Indian Developments
Nifty 50 closed at 25,320.65, up +0.12% w/w (vs. 25,289.90 a week ago), as markets stabilised after last week’s risk-off phase. Broader markets outperformed: Nifty Midcap 100 +0.41% w/w and Nifty Small cap 100 +1.21% w/w.
India VIX rose to 13.63 (+2.10% w/w), indicating the market is still pricing elevated near-term uncertainty into the Budget weekend.
Foreign flows remained choppy and remained net sellers (~?7,095.6 cr) while DIIs were net buyers (~?19,101.6 cr).
Rupee weakness stayed a key macro-overhang, with the USD/INR hovering near ~91.94–91.99 levels into month-end.
The India 10-year government bond yield was around ~6.70% reflecting supply/budget caution and currency pressure.
Sectoral Developments
Leaders (Weekly) - Energy +4.12% and Oil & Gas +3.04% led the tape. Metals +2.19% stayed strong on commodity-linked momentum. Chemicals +0.95%, Private Banks +0.87%, Infrastructure +0.81% added support.
Laggards (weekly)- FMCG –1.47%, Auto –1.33%, Healthcare –1.28%, Pharma –0.97%, and IT –0.69% , Consumer Durables –0.15% and Media –0.08% were broadly flat-to-soft.
Nifty India Defence +6.84%, Nifty CPSE +5.13%, Nifty PSE +4.16%—public-sector and policy-sensitive baskets rallied into Budget expectations. On the downside, Nifty India Internet –3.13% and Nifty WAVES –3.07% continued to lag.
Global Developments
Top performer : MSCI EM +3.50% driven by combination of macro tailwinds, currency effects, and sector-specific momentum across EM-heavy regions.
US equity indices remained steady, with S&P +0.77%, Nasdaq +0.40%, Dow flat. Employment trends stable: jobless claims remained near 200k, with the lowest 4-week moving average in two years,
Europe/UK: Developed markets remained mixed, Germany DAX experienced sharp declines of 2.37%. EU export demand continued to be supported by strong Chinese import appetite (Chinese imports from EU +8.4%).
Asia (Ex-India): Tech drag, geopolitics, mixed risk appetite. Hang Seng and Shanghai Composite edged up +2.38% and 0.36% respectively while Nikkei dragged down (?0.97%). China posted a record US$1.2T trade surplus for 2025 as exports rose 5.5% and imports were flat.
Other Markets
Source: www.nseindices.com; MCX Gold Prices; Economic times, Bloomberg.
Data for week ended on January 30, 2026.
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