Indian benchmark indices staged a smart rebound from intraday lows on January 29 to end with marginal gains in a volatile session, after the Economic Survey projected GDP growth of 6.8–7.2% for FY27, compared with an estimated 7.4% expansion in the current fiscal.
After a weak start, the market traded in a negative zone for the first half, while buying in the second half helped to regain in the losses to end near day's high.
At close, the Sensex was up 221.69 points or 0.27 percent at 82,566.37, and the Nifty was up 76.15 points or 0.30 percent at 25,418.90.
Among broader indices, Nifty midcap and smallcap indices ended with marginal gains.
Also Read: Banks at a crossroads: Rally or selloff on Budget Day?
Among sectors, pharma, PSU Bank, IT, FMCG, auto down 0.7-1%, while metal, realty, private bank, power, energy, oil & gas up 0.6-3%.
L&T, Tata Steel, Eternal, Axis Bank, Tata Motors Passenger Vehicles were among top gainers on the Nifty, while losers were Asian Paints, SBI Life Insurance, Interglobe Aviation, Maruti Suzuki and Tata Consumer.
Also Read - Move over equities, bonds are India’s next savings frontier
| Index | Prices | Change | Change% |
|---|---|---|---|
| Sensex | 76,034.42 | -829.29 | -1.08% |
| Nifty 50 | 23,639.15 | -227.70 | -0.95% |
| Nifty Bank | 55,100.95 | -634.80 | -1.14% |
| Biggest Gainer | Prices | Change | Change% |
|---|---|---|---|
| Coal India | 470.10 | 23.35 | +5.23% |
| Biggest Loser | Prices | Change | Change% |
|---|---|---|---|
| M&M | 3,031.20 | -137.00 | -4.32% |
| Best Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty Energy | 36834.35 | 695.85 | +1.93% |
| Worst Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty Auto | 25098.00 | -828.00 | -3.19% |
In stock specifics, L&T shares gained 3.5% despite Q3 profit falls, Gland Pharma shares added 6% on better Q3 earnings, GE Vernova T&D India share price gained 8% after Q3 profit surges 103%, eClerx Services share price rose 5% after Q3 profit jumps 39%.
Also Read - SEBI stepping up regulatory reforms to boost market integrity and investor protection: Economic Survey 2026
More than 270 stocks touched their 52-week lows, including Afcons Infra, Sheela Foam, Vedant Fashions, BLS International, DOMS Industries, Newgen Software, SBI Card, Akzo Nobel, Emami, CG Consumer, Syngene International, Havells India, Exide Industries, Happiest Minds, Brigade Enterprises, Piramal Pharma, among others. Click to View More
More than 100 stocks touched their 52-week high, including Hindustan Copper, Oil India, NALCO, Jindal Steel, MCX India, Muthoot Finance, Vedanta, Hindalco Industries, Tata Steel, ONGC, Coal India, Indian Bank, Federal Bank, SBI, JSW Steel, SAIL, Tech Mahindra, Shriram Finance, APL Apollo, Union Bank, among others. Click to View More
Outlook for January 30
Ajit Mishra – SVP, Research, Religare Broking
Markets remained volatile but managed to edge higher amid mixed cues. After an initial downtick, the Nifty drifted lower in early trade; however, buying interest in heavyweight stocks across sectors helped pare losses and eventually pushed the index into positive territory. As a result, the benchmark settled near the 25,418 level, up by 0.30 percent. Sectoral trends were mixed, keeping participants engaged, with metals, energy and banking stocks edging higher, while FMCG, pharma and IT names remained under pressure. The broader market took a breather after two sessions of rebound and ended largely unchanged.
Market sentiment stayed cautious as investors awaited key domestic events, including the Economic Survey and the upcoming Union Budget. Global uncertainty, mixed corporate earnings and continued foreign institutional selling weighed on risk appetite, while weakness in the Indian rupee added to the cautious undertone. That said, resilience in select heavyweight stocks helped limit the downside and enabled the index to sustain its recovery.
The Nifty continues to hover around the long-term moving average, the 200 DEMA, with the ongoing tussle reflecting indecision at these levels. Having crossed the immediate hurdle around 25,350, the index now appears poised to inch towards the 25,600 zone. Strength in the banking index is playing a key role in the rebound, with other sectors providing support on a rotational basis. However, participants should avoid getting carried away by the recovery and remain selective, focusing on performing sectors and themes while keeping position sizes in check amid lingering geopolitical uncertainty and the approaching Union Budget.
Rupak De, Senior Technical Analyst at LKP Securities
After initial weakness, the Nifty gained strength and closed higher. Overall, it maintained its position above the 50 EMA on the hourly chart. The RSI has remained in a positive crossover on the hourly timeframe.
With Friday being the last trading session ahead of the Budget, a relatively contained movement can be expected. On the higher end, 25,500 is likely to act as a crucial resistance. On the lower end, immediate support is placed at 25,200, below which a sharp decline may be seen in the market.
Abhinav Tiwari, Research Analyst at Bonanza
Today, the Indian stock markets recovered strongly, after a volatile start. The Sensex ended 221 points higher at 82,566, while the Nifty 50 closed above 25,400.
The recovery was driven by three key factors. First, the recently finalized India–EU FTA boosted market sentiment. Second, FIIs turned buyers after selling for 15 straight sessions, investing Rs. 480 crore in the cash market.
DIIs continued to provide strong support, with inflows of Rs. 3,360 crore, helping stabilize the market. Third, the Economic Survey 2025-26 reassured investors about India’s macro strength. It projected GDP growth of 7.4% in FY26 and 7.2% in FY27, highlighted low inflation, improved bank asset quality, and continued government capital spending to support growth.
Sector wise, metal stocks outperformed sharply, led by Hindustan Copper, supported by strong commodity prices and infrastructure demand expectations. In contrast, IT stocks declined, while FMCG and auto stocks saw mild profit booking. Looking ahead, markets may remain volatile until the Union Budget.
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.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
