove. On the hourly charts the momentum indicator has triggered a negative crossover which is a sell signal. Thus, we can expect some consolidation before the key event scheduled for Saturday Feb 01. In terms of levels, 23120 – 23055 shall act as a crucial support zone while 23320 – 23350 shall act as an immediate hurdle zone from short term perspective.

The Indian markets concluded on a positive note despite fluctuating between gains and losses. The fall in oil prices due to a rise in US inventories and an ease in US 10-year yield after the US Fed's hawkish view may decelerate FIIs outflow. The upcoming budget may be seen as an inflection point, which is likely to reverse the current bearish trend if the policies restore growth and consumption. As the long-term story is intact, investors are focusing on stocks and sectors where operational metrics and valuations are favourable.

The word expiry is always accompanied by volatility; seen in the Index that showed a steady start before trending upwards and oscillating within a defined range for most of the session. However, a sharp decline in the afternoon erased all of its earlier gains. In the final hour of trade, a strong recovery helped the Index close higher at 23,249.50 marking a gain of 86.40 points. Among the sectors, Realty and Energy were the top performers, while IT and Media lagged.

The Index has broken out of its Falling Wedge formation, suggesting a shift in momentum towards the positive, but the candlestick pattern is not that encouraging. We will wait for further confirmation. For now, the zone of 23,350-23,400 will serve as resistance while support is at 23,065.

Indian rupee ended lower at 86.62 per dollar on Thursday versus Wednesday's close of 86.55.

Indian equity indices ended on strong note with Nifty around 23,250 on January 30.

At close, the Sensex was up 226.85 points or 0.30 percent at 76,759.81, and the Nifty was up 86.40 points or 0.37 percent at 23,249.50. About 2051 shares advanced, 1734 shares declined, and 117 shares unchanged.

Bharat Electronics, Hero MotoCorp, Bharti Airtel, Cipla, Power Grid Corp were among major gainers on the Nifty, while losers were Tata Motors, Shriram Finance, Adani Enterprises, Bajaj Finserv, Adani Ports.

BSE Midcap and smallcap indices ended flat.

On the sectoral front, auto, IT, media, consumer durables shed between 0.4-2 percent, while oil & gas, power, pharma, energy, PSU, FMCG, realty rose 0.5-1 percent.

#1 Delivery on all parameters in Q3

#2 Broad-based AUM growth, stronger-than-expected asset quality were key

#3 Tweak earnings estimate however, given performance, shares deserve prem to peers

#4 Raise P/BV multiple to 5x for FY26

#1 Q3 was in-line quarter, impressive EBIT margin despite high discounts

#2 Margin in light of muted demand growth look impressive

#3 Exports were up 38 percent, continue to do well and were 18.4 percent of Q3 sales

#4 Company aims to start production of its pure-EV model, e-vitara over the coming months

#5 Q3 revenues, EBITDA and EBIT posted 16 percent, 14 percent and 16 percent YoY growth

#1 Q3 EBITDA & profit missed forecasts on slower throughput growth & higher net finance costs

#2 Volumes likely troughed in Q3

#3 Pipeline of expansion in ports and logistics should secure growth, but will weigh on returns

#4 Cut FY25-27 profit estimates; still expensive despite correction

Indian Rupee weakened today on a flat to negative domestic markets and a positive US Dollar. US Dollar gained on hawkish tone of the US Federal Reserve. Fed kept interest rates unchanged at 4.25%-4.5% in its FOMC meeting on Wednesday.

We expect Rupee to trade with negative bias on strength in the US Dollar and selling pressure from FIIs. Month end Dollar demand from importers may also weigh on the Rupee. There is uncertainty over tariffs by the US administration, which may further pressurise the Rupee. However, any central bank intervention may support the Rupee. Traders may take cues from GDP and weekly unemployment claims data from the US.

Investors may remain cautious ahead of the Union Budget of February 1 and RBI’s bond buying on Friday which may lead to volatility. USDINR spot price is expected to trade in a range of Rs 86.40 to Rs 86.80.

