Indices retreat after 3-day rise on mixed global cues, Budget caution

The benchmark equity indices Sensex and Nifty slipped on Friday, snapping a three-day rally, as weak global cues and caution ahead of the Union Budget on February 1 weighed on sentiment. Fresh foreign fund outflows added to the pressure. Investors also remained watchful of rupee movements, ongoing Q3 earnings and geopolitical developments. Reflecting the cautious mood, the Nifty closed below the 25,350 level, dragged down by losses in metal, IT and private banking stocks.

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. In the past three consecutive trading session, the Sensex and Nifty jumped 1.26% and 1.48%, respectively.

 

Hindalco Industries (down 5.98%), Tata Steel (down 4.81%) and ICICI Bank (down 1.92%) were major Nifty drags.

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 NSE's India VIX, a gauge of the market's expectation of volatility over the near term, fell 1.14% to 13.37.

India's April-December Fiscal Deficit

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.

Numbers to Track:

The yield on India's 10-year benchmark federal paper shed 0.13% to 6.690 as compared with the previous close of 6.695.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 91.9700 compared with its close of 91.9950 during the previous trading session.

MCX Gold futures for 5 February 2026 settlement tanked 4.29% to Rs 162,352.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.50% to 96.64.

The United States 10-year bond yield added 0.64% to 4.255.

In the commodities market, Brent crude for March 2026 settlement rose 63 cents or 0.89% to $70.08 a barrel.

Global Markets:

The US Dow Jones index futures is currently down by 333 points, signaling a weak opening for US stocks today.

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

Most Asian indices ended lower, led by declines in technology stocks, after a weak overnight finish on Wall Street dampened risk appetite. Investors also weighed Tokyo inflation data, which kept expectations of further Bank of Japan policy tightening in focus, while U.S. President Donald Trump said he would announce his choice for the next Federal Reserve chair on Friday.

Tokyo CPI in Japan decreased to 1.50% in January from 2% in December of 2025.

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.

Stocks in Spotlight:

The Nifty Metal index tumbled 5.21% to 11,827.55. The index rose 8.71% in the past three consecutive trading sessions.

Hindustan Zinc fell 12.47%, Vedanta declined 11.27%, and Hindustan Copper dropped 11.07%, leading losses in the metals pack. National Aluminium Company slid 10.69%, while Hindalco Industries lost 5.98%. Tata Steel ended 4.81% lower, NMDC slipped 4.26%, and Steel Authority of India declined 3.94%. Jindal Steel & Power shed 2.97%, Lloyds Metals & Energy fell 2.77%, and JSW Steel eased 1.88%. Welspun Corp was down 1.77%, while APL Apollo Tubes slipped 0.41%.

Tata Motors (CV) slipped 2.54% after the company reported its Q3 FY26 performance, which was weighed down by exceptional losses during the quarter. On a consolidated basis, 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.

Dabur India shed 0.57%. 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.

ITC rose 1.11% after 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.

Colgate-Palmolive (India) added 0.39%. 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.

MTAR Technologies jumped 7% after the company announced a strong set of unaudited consolidated results for the third quarter ended 31 December 2025. On a consolidated basis, net profit jumped 117.3% YoY to Rs 34.7 crore in Q3 FY26, compared with Rs 16.0 crore in Q3 FY25. Sequentially, profit after tax surged 717.2% from Rs 4.2 crore in Q2 FY26. Revenue from operations rose 59.3% YoY to Rs 278.0 crore in Q3 FY26, up from Rs 174.5 crore a year ago. On a quarter-on-quarter basis, revenue more than doubled, rising 105.0% QoQ from Rs 135.6 crore in Q2 FY26.

Allied Blenders and Distillers (ABD) rallied 6.58% after the companys consolidated net profit jumped 10.91% to Rs 63.74 crore in Q3 FY26 as against Rs 57.47 crore posted in Q3 FY25. Revenue from operations (excluding excise duty) increased by 2.98% year-on-year (YoY) to Rs 1,002.98 crore in Q3 FY26.

Nippon Life India Asset Management advanced 1.30% 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.

Cupid gained 2.88% after the company reported 196.29% surge in consolidated net profit to Rs 32.83 crore in Q3 FY26 as against Rs 11.08 crore posted in Q3 FY25. Revenue from operations jumped 101.70% YoY to Rs 93.49 crore in the quarter ended 31 December 2025.

Blue Star jumped 5.33%. 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.

One 97 Communications slipped 2.71%. 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, driven by industry-leading customer monetization.

Strides Pharma Science surged 8.41% after its consolidated operational profit after tax rose 38.6% YoY to Rs 128.2 crore in Q3 FY26 from Rs 92.5 crore a year ago. On a sequential basis, operational PAT declined 8.6% QoQ from Rs 140.3 crore. Revenue increased 3.6% YoY to Rs 1,194.6 crore in Q3 FY26 compared with Rs 1,153.7 crore in Q3 FY25. Sequentially, revenue declined 2.1% QoQ from Rs 1,220.8 crore. Revenue was impacted by low offtake in the institutional business and flattish US operations.

Swiggy tanked 4.98% after the company reported a consolidated net loss of Rs 1,065 crore in Q3 FY26, widening from a net loss of Rs 799 crore in Q3 FY25. Despite the loss, the company recorded strong top-line growth, with revenue from operations rising 53.96% year-on-year (YoY) to Rs 6,148 crore in the quarter ended 31 December 2025.

TD Power Systems surged 8.23% after the company reported a 25.4% increase in consolidated net profit to Rs 56.32 crore on a 26.4% rise in net sales to Rs 442.68 crore in Q3 FY26 over Q3 FY25.

Syrma SGS Technology jumped 4.91% after the company reported a strong set of consolidated numbers for Q3 FY26. On a consolidated basis, net profit surged 108.1% YoY to Rs 110.3 crore in Q3 FY26, compared with Rs 53.0 crore in Q3 FY25. Sequentially, profit after tax jumped 66.3% QoQ from Rs 66.3 crore in Q2 FY26. Revenue from operations climbed 45.4% YoY to Rs 1,264.2 crore, up from Rs 869.2 crore in the year-ago quarter. On a quarter-on-quarter basis, revenue increased 10.3% QoQ from Rs 1,145.9 crore in Q2 FY26.

Gillette India surged 5.83% after 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.

Hindustan Aeronautics (HAL) added 0.34%. 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.

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