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Trendlyne Marketwatch
19 Jan 2026, 12:48PM
Market trades lower, Wipro's Q3 net profit misses Forecaster estimates by 7.6%
By Trendlyne Analysis

Nifty 50 opens lower after falling over 62 points in the pre-opening session. On Friday, Indian indices closed in the green after rising throughout the day. FIIs sold equity worth Rs 4,346.1 crore, while DIIs bought equity worth Rs 3,935.3 crore in Indian markets on the same day. 

Nifty Midcap 100 and Nifty Smallcap 100 open lower, tracking the benchmark index. Nifty Pharma and Nifty Realty open lower. Investors await the Q3FY26 results for companies such as Hindustan Zinc, LTIMindtree, Tata Capital and Punjab National Bank.

Major US indices closed mixed on Friday. European indices also ended mixed. Asian markets are trading with varied trends. Meanwhile, US President Donald Trump proposed a 10% tariff on goods from eight countries, including Germany and France, effective February 1, in response to their opposition to his plans to acquire Greenland.

  • Polycab India is rising sharply as its Q3FY26 net profit grows 35.9% YoY to Rs 621.7 crore, helped by lower inventory and sub-contracting expenses. Revenue jumps 46.4% to Rs 7,686.6 crore, led by improvements in the wires & cables, fast-moving electrical goods (FMEG), and engineering, procurement & construction (EPC) segments. It features in a screener of stocks with high trailing twelve-month (TTM) EPS growth.

  • Advait Energy Transitions is rising sharply as Vijay Kedia adds the company to his portfolio with the purchase of a 1.1% stake in Q3FY26.

  • Sobha is falling as its Q3FY26 net profit drops 28.9% YoY to Rs 15.4 crore due to higher land, raw materials, sub-contracting, and employee benefits expenses. Revenue declines 21.8% to Rs 983.1 crore, caused by a reduction in the real estate business. It shows up in a screener of stocks with decreasing returns on capital employed (RoCE) over the past two years.

  • Wipro is falling sharply as its Q3FY26 net profit declines 3.9% QoQ to Rs 3,119 crore due to higher inventory, employee benefits, and subcontracting expenses. However, revenue grows 3.9% to Rs 24,561.1 crore, driven by improvements in the Americas, Europe, and Asia-Pacific, Middle East & Africa (APMEA) markets. It appears in a screener of stocks with declining net profit for the past three quarters.

  • Warren Kevin Harris, MD and CEO of Tata Technologies, expects margins to improve in the fourth quarter, with the company aiming to return to around 18%, in line with FY25 levels, over the next financial year. He also expects sequential revenue growth of over 10% in Q4, following a $3 million revenue impact from a cyberattack at a major client in the third quarter.

  • Bharat Coking Coal's shares debut on the bourses at a 95.7% premium to the issue price of Rs 23. The Rs 1,071.1 crore IPO received bids for 146.9 times the total shares on offer.

  • Yes Bank is falling as its Q3FY26 revenue declines 1.8% YoY to Rs 9,175.8 crore due to a decrease in the treasury operations and corporate banking segments. However, net profit jumps 55.4% to Rs 951.6 crore owing to lower interest expenses and provisions. The bank's asset quality improves as its gross and net NPAs decline 10 bps and 20 bps, respectively.

  • Engineers India is rising as it secures a contract worth $350 million (~Rs 3,174.6 crore) from Dangote Group. As per the contract, the company will offer project management consultancy (PMC) and engineering, procurement & construction Management (EPCM) to expand Dongote's polypropylene capacity to 2.4 million metric tonnes per annum (MMTPA) from 830 kilo tonnes per annum (KTPA).

  • Citi maintains a 'Buy' rating on HDFC Bank with a target price of Rs 1,200. The brokerage says the bank’s net interest margins (NIM) rose 8 bps in Q3 due to lower funding costs. Management remains confident of outperforming system loan growth in FY27. Citi adds that while the loan-to-deposit ratio (LDR) is elevated, it is manageable with a clear glide path as deposits accelerate, and asset quality remains strong with credit costs guided at 50–55 bps.

  • HDFC Bank's Q3FY26 net profit grows 11.5% YoY to Rs 18,653.8 crore, supported by lower interest expenses and provisions. Revenue jumps 2.9% to Rs 90,005 crore, driven by improvements in treasury operations and retail banking. The bank's asset quality improves as its gross and net NPAs decline 18 bps and 4 bps, respectively.

  • CG Power and Industrial Solutions surges as it secures an order worth Rs 900 crore from Tallgrass Integrated Logistics Solutions for a large data centre project in the US. The contract includes the supply of power transformers designed to meet the high reliability, efficiency, and uptime requirements.

  • ICICI Bank is falling as its net profit decreases 4% YoY to Rs 11,317.9 crore in Q3FY26 due to higher provisions. However, revenue rises 1.6% to Rs 41,965.8 crore, driven by improvements in the wholesale and retail banking segments. The bank's asset quality improves as its gross and net NPAs contract by 43 bps and 5 bps, respectively, during the quarter.

  • Reliance Industries' Q3FY26 net profit grows marginally by 0.6% YoY to Rs 18,645 crore. Revenue jumps 10.5% to Rs 2.7 lakh crore, supported by improvements in the oil-to-chemicals, retail, and digital services segments. It appears in a screener of stocks with improving cash flow over the past two years.

  • Nifty 50 was trading at 25,596.45 (-97.9, -0.4%), BSE Sensex was trading at 83,494.49 (-75.9, -0.1%), while the broader Nifty 500 was trading at 23,429.30 (-56, -0.2%).

  • Market breadth is highly negative. Of the 2,187 stocks traded today, 647 were on the uptrend, and 1,456 went down.

Riding High:

Largecap and midcap gainers today include CG Power and Industrial Solutions Ltd. (603.65, 7.5%), Hitachi Energy India Ltd. (16,750, 3.3%) and InterGlobe Aviation Ltd. (4,894, 3.3%).

Downers:

Largecap and midcap losers today include Wipro Ltd. (242.95, -9.2%), IDBI Bank Ltd. (101.12, -3.3%) and Tata Motors Passenger Vehicles Ltd. (343.50, -2.9%).

BSE 500: highs, lows and moving averages

5 stocks overperformed with 52 week highs, while 27 stocks hit their 52 week lows.

Stocks touching their year highs included - Axis Bank Ltd. (1,315.80, 1.7%), Bank of India (159.38, 1.3%) and Canara Bank (158.26, 0.7%).

Stocks making new 52 weeks lows included - Bata India Ltd. (898.45, -0.5%) and ITC Ltd. (330.40, 0.4%).

5 stocks climbed above their 200 day SMA including Kotak Mahindra Bank Ltd. (424, 1.4%) and Angel One Ltd. (2,771.10, 0.7%). 13 stocks slipped below their 200 SMA including Wipro Ltd. (242.95, -9.2%) and Sobha Ltd. (1,489, -2.5%).

 
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The Baseline
16 Jan 2026
Five Interesting Stocks Today - January 16, 2026
By Trendlyne Analysis

1. Premier Energies:

This electrical equipment maker rose 3.9% on January 12 after announcing a Rs 11,000 crore capex to more than double its solar manufacturing capacity. The company plans to increase annual solar cell capacity to 10.6 gigawatts (GW) from 3.2 GW and module capacity to 11.1 GW from 5.1 GW across its four units.

As part of this expansion, Premier Energies has started backward integration by making ingots and wafers. In simple terms, ingots are used to make wafers, wafers are used to make cells, and cells are assembled into modules.

Vinay Rustagi, Chief Business Officer, said, “The expansion is driven by rising demand in India and overseas. We have a domestic order book of Rs 13,000 crore and are fully booked for the next one year.” He added that the company started exporting solar cells to the US in Q3. The US market remains undersupplied on the cell side, and the company is evaluating opportunities for local manufacturing.