#1 Steady quarter, with profit growth of 18 percent/ 7 percent YoY/ QoQ in Q3 supported by healthy loan growth

#2 Profit was above estimate, primarily due to lower credit cost at 2.1 percent

#3 Operating profit was largely in-line with estimate, driving RoA/ RoE at 4 percent/19 percent in Q3

#1 Q3 was in-line quarter; BEV exports, entry segment demand key

#2 Q3 EBIT was broadly in-line with estimate

#3 Gross margin improved QoQ & was better than we expected

#4 Higher employee and other costs led to a miss of the EBIT margin

#5 Margin was affected by higher discounts & advertising costs along with forex

#6 See marginal downside risk to FY25 earnings

#7 In near-term, volume trend for BEVs & impact of recent price hike on demand will be key to track

Given unemployment rate being stabilised at lower levels, job market being strong and inflation being marginally elevated, FOMC decided to keep rates unchanged in line with market expectations.

The FOMC commentary was marginally hawkish by deleting the following from the Dec 24 FOMC statement - “inflation is making progress towards 2% objective “ and does not give any indication of any further rate cuts in the near term. FOMC would continue to be data dependent.

#1 Net profit up Rs 3870 cr, up 36% YoY

#2 Revenue Rs 34960 cr, up 2.1% YoY

#3 Total costs Rs 33120 cr, up 5.6% YoY

#4 Dividend per share Rs 6.5 a share

#1 Max Healthcare in pact to lease 500 bedded hospital in Thane

#1 Net profit at Rs 57.83 crore, down 97% YoY

#2 Revenue Rs 22850 cr, down 9% YoY

#3 Mining revenue up 91% YoY to Rs 836 cr

#4 Integrated resources management revenue fell 44% YoY to Rs 8980 cr

#5 Airport revenue up 33% YoY; New energy revenue rose 37% YoY

#6 Foreign exchange loss Rs 296 cr

#1 Net Profit Up 47.3% At Rs1,316 Cr Vs Rs893 Cr (YoY)

#2 Revenue Up 9.1% At Rs5,756.2 Cr Vs Rs4,136 Cr (YoY)

#3 EBITDA Up 57.5% At Rs1,653.3 Cr Vs Rs1,049 Cr (YoY)

#4 Margin At 28.7% Vs 25.4% (YoY)

#1 Net profit Rs 5.19 crore, down 84% YoY

#2 Revenue fell 11% YoY to Rs543 Cr

#3 EBITDA down 49% YoY At Rs33.3 Cr

#4 Volume -5.3% versus 10.3% YoY

#1 Net Profit Up 4.8% At Rs65.6 Cr Vs Rs62.6 Cr (YoY)

#2 Revenue Up 23.7% At Rs240.8 Cr Vs Rs194.7 Cr (YoY)

#3 EBITDA Up 13.9% At Rs98.5 Cr Vs Rs86.5 Cr (YoY)

#4 Margin At 40.9% Vs 44.4% (YoY)

The Sensex was up 25.01 points or 0.03 percent at 76,557.97, and the Nifty was up 28.40 points or 0.12 percent at 23,191.50. About 1875 shares advanced, 1588 shares declined, and 91 shares unchanged.

Given the rapid growth of India's enterprise fintech ecosystem, projected to reach USD 20 billion by the decade's end, it is crucial for the upcoming budget to foster innovation and provide a conducive environment for both Fintech and TechFin companies. Unlike traditional fintech firms that provide access to credit and other financial solutions using existing technologies, TechFin companies like Perfios are fundamentally tech-first enterprises that empower financial institutions through their advanced technological capabilities for smarter decisioning, sharper risk assessment, robust fraud prevention, seamless customer journeys, and deep analytics.

So while we hope for policies that encourage digital lending, enhance financial literacy, and streamline digital KYC norms, we also ask for a strong push for advanced risk assessment, fraud detection and cybersecurity investments that would enhance trust and resilience in the financial ecosystem

The company has received the Letter of Award for a project worth Rs 1,283 crore from Hindustan Gateway Container Terminal Kandla. The project involves the design and construction of the marine package for the container terminal at Tuna Tekra, India (Package-1).

#1 Q3 margin fell QoQ despite better scale

#2 Higher scale promotion impacted margin by 60 bps QoQ

#3 EBITDA margin at 11.6 percent was in-line with consensus below estimate

#4 Although gross margin was in-line, other expenses were higher than our expectations

#5 Company had to incur greater promotional expenses to push retail sales amidst sluggish demand

#6 Raise target price as we roll forward by one quarter to Mar-27

#7 Remain positive as demand for CNG-powered cars will grow

The company has emerged as the L-1 bidder for a project worth Rs 262.3 crore from Western Railways. The project involves the EPC tender for gauge conversion of 38.9 km of track and associated work from Kosamba to Umarpada at the Kosamba-Umarpada section in the Vadodara division of Western Railways.

