Closing Bell: Nifty below 25,600, Sensex slips 324 pts; FMCG outperforms

Indian equity indices ended on a negative note with Nifty below 25,600 on January 19. At close, the Sensex was down 324.17 points or 0.39 percent at 83,246.18, and the Nifty was down 108.85 points or 0.42 percent at 25,585.50.

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.

Markets started the week on a weak note and declined nearly half a percent, pressured by negative cues. The benchmark index opened lower amid renewed risk aversion, faced broad-based weakness throughout the session, and eventually settled in the red, reflecting a cautious undertone. The Nifty closed at 25,585.50, down by 0.42%. Most sectors ended lower, with heavyweights from energy, banking and IT leading the declines as earnings disappointment and macro concerns weighed on sentiment. The broader market mirrored this weakness, with both midcap and smallcap indices also slipping, indicating widespread selling rather than isolated sector moves.

Sentiment further deteriorated following disappointing quarterly results from major companies such as Reliance Industries and ICICI Bank. In addition, weakness in the IT space, highlighted by a sharp fall in Wipro after softer revenue forecasts, added to the negative bias. Investor caution was also reinforced by ongoing global uncertainties, including fresh concerns around potential tariff actions by the US President, along with continued foreign institutional selling.

From a technical perspective, the Nifty’s break below the key support zone near 25,600 signals a continuation of the near-term corrective trend, with the next support placed around the 25,300–25,400 range. In the event of a rebound, the 25,600 level followed by the 25,800 zone is likely to act as strong resistance. Despite the prevailing weakness in the index, select sectors and themes continue to show relative strength. Participants are therefore advised to align their positions accordingly, focusing on sectoral leadership and maintaining disciplined risk management.

Indian equity markets ended lower amid a cautious global backdrop and mixed earnings, with the Nifty declining 0.4%, while the Nifty Midcap 100 slipped 0.4% and the Nifty Smallcap 100 underperformed with a 1% fall. Sectors ended mostly in red, barring Nifty FMCG (+0.7%) and the Nifty Auto (+0.1%). On the flip side, Nifty Realty (-2%), Media (-1.8%) and Nifty O&G (-1.6%). Global cues remained weak as Japanese government bond yields surged, with the benchmark 10-year yield climbing to around 2.3%—the highest level since February 1999—amid fiscal jitters and concerns that election-related tax cuts could further strain Japan’s finances.

Risk appetite was further dampened after renewed trade-related rhetoric from the US, with Trump reiterating plans to levy taxes on European countries opposing his stance on Greenland.

On the stock-specific front, post-earnings reactions remained sharp, with Wipro shares falling over 9%, while Reliance Industries declined 3.5%, ICICI Bank dropped 3.4% and HDFC Bank slipped 1% during the session.

On the macro front, International Monetary Fund revised India’s growth outlook upward, projecting GDP growth of 7.3% in FY26, up by 70 bps from its October estimate, and 6.4% growth in FY27 versus 6.2% earlier. Going ahead, markets are expected to trade sideways, tracking global cues and ongoing earnings, while any escalation on the geopolitical front would remain a key overhang.

Today, the benchmark indices corrected sharply. The Nifty ends 109 points lower, while the Sensex was down by 324 points. Among sectors, the Reality Index lost the most, shed over 2 percent, whereas despite weak market sentiment, some buying interest was seen in selective FMCG stocks. Technically, after an early morning intraday selloff, the market took support near 25,500/82900 and trimmed some losses. However, the short-term market texture remains weak. On daily charts, it has formed a bearish candle, and on intraday charts, it is holding a weak formation, which is largely negative.

We are of the view that the current market texture is weak, but a fresh selloff is possible only if 25,500/82900 is dismissed. Below this level, the market could slip to 25,400-25,350/82600-82500. On the flip side, above 25,650/83500, a pullback move could extend till 25,750-25,800/83800-84000. The intraday market texture is volatile and non-directional; hence, level-based trading would be the ideal strategy for day traders.

Today, the Indian equity markets fell, as global concerns and weak earnings weighed on investor sentiment. The Sensex dropped 324 points, or 0.39%, to close near 83,246, while the Nifty 50 declined 108 points, or 0.42%, to end at 25,585. The fall was driven by rising global trade tensions and disappointing corporate results.

The key trigger was renewed tariff uncertainty from the Donald Trump announced fresh tariffs on eight European countries, with a proposed 10% levy from February 1 and a possible increase to 25% from June if conditions are not met. This move revived global trade worries and led to weakness across Asian and European markets. Additional threats of tariffs on countries trading with Iran added to concerns, indirectly impacting India’s trade and energy outlook. As a result, risk aversion increased, with India VIX rising over 5%, signalling higher market volatility.

