FOMO To FMA -Morning Market Pulse: Caution in the Air, Catalysts on the Horizon

Global Market Futures (as of 06:15 AM IST)
US Market (Futures)

• Nasdaq: +0.23%
• Dow Jones: -0.31%
• S&P 500: +0.05%

European (Futures)

• Ftse 100: +0.07%
• Cac 40: +0.14%
• Dax : -0.06%

Asian (Live Markets)

• NIKKEI 225: +0.08%
• KOSPI: +0.49%
• ASX 200: +1.10%

Gift Nifty: 25111.50 (+0.09%)

FII and DII Trading Activity January 23, 2026 in Cash market:
FIIs / FPIs: Net Sell of ₹4,113.38 crore
DIIs: Net Buy of ₹4,102.56 crore

Commodity Market Updates:

International commodity markets showed mixed trends in early trading, reflecting cautious investor sentiment. Gold futures eased to around 5,074, while spot XAU/USD strengthened to about 5,041, indicating selective safe-haven demand. Silver saw a sharp sell-off, dropping to nearly 107.1, marking the weakest performance among precious metals. Copper edged higher to approximately 5.92, supported by steady industrial demand. In energy markets, WTI crude oil inched up to 60.81, while Brent crude slipped slightly to 64.90. Natural gas declined to 3.83,pressured by near-term demand concerns.Overall, markets reflected selective risk-taking and cautious sentiment.

Results Today:
Asian Paints, Tata Consumer Products, Aditya Vision, Bikaji Foods International, CG Power and Industrial Solutions, Vodafone Idea, International Gemmological Institute India, Mahindra Logistics, Marico, Motilal Oswal Financial Services, NESCO, Raymond, Spandana Sphoorty Financial, Vishal Mega Mart, and WeWork India Management will announce their quarterly earnings on January 27.

Key Quarterly Earnings:

