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Benchmarks end higher in passing week ahead of Union Budget 2026
Jan-30-2026

Indian equity benchmarks ended higher as traders went for bargain hunting after previous week's drubbing ahead of Union Budget 2026. Sentiments got boost as India and EU concluded official-level negotiations for the proposed FTA. Traders were optimistic about India’s economic resilience after Economic Survey projected India’s GDP growth in the range of 6.8-7.2% for 2026-27.

Some of the major developments during the week are:

India’s industrial output growth surges to 7.8% in December: India’s industrial output growth, measured in terms of the Index of Industrial Production (IIP), surged to over a two-year high of 7.8 per cent in the month of December 2025 from 7.2 per cent in November 2025 and a 3.7 per cent in December 2024.

India sees 73% surge in FDI Inflow: The Global Investment Trends Monitor, released by the United Nations Conference on Trade and Development (UNCTAD) has stated that India's foreign direct investment (FDI) inflows have increased by 73%, reaching $47 billion in 2025.

India-EU trade deal to boost investment, manufacturing: Moody's Ratings has said India-EU free trade pact will be credit positive for India, as lower tariffs and better market access are likely to attract foreign investment, boost manufacturing, and increase export competitiveness of labor-intensive sector.

India can achieve potential growth rate of 7.5% in next few years: Chief Economic Advisor V Anantha Nageswaran has said that India can achieve potential growth rate of 7.5% in the next few years. For this, he said the country needs to emphasis on strengthening manufacturing and export competitiveness.

India, Canada commit to enhance collaboration in fertilizer sector: India and Canada have committed to enhance collaboration in the fertilizer sector and strengthen the strategic partnership between the two nations for long-term food and agriculture security.

BSE movement for the week

The Bombay Stock Exchange (BSE) Sensex surged 732.08 points or 0.90% to 82,269.78 during the week ended January 30, 2026. On the sectoral front, S&P BSE Capital Goods was up by 4,885.32 points or 7.91% to 66,666.73, S&P BSE Power was up by 363.61 points or 6.03% to 6,392.47 and S&P BSE PSU was up by 1,057.74 points or 5.18% to 21,484.65 were the top gainers, while S&P BSE Consumer Durables was down by 1,518.30 points or 2.67% to 55,330.31, S&P BSE Information Technology was down by 281.03 points or 0.76% to 36,615.48 and S&P BSE Auto was down by 253.14 points or 0.43% to 59,303.45 were the top losers on the BSE.

NSE movement for the week

The Nifty surged 272.00 points or 1.09% to 25,320.65. On the National Stock Exchange (NSE), Nifty Next 50 gained 1579.30 points or 2.38% to 67,839.85, Nifty Mid Cap 100 increased 1286.35 points or 2.25% to 58,432.00 and Bank Nifty was up by 1137.35 points or 1.95% to 59,610.45, while Nifty IT was down by 202.35 points or 0.53% to 38,036.15.

FII transactions during the week

Foreign Institutional Investors (FIIs) were net sellers in equity segment in the week, with gross purchases of Rs 91,835.66 crore and gross sales of Rs 94,199.27 crore, leading to a net outflow of Rs 2,363.61 crore. They also stood as net buyers in the debt segment with gross purchases of Rs 10,301.88 crore against gross sales of Rs 9,786.92 crore, resulting in a net inflow of Rs 514.96 crore. In hybrid segment, FIIs stood as net buyers, with gross purchases of Rs 351.81 crore and gross sales of Rs 143.76 crore, leading to a net inflow of Rs 208.05 crore.

Industry and Economy

In a positive development, Commerce Secretary Rajesh Agrawal has said that India and the European Union (EU) have successfully concluded negotiations for the proposed free trade agreement and the deal has been finalised. He said that from the Indian perspective’s point the trade deal is balanced and forward-looking. The trade deal will help in better economic integration of the both countries. He noted that the trade deal will propel trade and investments in both economies. He said legal scrubbing of the FTA text is underway and the endeavor will be to complete the processes and sign the pact at an early date. The deal is likely to be signed this year, and it may come into effect early next year. 

Outlook for the coming week

In the passing week, Indian markets ended with gains ahead of Union Budget. Besides, India’s industrial production growth accelerated to a more than two-year high of 7.8% in December 2025.

The coming week will mark the start of the new month and lots of economic data will be released along with the auto sales numbers. Markets likely to witness volatility in coming week due to the Union Budget. Market-participants would be eyeing the data of HSBC Manufacturing PMI Final on February 02, and HSBC Composite PMI Final, HSBC Services PMI Final data on February 04. Besides, traders would be awaiting the RBI Interest Rate Decision to be out on February 06.

In a result heavy season lots of major companies like Hyundai Motor India, Adani Enterprises, Adani Ports, Bajaj Finance, NMDC, Pidilite Industries, Bajaj Finserv, NHPC, Tata Power Company, Bharti Airtel, Godrej Properties, Hero Motocorp, MRF, Tata Steel, State Bank of India etc.

On the global front from the US, traders will first be eyeing S&P Global Manufacturing PMI Final, ISM Manufacturing PMI on February 02, S&P Global Composite PMI Final on February 04, Initial Jobless Claims on February 05, Fed Balance Sheet and Baker Hughes Oil Rig Count on February 06.

