BAROMETERS TRADE WITH SUBSTANTIAL LOSSES; EUROPEAN MARKETS EDGE HIGHER

Domestic equity benchmarks traded with major losses in the afternoon trade, tracking weak global cues, as investors remained cautious ahead of the Union Budget 2026, scheduled to be presented on February 1. Market participants are closely monitoring the rupee�s movement, ongoing Q3 corporate earnings, and evolving geopolitical developments for fresh direction.

Investor focus is also on quarterly results due later today from key companies such as Bajaj Auto, NTPC, Power Grid Corporation of India, Nestl� India, and Ambuja Cements. Reflecting the subdued sentiment, the Nifty slipped below the 25,300 level during morning trade. Metal, IT and oil & gas shares declined, while media, FMCG and realty shares advanced.

At 13:30 IST, the barometer index, the S&P BSE Sensex dropped 525.14 points or 0.63% to 82,041.36. The Nifty 50 index lost 164.25 points or 0.65% to 25,250.50.

In the broader market, the S&P BSE Mid-Cap select index dropped 0.55% and the S&P BSE Small-Cap select index fell 0.10%.

The market breadth was positive. On the BSE, 2,200 shares rose and 1,851 shares fell. A total of 186 shares were unchanged.

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, jumped 4.80% to 14.01.

Gainers & Losers:

Tata Consumer Products (up 1.95%), Apollo Hospitals Enterprise (up 1.70%), Nestle India (up 0.94%), State Bank of India (up 0.80%) and ITC (up 0.71%) were the major Nifty50 gainers.

Hindalco Industries (down 6.15%), Tata Steel (down 5.10%), Coal India (down 3.96%), Oil & Natural Gas Corporation (down 2.46%) and Power Grid Corporation of India (down 2.23%) were the major Nifty50 losers.

Stocks in Spotlight:

Nippon Life India Asset Management rallied 3.15% after its consolidated net profit jumped 36.74% to Rs 403.90 crore in Q3 FY26, compared with Rs 295.36 crore in Q3 FY25. Total income jumped 29.38% to Rs 780.55 crore in the third quarter of FY26, as against Rs 603.30 crore posted in Q3 FY25.

Blue Star jumped 4.50%. The company reported 39.2% fall in consolidated net profit to Rs 80.55 crore in Q3 FY26 from Rs 132.46 crore in Q3 FY25. Revenue from operations increased by 4.2% to Rs 2,925.31 crore for the quarter ended 31 December 2025, as compared to Rs 2807.36 crore during the same period in the previous year.

ITC rose 0.91%. 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.

One 97 Communications slipped 3.44%. The company reported consolidated net profit of Rs 225 crore in Q3 FY26 as against net loss of Rs 208 crore in Q3 FY25. Revenue from operations during the period under review increased by 20.02% YoY to Rs 2,194 crore

Colgate-Palmolive (India) shed 0.63%. The company reported a marginal 0.3% increase in standalone net profit to Rs 323.9 crore, while revenue from operations rose 1.4% to Rs 1,472.9 crore in Q3 FY26 over Q3 FY25.

Dabur India slipped 0.73%. The company reported a 7.3% increase in consolidated net profit to Rs 553.61 crore on a 6.1% rise in revenue from operations to Rs 3,558.65 crore in Q3 FY26 over Q3 FY25.

Hindustan Aeronautics (HAL) fell 0.14%. The company said that it has secured a domestic contract from Pawan Hans for the supply of 10 Dhruv NG helicopters, along with associated spares and accessories.

Global Markets:

Most European markets advanced on Friday, as international relations and corporate earnings remained in focus.

Asian markets traded mixed as U.S. President Donald Trump said that he will announce his choice for the next Federal Reserve chair on Friday.

Speaking at the premiere of Melania, a film about first lady Melania Trump, he said the five-month search to replace current chair Jerome Powell was nearing its conclusion.

The process for selecting Powell�s replacement began in September with an 11-candidate field that included past and current Fed officials, economists, and Wall Street investment professionals.

Trump also endorsed a Senate deal to fund the vast majority of the federal government through the remainder of the fiscal year, easing near-term political uncertainty for investors.

Senators clinched a deal with just over a day until a partial government shutdown. They agreed to remove funding for the Department of Homeland Security from the package and pass the other five bills, while DHS will be funded by a stopgap.

Overnight in the U.S., the S&P 500 index slipped 0.13% to close at 6,969.01, while the Nasdaq Composite declined 0.72% to end at 23,685.12. The Dow Jones Industrial Average advanced 0.11%, or 55.96 points, and settled at 49,071.56.

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