The broader index fell more than the benchmark due to weakness in non‑front‑line stocks.
Nifty IT
38,513.70
−79.40
−0.21 %
Information‑technology stocks outperformed as investors rotated towards defensives.
Sectoral performance
Sector (top performers)
Avg. % change
Commentary
Castings, Forgings & Fasteners
+4.12 %
Rare bright spot; rally in select heavy‑engineering names lifted the group.
Diamond, Gems & Jewellery
+0.14 %
Benefited from safe‑haven buying as investors looked for defensives.
Consumer Durables
+0.07 %
Only BSE sector to finish marginally positive; selective buying in consumer‑oriented names provided support.
Sector (laggards)
Avg. % change
Commentary
Energy
−20.96 %
Severe sell‑off in energy shares; Adani group companies led declines amid corporate and valuation concerns.
Commercial Services
−11.86 %
Weak earnings guidance and profit‑taking drove the group lower.
Realty
−10.83 %
Realty index hit a fresh 52‑week low on demand and liquidity worries.
Leisure Services
−10.12 %
Hospitality and travel names slipped on slowdown fears.
Textiles
−8.77 %
Export‑oriented textile stocks weakened on global demand concerns.
Utilities (BSE)
−3.09 %
Heavy profit‑booking dragged the sector into negative territory.
Key statistics
Market breadth: out of 4,603 traded stocks, 1,477 advanced and 3,126 declined, reflecting a decidedly negative breadth.
Volatility: the India VIX remained elevated, hovering above the mid‑teens. Analysts noted that volatility has risen sharply over the past week, signalling traders’ nervousness.
Institutional flows: foreign institutional investors (FIIs) were net sellers through the week, off‑loading more than ₹8,500 crore in the cash market. Domestic institutional investors (DIIs) absorbed some supply but remained cautious ahead of earnings.
Market capitalisation: the total market capitalisation of listed companies on the BSE slipped as risk appetite receded.
Top gainers and losers
The tables below highlight notable large‑cap movers. Prices are approximate closing prices and percentage changes for 23 Jan 2026.
Top gainers
Price (₹)
% change
Dr Reddy’s Laboratories
1,235.60
+1.49 %
Tech Mahindra
1,701.10
+0.81 %
Hindustan Unilever
2,409.50
+0.79 %
Bajaj Auto
9,413.50
+0.46 %
Tata Consultancy Services
3,162.50
+0.38 %
Top losers
Price (₹)
% change
Adani Enterprises
1,864.20
−10.65 %
Adani Ports & SEZ
1,308.40
−7.48 %
InterGlobe Aviation (IndiGo)
4,704.50
−4.17 %
Maruti Suzuki
15,469.00
−1.88 %
Eicher Motors
6,973.00
−1.08 %
Among mid‑caps, Tanla Platforms (+9.41 %), Home First Finance (+5.99 %) and Bandhan Bank (+5.57 %) topped the BSE 500, while Adani Green Energy (−13.63 %), Adani Energy Solutions (−10.88 %) and One 97 Communications (Paytm) (−8.45 %) were notable decliners.
What moved the market
Heavy selling in Adani group stocks: the broad sell‑off was triggered by steep declines in Adani group companies. Adani Enterprises plunged more than 10 %, and other group names such as Adani Ports and Adani Green Energy lost 7–14 %, dragging down the energy and utilities gauges. Concerns about leverage, regulatory scrutiny and stretched valuations weighed on the group.
Profit‑taking in utilities and realty: investors booked profits in utilities after a recent rally, while realty stocks slumped to new lows amid apprehensions over interest‑rate headwinds and weak housing demand.
Cautious institutional flows: FIIs remained net sellers as global risk appetite cooled. Rising volatility and looming corporate earnings led domestic institutions to turn defensive.
