{"id":10051,"date":"2026-01-23T10:59:11","date_gmt":"2026-01-23T10:59:11","guid":{"rendered":"https:\/\/lemonn.co.in\/blog\/?p=10051"},"modified":"2026-01-23T10:59:13","modified_gmt":"2026-01-23T10:59:13","slug":"indian-market-outlook-23-jan-2026","status":"publish","type":"post","link":"https:\/\/lemonn.co.in\/blog\/market-updates\/indian-market-outlook-23-jan-2026\/","title":{"rendered":"Indian Market Outlook – 23\u00a0Jan\u00a02026"},"content":{"rendered":"
\"nifty<\/figure>\n\n\n

Major indices<\/h2>\n\n\n\n
Index<\/th>Close (pts)<\/th>Change (pts)<\/th>% change<\/th>Notes<\/th><\/tr><\/thead>
Nifty 50<\/strong><\/td>25,048.65<\/strong><\/td>\u2212241.25<\/strong><\/td>\u22120.95 %<\/strong><\/td>Follow\u2011up selling dragged the index below the 25\u202f100 mark. A wide range bar indicates distribution pressure.<\/td><\/tr>
BSE Sensex<\/strong><\/td>81,537.70<\/strong><\/td>\u2212769.67<\/strong><\/td>\u22120.94 %<\/strong><\/td>The 30\u2011share gauge fell sharply and closed below its 50\u2011day moving average, hinting at short\u2011term weakness.<\/td><\/tr>
Nifty Bank<\/strong><\/td>\u224858,500<\/strong><\/td>\u2248\u2212700<\/strong><\/td>\u2248\u22121.15 %<\/strong><\/td>Banking shares weakened in line with the broader market. The index retreated from the 59 k resistance area.<\/td><\/tr>
Nifty Midcap 100<\/strong><\/td>58,410.35<\/strong><\/td>\u22121 068.25<\/strong><\/td>\u22121.84 %<\/strong><\/td>Mid\u2011caps underperformed amid broad\u2011based sell\u2011off.<\/td><\/tr>
Nifty Smallcap 100<\/strong><\/td>16,765.40<\/strong><\/td>\u2212331.90<\/strong><\/td>\u22121.99 %<\/strong><\/td>Small\u2011caps fell nearly 2 %, reflecting risk aversion in high\u2011beta counters.<\/td><\/tr>
Nifty Next 50<\/strong><\/td>67,829.20<\/strong><\/td>\u22121,350.60<\/strong><\/td>\u22122.00 %<\/strong><\/td>The broader index fell more than the benchmark due to weakness in non\u2011front\u2011line stocks.<\/td><\/tr>
Nifty IT<\/strong><\/td>38,513.70<\/strong><\/td>\u221279.40<\/strong><\/td>\u22120.21 %<\/strong><\/td>Information\u2011technology stocks outperformed as investors rotated towards defensives.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Sectoral performance<\/h2>\n\n\n\n
Sector (top performers)<\/th>Avg. % change<\/th>Commentary<\/th><\/tr><\/thead>
Castings, Forgings & Fasteners<\/strong><\/td>+4.12 %<\/strong><\/td>Rare bright spot; rally in select heavy\u2011engineering names lifted the group.<\/td><\/tr>
Diamond, Gems & Jewellery<\/strong><\/td>+0.14 %<\/strong><\/td>Benefited from safe\u2011haven buying as investors looked for defensives.<\/td><\/tr>
Consumer Durables<\/strong><\/td>+0.07 %<\/strong><\/td>Only BSE sector to finish marginally positive; selective buying in consumer\u2011oriented names provided support.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
Sector (laggards)<\/th>Avg. % change<\/th>Commentary<\/th><\/tr><\/thead>
Energy<\/strong><\/td>\u221220.96 %<\/strong><\/td>Severe sell\u2011off in energy shares; Adani group companies led declines amid corporate and valuation concerns.<\/td><\/tr>
Commercial Services<\/strong><\/td>\u221211.86 %<\/strong><\/td>Weak earnings guidance and profit\u2011taking drove the group lower.<\/td><\/tr>
Realty<\/strong><\/td>\u221210.83 %<\/strong><\/td>Realty index hit a fresh 52\u2011week low on demand and liquidity worries.<\/td><\/tr>
Leisure Services<\/strong><\/td>\u221210.12 %<\/strong><\/td>Hospitality and travel names slipped on slowdown fears.<\/td><\/tr>
Textiles<\/strong><\/td>\u22128.77 %<\/strong><\/td>Export\u2011oriented textile stocks weakened on global demand concerns.<\/td><\/tr>
Utilities (BSE)<\/strong><\/td>\u22123.09 %<\/strong><\/td>Heavy profit\u2011booking dragged the sector into negative territory.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Key statistics<\/h2>\n\n\n\n
    \n
  • Market breadth:<\/strong> out of 4,603<\/strong> traded stocks, 1,477<\/strong> advanced and 3,126<\/strong> declined, reflecting a decidedly negative breadth.<\/li>\n\n\n\n
  • Volatility:<\/strong> the India\u00a0VIX<\/strong> remained elevated, hovering above the mid\u2011teens. Analysts noted that volatility has risen sharply over the past week, signalling traders\u2019 nervousness.<\/li>\n\n\n\n
  • Institutional flows:<\/strong> foreign institutional investors (FIIs) were net sellers through the week, off\u2011loading more than \u20b98,500\u00a0crore<\/strong> in the cash market. Domestic institutional investors (DIIs) absorbed some supply but remained cautious ahead of earnings.<\/li>\n\n\n\n
  • Market capitalisation:<\/strong> the total market capitalisation of listed companies on the BSE slipped as risk appetite receded.<\/li>\n<\/ul>\n\n\n\n

