The Benchmarks indices ended the week with modest gains, aided by positive sentiment around the India–EU Free Trade Agreement and supportive RBI liquidity measures, which helped improve market confidence. Better macro cues, including strong industrial output data and an improved fiscal outlook flagged in the Economic Survey, underpinned the domestic growth narrative. However, upside was capped by a sharp slide in the rupee to record lows against the dollar and persistent global geopolitical concerns, keeping broader markets mixed amid stock-specific action.
In the week ended on Friday, 30 January 2026, the S&P BSE Sensex added 732.08 points or 0.89% to settle at 82,269.70. The Nifty 50 index jumped 272 points or 1.08% to settle at 25,320.65. In the broader market, the S&P BSE 150 MidCap Index fell 0.09% and the S&P BSE 250 SmallCap Index rose 1.25%.
The rupee on Friday (30 January 2026) hit its record low of 92.02 before ending a tad higher at 91.97 against the U.S. dollar, amid a firm American currency and volatile geopolitical cues.
Weekly Index Movement:
Indian stock market was shut on Monday, 26 January 2026, for Republic Day.
Benchmark equity indices closed with modest gains on Tuesday. The S&P BSE Sensex jumped 319.78 points or 0.39% to 81,857.48. The Nifty 50 index added 126.75 points or 0.51% to 25,175.40.
The domestic equities ended higher on Wednesday. The S&P BSE Sensex advanced 487.20 points, or 0.60%, to 82,344.68, while the Nifty 50 gained 167.35 points, or 0.66%, to settle at 25,342.75.
The key equity benchmarks ended with modest gains on Thursday. The S&P BSE Sensex jumped 221.69 points or 0.27% to 82,566.37. The Nifty 50 index added 76.15 points or 0.30% to 25,418.90.
The key equity benchmarks ended with modest cuts on Friday. The barometer index, the S&P BSE Sensex declined 296.59 points or 0.36% to 82,269.78. The Nifty 50 index lost 98.25 points or 0.39% to 25,320.65.
RBI Liquidity Measures:
The Reserve Bank of India on Friday announced a set of liquidity-enhancing measures to ease conditions in the banking system. These include a Rs 25,000 crore 90-day variable rate repo operation on January 30, a $10 billion USD/INR buy-sell swap auction with a three-year tenor on February 4, and open market purchases of government securities worth Rs 1 lakh crore in two equal tranches on February 5 and February 12. The RBI said it will continue to closely monitor liquidity and market conditions and act as needed to ensure orderly system liquidity.
India-EU Trade Deal:
India and the European Union on January 27, 2026, concluded a landmark Free Trade Agreement at the 16th India-EU Summit, marking a major milestone in bilateral economic ties between the world's 4th and 2nd largest economies, together accounting for about 25% of global GDP. The pact grants preferential market access to over 99% of Indian exports to the EU, with labour-intensive sectors such as textiles, leather, gems and jewellery, marine products and engineering goods set to benefit, while safeguarding sensitive areas like dairy and key agricultural products. The agreement delivers calibrated auto liberalisation, ambitious access in services, and a structured mobility framework to support skilled and semi-skilled Indian professionals. It also addresses non-tariff barriers, CBAM-related cooperation, digital trade, MSMEs, and future technologies including AI and clean energy. With India-EU goods trade at Rs 11.5 lakh crore and services trade at Rs 7.2 lakh crore in 2024-25, the FTA is expected to significantly boost exports, jobs, investment, and India’s integration into global value chains, laying the foundation for inclusive, resilient and future-ready growth.
Indian Politics:
Ajit Pawar, NCP chief and Maharashtra’s Deputy Chief Minister, died in a plane crash near Baramati on Wednesday while travelling from Mumbai. Four others, including the pilot and his security personnel, were also killed. The small aircraft, a Learjet 45 operated by VSR, crashed during a landing attempt near Baramati airport about 45 minutes after takeoff, as Pawar was on his way to attend public meetings ahead of the local body polls.
The 66-year-old leader was the nephew of Sharad Pawar and the cousin of Supriya Sule, both of whom were in Delhi and later arrived in Baramati.
Economic Survey 2025-2026:
The Economic Survey 2025-26, tabled in Parliament on January 29 ahead of the February 1 Union Budget, highlighted both improving macro fundamentals and a clear shift in India’s export strategy as exporters steadily reduce their reliance on the US amid tariff-related uncertainties. The survey noted that while the India-US trade agreement remains under discussion, export data for April to November FY26 show a pivot towards West Asia, Europe, Africa, and parts of Asia to sustain growth. Sectors such as gems and jewelry, marine products, auto components, and textiles saw weaker demand from the US, but this was offset by stronger shipments to alternative markets, while pharmaceuticals remained resilient with healthy growth led by Africa, Latin America and Europe.
On the broader economy, the survey said the fiscal deficit has sharply improved from 9.2% of GDP in FY21 to 4.8% in FY25 and is budgeted at 4.4% in FY26, while real GDP growth for FY26 is estimated at a robust 7.4%, driven largely by domestic demand. Looking ahead, the Indian economy is expected to grow 6.8%-7.2% in FY27, supported by strong macro fundamentals and ongoing regulatory reforms, underscoring a combination of internal strength and strategic diversification on the global trade front.