Top Gainers 

  • Oil & Natural Gas Corporation (ONGC) up by 10.22% was the top gainer on Nifty for the week - ONGC caught investors’ attention after it entered into Ship Building Contracts with M/s Samsung Heavy Industries for the construction of two state-of-the-art Very Large Ethane Carriers. Besides, it signed a path-breaking agreement with Reliance Industries to enable resource sharing for deepwater offshore E&P operations on India’s East Coast.
  • Bharat Electronics (BEL) up by 7.60% was another top gainer on Nifty for the week - BEL traded higher on reporting better than expected third quarter earnings. The company has reported 20.45% jump in its consolidated net profit at Rs 1,579.10 crore for the third quarter ended December 31, 2025 as compared to Rs 1,310.95 crore for the same quarter in the previous year.

Top Losers 

  • Asian Paints down by 10.19% was the top loser of the week on Nifty - Asian Paints came under pressure after it reported 4.56% fall in its consolidated net profit at Rs 1,059.87 crore for Q3FY26 as compared to Rs 1,110.48 crore for Q3FY25. However, total income of the company increased by 3.86% at Rs 9,028.02 crore in Q3FY26 as compared to Rs 8,692.44 crore in the corresponding quarter of the previous year.
  • Maruti Suzuki down by 7.40% was another top loser of the week on Nifty - Maruti Suzuki traded under pressure after its third quarter earnings failed to match street expectations. The company has reported 4.08% rise in its consolidated net profit at Rs 3,879.10 crore for the third quarter ended December 31, 2025 as compared to Rs 3,726.90 crore for the same quarter in the previous year.

Technical viewpoints

During the week, CNX Nifty touched the highest level of 25,458.15 on January 29 and lowest level of 24,932.55 on January 27. On the last trading day, the Nifty closed at 25,320.65 with weekly gain of 272.00 points or 1.09 percent. For the coming week, 25,016.08 followed by 24,711.52 are likely to be good support levels for the Nifty, while the index may face resistance at 25,541.68 and further at 25,762.72 levels.

US Market

The U.S. markets traded mostly higher during the week after the Federal Reserve announced its widely expected decision to leave rates unchanged. It decided to maintain the target range for the federal funds rate at 3.50 to 3.75 percent

Some of the major developments during the week are:

U.S. jobless claims edge down from upwardly revised level in the week ended January 24: Initial jobless claims edged down to 209,000, a decrease of 1,000 from the previous week's revised level of 210,000.

Factory orders in U.S. rebound in November: Factory orders surged by 2.7 percent in November after tumbling by a revised 1.2 percent in October.

U.S. trade deficit widens in November: The trade deficit widened to $56.8 billion in November from a revised $29.2 billion in October.

Durable goods orders in U.S. surge 5.3% in November: Durable goods orders shot up by 5.3 percent in November after tumbling by 2.1 percent in October.

U.S. consumer confidence index plunges in January: The Conference Board said its consumer confidence index plummeted to 84.5 in January from an upwardly revised 94.2 in December.

European Market

European markets exhibited mixed trend during the passing week, with investors mostly reacting to corporate earnings updates, and assessing trade news and geopolitical developments, in addition to digesting the Federal Reserve's monetary policy announcement.

Some of the major developments during the week are:

Eurozone economic sentiment strongest in 3 years: A monthly survey conducted by the European Commission showed that the economic confidence index advanced to 99.4 in January from 97.2 in the previous month. 

Eurozone private sector credit growth eases: The European Central Bank said that adjusted loans to the private sector posted an annual growth of 3.3 percent in December compared with 3.4 percent in November.

Italy consumer confidence rises slightly: The survey data from the statistical office Istat showed that consumer sentiment rose to 96.8 in January from 96.6 in the previous month. The expected score was 97.0.

German consumer sentiment to improve in February: The forward-looking consumer climate indicator rose more-than-expected to -24.1 from -26.9 in January. The score was expected to climb to -25.5 in February.

Sweden economic confidence falls in January: The economic tendency index dropped to 103.0 in January from 103.7 in the previous month, which was the highest reading since July 2022. Nonetheless, the reading is above the normal level of 100.

Asian Market

Asian markets traded mostly in green during the passing week despite trade tensions. U.S. President Donald Trump threatened Canada with a 50% tariff on any aircraft sold in U.S., the latest salvo in his trade war with America's northern neighbour.

Some of the major developments during the week are:

Japan jobless rate unchanged at 2.6%: The unemployment rate in Japan came in at a seasonally adjusted 2,6 percent in December. That was unchanged from the November reading and in line with expectations.

Japan industrial output dips in December: Industrial production in Japan was down a seasonally adjusted 0.1 percent on month in December. That beat forecasts for a drop of 0.4 percent following the 2.7 percent decline in November.

Japan retail sales unexpectedly fall in December: Japan retail sales slumped 0.9 percent on year in December, well shy of expectations for an increase of 0.7 percent following the gain of 1.1 percent in November.

Japan's Tokyo CPI inflation eases in January: Overall consumer prices in the Tokyo region were up 1.5 percent on year, easing from 2.0 percent in December.

China industrial profits return to growth in 2025: Profits at China’s industrial firms rose 0.6% to CNY 7.40 trillion in 2025, marking the first annual increase since 2021.
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