On the same day (January 12), China said it would cancel or sharply reduce tax rebates on several export products, including solar cells, from April 2026. Analysts see this as a positive development for non-Chinese solar manufacturers.

While Premier Energies has limited export exposure, its peer Waaree Energies is more export-focused and may benefit more from the China policy shift. Over the past six months, Premier Energies has fallen 35.5%, compared with a decline of over 20% in Waaree Energies. Analysts noted that Waaree reported stronger Q2 growth, while Premier’s revenue missed estimates.

ICICI Securities has a ‘Buy’ rating on Premier Energies, citing its strong balance sheet and ability to generate around Rs 8,000 crore in operating cash flow over the next three years. The brokerage also highlighted Premier’s experience in running solar cell facilities, which it sees as a key edge over peers.

2. HDFC Asset Management Company:

Thisasset management company rose over 2% on Wednesday after delivering a strongQ3FY26 performance. Both revenue and net profit grew 20% YoY, beatingForecaster estimates by a healthy margin. Assets under management surged 19% and crossed Rs 9 trillion during the quarter, with equities accounting for about two-thirds of the total, well above the industry average.

Systematic Investment Plans (SIPs) are keeping retail participation high. Monthly SIP inflows hit a record in December, with SIP assets now forming about one-fifth of industry AUM. At the company level, SIP AUM reached Rs 2.2 trillion in Q3, accounting for over 23% of total assets. This highlights the ongoing financialisation of household savings despite relatively muted market returns over the past year.

MD & CEO Navneet Munot asserts distribution strength as their key differentiator, since HDFC Bank provides the AMC business with significant muscle. Hesays, “Equity market share through the HDFC Bank channel is in the high 20s, compared to about 13% at the industry level.” SIP penetration through this channel is even deeper, driving long-term growth. Munot also pointed to fintech platforms as a growing avenue, with the company building a strong presence as SIP registrations scale across digital channels.

Beyond mutual funds, alternative platforms are gradually scaling up. PMS assets have crossed Rs 50 billion, while the structured credit AIF achieved a first close with the International Finance Corporation as an anchor investor. Munot said these businesses are being built “with a long-term perspective, where capability building and scale get priority over immediate margins.”

Deven Chokseyreiterates its ‘Buy’ rating on the firm with a target price of Rs 2,957. The brokerage expects HDFC AMC to sustain high profitability despite regulatory changes to expense ratios, supported by operating leverage, disciplined cost control, and scale benefits. It projects revenue growth of over 15% annually through 2028, with net profit margins remaining comfortably above 70%.

3. Tata Elxsi:

The stock of this IT consulting & software company declined by over 4% on January 14 following the release of its Q3FY26 results. The company reported a sharp 45.3% YoY decline in net profit to Rs 108.9 crore, primarily due to higher employee benefit costs. Despite the bottom-line pressure, revenue saw a marginal uptick of 2.1% to Rs 999.5 crore, supported by steady growth in software development and services. The stock features on a screener of companies where promoters are decreasing their shareholding.

The company’s net profit missed Trendlyne’s Forecaster estimates by 29.7%. This miss was largely due to a 110 basis-point hit from wage hikes for junior and mid-level staff, alongside one-time provisions of approximately Rs 95.7 crore, related to India's new labour codes, which required increased employee benefit provisions. Despite these bottom-line pressures, the EBITDA margin expanded by 220 basis points sequentially to reach 23.3%, fueled by better workforce utilization. Geographically, growth was steady in the US and Europe, though the Indian market struggled due to weakness among automotive suppliers.

Tata Elxsi’s growth was driven by the transportation segment, particularly through Software-Defined Vehicle (SDV) deals with global equipment manufacturers. SDVs are vehicles in which software, rather than hardware, controls core functions, enabling remote updates and new digital features. A key milestone was the January 7 partnership with Chinese OEM Autolink, which involves the integration of Tata Elxsi’s AVENIR SDV suite with Autolink’s intelligent cockpit platform.

The Media and Communications segment saw a minor 0.3% revenue dip due to seasonal furloughs and delayed deals, though demand remains stable. While large contracts are scaling, client decision-making remains slow. CEO Manoj Raghavan expects recovery signs in Media and Healthcare segments by Q4, with a “meaningful turnaround” projected for FY27. 

Brokerage firm Deven Choksey maintained a ‘Sell’ rating on the stock with a target price of Rs 5,192. While acknowledging the strong momentum in Transportation, the brokerage noted that recoveries in the Media and Healthcare segments are still dependent on the deal pipeline. Key factors to monitor heading into FY27 include the stability of major clients, the conversion of new media bids, and the company's ability to maintain high utilization and margins.

4. ICICI Lombard General Insurance Company:

ICICI Lombard’s stock fell 1.5% last week afterQ3FY26 net profit missedForecaster estimates by 14.4%. The miss was caused by higher claims and operating costs, not weak demand. 

Gross premiums rose 5.6% YoY, led by motor and health, while net profit increased 13.4% due to higher investment income. Margin pressure came from the core insurance business. The combined ratio rose 130 basis points to 104.2%, meaning the company spent more on claims and expenses than it earned in premiums. Despite this, ICICI Lombard outperformed the industry, where average combined ratios are close to 119%.

Retail health claims rose after the GST waiver drove a surge in first-time buyers, who typically claim more in the initial months; Yes Securities expects claims to normalise over the next 3–5 quarters. Vehicle sales grew about 19% in Q3, but premium growth lagged due to a shift toward smaller, cheaper cars.

CEO Sanjeev Mantrisays, “Over the next few quarters, motor growth will be driven by renewals and selective new business rather than headline vehicle sales.” He adds, “In retail health, we will adjust prices and benefits to bring claim costs back to our target of keeping loss ratios below 70%.” A lower loss ratio means fewer claims relative to premiums. CFO Gopal Balachandran notes that, “Motor loss ratios at 66.3% remain within guidance, and retail health loss ratios are improving sequentially.” 

Yes Securities hasreiterated its ‘Buy’ rating with a lower target price of Rs 2,300, implying a 22% upside. The assessment hinges on ICICI Lombard’s execution of pricing and portfolio plans and a normalisation of health claims, supporting profitability that remains stronger than the broader loss-making industry.

5. Bank of Maharashtra:

This PSU bank stock rose over the past week to a fresh 52-week high of Rs 67.7 after delivering a strong Q3FY26 performance. Revenue grew 16.4% YoY, supported by healthy growth in deposits and advances, while net profit jumped 23.1%. Lower slippages, provisioning, and employee costs boosted net profit.

The bank also beat Forecaster estimates in revenue and net profit with a healthy margin. Gross advances expanded 19.6%, driven by sustained demand in retail, vehicle, housing, and gold loans. Agriculture lending recovered after a weak second quarter as the bank pivoted toward investment-linked loans. On the liability side, growth in low-cost CASA and term deposits supported overall deposit mobilisation.

However, loan growth outpaced deposits, pushing the credit-to-deposit (CD) ratio to 85%. While this signals strong credit demand, it could tighten liquidity and raise funding costs if it continues. Asset quality has improved, with gross NPAs declining by 20 basis points. This helped the bank cut provisions by 13.4%, supporting profitability.

MD & CEO Nidhu Saxen reiterated confidence in the bank’s operating metrics. “We are confident of sustaining our net interest margin at 3.8%, with a CD ratio of 83–84%,” he said. He added that the focus on low-cost deposits, branch expansion, and deposit refinancing should help protect margins despite tighter liquidity conditions.

Brokerage Systematix remains positive on the stock and has retained a ‘Buy' rating with a target price of Rs 80, implying an upside of over 20.2%. The brokerage cites strong loan growth, improving asset quality, and benefits from deposit repricing as key drivers.

Trendlyne's analysts identify stocks that are seeing interesting price movements, analyst calls, or new developments. These are not buy recommendations.

