Nifty ends above 25,400 level; metal shares shine

The key equity indices ended with moderate gains on Thursday, rising for the third consecutive session, as bargain hunting lifted sentiment, supported by encouraging economic data and the Economic Surveys FY27 growth projection of 6.8%7.2%. Going forward, investors will closely track movements in the rupee, the ongoing Q3 earnings season, and developments on the geopolitical front.

Investors are also awaiting quarterly results from ITC, Tata Motors, and Vedanta, due later today, while attention remains firmly on the Union Budget 2026 to be presented on February 1, 2026. Meanwhile, the Nifty managed to close above the 25,400 mark.

Metal, private bank and oil& gas shares advanced while FMCG, pharma and PSU Bank shares declined.

 

As per provisional closing data, the barometer index, the S&P BSE Sensex advanced 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. In the three consecutive trading session, the Sensex and Nifty jumped 1.26% and 1.48%, respectively.

In the broader market, the S&P BSE Mid-Cap index rose 0.10% and the S&P BSE Small-Cap index fell 0.19%.

The market breadth was positive. On the BSE, 1,706 shares rose and 2,531 shares fell. A total of 161 shares were unchanged.

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

Economic Survey 2025-2026:

The Economic Survey 202526, tabled in Parliament on January 29 ahead of the February 1 Union Budget, highlighted both improving macro fundamentals and a clear shift in Indias export strategy as exporters steadily reduce their reliance on the US amid tariff-related uncertainties. The survey noted that while the IndiaUS 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 jewellery, 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:

Indias 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, signalling resilient momentum at the end of the calendar year.

Buzzing Index:

The Nifty Metal index jumped 2.96% to 12,465.40. The index gained 8.60% in three consecutive trading sessions.

Hinudustan Copper(up 20%), National Aluminium (up 5.48%), Tata Steel (up 4.49%), Jindal Steel (up 4.34%), Vedanta (up 4.13%) and NMDC (up 3.79%) surged.

Stocks in Spotlight:

Larsen & Toubro added 3.58% after 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.

Canara Bank declined 4.47%. The Bank eported standalone net profit jumped 25.61% to Rs 5,155.11 crore on a 10.43% increase in total income to Rs 39,880.96 crore in Q3 FY26 over Q3 FY25. Net interest income (NII) rose 1.13% to Rs 9,252 crore in Q3 FY26 compared with Rs 9,149 crore in Q3 FY25.

SBI Cards and Payment Services fell 1.82%. The company has 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.

Heritage Foods tumbled 8.87% after the company reported 20% drop in consolidated net profit to Rs 346 crore in Q3 FY26 from Rs 431 crore in Q3 FY25.

Gland Pharma surged 6.75% after the company reported 27.7% increase in consolidated net profit to Rs 261.48 crore on a 22.5% rise in net sales to Rs 1695.36 crore in Q3 FY26 as compared with Q3 FY25.

ASK Automotive climbed 3.74% after the company reported an 21.29% rise in consolidated net profit to Rs 79.92 crore in Q3 FY26, compared with Rs 65.89 crore in Q3 FY25. Revenue from operations increased 18.48% YoY to Rs 1,084.22 crore in the quarter ended 31 December 2025.

Garden Reach Shipbuilders & Engineers gained 2.64% after the company reported 74% jump in consolidated net profit to Rs 171 crore in Q3 FY26 from Rs 98 crore in Q3 FY25. Revenue from operations increased to Rs 1,896 crore during the period under review, up 49% YoY. <

Metro Brands rose 0.87%. The companys consolidated net profit jumped 35.36% to Rs 128.02 crore on 15.39% increase in revenue from operations to Rs 811.27 crore in Q3 FY26 over Q3 FY25.

Global Markets:

European markets mostly traded higher, while Asian markets closed largely in the green, as investors digesting mixed mega-cap tech earnings on Wall Street and the Federal Reserves decision to keep rates unchanged.

Investors will be keeping an eye on developments in Indonesia after the benchmark Jakarta Composite dropped over 1% on Wednesday after index provider MSCI had issued a statement warning of a potential downgrade of the country to frontier-market status.

Meanwhile, Singapores central bank left its monetary policy unchanged Thursday, while warning of upside risks to inflation and demand as the city-states economic outlook stays resilient. The countrys benchmark Straits Times Index inched 0.19% higher.

Overnight in the U.S., the S&P 500 reached a milestone level, hitting 7,000 for the first time, before pulling back as the Federal Reserve left interest rates unchanged and upped its economic growth assessment.

The broad market index ended the day down 0.01% at 6,978.03. Earlier, the S&P 500 was up 0.3% on the day, hitting an all-time intraday high of 7,002.28.

The Dow Jones Industrial Average added 0.02% to close at 49,015.60. The Nasdaq Composite outperformed and gained 0.17%, settling at 23,857.45.

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