Economy:
India’s industrial production rose to a 26-month high of 7.8% in December, up from 7.2% in November, according to data released by the government on January 28. The sharp pickup was driven by a broad-based acceleration across manufacturing, capital goods and infrastructure-linked segments, signaling resilient momentum at the end of the calendar year.
India's fiscal deficit for April to December, or the first nine months of this fiscal year, was at Rs 8.55 lakh crore, equivalent to 54.5% of annual estimates, narrowing from the previous year's 56.7%. The government aims to narrow the fiscal gap to 4.4% of GDP in this financial year from 4.8% a year earlier.
Stocks in Spotlight:
Asian Paints tumbled 10.12%. The company's consolidated net profit declined 4.55% to Rs 1,059.87 crore in Q3 FY26 as against Rs 1,110.48 crore in Q3 FY25. However, revenue from sales rose 3.85% year on year (YoY) to Rs 8,849.72 crore in Q3 FY26.
Axis Bank jumped 8.74%. The bank reported a 2.94% increase in standalone net profit to Rs 6,489.57 crore in Q3 FY26 compared with Rs 6,303.77 crore in Q3 FY25. Total income increased 4.26% year on year (YoY) to Rs 38,500.06 crore in Q3 FY26.
IndusInd Bank rose 0.16%. The bank reported 88.5% decline in standalone net profit to Rs 161.16 crore on 13.67% fall in total income to Rs 13,079.39 crore in Q3 FY26 over Q3 FY25.
Shriram Finance added 1.65%. The NBFC’s standalone net profit declined 29.36% to Rs 2,521.67 crore on a 13.88% increase in total income to Rs 12,191.58 crore in Q3 FY26 over Q3 FY25.
Tata Consumer Products fell 1.35%. The company’s consolidated net profit jumped 37.91% to Rs 384.61 crore on a 15.04% increase in revenue from operations to Rs 5,112 crore in Q3 FY26 over Q3 FY25.
Godrej Consumer Products tumbled 6.71%. The company's consolidated net profit remained flat at Rs 497.91 crore in Q3 FY26, even as net sales increased 8.8% year-on-year to Rs 4,079.47 crore compared with Q3 FY25.
Ultratech Cement advanced 2.8%. The company reported a 26.92% jump in consolidated net profit to Rs 1,725.40 crore on 22.78% increase in revenue from operations to Rs 21,829.68 crore in Q3 FY26 over Q3 FY25.
Bharat Electronics (BEL) surged 9.54%. The company’s standalone net profit jumped 20.81% to Rs 1,590.06 crore on 23.72% rise in revenue from operations to Rs 7,121.98 crore in Q3 FY26 over Q3 FY25. The company’s order book position stood at Rs 73,015 crore as of 1 January 2026.
Maruti Suzuki India (MSIL) fell 5.61%. The car major reported a 4.08% YoY rise in net profit to Rs 3,879.1 crore in Q3 FY26, compared with Rs 3,726.9 crore in Q3 FY25. Revenue from operations rose 29.2% YoY to Rs 47,534.4 crore, driven by a sharp recovery in the Indian car market led by the small car segment.
Larsen & Toubro added 5.03%. The company reported a 17.78% jump in standalone net profit to Rs 2,832.08 crore on 8.34% increase in revenue from operations to Rs 37,902.84 crore in Q3 FY26 over Q3 FY25.
SBI Cards and Payment Services fell 2.27%. The company reported 45% jump in net profit to Rs 557 crore on a 12% increase in total income to Rs 5,353 crore in Q3 FY26 as compared with Q3 FY25. Cards-in-force grew by 8% to 2.18 crore as of Q3 FY26 as against 2.02 crore as of Q3 FY25. New accounts volume stood at 864K in Q3 FY26 as compared to 1,175K in Q3 FY25.
Nestle India added 2.95%. The company reported a 46.24% increase in standalone net profit to Rs 1,018.06 crore on 18.56% jump in revenue from operations to Rs 5,667.04 crore in Q3 FY26 over Q3 FY25.
Tata Motors rose 2.04%. The company’s net profit declined 48% YoY to Rs 705 crore in Q3 FY26 from Rs 1,355 crore a year ago. Sequentially, it returned to profit from a loss of Rs 867 crore in Q2 FY26. Revenue rose 16.2% YoY to Rs 21,732 crore in Q3 FY26 from Rs 18,697 crore in Q3 FY25. On a sequential basis, revenue increased 17.5% QoQ from Rs 18,491 crore.
ITC shed 0.39%. The company reported 5.6% rise in standalone net profit to Rs 4934.80 crore in Q3 FY26 from Rs 5016.72 crore in Q3 FY25. Net sales rose by 6.2% year-on-year to Rs 17857.56 crore during the period under review.
Gillette India advanced 10.42%. The company reported a 36.91% jump in standalone net profit to Rs 172.46 crore on a 15.24% increase in revenue from operations to Rs 790 crore in Q3 FY26 over Q3 FY25.
Global Market:
Singapore’s central bank left its monetary policy unchanged Thursday while warning of upside risks to inflation and demand as the city-state’s economic outlook stays resilient. The country’s benchmark Straits Times Index inched 0.19% higher.
The central bank is widely expected to keep its benchmark interest rate steady at a target range of 3.5% to 3.75%, but traders will be seeking hints on longer-term changes to monetary policy.
Tokyo CPI in Japan decreased to 1.50% in January from 2 percent in December of 2025.