TLDR
Market Recap: January 28, 2026
On January 28, Indian equities closed higher in a choppy session as earnings-driven buying (banks, metals, cement) and India-EU trade optimism outweighed the drag from auto stocks on tariff-cut headlines. The Sensex ended at 81,857.48, up 319.77 points (+0.39%), while the Nifty 50 closed at 25,175.40, up 126.75 points (+0.51%). Broader markets stayed constructive with Nifty Midcap 100 +0.59% and Nifty Smallcap 100 +0.41%, while India VIX was largely steady at about 14.22 (roughly +0.18% vs the previous close), signalling contained near-term risk pricing.
Key Drivers :
Earnings pulse stayed positive: Strong reactions in select lenders and cyclicals kept dip-buying active, even as the session saw plenty of intraday swings.
Trade headlines rotated sectors: India-EU trade deal chatter supported risk sentiment, but the proposed tariff cuts hit domestic auto names and capped broader upside.
Flows still a watchpoint: Latest reported cash data (last available: Jan 23) showed FII net sell ₹4,113 cr and DII net buy ₹4,103 cr, keeping the tape sensitive to foreign positioning.
Today’s Top Stories:
Axis Bank: Surprise profit beat pushed the stock to an 18-month high as loan growth and asset-quality confidence improved.
Asian Paints: One-time labour-law charge drove a profit miss and a post-results slide, despite decent decorative paint volumes.
Autos: EU tariff-cut report sparked a sharp selloff in domestic carmakers as markets priced in higher import competition risk.
UltraTech: Q3 PAT jumped 32% YoY and the stock rallied, keeping cement in the “clean earnings” bucket today.
Mahindra Logistics: Returned to profit with 19%+ revenue growth, reinforcing early signs of recovery in listed logistics names.
TOP STORIES
1. BEL rockets on Q3 beat, hits fresh high
Gemini-2.5
Print: Q3 profit +21% YoY to ₹1,580 crore; revenue +24% YoY.
So what: Defence PSU momentum stays intact, backed by strong execution and visibility.
Tape: Stock jumped about 10% and tagged a new 52-week high.
BEL beat on Q3 profit and revenue, stock hit a fresh high. Your stance?
2. ONGC pops on ethane carrier shipbuilding pact
Gemini-2.5
What happened: ONGC JV signed a shipbuilding deal with Samsung Heavy for ethane carriers.
So what: Strengthens long-term ethane logistics and energy security positioning.
Tape: ONGC surged about 6% on the headline plus firmer crude tone.
ONGC jumped on the ethane carrier shipbuilding pact. What’s the real impact?
3. Oil India spikes as crude hits four-month high
Gemini-2.5
Trigger: Global crude jumped to a four-month high, lifting upstream sentiment fast.
So what: Higher realizations can boost near-term cash flows and rerating odds.
Tape: Shares jumped nearly 10% and extended a two-session rally.
$OIL.NSE ( ▲ 0.52% )
Oil India surged as crude hit a four month high. What do you expect next?
4. Motilal Oswal jumps 10% on Q3 earnings pop
Gemini-2.5
Print: Stock jumped over 10% post Q3 results; operating PAT reported at ₹611 crore.
So what: Wealth and AMC strength improve earnings mix and lower pure brokerage cyclicality.
Tape: Sharp move signaled strong risk appetite for capital markets winners.
Motilal Oswal jumped double digits after Q3 results. Your view?
5. Asian Paints extends slide after profit miss
Gemini-2.5
Print: Q3 net profit about ₹1,060 crore, down about 5% YoY.
So what: Margin path and competition narrative now dominate, not volume resilience.
Tape: Shares fell around 4% to 7% as the miss kept pressure on.
Asian Paints extended its fall after the profit miss. What’s your call?
GYAANI HOT TAKES
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