Indices rally for second session on India-EU FTA optimism

The key equity benchmarks ended higher for a second straight session on Wednesday, as improved risk appetite lifted sentiment. Optimism around the conclusion of the India-EU free trade agreement and supportive global cues underpinned the rally. Meanwhile, a stable rupee and steady crude oil prices added comfort for investors. The Nifty closed above the 25,300 mark led by firmness in energy and metal shares.

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. Over the past two sessions, the Sensex has risen 0.99% and the Nifty has climbed 1.17%.

Bharat Electronics (up 9.21%), Bajaj Finance (up 2.33%) and Reliance Industries (up 1.30%) boosted the Nifty today.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index jumped 1.69%, while the S&P BSE Small-Cap index rose 1.81%.

The market breadth was strong. On the BSE, 2,920 shares rose and 1,315 shares fell. A total of 145 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, dropped 6.41% to 13.53.

Indian Politics:

Ajit Pawar, NCP chief and Maharashtras 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.

Numbers to Track:

The yield on India's 10-year benchmark federal paper shed 0.33% to 6.697 as compared with the previous close of 6.719.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 91.7800 compared with its close of 91.6850 during the previous trading session.

MCX Gold futures for 5 February 2026 settlement advanced 4.09% to Rs 164,150.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.43% to 96.16.

The United States 10-year bond yield rose 0.62% to 4.249.

In the commodities market, Brent crude for March 2025 settlement declined 41 cents or 0.61% to $67.16 a barrel.

Global Markets:

European shares declined on Wednesday as investors digested a wave of corporate earnings while cautiously awaiting the latest interest rate decision from the U.S. Federal Reserve on Wednesday.

Most Asian indices ended higher, with strong gains in technology and AI-related shares.

Overnight in the U.S., the Nasdaq Composite climbed 0.91% to settle at 23,817.10, while the Dow Jones Industrial Average broke ranks, losing 408.99 points, or 0.83%, and settling at 49,003.4, while the S&P 500 added 0.41% to end at 6,978.60.

The S&P 500 futures edged higher ahead of the Federal Reserves interest rate decision and earnings reports from major tech companies.

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.

New Listing:

Shares of Shadowfax Technologies ended at Rs 109.90 on the BSE, a discount of 11.37% as compared with the issue price of Rs 124.

The stock debuted at Rs 113 on the BSE, a discount of 8.87% over the issue price.

The stock has hit a high of 119.55 and a low of 109. On the BSE, 33.05 lakh shares of the company were traded in the counter.

Stocks in Spotlight:

TVS Motor Company rallied 4.72% after its standalone net profit jumped 52.04% to Rs 940.37 crore on 37.14% jump in revenue from operations to Rs 12,476.26 crore in Q3 FY26 over Q3 FY25. During the quarter under review, the companys electric vehicle (EV) sales rose 40% year on year to a record 1.06 lakh units in the quarter ended December 2025, compared with 0.76 lakh units in the corresponding period last year.

Vodafone Idea advanced 1.02% after the companys consolidated net loss narrowed to Rs 5,286 crore in Q3 FY26 from Rs 6,609 crore in Q3 FY25. Revenue for the quarter stood at Rs 11,323 crore, up 1.9% YoY.

Bharat Electronics (BEL) surged 8.90% after its 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 companys order book position stood at Rs 73,015 crore as of 1 January 2026.

Maruti Suzuki India (MSIL) fell 2.39%. 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.

Sunteck Realty rose 1.62%. The company reported a 33.7% increase in consolidated net profit to Rs 56.84 crore on a 112.7% rise in revenue from operations to Rs 344.12 crore in Q3 FY26 over Q3 FY25.

Vishal Mega Mart tanked 4.12%. The company reported a 19.10% rise in consolidated net profit to Rs 312.92 crore in Q3 FY26, compared with Rs 262.72 crore posted in Q3 FY25. Revenue from operations rose 17.04% year-on-year (YoY) to Rs 3,670.41 crore for the quarter ended 31 December 2025.

Mahindra Logistics surged 15.82% after the company reported a consolidated net profit of Rs 3.25 crore in Q3 FY26, compared with a net loss of Rs 9.03 crore in Q3 FY25 Mahindra Logistics surged 14.65% to Rs 337 after the company reported a consolidated net profit of Rs 3.25 crore in Q3 FY26, compared with a net loss of Rs 9.03 crore in Q3 FY25..

Motilal Oswal Financial Services surged 7.69% after the company reported a strong set of earnings for the quarter ended December 2025. The companys profit after tax (PAT), including treasury income and other comprehensive income (OCI), jumped 58% year on year to Rs 721 crore in Q3 FY26, aided by healthy traction in its asset and private wealth management businesses. Total revenue improved 11% to Rs 1,497 crore in Q3 FY26 as against Rs 1,345 crore in Q3 FY25.

Bondada Engineering declined 3.58%. The companys consolidated net profit zoomed 119.12% to Rs 54.19 crore in Q3 FY26 as against Rs 24.73 crore in Q3 FY25. Revenue from operations jumped 89.40% year on year (YoY) to Rs 712.27 crore in Q3 FY26.

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