    Top gainers and losers<\/h2>\n\n\n\n

    The tables below highlight notable large\u2011cap movers. Prices are approximate closing prices and percentage changes for 23 Jan 2026.<\/p>\n\n\n\n

    Top gainers<\/th>Price (\u20b9)<\/th>% change<\/th><\/tr><\/thead>
    Dr Reddy\u2019s Laboratories<\/strong><\/td>1,235.60<\/strong><\/td>+1.49 %<\/strong><\/td><\/tr>
    Tech Mahindra<\/strong><\/td>1,701.10<\/strong><\/td>+0.81 %<\/strong><\/td><\/tr>
    Hindustan Unilever<\/strong><\/td>2,409.50<\/strong><\/td>+0.79 %<\/strong><\/td><\/tr>
    Bajaj Auto<\/strong><\/td>9,413.50<\/strong><\/td>+0.46 %<\/strong><\/td><\/tr>
    Tata Consultancy Services<\/strong><\/td>3,162.50<\/strong><\/td>+0.38 %<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
    Top losers<\/th>Price (\u20b9)<\/th>% change<\/th><\/tr><\/thead>
    Adani Enterprises<\/strong><\/td>1,864.20<\/strong><\/td>\u221210.65 %<\/strong><\/td><\/tr>
    Adani Ports & SEZ<\/strong><\/td>1,308.40<\/strong><\/td>\u22127.48 %<\/strong><\/td><\/tr>
    InterGlobe Aviation (IndiGo)<\/strong><\/td>4,704.50<\/strong><\/td>\u22124.17 %<\/strong><\/td><\/tr>
    Maruti Suzuki<\/strong><\/td>15,469.00<\/strong><\/td>\u22121.88 %<\/strong><\/td><\/tr>
    Eicher Motors<\/strong><\/td>6,973.00<\/strong><\/td>\u22121.08 %<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

    Among mid\u2011caps, Tanla Platforms<\/strong> (+9.41 %), Home First Finance<\/strong> (+5.99 %) and Bandhan Bank<\/strong> (+5.57 %) topped the BSE 500, while Adani Green Energy<\/strong> (\u221213.63 %), Adani Energy Solutions<\/strong> (\u221210.88 %) and One 97 Communications (Paytm)<\/strong> (\u22128.45 %) were notable decliners.<\/p>\n\n\n\n

    What moved the market<\/h2>\n\n\n\n
      \n
    • Heavy selling in Adani group stocks:<\/strong> the broad sell\u2011off was triggered by steep declines in Adani group companies. Adani Enterprises plunged more than 10\u00a0%, and other group names such as Adani Ports and Adani Green Energy lost 7\u201314\u00a0%, dragging down the energy and utilities gauges. Concerns about leverage, regulatory scrutiny and stretched valuations weighed on the group.<\/li>\n\n\n\n
    • Profit\u2011taking in utilities and realty:<\/strong> investors booked profits in utilities after a recent rally, while realty stocks slumped to new lows amid apprehensions over interest\u2011rate headwinds and weak housing demand.<\/li>\n\n\n\n
    • Cautious institutional flows:<\/strong> FIIs remained net sellers as global risk appetite cooled. Rising volatility and looming corporate earnings led domestic institutions to turn defensive.<\/li>\n\n\n\n
    • Mixed global cues:<\/strong> 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\u2019s policy decision and earnings from major U.S. technology firms. The divergent signals kept traders on edge in Indian markets.<\/li>\n\n\n\n
    • Macro uncertainty:<\/strong> market participants remained watchful of global inflation trends, central\u2011bank policy meetings (including the U.S. Federal Reserve and ECB in coming weeks) and geopolitical developments. Elevated natural\u2011gas prices in the U.S. and geopolitical tensions added to risk aversion.<\/li>\n<\/ul>\n\n\n\n

      Global cues<\/h2>\n\n\n\n
        \n
      • United\u00a0States:<\/strong> The S&P\u00a0500, Dow Jones and Nasdaq Composite ended higher overnight as investors cheered de\u2011escalation of a trans\u2011Atlantic 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\u2019s meeting on 27\u201328\u00a0January.<\/li>\n\n\n\n
      • Europe and Asia:<\/strong> The Euro\u00a0Stoxx\u00a050 gained more than 1\u00a0%, and Japan\u2019s Nikkei\u00a0225 rallied over 1.7\u00a0% on optimism about technology stocks. China\u2019s 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.<\/li>\n\n\n\n
      • Commodities:<\/strong> Oil prices were little changed after a recent run\u2011up, while natural\u2011gas prices spiked to multi\u2011year highs due to a cold spell in North America. Gold held firm near record highs on safe\u2011haven demand.<\/li>\n<\/ul>\n\n\n\n