 
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Trendlyne Marketwatch
16 Jan 2026
Market closes higher, buoyed by a rally in IT stocks
By Trendlyne Analysis

Nifty 50 closed at 25,694.35 (28.8, 0.1%), BSE Sensex closed at 83,570.35 (187.6, 0.2%) while the broader Nifty 500 closed at 23,485.30 (9.5, 0.0%). Market breadth is in the red. Of the 2,613 stocks traded today, 1,019 were gainers and 1,550 were losers.

Indian indices closed in the green after rising throughout the day, buoyed by a rally in IT stocks on strong Q3FY26 earnings from Infosys. The Indian volatility index, Nifty VIX, closed higher at 11.4 points. Infosys closed higher as its Q3FY26 revenue grew 9% QoQ, driven by improvements across businesses.

Nifty Smallcap 100 closed lower, while Nifty Midcap 100 closed in the green, tracking the benchmark index. Nifty IT and Nifty Capital Markets were among the highest-performing indices of the day. According to Trendlyne’s sector dashboard, Software & Services emerged as the best-performing sector of the day, with a rise of 2.2%.

European indices are trading lower, except Russia’s RTSI and MOEX indices. Major Asian indices closed mixed. US index futures are trading higher, indicating a positive start to the session. AI stocks rise in the pre-market session after Taiwan Semiconductor Manufacturing Co reports strong results.

  • Money flow index (MFI) indicates that stocks like Cohance Lifesciences, ITC, Rainbow Childrens Medicare and Triveni Engineering are in the oversold zone.

  • Bharat Forge secures defence contracts worth around Rs 300 crore to supply indigenous unmanned systems to the Indian Army and Navy. The contracts include intelligence, surveillance and reconnaissance platforms and loitering munitions.

  • Ventura initiates coverage on Jubilant Pharmova with a 'Buy' call and a target price of Rs 1,557 per share. This indicates a potential upside of 47.6%. The brokerage believes that the company's Rs 3,500-4,500 crore capex to expand CDMO, CRDMO, radiopharmacies, proprietary novel drugs, and maintenance in generics and allergy immunotherapy will drive revenue growth. It expects the firm to deliver a revenue CAGR of 11% over FY26-28.

  • Central Bank of India rises as its Q3FY26 net profit grows 30.6% YoY to Rs 1,265 crore, helped by a 27% decline in tax expenses. Revenue grows 12.6% to Rs 11,007 crore, led by improvements in the treasury operations, wholesale and retail banking segments. The bank's asset quality improves as its gross and net NPAs decline by 116 bps and 14 bps, respectively.

  • BNP Paribas expects a mixed December quarter for India’s pharmaceuticals and healthcare sector, with price erosion in key US generics pressuring drugmakers, while hospital chains see steady growth from capacity additions. The brokerage forecasts YoY revenue growth of 9% for pharmaceuticals, 15% for hospitals, and 16% for diagnostics in Q3 FY26.

  • Leela Palaces Hotels & Resorts is rising sharply as its Q3FY26 net profit surges 161.8% YoY to Rs 147.9 crore, owing to lower finance and depreciation & amortisation expenses. Revenue jumps 16.7% to Rs 470.9 crore during the quarter. The company appears in a screener of stocks outperforming their industries over the past month.

  • HDFC Life Insurance is falling as its Q3FY26 net profit declines marginally by 0.7% YoY to Rs 418.2 crore, missing Forecaster estimates by 2.4%. However, revenue grows 71.7% to Rs 29,157 crore, helped by a surge in income from investments. It shows up in a screener of stocks where promoters are decreasing their shareholding.

  • Restaurant Brands Asia's board of directors schedules a meeting on January 20 to consider a proposal to raise funds by issuing equity shares and other securities through a rights issue, qualified institutional placement (QIP) or other mode.

  • Jefferies reiterates a 'Buy' rating on HDFC AMC with a higher target price of Rs 3,120. The brokerage says assets under management (AUM) rose 19% YoY in Q3 on the back of strong equity inflows, with equity AUM up 20% and accounting for 67% of total assets, reinforcing HDFC AMC’s equity focus. Market share in equity and debt remains stable, though slower inflows into lower-margin liquid funds may weigh on the near-term revenue mix.

  • Federal Bank is rising sharply as its Q3FY26 net profit jumps 9% YoY to Rs 1,041.2 crore, helped by lower interest expenses. Revenue grows 3.1% to Rs 7,967.8 crore owing to improvements in the corporate and retail banking segments. The bank's asset quality improves as its gross & net NPAs decline 23 bps and 7 bps, respectively.

  • South Indian Bank rises sharply to its new 52-week high of Rs 45.2 as its Q3FY26 net profit grows 9.5% YoY to Rs 374.5 crore. Revenue increases 8% to Rs 3,003.3 crore, driven by improvements in the treasury and retail banking segments. The bank's asset quality improves as its gross and net NPAs contract by 163 bps and 80 bps, respectively.

  • Infosys rises sharply as its Q3FY26 revenue grows 8.9% QoQ to Rs 45,479 crore, driven by improvements in the financial services, manufacturing, energy and utilities segments. However, net profit declines 9.6% to Rs 6,654 crore due to the impact of new labour codes. It features in a screener of stocks with book value per share improving over the last two years.

  • Motilal Oswal maintains a 'Buy' rating on Billionbrains Garage Ventures (Groww) with a higher target price of Rs 190. The brokerage notes that the company continues to post strong revenue growth, driven by increasing product adoption and robust user activation. Its brokerage business is gaining market share across segments, supported by recent product launches like MTF (Margin Trading Facility) and commodities.

  • Larsen & Toubro is rising as its hydrocarbon onshore business secures an order worth Rs 2,500-5,000 crore from Petronet LNG. As per the order, the company will construct a 1.7 lakh cubic metre liquified natural gas (LNG) and a 1.4 lakh cubic metre propane storage tanks in Gujarat.

  • IndiaMART InterMESH rises sharply as Nalanda India Equity Fund acquires 11 lakh equity shares for Rs 232 crore at an average price of Rs 2,110 via a block deal. Smallcap World Fund was likely the seller in the transaction.

  • Insolation Energy surges more than 10% after its subsidiary, Insolation Green Energy, signs a memorandum of understanding (MoU) with Bondada Engineering to supply solar modules from 2027 to 2028.

  • Cipla falls over 2% as Nuvama downgrades its stock to a 'Reduce' rating and cuts the target price to Rs 1,360, citing weak near-term earnings visibility. The downgrade follows a temporary production halt at Pharmathen, impacting supplies of Cipla’s key drug Lanreotide, with re-supply expected only in H1FY27.

  • LTIMindtree is rising sharply as it secures an order worth Rs 3,000 crore from the Central Board of Direct Taxes (CBDT) for the Insight 2.0 project. Under the project, the company will develop an AI-powered program to modernise India's tax analytics platform.

  • 360 One Wam rises sharply as its net profit grows 18.4% YoY to Rs 327.3 crore in Q3FY26. Revenue increases 51.5% to Rs 1,181.5 crore, driven by improvements in the wealth and asset management segments. It features in a screener of stocks near their 52-week high.

  • Angel One is rising sharply as its Q3FY26 net profit beats Forecaster estimates by 4.7% despite falling 4.6% YoY to Rs 268.7 crore due to higher finance and employee benefits expenses. Revenue grows 5.8% to Rs 1,337.7 crore, driven by improvements in average daily turnover, credit disbursals and client base. Its board of directors approves a 1:10 stock split.

  • Amit Chadha, MD & CEO of L&T Technology Services, says FY26 revenue would have been in double digits if the company had not exited parts of its portfolio. He adds that the company aims to achieve a 16.5% EBIT margin by Q4FY27. Chadha, notes that business recalibration has been largely in the hi-tech segment, with some impact on mobility, as the company pivots toward higher margins.