Corporate earnings also disappointed. Wipro reported a 7% YoY fall in Q3 FY26 profit and gave weak revenue guidance for the next quarter. Higher costs due to labour code implementation and restructuring, along with soft demand, hurt sentiment. Wipro shares fell nearly 10%, dragging the IT sector lower.

Reliance Industries posted stable results with modest profit growth and healthy performance in O2C and Jio, but the stock still fell nearly 3%. Looking ahead, markets remain cautious, while volatility is likely to stay elevated until clarity emerges on global trade issues and the upcoming Union Budget.

The Nifty remained under bearish control, with the index sustaining below the 20 EMA throughout the session. Intraday volatility persisted, and every rise was sold into.

The RSI continued in a bearish crossover and trended lower as the index closed at a multi-day low.

Market fear remained elevated, as reflected by a spike in India VIX. In the near term, the index may continue to drift lower, with a potential downside target around 25,200, while resistance is placed near 25,700.

Global risk appetite weakened after US President Donald Trump announced new tariff threats against eight European nations, reigniting concerns of a potential US–EU trade dispute. This development triggered a broad risk off mood across global equity markets, prompting investors to rotate toward safe haven assets like gold. Meanwhile, select Asian markets, especially China, displayed relative resilience, supported by favourable macro indicators and stronger than expected export driven GDP growth.

Domestically, sentiment remains cautious amid ongoing FII outflows. With the Q3 earnings season progressing, stock specific volatility is likely, particularly where performance has been mixed. Overall, given the blend of global uncertainty and domestic triggers, markets are expected to remain in a consolidation zone.

Indian rupee ended marginally lower at 90.91 per dollar on Monday versus Friday's close of 90.86.

Indian equity indices ended on a negative note with Nifty below 25,600 on January 19.

At close, the Sensex was down 324.17 points or 0.39 percent at 83,246.18, and the Nifty was down 108.85 points or 0.42 percent at 25,585.50. About 1122 shares advanced, 2795 shares declined, and 169 shares unchanged.

Biggest Nifty losers were Wipro, Eternal, Reliance Industries, Tata Motors Passenger Vehicles, Max Healthcare, while gainers included Interglobe Aviation, Tech Mahindra, Kotak Mahindra Bank, HUL, Maruti Suzuki.

Except FMCG, all other sectoral indices ended in the red with media, Oil & Gas, Realty down 1.5-2 percent.

The BSE midcap index shed 0.4 percent and smallcap index declined 1.2 percent.

Hindustan Zinc was quoting at Rs 654.75, up Rs 17.40, or 2.73 percent.

It has touched an intraday high of Rs 662.60 and an intraday low of Rs 648.50.

It was trading with volumes of 630,113 shares, compared to its five day average of 952,494 shares, a decrease of -33.85 percent.

#1 Strong quarter across all metrics, PAT 5 percent above estimate

#2 NIM expanded 12 bps QoQ to 3.18 percent

#3 Loan growth improved to 4.5 percent QoQ

#4 Asset quality & fee income beat expectations

Federal Bank was quoting at Rs 279.25, up Rs 8.90, or 3.29 percent.

It has touched a 52-week high of Rs 279.50.

It has touched an intraday high of Rs 279.50 and an intraday low of Rs 270.35.

The Indian rupee extended its losing streak to a seventh consecutive session, pressured by persistent capital flight and robust greenback demand from metal importers. While the currency found technical respite at the 91.00 psychological handle—bolstered by anticipated intervention from banks—the underlying bias remains decidedly bearish.

With dollar demand outpacing supply, the rupee is currently skirting the edge of a new record low beyond 91.08.

#1 CEO re-appointment meaningfully reduces overhang

#2 Quarterly performance weak, loan & deposit growth trailed system trends

#3 Margins flat QoQ vs peers improvement

#4 One-time spike in credit costs hurt profitability

#5 EPS declined YoY

#1 Consolidated EBITDA 4 percent below estimates, retail EBITDA subdued

#2 O2C & digital services in-line, E&P EBITDA declined

#3 Capex down 15 percent QoQ, net debt flat

#4 Long-term outlook for retail & telecom remains positive

As of mid January-2026, Silver has delivered nearly 30% returns, mounting on the momentum of 2025. Silver has reached to $93 / ounce, a level once considered unthinkable, driven by a "perfect storm" of industrial scarcity and geopolitical shifts. Silver has evolved into a crucial industrial commodity, driven by three key technological trends: the expansion of solar photovoltaic capacity, increasing demand from electric vehicles which require significantly more silver than traditional cars, and the rising needs of AI and data centres reliant on silver-based components. Concurrently, the market faces a structural supply deficit exacerbated by China's strict export licensing and limited mining growth, resulting in a severe drop in inventories. Global deficit of Silver has been projected to ~230 million ounce so far in 2026. Adding to these, macroeconomic factors, including anticipated interest rate cuts and geopolitical tensions in Iran & Venezuela, have bolstered Silver's safe-haven appeal, further contributing to its demand as investors seek stability amidst volatility. The notable decline in the gold-to-silver ratio signals a potential bullish trend for silver in the coming years. Gold/Silver ratio has declined to its historical average mark i.e. 50 : 1 as on date which shows that Silver is outperforming the Silver price. Trump's latest tariff declaration on European countries to increase tariffs by 10%, which could rise to 25% by June, has offered an additional lift to Silver.

