TLDR
Market Recap: January 21, 2026
On January 21, Indian equities extended their slide as global risk-off and a record-low rupee kept sentiment fragile, even as late value buying trimmed deeper cuts. The BSE Sensex closed at 81,909.63 (down 270.84, -0.33%) and the Nifty 50 ended at 25,157.50 (down 75.00, -0.30%). Broader markets saw sharper damage, with Nifty Midcap 100 down 1.1% and Nifty Smallcap 100 down 0.9%, while volatility spiked with India VIX at 12.73 (up 0.90, +7.6%).
Key Drivers :
Global risk-off stayed in control: Tariff and geopolitical noise kept Asia cautious, pulling local risk appetite lower despite a late-session dip-buying attempt.
Rupee pressure plus foreign selling: The rupee hit a record low, adding another headwind as overseas investors kept trimming exposure.
Breadth broke, volatility rose: Midcaps and smallcaps underperformed, and India VIX jumped, signalling traders are paying up for near-term protection.
Today’s Top Stories:
CreditAccess Grameen: Turned profitable in Q3 as provisions fell, triggering a sharp stock jump on asset-quality optimism.
IndiaMART: Q3 PAT rose 56% YoY with double-digit revenue growth, lifting sentiment despite weak benchmarks.
Persistent Systems: Stock fell post-results as valuation and margin durability concerns capped the earnings upside.
PTC India Financial: Q3 profit decline pushed the stock to a 10-month low as risk appetite stayed tight.
Eternal: Earnings tape drove a strong intraday rally, with investors rewarding perceived execution progress.
TOP STORIES
1. CreditAccess Grameen: Provisions Collapse, Profit Returns, Stock Jumps
Gemini-2.5
Numbers: Q3 swung to profit as provisions fell sharply, signalling a cleaner credit-cost quarter.
So what: Asset-quality turn is the catalyst, but durability across geographies becomes the key test.
Market: Stock popped hard on “stress-easing” pricing, despite a weak broader tape.
CreditAccess swings back to profit as provisions drop. What’s your take?
2. IndiaMART: Clean Quarter, PAT Surges, Execution Gets Paid
Gemini-2.5
Numbers: Q3 PAT jumped strongly with steady revenue growth, a simple “beat and repeat” print.
So what: Monetisation and discipline matter more than hype; investors want predictable compounding.
Market: Shares gained as the market rewarded visibility in a risk-off session.
IndiaMART posts a clean quarter with strong PAT growth. Your view?
3. Persistent: Good Print, Bad Reaction, Valuation Does the Talking
Gemini-2.5
Numbers: Results were fine, but the stock fell as expectations stayed ahead of delivery.
So what: At premium multiples, you need upgrades, not just outcomes. Margin durability stays central.
Market: Traders used the event to trim, showing “priced-in” is a real risk.
$PERSISTENT.NSE ( ▲ 3.32% )
Persistent prints decent numbers, stock still falls. Why?
4. PTC India Financial: Profit Slips, Confidence Slips Faster
Gemini-2.5
Numbers: Q3 profit fell, keeping the earnings trajectory soft and raising questions on momentum.
So what: Market wants clarity on credit costs and funding, not just headline profit.
Market: Stock hit a multi-month low as risk appetite for uncertainty vanished.
PTC India Financial profit drops and stock hits new lows. What now?
5. Eternal: Print Sparks a Pop, Execution Narrative Pulls Flows
Gemini-2.5
Numbers: Earnings tape kept the stock in focus, with price action turning decisively positive intraday.
So what: Unit economics, quick-commerce trajectory, and cash discipline remain the real scorecard.
Market: A strong jump showed that stock-specific flows can overpower a weak index day.
Eternal pops on the earnings tape. Your stance?
GYAANI HOT TAKES
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