TLDR
Market Recap: January 23, 2026
On January 23, Indian equities snapped back into risk-off mode as early optimism faded into broad-based selling, led by financials and cyclicals amid persistent FII pressure and a rupee close at a fresh record low. The BSE Sensex ended at 81,537.70, down 769.67 pts (-0.94%), while the NSE Nifty 50 closed at 25,048.65, down 241.25 pts (-0.95%). Broader markets underperformed with Nifty Midcap 100 at 57,145.65 (-1.80%) and Nifty Smallcap 100 at 16,352.75 (-1.95%). Volatility firmed up with India VIX at 14.19 (+6.30%) as investors repriced near-term earnings and event risk into the Feb 1 Union Budget.
Key Drivers :
Adani overhang hit index mood: Fresh U.S. SEC service escalation drove sharp Adani declines, dragging headline indices and worsening risk appetite.
FII selling stayed heavy: Provisional cash flows showed FII net sell ₹4,113 cr vs DII net buy ₹4,103 cr, keeping the tape one-sided.
Volatility and breadth worsened: VIX rose above 14 and selling broadened into mid/smallcaps, signaling reduced dip-buying and higher hedging demand.
Today’s Top Stories:
Adani Group: SEC email-summons push triggers sharp selloff as legal overhang resurfaces and Adani names become the day’s biggest index drag.
JSW Steel: Profit beats on volumes and operating leverage with capex discipline improving cash flow optics into FY26.
Shriram Finance: Earnings top estimates on vehicle and MSME lending while MUFG stake adds a funding-cost and growth tailwind narrative.
Granules India: Strong export demand lifts profit and revenue, with North America steady and Europe accelerating sharply.
Godrej Consumer: Reported profit flat-to-down, underlying profit up as one-offs and Indonesia pressure offset healthier India and Africa performance.
TOP STORIES
1. Adani hit as the US SEC seeks to email summons
Gemini-2.5
What happened: The SEC asked the court to email a summons to Gautam and Sagar Adani, citing India's refusals.
Why it matters: Legal overhang reopens governance risk premium and can chill overseas counterparties and funding conversations.
Market read: Adani group names slid sharply, becoming the biggest sentiment drag in an already weak tape.
US SEC seeks court nod to email summons to Adani executives; Adani stocks sold off. Your view from here?
2. JSW Steel beats Q3 estimates on volumes
Gemini-2.5
What happened: Q3 profit nearly tripled to ₹21.39 bn, beating estimates; revenue rose to ₹459.91 bn.
Why it matters: Volume momentum plus safeguard duty tailwinds can offset price softness, improving earnings durability.
Market read: Shares ended lower before results; next move hinges on margin commentary and capex discipline.
JSW Steel beats Q3 profit estimates on higher volumes, despite softer pricing. What’s your take?
3. Shriram Finance Q3 PAT drops 29% despite higher NII
Gemini-2.5
What happened: PAT ₹2,522 cr (-29% YoY); NII ₹6,764 cr (+16% YoY).
Why it matters: Profit compression refocuses investors on credit costs, funding costs, and growth quality, not just AUM.
Market read: NBFCs remain headline sensitive; stock reaction will track management tone on margins and asset quality.
$SHRIRAMFIN.NSE ( ▲ 3.52% )
Shriram Finance PAT fell 29% YoY even as NII grew 16%. How do you read this print?
4. Granules India profit jumps 28% on EU and US demand
Gemini-2.5
What happened: Q3 profit rose to ₹1.5 bn; revenue up 22% to ₹13.88 bn.
Why it matters: Strong export demand supports utilization and earnings stability in a market still battling pricing pressure.
Market read: Earnings print strengthens pharma momentum; follow-through depends on guidance and margin trajectory.
Granules Q3 profit jumped 28% on strong EU and US demand. Your stance?
5. Godrej Consumer edges lower on Indonesia drag, one-off charge
Gemini-2.5
What happened: Profit ₹4.979 bn vs ₹4.983 bn; excluding one-offs, profit up 14%; revenue up 9%.
Why it matters: Indonesia remains the swing factor; India and Africa's strength helps, but recovery timing matters for rerating.
Market read: Staples investors will price the quality of clean earnings and clarity on Indonesia's turnaround.
Godrej Consumer profit edged lower on Indonesia weakness and one-off charge; clean profit up 14%. Your take?
GYAANI HOT TAKES
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