Axis Bank - Q3 FY (Standalone YoY)
Axis Bank reported a steady Q3 performance with net profit rising 3% YoY to ₹6,489.6 crore, supported by a 5% growth in net interest income to ₹14,286.6 crore. Asset quality improved sequentially, with gross NPAs declining to 1.40% and net NPAs easing to 0.42%. However, provisions and contingencies rose 4.2% YoY, reflecting continued prudence amid a dynamic credit environment.
Kotak Mahindra Bank - Q3 FY (Standalone YoY)
Kotak Mahindra Bank delivered moderate growth in Q3, with net profit increasing 4.3% YoY to ₹3,446.1 crore and net interest income rising 5.1%. Asset quality remained strong as gross and net NPAs declined sequentially to 1.30% and 0.31%, respectively. Provisions rose marginally by 2%. The board also approved a fund raise of up to ₹15,000 crore via NCDs in FY27.
UltraTech Cement - Q3 FY (Consolidated YoY)
UltraTech Cement posted a robust Q3 performance, with net profit surging 26.8% YoY to ₹1,729.4 crore, driven by strong demand and operating leverage. Revenue grew 22.8% to ₹21,829.7 crore, reflecting higher volumes and improved realizations. The strong topline growth and margin expansion underscore UltraTech’s leadership position and effective cost management amid a favorable cement demand environment.
Shyam Metalics and Energy - Q3 FY (Consolidated YoY)
Shyam Metalics reported a largely flat profit growth of 0.1% YoY at ₹197.5 crore in Q3, despite a healthy 17.7% jump in revenue to ₹4,421.5 crore. The muted profit growth suggests margin pressures, likely due to higher input costs. However, strong revenue traction highlights resilient demand across its product portfolio and stable operational performance during the quarter.
JSW Energy - Q3 FY (Consolidated YoY)
JSW Energy delivered an exceptional Q3, with net profit soaring 150.2% YoY to ₹419.9 crore, aided by strong operational performance and improved realizations. Revenue surged 67.4% to ₹4,081.8 crore, reflecting capacity additions and higher power demand. The sharp growth underscores the company’s expanding renewable portfolio and improving earnings visibility in India’s evolving power sector.
Bharat Petroleum Corporation - Q3 FY (Consolidated YoY)
BPCL posted a stellar Q3 performance, with net profit jumping 88.9% YoY to ₹7,188.4 crore, supported by improved refining margins. Revenue increased 5.2% to ₹1.19 lakh crore. Strong profitability reflects favorable market conditions and operational efficiencies, positioning the company well despite volatility in crude oil prices and global energy markets.
Nuvama Wealth Management - Q3 FY (Consolidated YoY)
Nuvama Wealth reported a stable Q3, with net profit rising marginally by 0.8% YoY to ₹253.6 crore. Revenue grew 6.8% to ₹1,104.2 crore, driven by steady client activity and advisory income. While profit growth remained muted, consistent revenue expansion highlights business resilience amid volatile capital market conditions.
Antony Waste Handling Cell - Q3 FY (Consolidated YoY)
Antony Waste Handling Cell delivered a strong Q3 performance, with net profit surging 67.6% YoY to ₹32.4 crore. Revenue grew 16.1% to ₹1,167.1 crore, supported by higher operational efficiencies and project execution. The sharp rise in profitability reflects margin expansion and improved scale, reinforcing the company’s position in India’s waste management sector.
Granules India - Q3 FY (Consolidated YoY)
Granules India reported a solid Q3, with net profit rising 27.7% YoY to ₹150.2 crore. Revenue increased 22% to ₹1,387.9 crore, driven by strong demand across key pharmaceutical segments. Improved operating leverage and scale benefits supported earnings growth, highlighting the company’s strengthening global presence and execution capabilities.
Urban Company - Q3 FY (Consolidated YoY)
Urban Company slipped into a loss of ₹21.3 crore in Q3, compared with a profit of ₹231.8 crore last year, despite strong revenue growth of 32.9% YoY to ₹382.7 crore. The loss reflects higher investments and costs. The board approved a manufacturing partnership with Amber Enterprises India for its ‘Native’ brand, signaling a strategic expansion into product manufacturing.
IndusInd Bank - Q3 FY (Standalone YoY)
IndusInd Bank reported a sharp earnings decline in Q3, with net profit plunging 88.5% YoY to ₹161.2 crore. Net interest income fell 12.7%, while provisions jumped 19.8%, weighing on profitability. Asset quality showed marginal sequential improvement, with gross NPAs at 3.56% and net NPAs stable at 1.04%, indicating early signs of balance sheet stabilization.
DCB Bank - Q3 FY (YoY)
DCB Bank posted a strong Q3 performance, with net profit rising 22% YoY to ₹184.7 crore, supported by a 15% increase in net interest income. Asset quality improved sequentially, as gross NPAs declined to 2.72% and net NPAs to 1.10%. The results reflect healthy loan growth, improving credit metrics, and stable operating efficiency.
Godrej Consumer Products - Q3 FY (Consolidated YoY)
Godrej Consumer Products reported a flat Q3, with net profit marginally declining 0.08% YoY to ₹497.9 crore. Revenue grew 8.8% to ₹4,099.1 crore, driven by volume growth across key categories. While topline momentum remained healthy, margin pressures capped profit growth, highlighting the impact of input costs and competitive pricing dynamics.

Key Corporate & Economy Updates:

Positive:

