Economic Survey Lifts Equities, but Rupee Weakness Caps Gain

An end-of-day recap of all that transpired in the Indian markets, highlighting the major price movements and the factors driving them

iStocks/AlexLMX

By Dehuti Jani

January 29, 2026 at 11:34 AM IST

Indian equities closed higher for a third consecutive session on Thursday, buoyed by positive commentary in the government’s Economic Survey ahead of the Union Budget, though gains were tempered by the rupee sliding to another record low. The Nifty50 rose 0.30% to 25,418.90, while the BSE Sensex added 0.27% to 82,566.37, after both benchmarks rebounded sharply from early losses of nearly 0.8%. Broader markets also edged up, with midcap and small cap indices gaining about 0.2% each.

Sentiment improved after the Economic Survey projected India’s GDP growth at 6.8%–7.2% in FY27, supported by strong domestic demand, while reiterating confidence in meeting the FY26 fiscal deficit target of 4.4%. Finance Minister Nirmala Sitharaman described the outlook as one of steady growth amid global uncertainty. On the Sensex, Tata Steel, L&T, Axis Bank, Eternal and NTPC led gains, while Asian Paints, IndiGo, Maruti Suzuki, TCS and BEL were among the top laggards. Despite the positive close, persistent pressure on the rupee and early-session volatility kept overall risk appetite measured.

Top Movers of the Day

Apar Industries rose 6% after reporting a 19.4% year-on-year jump in net profit for Q3FY26, driven by strong performance across its cables and conductors business.

Brigade Hotel Ventures jumped over 8% after the company posted a sharp rise in Q3FY26 net profit, with the stock touching ₹65.49 on the NSE.

Vedanta extended its rally, hitting a fresh record high of ₹759.30 on the BSE, outperforming a weak broader market.

eClerx Services surged nearly 9% after posting strong Q3FY26 results and announcing a 1:1 bonus issue, boosting investor sentiment.

ABB India climbed close to 10% after its parent reported strong global results, highlighting robust order growth in India during Q4.

Balu Forge Industries hit the 10% upper circuit after announcing its formal induction into the NATO supply chain for defence components.

MCX rose about 4% to a new all-time high of ₹2,704, extending gains for a third straight session amid strong trading momentum.

Somany Ceramics advanced over 8% after reporting growth in Q3 net profit and revenue despite a challenging demand environment.

Hindustan Copper soared 18% to an all-time high of ₹745, extending a sharp multi-month rally on strong growth prospects and favourable copper fundamentals.

ONGC advanced tracking firm crude oil prices and optimism around steady upstream realisations.

Power Grid Corporation moved higher on defensive buying amid expectations of stable cash flows and regulated returns.

Axis Bank gained on hopes of margin stability and asset quality resilience ahead of its upcoming results.

ITC shares declined after the company reported a softer-than-expected Q3 performance, with pressure from weak FMCG margins weighing on sentiment despite steady cigarette volumes.

Auto stocks remained under pressure, with Maruti Suzuki and M&M falling up to 4% as the BSE Auto index slipped around 2% amid profit-taking.

Gland Pharma gained over 9% after reporting higher Q3FY26 net profit, with the stock touching its highest level since mid-November.

Futures & Options
Nifty February 2026 futures ended higher at 25,539, maintaining a premium of 120.1 points over the spot Nifty, which closed up 0.30% at 25,418.90, reflecting continued rollover interest and a mildly bullish undertone. The India VIX eased 1.14% to 13.37, signalling some cooling in near-term volatility expectations, even as traders remained selective ahead of key macro and budget cues. HDFC Bank, Hindustan Zinc and Bharat Electronics were the most actively traded stock futures in the NSE F&O segment, indicating focused participation in large-cap names.

Bonds
Government bond 10-year benchmark yields hovered around 6.70% on Thursday as the rupee slid to another record low, raising concerns that the RBI’s liquidity support could be blunted if it needs to absorb rupees to stabilise the currency. The benchmark 10-year 6.48% 2035 bond yield ended at 6.6984%, marginally down from 6.7026% on Wednesday, as selling pressure persisted despite RBI measures. The central bank has announced liquidity injections exceeding ₹1.45 trillion through a mix of bond purchases, FX buy/sell swaps and repos, including a ₹500 billion bond purchase advanced today. Traders remain cautious amid expectations of record central government borrowing of around ₹16.5 trillion in FY27, which could test demand going forward.

Forex
The rupee slid to a fresh record low on Thursday, weighed down by strong dollar demand from maturing non-deliverable forward positions and corporate hedging, even as likely intervention by the Reserve Bank of India helped prevent a decisive break below the 92-per-dollar mark. The currency closed at 91.9550 per dollar, down 0.2% on the day, after touching an intraday low of 91.9850.

Crypto
Crypto markets traded under pressure on Thursday as risk-off sentiment intensified across global assets. Bitcoin struggled to defend the $87,000 handle, slipping 1.04% to $87,821.78, with its market capitalisation easing to about $1.75 trillion as weak momentum deterred dip-buying. Selling pressure spilled over into altcoins, with Ethereum down 2.02% at $2,937.61, while Solana, XRP and Dogecoin also declined amid elevated leverage and broad-based position unwinding.

US Stock Futures
US stock futures edged higher on Thursday as investors assessed a new round of mega cap earnings and digested the Federal Reserve’s latest policy decision. Nasdaq 100 futures rose 0.4%, leading gains, while S&P 500 futures added 0.3% and Dow Jones futures edged up about 0.2%, following a largely flat close for Wall Street in the previous session.

US Treasury Notes
US Treasury yields edged higher on Thursday, led by the long end of the curve, after the Federal Reserve held interest rates steady at 3.5%–3.75% and struck a cautiously optimistic tone on the economic outlook. The benchmark 10-year yield rose to around 4.27%, while the policy-sensitive 2-year yield was largely unchanged near 3.58%, resulting in a modest steepening of the yield curve as markets priced in expectations that rate cuts may be pushed further out.

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