  • Emmvee Photovoltaic Power rises as its Q3FY26 net profit surges 165.8% YoY to Rs 263.6 crore, supported by lower finance costs and higher inventory destocking. Revenue jumps 116.9% to Rs 1,167.9 crore, led by an improvement in the photovoltaic modules segment. It features in a screener of stocks where mutual funds increased their shareholding over the past month.

  • Zen Technologies surges after securing orders worth Rs 404 crore from the Ministry of Defence for anti-drone systems, training simulators and supporting equipment.

  • Indian Hotels rises as its board of directors approves the acquisition of a 51% stake in Brij Hospitality for Rs 225 crore through its subsidiaries, ANK Hotels and Pride Hospitality.

  • L&T Technology Services is falling sharply as its Q3FY26 net profit declines 7.9% QoQ to Rs 302.6 crore due to higher employee benefits expenses. Revenue decreases 2.9% to Rs 2,956.8 crore, caused by a reduction in the tech segment. It shows up in a screener of stocks with growing costs YoY for long-term projects.

  • Nifty 50 was trading at 25,730.45 (64.9, 0.3%), BSE Sensex was trading at 83,670.79 (288.1, 0.4%), while the broader Nifty 500 was trading at 23,541.05 (65.2, 0.3%).

  • Market breadth is in the green. Of the 2,165 stocks traded today, 1,211 were gainers and 868 were losers.

Riding High:

Largecap and midcap gainers today include Federal Bank Ltd. (270.25, 9.5%), Oracle Financial Services Software Ltd. (7,959.50, 5.7%) and Infosys Ltd. (1,689.80, 5.6%).

Downers:

Largecap and midcap losers today include L&T Technology Services Ltd. (3,917.10, -7.7%), GE Vernova T&D India Ltd. (2,621.30, -6.3%) and Hitachi Energy India Ltd. (16,214, -4.3%).

Volume Shockers

22 stocks in BSE 500 are trading on high volumes today.

Top high volume gainers on BSE included Federal Bank Ltd. (270.25, 9.5%), Angel One Ltd. (2,752.20, 9.0%) and IndiaMART InterMESH Ltd. (2,289, 8.3%).

Top high volume losers on BSE were HBL Engineering Ltd. (796.05, -9.4%), L&T Technology Services Ltd. (3,917.10, -7.7%) and Leela Palaces Hotels & Resorts Ltd. (441.10, -2.5%).

Poly Medicure Ltd. (1,644.90, -1.3%) was trading at 14.5 times of weekly average. Zen Technologies Ltd. (1,328.40, 8.2%) and Sterling and Wilson Renewable Energy Ltd. (209.93, 6.0%) were trading with volumes 13.6 and 12.1 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

13 stocks made 52 week highs, while 26 stocks hit their 52 week lows.

Stocks touching their year highs included - Axis Bank Ltd. (1,294.20, -0.4%), Bank of Baroda (308.25, 0.2%) and Bank of India (157.34, 2.9%).

Stocks making new 52 weeks lows included - Bata India Ltd. (900.05, -0.6%) and ITC Ltd. (329.20, -1.7%).

12 stocks climbed above their 200 day SMA including Angel One Ltd. (2,752.20, 9.0%) and Coforge Ltd. (1,732.30, 3.0%). 17 stocks slipped below their 200 SMA including L&T Technology Services Ltd. (3,917.10, -7.7%) and Redington Ltd. (263.50, -3.7%).

 
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The Baseline
15 Jan 2026
Nifty 50 outlook: Hopes rise for 2026 after a volatile year
By Anagh Keremutt

Brokerages are entering 2026 with cautious optimism on Indian equities. The Nifty 50 saw sharp swings last year as foreign investors pulled out, but buying by domestic investors helped limit the damage and kept the market afloat.

What has changed in 2026 is the earnings picture. Companies have largely stopped cutting profit estimates, which was a major market concern. As Sunil Koul, Head of Equity Strategy at Goldman Sachs, put it, the “year-long earnings downgrade cycle has bottomed out,” suggesting that the worst may be over.

Still, the choppy 2025 market showed that domestic buying alone cannot drive a rally. Global interest rates, geopolitical stability, foreign investor behaviour and the speed of profit recovery will decide the upside.

Superstar investor Vijay Kedia said, “2025 reminded investors that markets move in cycles, and expecting consistently high returns every year is unrealistic. The correction was necessary to restore balance. Going ahead, earnings rather than stories will decide which stocks perform in a more selective market.”

In this edition of Chart of the Week, we look at what brokerages expect from the Nifty 50 by the end of 2026, why their views differ, and how these forecasts compare with what they got right and wrong at the start of 2025.

Last year’s market sets the tone for 2026

At the start of 2025, most brokerages forecast the Nifty 50 between the low 26,000s and high 28,000s for the end of the year. Global houses like Goldman Sachs, Citi, Bank of America and Jefferies largely sat around 26,000–27,000, while domestic brokers such as ICICI Direct and Bajaj Broking were more optimistic, calling for levels near 29,000.

The market ended somewhere in the middle. The Nifty 50 touched a record high of about 26,326 in early December before easing. Conservative forecasts were closer to the actual number, while the bullish calls overshot. For the year, the index gained 2,484.8 points or 10.5%, a decent return but far from a breakout rally.

The miss was not driven by a crash. There were plenty of reasons why: earnings recovery was slower than expected, and foreign investors remained cautious. Domestic mutual funds absorbed much of the selling but could not fully offset weak global sentiment. 

Strategists note that domestic flows limited the downside, but did not create the upside. This lesson is shaping 2026 expectations.

Earnings shape Nifty 50 forecasts for 2026

In 2025, domestic brokerages were more bullish than global firms and overshot. For 2026, the balance has flipped. Global brokerages are more optimistic, while domestic firms are cautious, shaped by last year’s miss and a sharper focus on earnings.

Brokerages agree on one point: any gains in 2026 are set to be earnings-led. Most large houses forecast the Nifty 50 ending the year with a 10–15% rise from current levels. Jefferies and Citi are slightly more cautious, while Goldman Sachs, Bank of America, and Nomura expect the index to reach the upper 28,000s to around 29,300.

Domestic brokers broadly agree with this range. Kotak targets just above 29,000, while Axis Securities is slightly more conservative. Even the most optimistic projections assume steady progress, not a sharp jump.

But brokers are no longer counting on big foreign inflows or soaring valuations. Instead, their focus is on earnings, domestic liquidity, and supportive economic conditions.

Citi describes this as a “Goldilocks” scenario: growth stays strong, inflation is low, and interest rates ease. JP Morgan’s Rajiv Batra adds that “trade deals and earnings recovery could help mid-sized companies benefit from lower borrowing costs and improved sentiment.”

Yet caution rules. BofA Securities expects markets to inch higher mainly because Indian investors continue to invest, not because stocks are suddenly cheap. Their forecast assumes stable valuations and moderate profit growth. Gains are expected, but not fireworks.

Optimistic firms such as Kotak Securities, JP Morgan, and Jefferies favour cyclical sectors like real estate, utilities, IT, and telecom, citing improving demand and credit growth. More cautious brokers like Axis Securities and Citi prefer banks, consumption, healthcare and autos, focusing on predictable domestic demand and improving rural trends.

Why views differ

Brokerage targets of roughly 28,000 to just over 30,000 reflect different views on three main risks. Kotak and JP Morgan foresee a two-stage improvement in earnings, with modest growth in FY26 followed by stronger momentum in FY27. Others, like Axis and Citi, expect slower progress.

Global liquidity is another factor. Earlier US rate cuts could bring foreign investors back, while delays may keep inflows weak and cap market gains.

Finally, a US–India trade deal could boost markets, but most brokers do not assume this in their base forecasts. Nomura illustrates this balance, seeing India’s 2025 underperformance as a correction from stretched valuations. 2026? That will depend on earnings growth and policy stability. It’s back to basics.

