Sensex jumps 121 pts; PSU bank shares in demand

The key equity benchmarks continued to trade with modest gains in mid-morning trade after a negative opening, as investors focused on stock-specific moves amid thin trading across Asian markets. The Nifty traded above the 25,650 mark. PSU bank shares extended gains for the second consecutive trading session.

At 11:30 ST, the barometer index, the S&P BSE Sensex, jumped 120.61 points or 0.14% to 83,397.76. The Nifty 50 index rose 7.85 points or 0.03% to 25,690.60.

In the broader market, the BSE 150 MidCap Index rose 0.11% and the BSE 250 SmallCap Index added 0.57%.

The market breadth was strong. On the BSE, 2,327 shares rose and 1,467 shares fell. A total of 195 shares were unchanged.

 

Economy:

Indias total exports (merchandise and services combined) for January 2026 are estimated at US$ 80.45 billion, registering a positive growth of 13.17% vis-vis January 2025. Total imports (merchandise and services combined) for January 2026 are estimated at US$ 90.83 billion, registering a positive growth of 18.76% vis-vis January 2025. Indias total exports during April-January 2025-26 are estimated at US$ 720.76 billion registering a positive growth of 6.15%. Total imports during April-January 2025-26 are estimated at US$ 823.41 billion registering a growth of 6.54%.

Merchandise exports during January 2026 were US$ 36.56 billion as compared to US$ 36.34 billion in January 2025. Merchandise imports during January 2026 were US$ 71.24 billion as compared to US$ 59.77 billion in January 2025. The estimated value of services export for January 2026 is US$ 43.90 billion as compared to US$ 34.75 billion in January 2025. The estimated value of services imports for January 2026 is US$ 19.60 billion as compared to US$ 16.71 billion in January 2025.

Major drivers of merchandise exports growth in January 2026 include engineering goods, petroleum products, meat, dairy & poultry products, marine products, and iron ore. Engineering goods exports increased by 10.37% from US$ 9.42 billion in January 2025 to US$ 10.40 billion in January 2026, while petroleum products exports increased by 8.55% from US$ 3.48 billion in January 2025 to US$ 3.77 billion in January 2026.

Buzzing Index:

The Nifty PSU Bank index rose 1.69% to 9,462. The index jumped 3.22% in the two convictive trading sessions.

Punjab National Bank (up 3.43%), Union Bank of India (up 3.01%), UCO Bank (up 2.61%), Central Bank of India (up 2.5%), Indian Overseas Bank (up 2.34%), Bank of Maharashtra (up 2.3%), Punjab & Sind Bank (up 2.25%), Bank of India (up 2.23%), Bank of Baroda (up 2.03%) and Indian Bank (up 1.98%) jumped.

Stocks in Spotlight:

Cochin Shipyard advanced 4.27% after the state-run shipbuilder said it was declared the lowest bidder at a meeting held at the Ministry of Defence in New Delhi.

TVS Supply Chain Solutions (TVS SCS) added 2.81% after the firm signed memorandum of understanding (MoU) with ALA Group, to explore opportunities in Indias aerospace and defence supply chain.

Lupin added 1.39% after the company announced that it has signed a licence and supply agreement with Spektus Pharma to commercialize the novel antidepressant DeslaFlex in Canada.

Global Markets:

Asian markets traded cautiously on Tuesday in holiday-thinned volumes, while oil prices edged higher ahead of U.S.Iran nuclear negotiations scheduled to begin later in the day in Geneva.

The Mainland Chinese, Hong Kong, Singapore, Taiwan, and South Korean markets were closed on Tuesday for Lunar New Year holidays. U.S. markets were shut on Monday for Presidents Day.

Japans weakening economy remained in focus on Tuesday, one day after much softer than expected GDP numbers.

The country on Monday reported its economy grew an annualized 0.2% in the fourth quarter, far below the widely reported gain forecast of 1.6% as government spending dragged on activity. In today's session, the Japanese yen strengthened 0.15% against the greenback to 153.28 per dollar.

The weak figures highlight the challenges ahead for Prime Minister Sanae Takaichi and should support her push for more aggressive fiscal stimulus, media reports said.

The Bank of Japan next meets on rates in March, with traders forecasting only a slim chance for a hike. Widely reported polls in the media suggest that investors expect the central bank to wait until July before tightening policy again.

Meanwhile, oil saw some price gains as investors looked ahead to the U.S. and Iran nuclear negotiations that are scheduled to begin in Geneva later in the day.

The higher volatility in crude was triggered by the latest drill that was reportedly held by Irans Revolutionary Guards in the Hormuz Strait on Monday. The passage accounts for about 20% of global oil shipments.

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