Looking at Technical charts, we are expecting further upward momentum in Silver and immediate support would be at 20-DEMA level placed at 255,100. Daily SAR is placed at 249,500. For the upside levels, 261% of Trend based Fib. Extension which is placed at 362,937. Although, in recent sessions, with price’s upmove, we have observed a RSI bearish divergence on Daily charts which is a classic “Red flag” warning. It suggests that while the price is still climbing and hitting new peaks, the internal momentum driving those gains is actually weakening. Along with this, we can see the fall in OI levels to 9850 lots parallel to price-rise so far in March contract which suggests a Long unwinding in Silver. Traders who already have long position, should look for a profit-booking at current levels.

The Sensex was down 189.81 points or 0.23 percent at 83,380.54, and the Nifty was down 71.70 points or 0.28 percent at 25,622.65. About 1110 shares advanced, 2794 shares declined, and 163 shares unchanged.

#1 Adjusted PAT in-line, RoE remains below cost of equity

#2 Valuation seen as demanding given returns profile

LTIMindtree, Tata Capital, Aarti Surfactants, Ceat, Havells India, Hindustan Zinc, Oberoi Realty, Apollo Techno Industries, and Atlanta Electricals will announce their quarterly earnings on January 19.

#1 Q3FY26 beat on all metrics, strong deal wins & pipeline

#2 Business turnaround progressing, stock trades at 22.2x FY27 EPS

Tech Mahindra was quoting at Rs 1,730.80, up Rs 60.25, or 3.61 percent.

It has touched a 52-week high of Rs 1,736.55.

It has touched an intraday high of Rs 1,736.55 and an intraday low of Rs 1,672.60.

#1 Core PPoP beat estimates, higher credit costs led to PAT miss

#2 Stress persists in credit card portfolio

#3 Loan growth lagged industry

#4 CASA ratio declined, margin improved QoQ

The Sensex was down 258.12 points or 0.31 percent at 83,312.23, and the Nifty was down 81.95 points or 0.32 percent at 25,612.40. About 1109 shares advanced, 2753 shares declined, and 159 shares unchanged.

#1 EBITDA in-line, grey cement volumes surged 22 percent YoY

#2 Realisations declined QoQ, capacity expansion on track to 40 mtpa by FY28

J. K. Cement was quoting at Rs 5,780.10, down Rs 112.35, or 1.91 percent.

It has touched an intraday high of Rs 5,830.35 and an intraday low of Rs 5,752.85.

It was trading with volumes of 1,471 shares, compared to its five day average of 2,316 shares, a decrease of -36.49 percent.

Punjab National Bank was quoting at Rs 133.55, up Rs 1.20, or 0.91 percent.

It has touched a 52-week high of Rs 135.15.

It has touched an intraday high of Rs 135.15 and an intraday low of Rs 131.85.

It was trading with volumes of 1,218,805 shares, compared to its five day average of 1,143,298 shares, an increase of 6.60 percent.

#1 C&W revenue grew 54 percent YoY, driven by 40 percent volume growth

#2 Margin declined due to delayed price hikes

#3 Price hikes initiated in January, more planned

#4 Demand remains strong despite commodity inflation

#1 Strong surprise in order book, revenue growth & margin

#2 Confident of above-peer growth & 15 percent EBIT margin in FY27

#3 FY27 CC growth forecast at 7.4 percent

Tech Mahindra was quoting at Rs 1,732, up Rs 61.45, or 3.68 percent.

It has touched a 52-week high of Rs 1,736.55.

It has touched an intraday high of Rs 1,736.55 and an intraday low of Rs 1,672.60.

In the Budget for 2026–27, a modest increase in capital expenditure for Indian Railways is expected, with allocations likely to rise to around ₹2.75 lakh crore from ₹2.52 lakh crore, implying a near-10% increase. This reflects a continued focus on network expansion and modernisation rather than an aggressive capex jump.

With over 80% of the current year’s capex already utilised by December 2025, execution momentum remains strong. Budgetary support is expected to prioritise modern trains, safety initiatives, signalling and technology-led upgrades, in line with long-term modernisation goals. On the passenger side, expansion of Vande Bharat services, including sleeper variants, and affordable high-capacity trains is likely to continue.