 
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The Baseline
15 Jan 2026
The top five: Analysts pick their winners for Q3
By Tejas MD

Almost immediately after Nifty 50hit an all-time high on January 5, it lost steam and fell for the next five trading sessions. No prizes for guessing why: it was another of Trump’s tariff tantrums, which have effectively become India’s new macro risk index.

FY26 feels like a tug-of-war between fundamentals on one side and trade threats on the other. The newly arrived US Ambassador to India, Sergio Gor, tried to calm everyone's nerves by calling India an “essential partner,” which sparked a brief bounce on Monday. But he was undermined the very next day, when President Trump threatened a 25% tariff on any nation trading with Iran, putting all ongoing trade talks with countries from China to South Korea to India in jeopardy.

Trump has become a source of intraday volatility that even corporate earnings can’t compete with.

Call me old-school. The real challenge for me is not the tariff drama, but figuring out which Indian companies will keep their momentum going with strong Q3 numbers. Let’s find out.

The Q3 frontrunners: Analysts pick their top five

We shortlist five stocks from the Nifty 500 that are expected to post high revenue and net profit growth YoY and QoQ in Q3FY26 results, according to Trendlyne’s Forecaster. These companies have already set the bar high with strong Q2 results.

The auto sector is looking strong here, with three of five stocks — Maruti Suzuki, Craftsman Automation and CEAT. The other two stocks are Narayana Hrudayalaya and Larsen & Toubro.

All five stocks have outpaced the Nifty 500 over the past year.

The stocks in focus have either ‘Good’ or ‘Medium’ scores across the Durability, Valuation, and Momentum categories. 

Auto demand has been strong, benefiting from GST cuts and a steady stream of new launches. The hospital sector also continues to see healthy traction, with higher occupancies, complex procedures, and new capacity driving growth. Meanwhile, infrastructure companies like L&T are riding the wave of higher government spending on infrastructure projects and the renewable-energy transition. 

NH spreads its wings with its UK acquisition

This healthcare provider is seeing impressive growth. High-value cardiac and oncology care, rising per bed revenue and its lean hospital model are set to boost Narayana Hrudayalaya’s Q3 performance.

Domestic hospitals are the main growth engine, with higher surgical throughput and better utilisation lifting margins. The Cayman Islands business is a steady profit maker. But the big milestone is the company’s entry into the UK through the acquisition of Practice Plus Group Hospitals.

Practice Plus gets around 93% of its revenue from UK’s public health system, NHS. NHS faces long waiting times for surgeries and even regular visits. Considering the backlog, Narayana expects its hospitals to benefit from both NHS contracts and private-pay patients.

On the analyst call discussing the UK acquisition, Anesh Shetty, Managing Director at Health City Cayman Islands, said, “Private patients pay more than the NHS, so a good mix between the two would be the ideal outcome for us. Our intention is to increase non-NHS sources, and we expect to make good progress on that.” Management also guided to a medium-term ROCE of 20–22% by FY29–30.

NHS however is a price sensitive market, and risks include domestic pricing regulations, wage inflation, and the challenge of integrating Practice Plus into a labour-tight UK market. Analysts however remain optimistic, citing strong domestic demand and the UK platform as a multi-year growth runway.

In high gear: Maruti Suzuki sees strong growth in a tough market

Maruti Suzuki is entering 2026 with solid momentum. Passenger vehicle volumes grew 37.3% YoY in December 2025, driven by strong domestic demand.

In an increasingly competitive market, this workhorse brand has used its deep distribution network and wide product reach to hold on to its pole position as India’s largest carmaker.

Indian customers are flocking to SUVs (the bigger and more intimidating the better), and the boom has reshaped the four-wheeler battleground. Tata Motors, Mahindra and Hyundai have scaled up in mid- to premium SUVs and crossovers. This has tightened the battle for market share, even as Maruti dominates in absolute volumes and maintains its strength in hatchbacks and compact cars.

Analysts say that Maruti’s scale, multi-fuel strategy (petrol, CNG and hybrids) and fresh SUV portfolio should continue to drive volumes into FY26. But it needs to keep up with the competition, and the sector’s gradual shift to EVs.

Craftsman Auto is cashing in on the capex boom

Craftsman Automation is a diversified engineering company operating across automotive powertrain components, precision machining, etc. It supplies OEMs for passenger vehicles, tractors, and commercial vehicles.

Premiumisation in the auto sector has taken off, boosting its margins. There is also higher aluminium content per vehicle, and more local buying of precision components. Craftsman’s vertically integrated casting and machining setup differentiates it from competitors who have outsourced these processes, allowing it to respond quickly to these trends while offering better cost and quality control.

Srinivasan Ravi, Chairman & Managing Director of Craftsman Automation, said, “We are seeing large commitments from OEMs for new plants across the country. We are going to see the capacity with our existing customers growing around 50% in the next three years.”

Rubber meets revenue, as CEAT goes premium

This tyre manufacturer is leaning into premium tyres for SUVs, cars and upmarket two-wheelers, where demand and pricing are stronger than in the mass-market. This shift toward higher-value tyres has improved the company’s mix and helped its margins.

On the demand side, replacement tyre sales are steady, while OEM orders have improved alongside domestic auto volumes.

A big tailwind for CEAT has been lower input costs for rubber and crude-derived materials. This has boosted profitability, though management and analysts have both warned that input price softness is cyclical and could worsen as commodity markets turn.

The competitive backdrop is also evolving, with other tyre-makers also focusing more on premium tyres. Risks for CEAT include raw material volatility, pricing pressure from OEMs and higher freight costs for export markets. CEAT derives around 20% of its revenue from exports. 

L&T cements its growth story with infra capex and global orders

Larsen & Toubro (L&T), India's engineering and infrastructure giant, reported strong revenue growth in Q2, with sectors like Hydrocarbon, Precision Engineering, and Heavy Engineering growing fast. International revenues now account for a significant share of the total.

A key differentiator for L&T is its ability to execute complex, large-ticket contracts across geographies. The company has been more aggressive than its peers in bidding for offshore energy, industrial, and precision engineering projects, positioning itself alongside global EPC players rather than purely domestic contractors.

Management commentary has highlighted healthy order inflows and sustained bid activity in the Middle East and Southeast Asia. The company continues to guide for steady growth in Q3 and into FY26, backed by a highly visible order book and better execution efficiency.

Follow the latest Q3 results live here.

Picture of the week

We are starting a new section in the newsletter, which is an interesting image we came across during the week.

This week's photo is of a coffin in Ghana, photographed during the funeral.

The people of Ghana say that one must "celebrate death as we celebrate life". Their funerals are colorful, loud affairs, and include coffins shaped like pineapples, teapots, and Coca Cola bottles.


 
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Trendlyne Marketwatch
14 Jan 2026
Market closes lower, amid foreign fund outflows & US tariff threats on Iranian trading partners
By Trendlyne Analysis

Nifty 50 closed at 25,665.60 (-66.7, -0.3%), BSE Sensex closed at 83,382.71 (-245.0, -0.3%) while the broader Nifty 500 closed at 23,475.85 (-4.8, 0.0%). Market breadth is even. Of the 2,592 stocks traded today, 1,217 were on the uptick, and 1,321 were down.

Indian indices closed in the red, dragged down by foreign fund outflows and US tariff threats on countries doing business with Iran. The Indian volatility index, Nifty VIX, rose 1.7% and closed at 11.4 points. India’s WPI inflation rose 0.8% in December, reversing a 0.3% decline in November, driven by higher prices across manufacturing, minerals, food products, and textiles.

Nifty Midcap 100 & Nifty Smallcap 100 closed higher. Nifty Metal and BSE Metal were among the top index gainers today. According to Trendlyne’s Sector dashboard, Metals & Mining emerged as the best-performing sector of the day, with a rise of 2.5%.

