Front‑line indices advanced for a second day, supported by energy and metal stocks. Mid‑ and small‑caps outperformed, reflecting broad market participation.
Sectoral performance
Sector/Index
% move
Note
Oil & Gas (BSE)
+4.0 %
Crude‑price rebound lifted ONGC and Oil India, driving the sector to the day’s best performance.
Capital goods (BSE)
+5.38 %
Construction and industrial stocks rallied on expectations of higher infrastructure spending and the India‑EU trade agreement.
Metals
~+2–3 %
Hindalco and Coal India were notable gainers as global metal prices firmed.
Financials
+1–2 %
Banks and NBFCs like Bajaj Finance aided the rally; Axis Bank and SBI hit 52‑week highs.
FMCG
-1–3 %
Profit‑booking hit consumer names; Asian Paints and Tata Consumer Products were notable laggards.
Key statistics
Statistic
Value
Advance/decline
2,945 advances vs 1,291 declines (137 unchanged), highlighting positive breadth.
52‑week highs/lows
86 stocks hit new highs; 261 reached new lows.
Stocks at circuit limits
209 locked at upper circuits; 171 at lower circuits.
FII flows
Foreign investors were net sellers (about ₹3,068 cr on 27 Jan); domestic institutions were net buyers (~₹8,999 cr), cushioning the market.
Volatility/Momentum
Indicators (RSI/MACD) show stabilising momentum; short‑covering and dip buying supported a mild positive bias.
Energy & commodities led the rally: Crude‑oil prices rebounded nearly 3 % after a winter storm disrupted US Gulf Coast production. Upstream companies such as ONGC and Oil India surged, lifting the Oil & Gas index. Metal prices also firmed, supporting stocks like Hindalco and Coal India.
India–EU free‑trade deal optimism: Progress on the landmark India‑EU Free Trade Agreement generated positive sentiment, particularly in industrials, capital goods and export‑oriented names.
Broad market participation: With nearly 3,000 stocks advancing, the rally was broad‑based. Mid‑cap and small‑cap indices outperformed, reflecting improved risk appetite.
Profit‑booking in FMCG: Consumer names such as Tata Consumer, Asian Paints and Hindustan Unilever fell as investors rotated into cyclical sectors.
FII–DII flows: Foreign institutional investors continued to trim positions, but domestic institutions and retail investors absorbed the supply, helping markets close near the day’s highs.
Global cues
US markets mixed: The S&P 500 added about 0.41 % to a record high while the Nasdaq gained 0.91 %; the Dow Jones Industrial Average slipped 0.83 %. Traders await the US Federal Reserve’s policy decision and any guidance on rate cuts.
Asian markets uneven: Japan’s Nikkei 225 fell around 0.55 %, Australia’s ASX 200 dipped 0.38 %, and South Korea’s KOSPI surged 1.76 %. The Hang Seng and Shanghai Composite were modestly higher.
Commodity moves: Brent crude advanced over 3 % to around US$67.5 per barrel; gold edged higher amid geopolitical uncertainties. Rising crude supported Indian energy stocks.
GIFT Nifty hint: SGX/GIFT Nifty futures around 25,449 (–0.07 %) suggest a muted start for the next session.
Stocks to watch
Chennai Petroleum (Buy ₹850–₹840, Target ₹950): Consolidating near a key support zone; price holding above Ichimoku cloud support indicates potential for fresh upside.
Oil India (Buy ₹448–₹440, Target ₹480): Trading near trend support; momentum indicators stabilising amid robust crude‑price environment.
Punjab National Bank (Buy near ₹122, Target ₹130): Pullback to support within an uptrend; strong demand area around ₹122 should cap downside.
Other watch‑list names: TVS Motor (post strong earnings), Vedanta (offloading Hindustan Zinc stake via OFS), Bharat Electronics (top gainer), ONGC/Oil India (benefiting from crude rally), Hindalco and Coal India (metals theme). FMCG heavyweights like Asian Paints and Tata Consumer may remain under pressure after recent profit‑taking.
Corporate updates
TVS Motor Company: Q3 FY26 net profit rose ~49 % to ₹841 cr and revenue grew 34 % to ₹14,756 cr; the stock gained ~2 %.
Vedanta Ltd: Announced an offer for sale of up to 6.7 cr shares (≈1.59 % stake) in Hindustan Zinc ahead of a planned demerger. The sale is valued around ₹4,500 cr and will reduce Vedanta’s holding.
Oil companies: ONGC and Oil India rallied as winter‑storm‑driven supply disruptions sent global crude higher; analysts expect better realisations.
52‑week highs: Axis Bank, BEL, SBI, Tata Steel and Tech Mahindra registered fresh highs, highlighting sector‑wide strength.
Profit‑booking in FMCG: Asian Paints’ stock fell more than 4 % amid demand challenges and a longer monsoon; Tata Consumer Products dropped over 5 %.
Technical levels and outlook for 29 Jan 2026
Nifty 50: Immediate support lies at 24,925–25,050; a stronger support band at 24,800–24,900 is likely to hold unless macro sentiment deteriorates. Resistance is seen at 25,235–25,350; above this, supply is expected around 25,425–25,500 and more aggressively near 25,600–25,650. Momentum indicators suggest selling pressure is easing but the index remains below some short‑term moving averages. Holding above 25,000 keeps the structure positive; failure to sustain could lead to further consolidation.
Bank Nifty: Support is in the 58,800–59,000 zone with deeper demand around 58,275–58,500. Resistance stands at 59,425–59,575; beyond that, 59,775–59,975 is a strong supply area.
Expected tone: With GIFT Nifty signalling a flat to slightly negative start, the market may open cautiously after two sessions of gains. Traders are likely to book profits near resistance levels while awaiting the US Federal Reserve’s policy statement and domestic Union Budget cues. Mid‑ and small‑cap momentum remains strong, so stock‑specific action should continue. Energy, metals and capital‑goods stocks could stay in focus; FMCG may remain under pressure. Overall, expect range‑bound trade with a mildly positive bias, provided global cues remain stable and DIIs continue to support the market.