Overall, infrastructure and EPC segments are expected to benefit the most, as track expansion, electrification, signalling and safety typically account for a significantly larger share of railway capex compared to rolling stock. The anticipated 10–12% rise in railway capex to nearly ₹2.8 lakh crore in FY27 could translate into healthy order inflows across EPC, safety systems, track works, electrification, station redevelopment and rolling stock.

This, along with improving railway finances and strong execution, should support revenue visibility for EPC and infrastructure players, while also aiding rolling stock manufacturers. Post-Budget, public sector railway stocks may appeal to investors seeking stability and policy-linked earnings visibility, whereas private sector players could offer higher growth potential due to scalability and technology adoption, albeit with higher valuation and execution risks.

#1 Core EBITDA up 9 percent YoY, 2 percent below estimates

#2 Retail underperformed as expected, O2C EBITDA grew 15 percent YoY

#3 Jio wireless revenue rose 8 percent YoY

#4 Solar manufacturing capacity ramp-up underway

Reliance Industries was quoting at Rs 1,408.50, down Rs 49.10, or 3.37 percent.

It has touched an intraday high of Rs 1,455.05 and an intraday low of Rs 1,406.50.

It was trading with volumes of 356,237 shares, compared to its five day average of 474,361 shares, a decrease of -24.90 percent.

In the previous trading session, the share closed down 0.06 percent or Rs 0.85 at Rs 1,457.60.

The share touched a 52-week high of Rs 1,611.20 and a 52-week low of Rs 1,115.55 on 05 January, 2026 and 07 April, 2025, respectively.

Currently, the stock is trading 12.58 percent below its 52-week high and 26.26 percent above its 52-week low.

Market capitalisation stands at Rs 1,906,048.77 crore.

United Breweries was quoting at Rs 1,509.00, down Rs 12.30, or 0.81 percent.

It has touched an intraday high of Rs 1,520.10 and an intraday low of Rs 1,505.45.

The company further awarded with a work order of Rs 163 crores from Kaushal Engineering in continuation with the last order of Rs 244 crores received on 23rd December, 2025, aggregating to Rs. 407 Crores, for construction of balance highway works including VUP, Bridges and Electrical Works for the six laning of the Bihar–Jharkhand Border (Chordaha to Gorhar Section) of NH-2 from Km 249.525 to Km 320.810 in the State of Jharkhand on EPC Mode under NHDP Phase V.

JD Cables was quoting at Rs 203.90, down Rs 5.25, or 2.51 percent.

It has touched an intraday high of Rs 209.00 and an intraday low of Rs 195.05.

HDFC Bank was quoting at Rs 925.20, down Rs 5.95, or 0.64 percent.

It has touched an intraday high of Rs 938.75 and an intraday low of Rs 919.45.

It was trading with volumes of 1,506,621 shares, compared to its five day average of 1,123,815 shares, an increase of 34.06 percent.

#1 Q3 profit missed estimates due to agri provisions & labour law impact

#2 Loan growth improved to 12 percent, led by corporate & mortgage loans

#3 Unsecured retail loans remained soft, asset quality stable

#4 CEO Sandeep Bakhshi granted two-year extension till October 2028

Univastu India has received a work order of Rs 9,00,00,000 in respect of supply, installation, testing and commissioning of Myrtha Pools at “Sports Authority of Gujarat”, Gandhinagar, Gujarat issued by M. S. Khurana Engineering.

Univastu India was quoting at Rs 67.69, up Rs 0.62, or 0.92 percent.

It has touched an intraday high of Rs 70.50 and an intraday low of Rs 63.81.

It was trading with volumes of 69,477 shares, compared to its five day average of 96,360 shares, a decrease of -27.90 percent.

The company has received an export order from M/s AH&M Energy Services PTE. LTD, Singapore, for the supply of Leopard Dual Seal Connectors, with the ultimate end user being M/s APDS Vietnam Ltd., of Rs 1,97,13,234.82.

United Drilling Tools was quoting at Rs 195, down Rs 4.35, or 2.18 percent.

It has touched an intraday high of Rs 197.80 and an intraday low of Rs 193.20.

In the previous trading session, the share closed up 0.18 percent or Rs 0.35 at Rs 199.35.

The share touched a 52-week high of Rs 275 and a 52-week low of Rs 184.60 on 06 February, 2025 and 09 June, 2025, respectively.

Currently, the stock is trading 29.09 percent below its 52-week high and 5.63 percent above its 52-week low.

Market capitalisation stands at Rs 395.91 crore.