Asian indices closed mixed, while European indices are trading higher. US index futures traded in the red, indicating a cautious start to the trading session. Rising geopolitical tensions weighed on sentiment after Trump backed nationwide protests in Iran. With 1.5–2 mbpd of Iran’s oil supply seen at risk, markets are pricing in an $8–$10 per barrel risk premium. Meanwhile, after the December US CPI showed inflation steady at 2.7% YoY, markets largely expect the Fed to keep rates unchanged in the 3.50%–3.75% range at its January 27–28 meeting.

  • Relative strength index (RSI) indicates that stocks like ITC, Cohance Lifesciences, and Tejas Networks are in the oversold zone.

  • Quadrant Future Tek surges more than 10% after securing a Rs 287.8 crore order from Chittaranjan Locomotive Works to supply and commission locomotive equipment.

  • HDFC Asset Management Co rises sharply as its Q3FY26 net profit grows by 20% YoY to Rs 769.4 crore, beating Forecaster estimates by 6.3%. Revenue increases by 15% YoY, helped by higher assets under management (AUM). It features in a screener of stocks with improving RoE over the past two years.

  • Indian Overseas Bank is rising as its Q3FY26 net profit jumps 56.2% YoY to Rs 1,365.1 crore, driven by lower provisions for NPAs and tax expenses. Revenue grows 15% to Rs 9,671.6 crore, led by improvements in the treasury operations, and retail & corporate banking segments. The bank's asset quality improves as its gross and net NPAs decline 101 bps and 18 bps, respectively.

  • ICICI Securities maintains a ‘Buy’ rating on Axis Bank with lower target price to Rs 1,420. The brokerage expects performance to improve in H2FY26, supported by steady business traction, easing margin pressure, and normalization of one-off provisions. It adds that current valuations already factor in near-term challenges, while improving retail momentum and stable asset quality underpin medium-term re-rating potential.

  • Union Bank rises to its 5-year high of Rs 180 as its Q3FY26 net profit grows 9% YoY to Rs 5,017 crore, led by declining provisions and contingencies. However, revenue remains flat at Rs 30,984.5 crore due to a decline in corporate banking, offsetting improvements in the retail banking and treasury operations segments. The bank's asset quality improves as its gross and net NPAs decline 79 bps and 31 bps, respectively.

  • Government of Maharashtra raises Endurance Technologies’ subsidy eligibility by Rs 252.3 crore to Rs 858.3 crore under the incentives scheme 2019.

  • Billionbrains Garage Ventures' (Groww) Q3FY26 net profit declines 27.8% YoY to Rs 546.9 crore due to higher employee benefits expenses. However, revenue increases 24.8% to Rs 1,216.1 crore, helped by growth in active clients. It features in a screener of stocks with expensive valuations according to Trendlyne valuation scores.

  • BofA Securities’ Arbind Maheswari says progress in India–US trade talks could lift market sentiment, but long-term returns hinge on earnings growth. He expects around 14% earnings growth this year and a 12% Nifty return driven largely by profits, with foreign outflows easing and policy support gradually aiding the economy.

  • Polycab India is falling as shares worth Rs 1,217.6 crore reportedly change hands in a block deal.

  • Waaree Renewable Technologies wins a Letter of Intent (LOI) worth Rs 102.6 crore from a domestic iron products manufacturer for engineering, procurement, and construction (EPC) of ground mount solar power project of 25MWac on a turnkey basis along with evacuation infrastructure of 50MW.

  • Motilal Oswal initiates coverage on Canara HSBC Life Insurance with a 'Buy' rating and a target price of Rs 180. The brokerage expects market share gains driven by higher penetration among Canara Bank customers and expansion across other distribution channels. It expects the company to report a 23% CAGR in value of new business during FY26–28.

  • India’s WPI inflation rises 0.8% in December, reversing a 0.3% decline in November, driven by higher prices across manufacturing, minerals, food products, and textiles. Oilseeds and minerals record sharp inflation of 14.8% and 11.9%, respectively, while prices of milk, eggs, meat, fish, and fruits also increase during the month.

  • Geojit BNP Paribas downgrades Jyothi Labs to an 'Accumulate' call, with a lower target price of Rs 306 per share. This indicates a potential upside of 17.8%. The brokerage sees the company as well-positioned for organic growth but flags intense competition in detergents, volatile raw material prices, and a slower urban recovery as key risks. It expects the firm to deliver a revenue CAGR of 7% over FY26-27.

  • NLC India is rising sharply as it signs a memorandum of understanding (MoU) with the Gujarat government to set up renewable energy (RE) projects with a potential capex of Rs 25,000 crore.

  • Hindustan Zinc, Vedanta and NACL Industries rise sharply as silver prices hit fresh lifetime highs. MCX silver futures surge nearly 5% past Rs 2.8 lakh per kg, while silver ETFs gain up to 5%.

  • Indian Sugar Mills Association (ISMA) Director Deepak Ballani says India’s sugar sector grapples with overcapacity and weak ethanol procurement. He adds that ISMA seeks a higher sugar MSP of Rs 42/kg and better ethanol prices in December 2025 to sustain blending beyond 20%. Ballani warns that stagnant MSPs amid rising cane prices could delay farmer payments by up to 45 days and deepen industry losses of Rs 40,000 crore.

  • Railtel Corp of India falls as the Bihar Education Project Council (BEPC) cancels its Rs 257.5 crore order to set up smart classrooms.

  • Dolly Khanna adds IFB Agro Industries to her portfolio with the purchase of a 1.1% stake in Q3FY26.

  • Larsen & Toubro's heavy civil infrastructure business secures an order worth Rs 2,500-5,000 crore from Torrent Energy Storage Services to set up a 3000 MW pumped storage project in Raigad.

  • TCS records over 22,000 voluntary exits over the past two quarters, far exceeding restructuring-linked layoffs. While the company released about 7,800 employees as part of restructuring, its total headcount fell by nearly 30,000.

  • Just Dial is falling as its Q3FY26 net profit declines 1.3% QoQ to Rs 117.9 crore due to the impact of new labour codes. However, revenue grows 3.7% to Rs 390.3 crore, supported by higher traffic and active listings. It shows up in a screener of stocks with medium to low Trendlyne momentum scores.

  • Interarch Building Solutions is rising as it secures an order worth Rs 130 crore to manufacture and supply a steel building system.

  • ICICI Lombard General Insurance's Q3FY26 net profit declines 9.1% YoY to Rs 658.8 crore due to higher commissions and employee benefits expenses. However, revenue grows 12.4% to Rs 6,920.6 crore, helped by improvements in the fire, health, and motor insurance segments. It appears in a screener of stocks with declining net cash flow.

  • Tata Elxsi is falling as its Q3FY26 net profit declines 29.7% QoQ to Rs 108.9 crore due to higher employee benefits expenses. However, revenue grows 3.4% to Rs 999.5 crore, supported by an improvement in the software development & services segment. It shows up in a screener of stocks with declining return on equity (RoE) over the past two years.

  • Nifty 50 was trading at 25,683.25 (-49.1, -0.2%), BSE Sensex was trading at 83,358.54 (-269.2, -0.3%), while the broader Nifty 500 was trading at 23,439.90 (-40.8, -0.2%).

  • Market breadth is neutral. Of the 2,058 stocks traded today, 977 showed gains, and 1,022 showed losses.

Riding High:

Largecap and midcap gainers today include Union Bank of India (179.27, 7.9%), Vedanta Ltd. (675.75, 6.1%) and Hindustan Zinc Ltd. (654.20, 3.9%).

Downers:

Largecap and midcap losers today include Polycab India Ltd. (7,323.50, -3.1%), Kalyan Jewellers India Ltd. (480.40, -3.0%) and MphasiS Ltd. (2,788.80, -3.0%).

Movers and Shakers

23 stocks in BSE 500 are trading on high volumes today.

Top high volume gainers on BSE included Jupiter Wagons Ltd. (331.15, 12.6%), Mangalore Refinery And Petrochemicals Ltd. (158.35, 9.1%) and Union Bank of India (179.27, 7.9%).

