TLDR
Market Recap: February 03, 2026
On February 03, Indian equities delivered their strongest single-session gain in nine months as the India-United States trade deal removed a major tariff overhang and triggered broad risk-on buying and short covering. The BSE Sensex closed at 83,739.13, up 2,072.67 pts (+2.54%), while the NSE Nifty 50 settled at 25,727.55, up 639.15 pts (+2.55%). Nifty Midcap 100 and Nifty Smallcap 100 gained +2.84% and +2.82%, respectively, while India VIX cooled to 12.90, down 0.97 (-6.99%). The rupee posted its best day in years on expectations of renewed foreign inflows, adding to the positive tape ahead of the next Reserve Bank of India policy focus.
Key Drivers :
Trade deal de-risks exports: Tariffs on Indian goods were cut sharply, reviving confidence in export-heavy sectors and lifting index heavyweights in tandem.
FX tailwind strengthens risk appetite: The rupee rally forced positioning resets, reinforcing the equity bid and easing near-term balance-of-payments anxiety.
Breadth was the signal: All major sectors ended green, with midcaps and smallcaps matching the rally, while volatility dropped meaningfully.
Today’s Top Stories:
Adani Ports raises FY EBITDA guidance: Higher core earnings band triggered a sharp rerating, with the stock jumping about 9% on strong confidence signals.
Adani Enterprises Q3 profit surges: One-time gains and better EBITDA kept the demerger narrative in focus as risk appetite returned across cyclicals.
MobiKwik turns profitable: A clean swing to profit and strong revenue growth sparked a 17% rally as operating leverage became visible.
Mankind Pharma grows on chronic demand: Profit and revenue rose on cardiac and anti-diabetic strength, keeping the chronic mix story firmly in play.
Reliance anchors the rally: Heavyweight buying accelerated as the trade deal reduced tariff risk, pushing the stock higher with the broader index surge.
TOP STORIES
1. Adani Ports and Special Economic Zone hikes FY26 EBITDA view, stock jumps
Gemini-2.5
Print: Raised FY26 EBITDA view to ₹228 bn; Q3 profit +21% to ₹30.54 bn on cargo growth.
So what: NQXT acquisition plus steady momentum supports guidance; integration and capital discipline stay the watchpoints.
Tape: Stock surged about 9.5%, its sharpest intraday gain since June 2024, riding the risk-on session.
Adani Ports raised FY26 EBITDA guidance and surged. Your call?
2. Adani Enterprises profit spikes on Wilmar JV stake-sale gain
Gemini-2.5
Print: Net profit jumped to ₹56.27 bn, helped by a ₹56.32 bn one-time gain; revenue rose to ₹248.2 bn.
So what: Airport and clean-energy strength offset weaker coal trading; investors will separate one-off optics from core trajectory.
Tape: Stock caught the Adani-pack bid as macro risk eased, but follow-through will depend on core earnings comfort.
Adani Enterprises profit spiked on a one-time gain. How do you read it?
3. One MobiKwik Systems swings to profit, shares rip
Gemini-2.5
Print: Turned profitable with ₹4 cr net profit vs ₹55.28 cr loss YoY; revenue rose to ₹288.95 cr.
So what: The market is rewarding operating leverage, but sustainability hinges on growth quality and cost discipline.
Tape: Shares jumped 19% intraday as earnings momentum met a strong broader market backdrop.
$MOBIKWIK.NSE ( ▲ 17.59% )
MobiKwik swung to profit and rallied 19%. What’s next?
4. Mankind Pharma beats on chronic strength
Gemini-2.5
Print: Profit rose to ₹4.09 bn; revenue grew 11.5% to ₹35.67 bn on stronger chronic portfolio demand.
So what: Chronic share gains keep mix quality improving, supporting steadier growth versus acute-heavy peers.
Tape: Stock was up about 4% intraday as investors leaned into clean execution and defensives in a risk-on day.
Mankind’s chronic portfolio drove a clean quarter. Your view?
5. Reliance Industries leads a trade-deal relief rally
Gemini-2.5
Move: Reliance and financials powered a broad surge after the India-US trade deal reduced tariff overhang.
So what: Export-linked confidence improved and risk appetite snapped back, reviving the “flows return” narrative.
Tape: Nifty rose 2.55% and Sensex 2.54% with mid and small caps up 2.8%, signaling real breadth.
Markets ripped after the India US trade deal, led by Reliance. Your take?
GYAANI HOT TAKES
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