#1 Consistent earnings delivery continues

#2 Q3 EPS growth improved to 11 percent YoY from 10 percent last quarter

#3 EPS growth aided by steady NII, marginal LDR increase, provision buffer release, cost control & healthy fee income

#4 RoA remained stable

Gulf Oil Lubricants India has announced key strategic partnerships with leading construction equipment manufacturersACE - Action Construction Equipment Ltd, Ammann India and XCMG.

Gulf Oil Lubricants India was quoting at Rs 1,112.30, down Rs 3.00, or 0.27 percent.

It has touched an intraday high of Rs 1,118.90 and an intraday low of Rs 1,101.75.

It was trading with volumes of 1,842 shares, compared to its five day average of 1,478 shares, an increase of 24.63 percent.

The company has secured an order valued at Rs 900 crore for the supply of power transformers from Tallgrass Integrated Logistics Solutions LLC, USA, for a large-scale data center project in the United States.

#1 Profit soars 33-fold to Rs 17.54 crore Vs Rs 0.53 crore, YoY

#2 Revenue surges 62.5 percent to Rs 539.3 crore Vs Rs 331.8 crore, YoY

SML Mahindra was quoting at Rs 4,185.75, down Rs 220.30, or 5 percent.

It has touched an intraday high of Rs 4,363.25 and an intraday low of Rs 4,185.75.

There were pending sell orders of 3,748 shares, with no buyers available.

#1 Profit tanks 29 percent to Rs 15.4 crore Vs Rs 21.7 crore, YoY

#2 Revenue falls 23 percent to Rs 943.1 crore Vs Rs 1,224.1 crore, YoY

Sobha was quoting at Rs 1,496.50, down Rs 30.35, or 1.99 percent.

It has touched an intraday high of Rs 1,510.00 and an intraday low of Rs 1,466.10.

It was trading with volumes of 8,104 shares, compared to its five day average of 20,314 shares, a decrease of -60.11 percent.

#1 Revenue & margin beat, but forex losses offset profit

#2 Growth still below peers, valuation premium to Infosys seen as unjustified

Tech Mahindra was quoting at Rs 1,731.40, up Rs 60.85, or 3.64 percent.

It has touched a 52-week high of Rs 1,736.55.

It has touched an intraday high of Rs 1,736.55 and an intraday low of Rs 1,672.60.

#1 Q3FY26 operational performance ahead of estimates

#2 Q3 guidance below expectations, deal wins steady

#3 Margin discipline maintained

#4 EPS cut for FY27–28, dividend yield supportive

Wipro was quoting at Rs 249.40, down Rs 17.85, or 6.68 percent.

It has touched an intraday high of Rs 252.95 and an intraday low of Rs 241.75.

It was trading with volumes of 3,727,733 shares, compared to its five day average of 284,258 shares, an increase of 1,211.39 percent.

#1 PAT in-line, but internals weak

#2 Retail EBITDA impacted by quick commerce expansion

#3 Jio showed steady subscriber & ARPU growth

#4 Valuations improved post correction

#5 Catalysts include Jio listing, tariff hikes & new energy ramp-up

LTIMindtree, Punjab National Bank, Tata Capital, Aarti Surfactants, Ceat, Havells India, Hindustan Zinc, Indian Railway Finance Corporation, Oberoi Realty, Apollo Techno Industries, and Atlanta Electricals will announce their quarterly earnings on January 19.

Bharat Heavy Electricals was quoting at Rs 266.30, up Rs 0.75, or 0.28 percent.

It has touched an intraday high of Rs 269.10 and an intraday low of Rs 263.80.

It was trading with volumes of 294,068 shares, compared to its five day average of 1,581,812 shares, a decrease of -81.41 percent.

Hatsun Agro Products was quoting at Rs 946.35, up Rs 25.45, or 2.76 percent.

It has touched an intraday high of Rs 953.90 and an intraday low of Rs 920.00.

It was trading with volumes of 792 shares, compared to its five day average of 1,008 shares, a decrease of -21.46 percent.

#1 Profit zooms 33.7 percent to Rs 15.7 crore Vs Rs 11.7 crore, YoY

#2 Revenue jumps 31.3 percent to Rs 161.2 crore Vs Rs 122.8 crore, YoY

Bajaj Healthcare was quoting at Rs 395.20, up Rs 4.50, or 1.15 percent.

It has touched an intraday high of Rs 419.55 and an intraday low of Rs 391.40.

It was trading with volumes of 49,126 shares, compared to its five day average of 19,897 shares, an increase of 146.90 percent.

As we approach Budget 2026–27, markets are looking for continuity, credibility and execution. Over the past few years, the government has implemented a series of structural reforms—from GST rationalisation and direct tax simplification to large-scale digital and compliance reforms—which have materially improved transparency and formalisation across the economy. In a challenging global environment marked by geopolitical uncertainty, slowing growth in key economies and volatile capital flows, a steady and predictable policy stance will be critical.