Top high volume losers on BSE were V-Guard Industries Ltd. (302.95, -3.2%), Polycab India Ltd. (7,323.50, -3.1%) and Go Digit General Insurance Ltd. (328.70, -3.0%).

Aavas Financiers Ltd. (1,443, -0.3%) was trading at 20.6 times of weekly average. Dr. Agarwals Health Care Ltd. (492.40, -1.5%) and BLS International Services Ltd. (306.55, 3.1%) were trading with volumes 15.5 and 8.5 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

14 stocks took off, crossing 52 week highs, while 19 stocks were underachievers and hit their 52 week lows.

Stocks touching their year highs included - Axis Bank Ltd. (1,298.80, 2.9%), Bank of India (152.87, 3.6%) and Bank of Maharashtra (65.90, 1.3%).

Stocks making new 52 weeks lows included - BASF India Ltd. (3,600, -0.5%) and Bata India Ltd. (905.70, -0.2%).

12 stocks climbed above their 200 day SMA including Mangalore Refinery And Petrochemicals Ltd. (158.35, 9.1%) and Dalmia Bharat Ltd. (2,174.90, 3.3%). 14 stocks slipped below their 200 SMA including Tata Elxsi Ltd. (5,505, -5.0%) and Gabriel India Ltd. (925.60, -2.8%).

 
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Trendlyne Marketwatch
13 Jan 2026
Market closes lower, dragged down by foreign investor outflows and mixed earnings
By Trendlyne Analysis

Nifty 50 closed at 25,732.30 (-58.0, -0.2%), BSE Sensex closed at 83,627.69 (-250.5, -0.3%) while the broader Nifty 500 closed at 23,480.65 (-29.8, -0.1%). Market breadth is even. Of the 2,603 stocks traded today, 1,270 were on the uptrend, and 1,261 went down.

Indian indices closed lower after erasing gains in the morning session, dragged down by foreign investor outflows, mixed earnings and higher crude oil prices. The Indian volatility index, Nifty VIX, closed 1.5% lower at 11.2 points. HCL Technologies closed lower as its Q3FY26 net profit declined 3.8% QoQ to Rs 4,076 crore, due to higher raw materials and outsourcing expenses.

Nifty Smallcap 100 closed higher, while Nifty Midcap 100 closed in the red, tracking the benchmark index. Nifty Infra and S&P BSE Telecom were among the worst-performing indices of the day. According to Trendlyne’s sector dashboard, Fertilizers emerged as the best-performing sector of the day, with a rise of 1.3%.

European indices are trading mixed. Major Asian indices closed higher, except Indonesia’s IDX Composite and Thailand’s SET indices. US index futures are trading lower, indicating a cautious start to the session as investors await US inflation data and earnings from major banks later today. Crude oil prices rise 2.2% due to anti-government protests in Iran.

  • Money flow index (MFI) indicates that stocks like Cohance Lifesciences, ITC, BLS International and CG Power & Industrial Solutions are in the oversold zone.

  • Bank of Maharashtra rises as its Q3FY26 net profit grows 23.1% YoY to Rs 1,633.1 crore, led by declining net non-performing assets (NPA). Revenue jumps 16.4% to Rs 7,973.6 crore, helped by rising deposits and global gross advances by 15.3% and 19.6%, respectively.

  • Motilal Oswal retains a 'Buy' call on Grasim Industries with a target price of Rs 3,600 per share. This indicates a potential upside of 29.9%. The brokerage remains positive on the stock, supported by a stable margin in the chemicals business and a long-term growth opportunity in decorative paints. It expects the firm to deliver a revenue CAGR of 16.4% over FY26-28.

  • Indiqube Spaces is rising sharply as it expands to Bhubaneshwar, taking its India footprint to 17 cities.

  • Puravankara's wholly owned subsidiary, Starworth Infrastructure & Construction (SICL), receives a Letter of Intent to construct a residential project named "Sattva AANGANE" having an approximate built-up area of 30.3 lakh sq. ft. at East Taluk, Bangalore. The approximate contract value is Rs 311.2 crore.

  • ICICI Prudential Life Insurance surges to its 52-week high of Rs 706.8 as its Q2FY26 net profit grows 19.2% YoY to Rs 387.2 crore. Revenue increases 3.9X to Rs 22,302 crore due to a surge in income from investments. Value of new business (VNB) rises 19%. The company appears in a screener of stocks outperforming their industry price change in the quarter.

  • Indo Thai Securities is rising as its Q3FY26 net profit surges 17.8x YoY to Rs 17 crore, helped by lower fees & commission and depreciation & amortisation expenses. Revenue jumps 5x to Rs 27.8 crore, supported by improvements in the equities & broking and real estate segments. It appears in a screener of stocks with increasing revenue for the past three quarters.

  • Oriental Hotels is rising sharply as its Q3FY26 net profit jumps 44.1% YoY to Rs 20.7 crore, driven by lower finance and depreciation & amortisation expenses. Revenue grows 15.2% to Rs 141.2 crore during the quarter. It features in a screener of newly affordable stocks with good financials and durability.

  • India’s Labour Ministry directs quick-commerce platforms such as Blinkit, Zepto, and Swiggy to scrap 10-minute delivery promises, citing safety risks to gig workers amid nationwide strikes involving over 200,000 riders. The companies have assured the government they will remove delivery-time commitments from advertisements and social media.

  • Omaxe jumps over 16% as it announces investment of Rs 500 crore in Ludhiana to develop the mixed-use Omaxe Chowk project. The 5.25 acre land parcel was secured through a competitive Rail Land Development Authority (RLDA) bidding process and will be developed on a leasehold basis.

  • Zydus Lifesciences' US subsidiary, Sentynl Therapeutics, receives approval from the US FDA for Zycubo. The drug is the first treatment available for Menkes disease.

  • Larsen & Toubro's transportation infrastructure business secures an order worth Rs 1,000-2,500 crore to construct a bridge over the Muri Ganga river in West Bengal.

  • The Society of Indian Automobile Manufacturers (SIAM) data reports a 37.7% YoY growth in domestic two-wheeler sales at 9 lakh units in December. Passenger vehicle sales rise 26.8% to 3.9 lakh units. Three-wheeler sales increase by 17.4% to 61,924 units.

  • Geojit Financial Services is rising as Porinju Veliyath adds the company to his portfolio with the purchase of a 1.4% stake in Q3FY26.

  • Axis Direct retains a 'Buy' call on Elecon Engineering with a target price of Rs 635, implying a 58.4% upside. The brokerage believes revenue growth to recover, supported by a strong order book and enquiry pipeline. It expects revenue to deliver a CAGR of 19.5% over FY26-28.

  • Va Tech Wabag is rising as it secures an order worth Rs 250-600 crore from Bharat Petroleum Corp to set up water treatment facilities for its expansion project in Bina, Madhya Pradesh.

  • US President Donald Trump announces a 25% tariff on countries trading with Iran, citing Tehran’s violent crackdown on protests. India and China are expected to be among the worst hit, adding to pressure from existing 50% US tariffs, with textiles and seafood most affected, followed by gems, jewellery, and auto components.

  • NLC India is rising as its board of directors approves listing its subsidiary, NLC India Renewables, by selling a 25% stake through a public offer.

  • KPI Green Energy rises as it signs a pact with the Gujarat government to develop renewable energy projects worth Rs 4,000 crore. The agreement covers phased capacity development across multiple locations, subject to approvals.

  • Kalpataru is rising as its collection grows 17% YoY to Rs 1,101 crore in Q3FY26, but pre-sales decline 14%.