Mixed global cues: overnight, U.S. stocks extended their relief rally after the U.S. president backed away from controversial tariff threats and economic data (jobless claims, GDP revisions) beat expectations. European and Asian markets finished mostly higher; however, commodity prices were volatile, and investors awaited the Bank of Japan’s policy decision and earnings from major U.S. technology firms. The divergent signals kept traders on edge in Indian markets.
Macro uncertainty: market participants remained watchful of global inflation trends, central‑bank policy meetings (including the U.S. Federal Reserve and ECB in coming weeks) and geopolitical developments. Elevated natural‑gas prices in the U.S. and geopolitical tensions added to risk aversion.
Global cues
United States: The S&P 500, Dow Jones and Nasdaq Composite ended higher overnight as investors cheered de‑escalation of a trans‑Atlantic tariff dispute and strong economic prints. Weekly jobless claims remained low and GDP growth was revised upward. However, markets are closely tracking upcoming earnings and the Federal Reserve’s meeting on 27–28 January.
Europe and Asia: The Euro Stoxx 50 gained more than 1 %, and Japan’s Nikkei 225 rallied over 1.7 % on optimism about technology stocks. China’s Shanghai Composite edged up, though concerns about its economic recovery persist. Bond yields in Europe and the U.S. ticked higher as risk appetite improved.
Commodities: Oil prices were little changed after a recent run‑up, while natural‑gas prices spiked to multi‑year highs due to a cold spell in North America. Gold held firm near record highs on safe‑haven demand.
Stocks to watch
Stock
Why it matters
NIIT Limited
Board meeting on 30 Jan 2026 to consider Q3 FY26 results; traders expect earnings commentary to influence sentiment.
SG Mart Limited
Reported a 60 % year‑on‑year decline in Q3 profit and fully utilised ₹1 ,150 crore raised earlier; stock may remain volatile.
Waaree Energies
Announced plans to build a 20 GW battery manufacturing plant. Renewable‑energy plays may see interest.
Persistent Systems
Conducted investor meetings and an annual business discussion; any guidance updates could move the stock.
Received a ₹38.49 crore customs‑duty and penalty demand but plans to contest; may add short‑term uncertainty.
BlueStone Jewellery
Posted profit in Q3 FY26 and got board approval for new investment in a subsidiary; watch for follow‑through buying.
Hindustan Zinc
Board approved issuance of ₹1,400 crore non‑convertible debentures to fund expansion.
Jindal Stainless
Announced progress on capex and set to reveal new growth targets; the stock could react to capex guidance.
UltraTech Cement, Kotak Mahindra Bank and Axis Bank
Scheduled to release earnings over the next few days; their results could set the tone for the broader market.
Technical view and outlook for 24 Jan 2026
Nifty 50: The index closed near 25,048 after breaching the 200‑day exponential moving average (around 25,130) in intraday trade. The short‑term trend remains weak but oversold conditions may invite a pull‑back. Immediate support lies at 24,900–24,800, with deeper support at 24,600. On the upside, 25,200 is the first hurdle; a sustained move above 25,500 is needed to confirm a trend reversal. Traders should watch open‑interest build‑up at the 25,200‑25,500 strike range, which could cap rallies.
Bank Nifty: The banking index slipped toward the 58,500 zone. Support is located at 58,700–58,500, while 59,500–60,000 forms a strong supply zone. A break below 58,500 could see the index drift toward 58,000. Momentum indicators such as the RSI remain neutral, suggesting consolidation.
Market tone: With FIIs continuing to sell and volatility elevated, the tone for 24 Jan 2026 is likely to be cautious to range‑bound. GIFT Nifty futures were trading near 25,340 in early Asia, signalling a flat to slightly negative start. Investors will focus on corporate earnings, especially from large banks and cement makers, and on global cues such as the Bank of Japan’s policy decision and U.S. earnings. Traders should maintain strict stop‑losses, avoid aggressive positions near major support/resistance levels, and look for buying opportunities in fundamentally strong names on dips.
