Market Summary
The Indian equity market ended on a cautious note ahead of the Union Budget. Heavyweight earnings and renewed trade‑war rhetoric weighed on sentiment. The BSE Sensex fell 0.39 % to 83,246.18, and the NSE Nifty50 slipped 0.42 % to 25,585.50 as risk appetite waned. Broader indices also weakened: the Nifty Midcap 100 dropped 0.37 % and the Nifty Smallcap index fell 0.99 %. The Nifty Bank index remained relatively resilient but drifted toward the 59,800 zone by the close.
Key indices
| Index | 19 Jan 2026 Close | Point change | % change |
|---|---|---|---|
| BSE Sensex | 83 246.18 | –324.17 | –0.39 % |
| NSE Nifty50 | 25 585.50 | –108.85 | –0.42 % |
| India VIX (volatility index) | elevated | ↑ | risk off |
| FII/DII cash flows | FII: –₹4 300 cr (net sell) | DII: +₹3 900 cr (net buy) | net outflow |
*approximate level; Bank Nifty closed below 60,000 but outperformed the benchmark.
Sectoral performance
The market breadth was negative: more than half of Nifty 50 constituents ended in the red. Defensive FMCG and auto shares provided some support, while realty, oil & gas and media stocks dragged indices lower.
| Sector Index | % change | Notes |
|---|---|---|
| FMCG | +0.67 % | Defensive buying in consumer staples; Hindustan Unilever led gains. |
| Auto | +0.13 % | Maruti Suzuki rallied above ₹16k amid steady sales momentum. |
| Realty | –1.99 % | Worst performer; profit‑taking after sharp recent gains. |
| Oil & Gas | –1.56 % | Dragged by Reliance Industries following muted Q3 results. |
| Media | –1.84 % | Broad-based weakness. |
| IT | –0.8 % | Wipro plunged on disappointing earnings; TCS and other IT majors also weakened. |
| Banks (Nifty Bank) | –0.7 % | ICICI Bank and HDFC Bank slipped post‑results; Bank Nifty held the 59 800 support zone. |
| Metals & Pharma | Mixed | profit booking in metals; pharma stocks remained under pressure. |
Top gainers and losers
Top gainers (Nifty 50 constituents)
| Company | Close (₹) | % change | Comments |
|---|---|---|---|
| InterGlobe Aviation (IndiGo) | 4 937.00 | +4.16 % | Strong Q3 update; aviation stocks rallied. |
| Tech Mahindra | 1 710.40 | +2.39 % | Profit beat expectations; margins expanded. |
| Hindustan Unilever | 2 414.40 | +2.29 % | FMCG defensive buying ahead of Budget. |
| Kotak Mahindra Bank | 427.50 | +2.22 % | Banking sector resilience; heavy volumes. |
| Maruti Suzuki | 16 182.00 | +2.04 % | Strong demand and favorable auto outlook. |
Top losers (Nifty 50 constituents)
| Company | Close (₹) | % change | Comments |
|---|---|---|---|
| Wipro | 245.50 | –8.21 % | Earnings missed; profit fell despite revenue growth. |
| Reliance Industries | 1 413.20 | –3.07 % | Muted Q3 margins and heavy index weight pulled markets lower. |
| Eternal (Zomato) | 279.45 | –2.87 % | Profit‑booking ahead of results announcement. |
| TMPV (Tata Motors PV) | 343.55 | –2.84 % | Weakness in passenger‑vehicle stocks. |
| Max Healthcare | 1 011.00 | –2.51 % | Hospital stocks corrected after recent rally. |
What moved the market
- Trade‑war jitters: US President Donald Trump threatened tariffs on eight European nations and renewed demands over Greenland. This revived trade‑war fears and triggered a global risk‑off tone.
- Mixed earnings: Heavyweights like Reliance Industries, HDFC Bank, ICICI Bank and Wipro reported mixed Q3 results. Profit declines at ICICI Bank and Wipro dampened sentiment even as HDFC Bank posted double‑digit growth.
- FII outflows: Foreign institutional investors sold more than ₹4,300 crore in the cash market, while domestic institutions bought around ₹3,900 crore. The net outflow added downward pressure.
- Safe‑haven shift: Investors rotated into safe‑haven assets such as gold (above $4 676 per ounce) and silver (crossing ₹3 lakh/kg) amid geopolitical uncertainty. The India VIX spiked, reflecting heightened fear.
- Pre‑Budget caution: With the Union Budget scheduled for 1 February 2026, traders preferred a wait‑and‑watch approach. Volatility is expected to stay high as market participants position for fiscal policy announcements.