The company board approved appointment of Ramandeep Singh Sahni as CFO.

#1 Q3 profit was up 18 percent YoY, came 5 percent ahead of estimates aided by better topline

#2 Strong loan growth of 28 percent aided growth in NII & fees

#3 Asset quality trends are stabilising & management expects credit costs to start tapering-off from Q4

#4 CEO succession should be smoother as Dy CEO may get elevated & Rajeev Jain will stay involved

#1 Q3 numbers were weaker than expected

#2 JLR FY25 EBIT margin guidance is maintained but revenue & RoCE guidance was lowered marginally

#3 JLR will relook at FY26 guidance post Q4 earnings

The digital services and consulting company has expanded its collaboration with Siemens AG to accelerate its digital learning initiatives using generative AI.

Larsen & Toubro, Adani Enterprises, Adani Ports and Special Economic Zone, Bajaj Finserv, Shree Cement, GAIL (India), Bank of Baroda, PB Fintech, AAVAS Financiers, Astral, Bharat Electronics, Biocon, CARE Ratings, Coromandel International, Dabur India, Indegene, Jindal Steel & Power, Kalyan Jewellers India, Dr Lal PathLabs, Navin Fluorine International, Phoenix Mills, Prestige Estates Projects, Voltamp Transformers, and Waaree Energies will announce their quarterly earnings on January 30.

#1 Profit falls 8.9 percent to Rs 81 crore Vs Rs 88.9 crore

#2 Revenue increases 9.3 percent to Rs 1,511.7 crore Vs Rs 1,382.9 crore

#1 Profit jumps 32 percent to Rs 132.5 crore Vs Rs 100.5 crore

#2 Revenue increases 25.3 percent to Rs 2,807.4 crore Vs Rs 2,241.2 crore

#3 EBITDA soars 34.8 percent to Rs 209.4 crore Vs Rs 155.4 crore

#4 Margin expands to 7.5 percent Vs 6.9 percent

LTIMindtree has partnered with FLS, a leading, full flowsheet minerals processing supplier to the global mining industry, for strategic transformation of their application services portfolio. Through this partnership, LTIMindtree will enable seamless support of enhanced application maintenance and development services at FLS.

#1 Profit zooms 32 percent to Rs 65.9 crore Vs Rs 49.9 crore

#2 Revenue grows 20.1 percent to Rs 915.1 crore Vs Rs 761.7 crore

The Sensex was up 244.47 points or 0.32 percent at 76,777.43, and the Nifty was up 107.70 points or 0.46 percent at 23,270.80. About 2252 shares advanced, 1113 shares declined, and 110 shares unchanged.

#1 Loss widens to Rs 50.4 crore Vs loss of Rs 36.2 crore

#2 Revenue grows 5.8 percent to Rs 639 crore Vs Rs 604.2 crore

#1 Profit rises 7 percent to Rs 271.1 crore Vs Rs 253.4 crore

#2 Revenue grows 14.4 percent to Rs 3,491.3 crore Vs Rs 3,053 crore

#1 Profit falls 5.4 percent to Rs 654.8 crore Vs Rs 692.3 crore

#2 Revenue grows 8.5 percent to Rs 9,907.3 crore Vs Rs 9,127.5 crore

#1 Profit zooms 36.6 percent to Rs 96.5 crore Vs Rs 70.6 crore

#2 Revenue jumps 22.5 percent to Rs 457.8 crore Vs Rs 373.7 crore

The Fed held rates as was widely expected at 4.25% - 4.50%, with Fed Chair Powell saying that the US central bank is in "no hurry" to move rates lower in the foreseeable future due to prevailing uncertainty over President Trump's policies and their impact.

A resilient labor market and a steadily growing economy give the Fed ample elbow room to assess incoming data as it comes, with the FOMC of the view that material declines in inflationary pressures need to be seen for the next bout of rate cuts. That's in line with how traders are thinking - the first rate cut for this year is not priced in before June with a total of two cuts aggregating 50 bps expected for the full.