• India-EU Trade Agreement: India and the European Union have concluded negotiations on a comprehensive trade agreement, with formal signing to follow after legal vetting and an official announcement expected shortly, marking a significant boost to bilateral trade prospects.
• Renault: Senior management highlighted India as a strategic growth pillar outside Europe, stating the company is entering a new acceleration phase with increased focus on expansion and investments.
• Go Fashion (India): The board will consider a proposal for buyback of equity shares, signaling confidence in business fundamentals and capital allocation.
• Axis Bank: Reported strong Q3 performance with net profit of ₹64.9 bln, NIM at 3.64%, stable asset quality with gross NPAs at 1.4%, and early signs of recovery in retail loan disbursements.
• Kotak Mahindra Bank: Q3 standalone net profit increased 4.2% YoY to ₹34.46 bln, supported by steady operating performance.
• HCL Technologies: Announced acquisition of Singapore-based Fine-RGIC for SGD 19 mln to strengthen digital transformation offerings in the wealth management space; transaction expected to close by April 2026.
• Waaree Renewable Technologies: Approved acquisition of stake in Associated Power Structures valued at ₹12.25 bln, expanding capabilities in renewable energy infrastructure.
• Alphalogic Industries: Secured an order worth ₹27.6 mln from Blink Commerce, providing near-term revenue visibility.
• Gravita India: Invested ₹140 mln to launch a lithium-ion battery recycling plant in Gujarat, formally entering the fast-growing EV battery recycling segment.
• BPCL: Declared a second interim dividend of ₹10 per share; Q3 performance remained strong with net profit of ₹75.45 bln, revenue of ₹1.37 trln, and healthy refining margins.
• Torrent Pharmaceuticals: Increased stake in JB Chemicals to 48.75% and received a clean USFDA inspection outcome with zero observations at its Dahej facility.
• Infosys: Expanded European operations with the opening of a new office in Zurich to support regional clients.
• JSW Energy: Posted Q3 consolidated net profit of ₹4.2 bln on revenue of ₹40.82 bln, reflecting stable operational performance.
• Godrej Consumer Products: Delivered Q3 net profit of ₹4.98 bln on sales of ₹40.79 bln and declared an interim dividend of ₹5 per share.
• Gandhar Oil Refinery: Reported Q3 profit of ₹323.9 mln and approved land acquisition and asset monetization.
• DCB Bank: Q3 NIM stood at 3.27%, net profit at ₹1.85 bln, with stable asset quality.
• Oil & Gas Collaboration: Oil India and Numaligarh Refinery announced partnerships with TotalEnergies for LNG sourcing and sustainable aviation fuel projects, while BPCL finalized Brazilian crude import arrangements.
• Mawana Sugars: Income tax authorities withdrew a demand of ₹95.5 mln, reducing contingent liabilities.
• Sical Logistics: Approved rights issue of up to ₹1.10 bln to strengthen balance sheet.

Negative:

• IndiGo: Cancelled multiple international flights to Central Asia and the Caucasus due to escalating geopolitical tensions involving Iran, impacting near-term operations.
• Thyssenkrupp: Management warned of ongoing global instability, weak European economic outlook, geopolitical risks, and declining competitiveness in Germany.
• Indo Borax and Chemicals: CEO and Managing Director Saumya Sajal Jain resigned, triggering a senior leadership transition.
• OneSource Specialty Pharma: Reported a Q3 consolidated loss of ₹887 mln despite revenues of ₹2.9 bln, indicating margin and cost pressures.
• Expleo Solutions: Received an additional tax demand of ₹21.7 mln.
• Mold-Tek Packaging: Issued a demand notice for additional tax of ₹48.3 mln.
• Banking Sector Strike: Nationwide bank strike proposed for January 27 may disrupt operations at several public and private sector banks.
• Urban Company: Management expects consolidated operations to remain loss-making in the near term as investments continue, despite long-term EBITDA targets.
• Abbott Healthcare: Facing regulatory scrutiny in India related to investigations into cough syrup misuse.
• Equity Markets: Key Indices Nifty50 & Sensex indices closed ~1% on Friday, lower amid global and domestic uncertainties.

Neutral / Others

• Embassy Developments: Board to consider fund raising through issuance of non-convertible debentures.
• ABB India: Approved transfer of its robotics business to INRBT for ₹15.68 bln as part of group restructuring.
• PVR Inox: Approved ₹2.27 bln transaction and sale of 93.27% stake in ZMPL to Marico.
• Pine Labs: Entered strategic partnership with UAE-based Wio Bank to modernize merchant acquiring infrastructure and invested ₹639.9 mln in BrokEnTusk Technologies.
• JSW Steel: Management expects FY27 steel demand growth of 7–9% and approved capex of ₹150–160 bln for FY26 along with real estate JV formation.
• Zydus Lifesciences: USFDA inspection at Ankleshwar Unit-2 concluded with three observations.
• Nuvama Wealth Management: Reported Q3 net profit of ₹2.54 bln and approved ₹1 bln investment in asset management subsidiary.
• Vedanta: Announced hydrocarbon discovery at Ambe-2A well, with further appraisal underway.
• Karur Vysya Bank: Approved reappointment of MD & CEO; Q3 NIM reported at 3.99%.
• PTC India: NTPC to become the sole promoter following restructuring.
• NSE Indices: Launched the Nifty Smallcap 500 Index to broaden market benchmarks