We expect the Budget to strike a fine balance between sustaining public capex momentum and adhering to the fiscal consolidation roadmap. Continued focus on infrastructure, manufacturing, defence and the energy transition will remain key to crowding in private investment and supporting medium-term earnings visibility. At the same time, calibrated measures to support domestic consumption—particularly for the urban middle-income and rural segments—can help strengthen demand as inflation moderates and financial conditions ease.

From a capital markets perspective, stability in taxation and policy consistency matter more than headline announcements. With India increasingly positioned as a structural growth market for global and domestic investors, a pragmatic approach to capital market taxation and long-term savings will be important to sustain participation and depth. A growth-supportive, fiscally disciplined Budget that reinforces confidence in India’s macro framework would be a clear positive for both the economy and markets.

Brigade Enterprises was quoting at Rs 815.15, down Rs 22.55, or 2.69 percent.

It has touched a 52-week low of Rs 812.60.

It has touched an intraday high of Rs 835.10 and an intraday low of Rs 812.60.

It was trading with volumes of 12,436 shares, compared to its five day average of 8,748 shares, an increase of 42.16 percent.

#1 Profit grows 21.8 percent to Rs 197.9 crore Vs Rs 162.5 crore, YoY

#2 Revenue rises 10.5 percent to Rs 1,064.7 crore Vs Rs 963.5 crore, YoY

JB Chemicals and Pharmaceuticals was quoting at Rs 1,926.10, up Rs 24.55, or 1.29 percent.

It has touched an intraday high of Rs 1,926.10 and an intraday low of Rs 1,890.00.

It was trading with volumes of 2,354 shares, compared to its five day average of 2,250 shares, an increase of 4.64 percent.

#1 Profit surges 17.9 percent to Rs 738.6 crore Vs Rs 626.4 crore, YoY

#2 Net interest income rises 13.4 percent to Rs 2,537 crore Vs Rs 2,237.1 crore, YoY

L&T Finance was quoting at Rs 288.35, down Rs 7.95, or 2.68 percent.

It has touched an intraday high of Rs 296.50 and an intraday low of Rs 282.25.

It was trading with volumes of 319,631 shares, compared to its five day average of 371,445 shares, a decrease of -13.95 percent.

#1 Profit spikes 305.2 percent to Rs 41.5 crore Vs Rs 10.2 crore, YoY

#2 Revenue surges 93.7 percent to Rs 199.5 crore Vs Rs 103 crore, YoY

#3 Amit Paithankar resigns as Chief Executive Officer (CEO) effective January 16

#4 Board appoints Jignesh Rathod as CEO effective January 17

Indosolar was quoting at Rs 445.30, down Rs 19.40, or 4.17 percent.

It has touched an intraday high of Rs 463.90 and an intraday low of Rs 441.50.

#1 Q3 volume growth recovered to 8 percent YoY

#2 FY26 volume growth guidance cut to 5 percent

#3 Long-term capacity expansion remains key focus

#1 Attractive buying opportunity, safeguard duty renewal to boost EBITDA

#2 Strong earnings sensitivity to steel prices

#3 Valuation premium to peers justified

JSW Steel was quoting at Rs 1,184.95, down Rs 2.10, or 0.18 percent.

It has touched an intraday high of Rs 1,195.05 and an intraday low of Rs 1,183.00.

It was trading with volumes of 22,013 shares, compared to its five day average of 56,707 shares, a decrease of -61.18 percent.

BCCL’s listing significantly outperformed our expectations, underpinned by strong price discovery driven by the valuating scarcity value of the product offering. Investor demand reflected the market’s recognition of a rare, pure-play opportunity to gain exposure to India’s largest and most vertically integrated participant in the coking coal value chain a critical and non-substitutable input for the domestic steel industry. The premium valuation also factors in BCCL’s strategic positioning amid sustained steel demand, limited domestic coking coal availability, and high entry barriers, reinforcing its long-term earnings visibility and pricing power.

Given the premium listing that has nearly doubled investors’ capital raises valuations post listing, hence we advise IPO allotted investors to partially monetise gains by booking profits on 50% of their holdings, while retaining the balance to participate in longer-term value creation. For the retained position, we maintain a target price of ~Rs 50-52, with a disciplined stop-loss placed below Rs 35 to manage downside risk based on CMP Rs 42. Non-allotted investors are advised against chasing the stock on listing day and should instead await a phase of post-listing consolidation. Near-term volatility remains likely, particularly in the context of a cautious and volatile broader market environment.