Global cues
- US markets: The Dow Jones fell around 0.17 %, the S&P 500 ended slightly lower and the Nasdaq slipped marginally. Earnings concerns and renewed tariff threats weighed on sentiment.
- Europe: European leaders condemned President Trump’s statements, raising prospects of retaliatory trade measures. European indices traded lower.
- Asia: Most Asia‑Pacific markets declined, with China awaiting GDP and retail‑sales data. Japan’s Nikkei fell about 0.85 %, while South Korea’s Kospi edged up slightly. Weak global cues pointed to a cautious start for Indian markets.
- Commodity prices: Gold and silver surged as investors sought safety. Crude oil softened near $64 a barrel on concerns that trade tensions could crimp demand.
Stocks to watch
The following stocks are expected to remain in focus due to corporate events, earnings or news flow:
- Reliance Industries: Reported Q3 profit of ₹22,290 crore (+1.6 % YoY). EBITDA grew 6.1 %, but margins slipped to 17.3 %. Investors will watch guidance on refining and Jio listings.
- HDFC Bank: Standalone Q3 profit rose 11.5 % to ₹18,653.8 crore with stable asset quality; net interest income grew 6.4 %. The stock may react to management commentary on loan growth.
- ICICI Bank: Q3 profit declined 4 % YoY to ₹11,317.9 crore despite a 7.7 % rise in NII. Provisioning doubled, yet asset quality improved sequentially.
- Wipro: Consolidated profit fell 7 % YoY to ₹3,119 crore, while IT services revenue rose 4.9 %. The company announced a ₹6/share interim dividend.
- Tech Mahindra: Q3 profit surged 14.1 % to ₹1,122 crore with margin expansion; revenue grew 8.3 %. Positive commentary supports the stock.
- Yes Bank: Profit jumped 55.4 % to ₹952 crore; provisions dropped 91.5 %. Asset quality improved.
- Other banks: IDBI Bank, RBL Bank, UCO Bank and Punjab & Sind Bank each reported mixed results; stocks may see movement based on analysts’ reactions.
- Bharat Coking Coal and Avana Electrosystems: Newly listed IPOs on the mainboard and SME platforms will debut. Investor demand at listing will be closely watched.
- CG Power: Won a ₹900 crore order from a US‑based data‑centre firm; shares could react to order inflow.
- Rail Vikas Nigam: Emerged as lowest bidder for an ₹87.55 crore railway surveillance project.
- Poonawalla Fincorp: Q3 profit surged eight‑fold to ₹150.2 crore; revenue up 50 %. Watch for continued momentum.
- JSW Infrastructure, Himadri Speciality, Sobha, Jindal Saw, JB Chemicals and others reported quarterly numbers; price reactions will continue.
- Shadowfax Technologies IPO: The logistics firm’s ₹1,907 crore IPO opens tomorrow; grey market premium suggests moderate interest.
Corporate updates
- Earnings deluge: Besides banks and IT majors, results from Havells India, LTIMindtree, Hindustan Zinc, Tata Capital, BHEL, CEAT, Indian Railway Finance Corp, Oberoi Realty, Rossari Biotech and others are scheduled this week. Earnings outlook and management commentary will drive stock‑specific action.
- Sector‑specific: Metal producer Vedanta’s subsidiary ESL Steel received demand notices worth ₹1,255.37 crore from the Odisha government over alleged mining shortfalls. Updates on this issue may influence Vedanta’s stock.
- Management changes: Protean eGov Technologies announced that MD & CEO Suresh Sethi will step down on 31 March 2026 and COO V Easwaran will take over as interim CEO.
Technical outlook & tone for tomorrow
- Nifty 50: The index stayed below its 20‑day exponential moving average (EMA) throughout the session and closed at a multi‑day low. The relative strength index (RSI) remains in bearish crossover, while India VIX is elevated, signalling caution. Key levels to watch:
- Support zone: 25,570–25,470. If the index opens lower, buying interest may emerge near this band. A break below 25,470 could extend the decline to 25,315 and 25,150.
- Resistance: 25,700 and 25,870. Any recovery is likely to face selling pressure near these levels.
- Trend: Downward bias with intraday rallies being sold; volatility expected ahead of budget.
- Bank Nifty: The banking index remains relatively stronger. Immediate resistance is at 60,450; a close above this could pave the way to 61,000. Support lies at 59,800, followed by 59,500 and 59,200. Given heavyweights’ mixed results, a consolidation with positive bias is expected.
- Expected tone for 20 January 2026: Markets may open cautiously following global weakness and continued FII selling. With the Budget around the corner, traders should brace for high volatility and stock‑specific swings. Bias remains mildly negative unless Nifty decisively recovers above 25,700. Focus on quality stocks with strong earnings and avoid aggressive positions until more clarity emerges.
