Broke a three‑day winning streak; pulled down by metals and financials.
Nifty 50 (NSE)
25,320.65
−98.25
−0.39 %
Ended below 25,350; range‑bound ahead of the Union Budget.
Nifty Bank
≈ 59,730 (intraday close)
–
−0.58 %
Under pressure as large banks saw profit‑taking; heavy open interest around 60,000.
India VIX
13.735
–
+2.73 %
Rising volatility signalled caution.
FII/DII (29 Jan)
FII: −₹394 cr; DII: +₹2,638.8 cr
–
–
Persistent foreign selling offset by domestic buying.
Crude oil (WTI)
~$64.37/bbl
–
−1.61 %
Falling prices weighed on energy stocks.
US 10‑yr yield
4.267 %
–
+0.004 %
Elevated yields kept global risk appetite in check.
Sectoral performance
Sector/index
% change
Comments
Nifty Metal
−5.21 %
Worst‑performing sector; global metal price weakness hurt Hindalco, Tata Steel and Coal India.
Nifty IT
−1.03 %
Profit‑taking in Infosys, HCL Tech and Tech Mahindra amid global growth concerns and high US yields.
Nifty Bank
−0.58 %
Banks slipped as heavyweights ICICI Bank and HDFC Bank weighed; open interest at 60,000 made 60,000 a pivot.
Nifty Financial Services
−0.65 %
Pressure from banking and NBFC names.
Nifty FMCG
+1.37 %
Defensive buying supported ITC and Nestlé; resilient demand.
Nifty Media
+1.85 %
Sentiment improved in media stocks.
Nifty Pharma/Healthcare
positive
Healthcare names like Apollo Hospitals gained on expectations of improving margins.
Auto
mildly positive
Mahindra & Mahindra rose on robust order book expectations.
Energy
−0.87 %
Lower crude prices pulled ONGC and other energy names lower.
Top gainers and losers (NSE/BSE)
Top gainers
Stock
Last traded price (₹)
% change
Rationale
Nestlé India
1,332.50
+3.46 %
Defensive FMCG play; strong volumes amid flight to safety.
Tata Consumer Products
1,132.00
+2.24 %
Positive sentiment on stable consumption demand and earnings visibility.
Apollo Hospitals
6,950.00
+2.19 %
Healthcare demand expected to sustain; occupancy and margins improving.
Mahindra & Mahindra (M&M)
3,444.30
+1.77 %
Auto stocks in focus with robust order books; expectations of resilient demand.
ITC
322.30
+1.16 %
Defensive buying; high‐dividend and cash‑rich.
Top losers
Stock
Last traded price (₹)
% change
Rationale
Hindalco Industries
962.80
−5.98 %
Metal price weakness and fears of slowing global demand.
Tata Steel
192.58
−4.81 %
Hit by metal sell‑off; sectoral pressure.
Coal India
440.00
−3.46 %
Profit‑booking and concerns over pricing and volume growth.
ONGC
268.06
−2.66 %
Crude price decline and cautious sentiment in PSU energy stocks.
ICICI Bank
1,357.00
−1.92 %
Profit‑booking in banking heavyweights after recent gains.
What moved the market
Profit‑booking ahead of Union Budget: After three consecutive gains, investors chose to pare positions ahead of the Union Budget scheduled for 1 February. The large indices closed 0.3–0.4 % lower.
Metals slump: The Nifty Metal index plunged over 5%, making metals the biggest drag. Weakness in international metal prices and concerns over global demand hurt Hindalco, Tata Steel and other metal names.
IT and banking pressure: Global growth worries and higher US bond yields triggered selling in IT majors. ICICI Bank and Power Grid weighed on the Sensex. Heavy call writing around 25 300 on Nifty and 60,000 on Bank Nifty constrained upside.
Support from defensive sectors: FMCG, healthcare, media and select auto stocks attracted buying as investors rotated into defensive and domestic‑demand‑linked names. Nestlé India, ITC, M&M, BEL and Titan were among notable gainers.