#1 Strong operating performance with robust sales & collections

#2 P&L impacted by project completion delays

#3 Management remains optimistic on residential demand

#4 Margin recovery expected but yet to reflect in earnings

Sobha was quoting at Rs 1,496.50, down Rs 30.35, or 1.99 percent.

It has touched an intraday high of Rs 1,510.00 and an intraday low of Rs 1,466.10.

It was trading with volumes of 8,104 shares, compared to its five day average of 20,314 shares, a decrease of -60.11 percent.

Gold and silver are trading at elevated levels in mid-January 2026, reflecting sustained safe-haven demand amid geopolitical uncertainty, high global interest rates, and shifting expectations around monetary policy. MCX gold futures were holding near Rs 1.42–1.43 lakh per 10 grams after mild profit-taking from record highs, indicating resilience rather than trend exhaustion. The metal continues to find support from a softer dollar bias and ongoing geopolitical risks.

Silver has displayed comparatively higher volatility, with MCX prices fluctuating between Rs 2.85–2.95 lakh per kg before extending gains toward Rs 3 lakh. Strong industrial demand, especially from clean energy and electronics, combined with investment inflows, has amplified price movements.

Gold appears to be consolidating at higher ranges, while silver retains upside momentum. Near-term direction for both metals will depend on US macro data, central-bank communication, and geopolitical developments.

The Sensex was down 525.80 points or 0.63 percent at 83,044.55, and the Nifty was down 160.35 points or 0.62 percent at 25,534. About 1133 shares advanced, 2597 shares declined, and 172 shares unchanged.

The 2026 Budget is expected to be pivotal for financial markets, with a focus on stability and tax parity. Key expectations include steps to improve investor sentiment by reducing LTCG tax to 10% and rolling back STT to encourage higher FII participation.

Additionally, the industry is advocating tax parity for debt instruments and structured products, many of which are currently taxed at marginal slab rates—often exceeding 40% including surcharge and cess—towards a more equitable framework that supports conservative and long-term wealth creation.

#1 Q3 adjusted results in-line

#2 Weak deal bookings & ramp delays hurt growth guidance

#3 Margin pressure expected from deal ramps & acquisition

#4 Low EPS CAGR & dividend yield make risk-reward unattractive

BCCL made a positive debut on the stock exchanges today, listing at Rs 45 per share on NSE and Rs 45.21 BSE about 96.57% higher than its IPO price of Rs 23, beating the street expectations.

Incorporated in 1972, BCCL is the largest coking coal producer in India in FY 2025 in terms of coking coal production. The company produces various grades of coking coal, non-coking coal and washed coal for applications primarily in the steel and power industries.

It operates as a wholly owned subsidiary of Coal India Limited. Its operations are concentrated in the Jharia coalfield in Jharkhand and the Raniganj coalfield in West Bengal.

India’s coal sector remains a backbone of the country’s energy and industrial infrastructure. In FY 2025, India produced about 1,048 MMT of raw coal and is projected to grow at a CAGR of 7.6% to reach around 1,514 MMT by FY 2030.

This strong growth outlook for the coal sector supports BCCL’s long-term business potential and positions the company to benefit from rising demand from the steel and power industries.

Investors who have received allotted shares may book partial profit at listing at premium and can keep rest for long-term. On the other hand, those who did not get shares in IPO may buy when price comes down.

#1 Strong growth, margins & deal wins

#2 On track for 15 percent EBIT margin in FY27

#3 Banking sector recovery adds momentum

#1 Profit increases 3.4 percent to Rs 32.8 crore Vs Rs 31.7 crore, YoY

#2 Revenue jumps 13.4 percent to Rs 581.7 crore Vs Rs 512.7 crore, YoY

Rossari Biotech was quoting at Rs 527.75, down Rs 6.90, or 1.29 percent.

It has touched a 52-week low of Rs 527.70.

It has touched an intraday high of Rs 543.40 and an intraday low of Rs 527.70.

#1 Profit soars 19.3 percent to Rs 336.4 crore Vs Rs 282 crore, YoY

#2 Net interest income rises 5 percent to Rs 986.2 crore Vs Rs 938.8 crore, YoY

#3 Provisions jump 26 percent to Rs 137.8 crore Vs Rs 109.3 crore, YoY

#4 Gross NPA declines to 2.60 percent vs 2.92 percent, QoQ

#5 Net NPA dips to 0.74 percent vs 0.83 percent, QoQ

Punjab and Sind Bank was quoting at Rs 28.50, down Rs 0.48, or 1.66 percent.

It has touched an intraday high of Rs 29.50 and an intraday low of Rs 28.40.

It was trading with volumes of 216,050 shares, compared to its five day average of 230,250 shares, a decrease of -6.17 percent.