        Stocks to watch<\/h2>\n\n\n\n
        Stock<\/th>Why it matters<\/th><\/tr><\/thead>
        NIIT Limited<\/strong><\/td>Board meeting on 30 Jan 2026<\/strong> to consider Q3 FY26 results; traders expect earnings commentary to influence sentiment.<\/td><\/tr>
        SG Mart Limited<\/strong><\/td>Reported a 60\u00a0% year\u2011on\u2011year decline in Q3 profit and fully utilised \u20b91\u202f,150\u00a0crore raised earlier; stock may remain volatile.<\/td><\/tr>
        Waaree Energies<\/strong><\/td>Announced plans to build a 20 GW<\/strong> battery manufacturing plant. Renewable\u2011energy plays may see interest.<\/td><\/tr>
        Persistent Systems<\/strong><\/td>Conducted investor meetings and an annual business discussion; any guidance updates could move the stock.<\/td><\/tr>
        Poonawalla Fincorp<\/strong><\/td>Issued 91,607 equity shares under employee stock\u2011option plans, increasing paid\u2011up capital.<\/td><\/tr>
        SRF Limited<\/strong><\/td>Received a \u20b938.49 crore customs\u2011duty and penalty demand but plans to contest; may add short\u2011term uncertainty.<\/td><\/tr>
        BlueStone Jewellery<\/strong><\/td>Posted profit in Q3 FY26 and got board approval for new investment in a subsidiary; watch for follow\u2011through buying.<\/td><\/tr>
        Hindustan Zinc<\/strong><\/td>Board approved issuance of \u20b91,400\u00a0crore non\u2011convertible debentures to fund expansion.<\/td><\/tr>
        Jindal Stainless<\/strong><\/td>Announced progress on capex and set to reveal new growth targets; the stock could react to capex guidance.<\/td><\/tr>
        UltraTech Cement, Kotak Mahindra Bank and Axis Bank<\/strong><\/td>Scheduled to release earnings over the next few days; their results could set the tone for the broader market.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

        Technical view and outlook for 24 Jan 2026<\/h2>\n\n\n\n
          \n
        • Nifty\u00a050:<\/strong> The index closed near 25,048<\/strong> after breaching the 200\u2011day exponential moving average (around 25,130<\/strong>) in intraday trade. The short\u2011term trend remains weak but oversold conditions may invite a pull\u2011back<\/strong>. Immediate support lies at 24,900\u201324,800<\/strong>, with deeper support at 24,600<\/strong>. On the upside, 25,200<\/strong> is the first hurdle; a sustained move above 25,500<\/strong> is needed to confirm a trend reversal. Traders should watch open\u2011interest build\u2011up at the 25,200\u201125,500 strike range, which could cap rallies.<\/li>\n\n\n\n
        • Bank\u00a0Nifty:<\/strong> The banking index slipped toward the 58,500<\/strong> zone. Support is located at 58,700\u201358,500<\/strong>, while 59,500\u201360,000<\/strong> forms a strong supply zone. A break below 58,500<\/strong> could see the index drift toward 58,000<\/strong>. Momentum indicators such as the RSI remain neutral, suggesting consolidation.<\/li>\n\n\n\n
        • Market tone:<\/strong> With FIIs continuing to sell and volatility elevated, the tone for 24\u00a0Jan\u00a02026<\/strong> is likely to be cautious to range\u2011bound<\/strong>. GIFT\u00a0Nifty futures were trading near 25,340<\/strong> 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\u2019s policy decision and U.S. earnings. Traders should maintain strict stop\u2011losses, avoid aggressive positions near major support\/resistance levels, and look for buying opportunities in fundamentally strong names on dips.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"

          Major indices Index Close (pts) Change (pts) % change Notes Nifty 50 25,048.65 \u2212241.25 \u22120.95 % Follow\u2011up selling dragged the index below the 25\u202f100 mark. A wide range bar indicates distribution pressure. BSE Sensex 81,537.70 \u2212769.67 \u22120.94 % The 30\u2011share gauge fell sharply and closed below its 50\u2011day moving average, hinting at short\u2011term weakness. Nifty Bank \u224858,500 \u2248\u2212700 \u2248\u22121.15 % Banking […]<\/p>\n","protected":false},"author":3,"featured_media":8213,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_ayudawp_aiss_exclude":false,"footnotes":""},"categories":[512],"tags":[],"class_list":["post-10051","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-updates"],"blocksy_meta":[],"_links":{"self":[{"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/posts\/10051","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/comments?post=10051"}],"version-history":[{"count":1,"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/posts\/10051\/revisions"}],"predecessor-version":[{"id":10052,"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/posts\/10051\/revisions\/10052"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/media\/8213"}],"wp:attachment":[{"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/media?parent=10051"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/categories?post=10051"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/tags?post=10051"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}