Foreign flows and rupee: Persistent FII outflows continued (net selling of ₹394 cr on 29 Jan) even as domestic institutions pumped money into equities. The rupee drifted near its all‑time low (~₹91.94 per USD), adding to caution.
Global cues
Weak Asian markets: Hang Seng (−1.78%), Shanghai (−1.19%) and Nikkei (−0.22%) fell on concerns about slowing Chinese growth and profit‑booking in technology names. Lower crude prices also weighed on sentiment.
Mixed US markets: Overnight US indices were mixed – the Dow Jones was marginally higher, while the NASDAQ and S&P 500 slipped around 0.65 % as investors awaited an announcement on the next Federal Reserve chair. Elevated US 10‑year yields (~4.27 %) signalled continued monetary tightness.
Falling commodities: WTI crude oil slid to ~US$64.4 per barrel (−1.6 %), pressuring global energy stocks. Gold and silver futures on MCX fell 5% and 12% respectively, reflecting a stronger US dollar.
Event risk: Markets globally were cautious ahead of major events – the US Fed chair nomination, the US government shutdown deal, and India’s Union Budget. This led to increased volatility (India VIX up ~3%).
Corporate updates and stocks to watch
Paytm: The fintech platform reported a consolidated net profit of ₹225 cr for Q3, swinging from a loss of ₹208 cr a year earlier, thanks to improved operating efficiency.
ITC: The FMCG major posted a consolidated net profit of ₹4,931 cr, broadly flat year‑on‑year despite cost pressures, signalling resilience in its core businesses.
Tata Motors: Consolidated net profit declined 48 % YoY to ₹705 cr as margin pressures weighed, though volumes remained stable.
HPCL & Oil India: HPCL signed an MoU with Oil India to develop a compressed bio‑gas (CBG) project using HPCL’s HP RAMP technology.
Jinkushal Industries: Jinal Kalpesh Dhakad and Nikhil Mithalal Dhakad acquired a combined 1.64 % stake in the company via open‐market purchases totalling about ₹4.2 cr.
Nalco: Net profit for Q3FY26 rose 11 % to ₹1,595 cr, while revenue increased by 10.2 %.
Ambuja Cements: Q3 net profit fell sharply to ₹367 cr from ₹2,663 cr a year earlier despite a 9.2 % rise in revenue, indicating margin pressure in cement.
Stocks to watch: Defensive names (Nestlé India, ITC, Apollo Hospitals), resilient auto stocks (Mahindra & Mahindra), and stocks reporting results (Paytm, Tata Motors, Nalco) may remain on traders’ radar. Metal stocks could stay under pressure given the sectoral sell‑off. Watch banks like ICICI Bank and HDFC Bank near their support levels and HPCL/Oil India after their CBG agreement.
Technical levels and outlook for the next trading day (31 Jan 2026)
Nifty 50: The index is consolidating with a bearish‑to‑neutral tone. The 200‑day exponential moving average around 25,170 acts as a key support. Immediate support lies at 25,150–25,200; a decisive break could drag the index towards 25 000. On the upside, resistance is at 25,370–25,400 (near the 20‑EMA). A sustained close above this zone could trigger a pullback to 25,500–25,600. Momentum indicators remain weak (RSI in low‑40s), favouring range trading.
Bank Nifty: The index is holding above its 20‑day and 50‑day moving averages, with momentum turning positive. Heavy open interest at 60,000 makes it a pivotal level; support is around 59,000 (or 58,500 by other analyses), while resistance is near 60,400–60,500. A break above 60,400 could open the way to 61,500, whereas a drop below 59,000 may bring 58,000–57,500 into play.
Expected market tone: With the Union Budget due during a special trading session on 1 February, markets are likely to remain volatile and range‑bound. Traders will watch for budgetary announcements on fiscal deficit, tax changes and sector‑specific measures. Global cues (Fed chair nomination, US tech earnings) and FII flows will also influence sentiment. Defensive sectors (FMCG, healthcare, utilities) may continue to attract interest, while metals and IT could stay under pressure. Near‑term tone is cautious with a bias for consolidation, and a clear breakout is likely only after the budget.