The Sensex was down 515.95 points or 0.62 percent at 83,054.40, and the Nifty was down 144.35 points or 0.56 percent at 25,550. About 1129 shares advanced, 2456 shares declined, and 199 shares unchanged.

Kotak Mahindra Bank was quoting at Rs 424.40, up Rs 6.15, or 1.47 percent.

It has touched an intraday high of Rs 424.55 and an intraday low of Rs 415.00.

It was trading with volumes of 73,614 shares, compared to its five day average of 1,371,695 shares, a decrease of -94.63 percent.

#1 Profit grows 8.9 percent to Rs 359.1 crore Vs Rs 329.8 crore, YoY

#2 Revenue increases 14.2 percent to Rs 1,349.7 crore Vs Rs 1,181.8 crore, YoY

JSW Infrastructure was quoting at Rs 274.55, up Rs 16.90, or 6.56 percent.

It has touched an intraday high of Rs 275.00 and an intraday low of Rs 262.30.

#1 Profit spikes 8-fold to Rs 150.2 crore Vs Rs 18.7 crore, YoY

#2 Revenue jumps 50 percent to Rs 920.9 crore Vs Rs 614 crore, YoY

Poonawalla Fincorp was quoting at Rs 477.05, up Rs 13.05, or 2.81 percent.

It has touched an intraday high of Rs 492.50 and an intraday low of Rs 472.00.

It was trading with volumes of 203,246 shares, compared to its five day average of 63,757 shares, an increase of 218.78 percent.

#1 Profit sinks 49 percent to Rs 258 crore Vs Rs 506.4 crore, YoY

#2 Revenue declines 6.2 percent to Rs 4,943.4 crore Vs Rs 5,271.3 crore, YoY

#1 Profit soars 35.3 percent to Rs 192.2 crore Vs Rs 142.1 crore, YoY

#2 Revenue rises 3.8 percent to Rs 1,183.6 crore Vs Rs 1,140.7 crore, YoY

Himadri Speciality Chemical was quoting at Rs 466.90, down Rs 5.45, or 1.15 percent.

It has touched an intraday high of Rs 481.55 and an intraday low of Rs 463.85.

It was trading with volumes of 28,149 shares, compared to its five day average of 47,687 shares, a decrease of -40.97 percent.

ACME Solar Holdings has commissioned additional 12MW of the wind power project located in Surendaranagar, Gujarat. This takes the wind project’s total operational capacity to 68 MW out of the total 100 MW being commissioned in phases.

ACME Solar Holdings was quoting at Rs 216.00, down Rs 0.50, or 0.23 percent.

It has touched an intraday high of Rs 216.75 and an intraday low of Rs 214.05.

The company’s subsidiary, ESL Steel, has received two demand notices worth Rs 1,255.37 crore from the Government of Odisha in relation to an alleged shortfall in the fulfilment of minimum production and dispatch targets for the fourth year of operation of two mining leases—BICO and Feegrade Mine.

Vedanta was quoting at Rs 679.85, down Rs 3.10, or 0.45 percent.

It has touched a 52-week high of Rs 688.00.

It has touched an intraday high of Rs 688.00 and an intraday low of Rs 677.15.

DGCA imposed one-time systemic penalties of Rs 1.80 crore for non-compliances under applicable Civil Aviation Requirements (CARs) and penalty for continued non-compliance with revised FDTL CAR for 68 days (from December 5, 2025 to February 10, 2026) amounting to Rs 20.40 crore, aggregating to Rs 22.20 crore; and a direction to furnish a Bank Guarantee of Rs 50 crore, to be governed under the IndiGo Systemic Reform Assurance Scheme (ISRAS), with phased release linked to DGCA-verified implementation of systemic reform measures.

And issued warnings to senior executives after mass flight cancellations last month.

The company has emerged as the lowest bidder from South Eastern Railway for an order worth Rs 87.55 crore. The order involves the supply, installation, and commissioning of an IP-based Video Surveillance System (VSS) in LHB coaches with four cameras.

Rail Vikas Nigam was quoting at Rs 332.75, down Rs 2.55, or 0.76 percent.

It has touched an intraday high of Rs 337.55 and an intraday low of Rs 330.50.

It was trading with volumes of 240,106 shares, compared to its five day average of 737,693 shares, a decrease of -67.45 percent.

Suresh Sethi has resigned as the Managing Director and Chief Executive Officer of the company, effective March 31, 2026.

V Easwaran, currently the Executive Director and Chief Operating Officer, will assume charge as Interim Chief Executive Officer, effective April 1, 2026.

Protean eGov Technologies was quoting at Rs 694.80, down Rs 7.90, or 1.12 percent.

It has touched a 52-week low of Rs 693.25.

It has touched an intraday high of Rs 701.35 and an intraday low of Rs 693.25.