Non-Corporate, Unlisted & Foreign / Macro

1) India-EU Tariff Policy: India plans phased reductions in import tariffs on select high-value cars under the EU trade deal, balancing trade liberalization with protection of domestic manufacturing.
2) Canada-India Relations: Canadian Prime Minister Mark Carney likely to visit India in early March, with a long-term uranium supply agreement expected.
3) EU Defence Cooperation: India and the EU are exploring collaboration in defence initiatives under a proposed security partnership.
4) Global Markets: European equity futures traded mixed, while spot gold surged to record highs above $5,000 per ounce amid global uncertainty.
5) Auto Manufacturing - UK/China: Chinese automaker Chery is evaluating use of Jaguar Land Rover’s UK manufacturing facilities.
6) Government Borrowings: India announced multiple bond and T-bill auctions totaling over ₹900 bln to meet borrowing requirements.
7) RBI Actions: RBI conducted large-scale bond purchases and announced additional repo and swap operations to manage liquidity conditions.
8) India Forex & Liquidity: Forex reserves rose sharply to $701.36 bln, while RBI announced multiple liquidity-support measures including OMOs and USD/INR swap auctions.
9) Currency Movement: Indian rupee declined 1.2% against the US dollar during the week, marking its sharpest fall in six months.

Bulk Deals:

Antony Waste Handling Cell
Miri Strategic Emerging Markets Fund, owned by US-based Miri Capital Management, acquired a 1.49 percent stake in Antony Waste Handling Cell. The fund purchased 4.23 lakh shares at Rs 563.94 per share, translating to an investment of approximately Rs 23.87 crore. The transaction signals continued foreign institutional interest in the waste management company.
Bajaj Consumer Care
Hill Fort India Fund, a Mauritius-based foreign portfolio investor founded by Puneet Saraogi, bought 9.69 lakh shares of Bajaj Consumer Care, amounting to a 0.7 percent stake, for Rs 29.06 crore at Rs 299.94 per share. Earlier, BNP Paribas Financial Markets also acquired a 0.73 percent stake, reflecting sustained institutional buying interest.
Rategain Travel Technologies & Ecos India Mobility & Hospitality
Plutus Wealth Management reduced its holdings in both Ecos India Mobility & Hospitality and Rategain Travel Technologies. It sold 3.48 lakh Ecos shares, or a 0.58 percent stake, for Rs 6.27 crore. Additionally, Plutus offloaded 20.5 lakh Rategain shares, representing 1.73 percent, to Paisabuddy Finance for Rs 126.05 crore.

On-going IPO:
Last Date 27-Jan
Shayona Engineering Ltd (BSE SME)
Hannah Joseph Hospital Ltd (BSE SME)
Last Date 30-Jan
Power Finance Corporation Ltd (Debt/NCD)

Upcoming IPO:
(27-Jan to 29-Jan)
Kasturi Metal Composite Ltd (BSE SME)
(04-Feb to 06-Feb)
NFP Sampoorna Foods Ltd (NSE SME)

Securities Trading Ex-Dividend on January 27, 2026
Ksolves India Ltd, Persistent Systems Ltd,  SRF Ltd, United Spirits Ltd, Wipro Ltd
Securities Trading Ex-Rights Issue on January 27, 2026
Dr. Lalchandani Labs Ltd
Securities Under F&O Ban on January 27, 2026
SAMMAANCAP

Source: WOWNEWS24X7,  Moneycontrol, Investing.com