  • Lemon Tree Hotels Chairman Patanjali G Keswani says that under the restructuring plan, Warburg Pincus will buy a 26% stake in the new entity, Fleur Hotels, for up to Rs 960 crore, while Lemon Tree shareholders will retain 74% indirect ownership through a share swap. He adds that around Rs 1,300–1,400 crore of debt will be transferred to Fleur Hotels, enabling Lemon Tree to adopt an asset-light model, and projects annual revenue of Rs 300 crore after the reorganisation.

  • Anand Rathi Wealth is rising as its Q2FY26 net profit jumps 29.6% YoY to Rs 99.9 crore. Revenue grows 25.2% to Rs 305.7 crore, driven by increasing mutual fund inflows and assets under management (AUM). It features in a screener of stocks with improving return on equity (RoE) over the past two years.

  • HCL Technologies is falling as its Q3FY26 net profit declines 3.8% QoQ to Rs 4,076 crore, caused by higher raw materials, employee benefits, and outsourcing expenses. However, revenue jumps 5.9% to Rs 34,257 crore, led by improvements in the IT & business services, R&D services, and HCL software segments. It appears in a screener of stocks with expensive valuations according to Trendlyne valuation scores.

  • Biocon's board of directors approves a qualified institutional placement (QIP) of equity shares at a floor price of Rs 387.7 per share.

  • Tata Consultancy Services' Q3FY26 net profit declines 11.7% QoQ to Rs 10,657 crore due to higher software license, finance, and labour expenses caused by changes in labour codes. However, revenue grows 2.3% to Rs 68,205 crore, owing to improvements in the BFSI, consumer business, communication, media & technology, and life sciences & healthcare. It shows up in a screener of stocks with declining net cash flow.

  • Nifty 50 was trading at 25,846.25 (56, 0.2%), BSE Sensex was trading at 84,079.32 (201.2, 0.2%), while the broader Nifty 500 was trading at 23,596.45 (86, 0.4%).

  • Market breadth is ticking up strongly. Of the 2,101 stocks traded today, 1,710 were gainers and 342 were losers.

Riding High:

Largecap and midcap gainers today include Oil India Ltd. (447.90, 5.2%), Oil And Natural Gas Corporation Ltd. (243.78, 3.4%) and Eternal Ltd. (294.55, 3.3%).

Downers:

Largecap and midcap losers today include Dixon Technologies (India) Ltd. (11,238, -5.1%), Vodafone Idea Ltd. (10.80, -4%) and Au Small Finance Bank Ltd. (971.95, -3.6%).

Crowd Puller Stocks

12 stocks in BSE 500 are trading on high volumes today.

Top high volume gainers on BSE included Authum Investment & Infrastructure Ltd. (667.90, 7.8%), Maharashtra Scooters Ltd. (13,780, 6.4%) and Oil India Ltd. (447.90, 5.2%).

Top high volume losers on BSE were Au Small Finance Bank Ltd. (971.95, -3.6%), Larsen & Toubro Ltd. (3887.40, -3.3%) and Gujarat State Petronet Ltd. (297.50, -2.9%).

Blue Dart Express Ltd. (5,401, 0.6%) was trading at 3.8 times of weekly average. ICICI Prudential Life Insurance Company Ltd. (681.45, 0.1%) and Mangalore Refinery And Petrochemicals Ltd. (145.18, 3.4%) were trading with volumes 3.7 and 3.7 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

6 stocks overperformed with 52 week highs, while 11 stocks tanked below their 52 week lows.

Stocks touching their year highs included - State Bank of India (1,028.45, 1.3%), Vedanta Ltd. (637.20, 1.6%) and National Aluminium Company Ltd. (357.40, 2.1%).

Stocks making new 52 weeks lows included - BASF India Ltd. (3,628, -0.8%) and Bata India Ltd. (908, -0.2%).

15 stocks climbed above their 200 day SMA including PVR INOX Ltd. (1,042.70, 6.2%) and Mangalore Refinery And Petrochemicals Ltd. (145.18, 3.4%). 11 stocks slipped below their 200 SMA including Apar Industries Ltd. (7,651.50, -2.9%) and Bharti Hexacom Ltd. (1,680.10, -1.5%).

 
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Trendlyne Marketwatch
12 Jan 2026
Market closes higher, supported by reassuring comments from US Ambassador Sergio Gor on India-US trade ties
By Trendlyne Analysis

Nifty 50 closed at 25,790.25 (107.0, 0.4%), BSE Sensex closed at 83,878.17 (301.9, 0.4%) while the broader Nifty 500 closed at 23,510.45 (43.1, 0.2%). Market breadth is in the red. Of the 2,615 stocks traded today, 871 were on the uptrend, and 1,690 went down.

Indian indices closed in the green after erasing morning losses as US Ambassador Sergio Gor struck an upbeat tone on India ties and said the next trade deal call is set for January 13. Maruti Suzuki’s board approved an investment of Rs 4,960 crore to acquire land in Gujarat for capacity expansion. The land at Khoraj Industrial Estate will support a proposed addition of up to 10 lakh vehicles annually.

Nifty Midcap 100 closed flat, while Nifty Smallcap 100 closed in the red. Nifty Metal and BSE Metal were among the top index gainers today. According to Trendlyne’s Sector dashboard, Metals & Mining emerged as the best-performing sector of the day, with a rise of 2%.

Asian indices closed mixed, while European indices are trading lower. US index futures traded in the red, indicating a cautious start to the trading session. Goldman Sachs delayed its Fed rate-cut outlook, now projecting two 25-basis-point cuts in June and September 2026 instead of March and June, citing softer jobs data, a gradually weakening labor market, strong GDP growth, and easing tariff effects.

  • Relative strength index (RSI) indicates that stocks like ITC, Premier Energies and Cohance Lifesciences are in the oversold zone.

  • Larsen & Toubro enters a share purchase agreement with Sapura Nautical Power to acquire a 40% stake in its JV, L&T Sapura Shipping, for $16.9 million (~Rs 152.4 crore).

  • Vedanta is rising as it receives approval from the National Company Law Tribunal (NCLT) to demerge Talwandi Sabo Power from itself.

  • Websol Energy Systems receives approval from the Andhra Pradesh government to set up a 4 gigawatt (GW) solar cell and module plant in Tirupati district. The company will also set up a 100 megawatt (MW) captive solar plant at the location.

  • CLSA maintains an 'Outperform' rating on Avenue Supermarts (Dmart) with a higher target price of Rs 6,185. The brokerage stays positive and raises its FY26–28 consolidated earnings estimates by 1%–7% to reflect stronger profit growth. However, it flags risks to the durability of the recent margin expansion, noting that higher gross margins may be driven by one-off factors such as extra discounts or incentives offered by FMCG firms to clear inventory around GST rate changes.

  • Alembic Pharmaceuticals receives tentative US FDA approval for Bosutinib tablets, 400 mg, under a supplemental abbreviated new drug application (ANDA). The drug is equivalent to Bosulif and treats Ph+ chronic myelogenous leukaemia (a type of blood cancer). The product has an estimated US market size of $251 million (~Rs 2,265 crore).

  • Man Industries secures orders worth Rs 550 crore from domestic and international clients to supply coated line pipes and related solutions.

  • Shakti Pumps (India) is rising sharply after securing an order worth Rs 654 crore from Karnataka Renewable Energy Development (KREDL) to install 16,780 solar water pumping systems.

  • Nifty Metal gains as most ferrous players post high single- to low double-digit volume growth in Q3, partly aided by safeguard duty implementation in late December 2025. Strong macro conditions lifted aluminium, zinc, and copper realisations by 8%, 12%, and 13% respectively, further supported by a 2% rupee depreciation.

  • KP Green Engineering rises as it secures work orders worth Rs 819 crore from Bharat Sanchar Nigam (BSNL) under the 4G saturation project. The orders cover telecom infrastructure execution across multiple clusters, including tower supply, installation, and long-term operations and maintenance.

  • Aurionpro Solutions falls by over 2% to a 52-week low of Rs 1,005 despite winning an order worth Rs 150 crore from Delhi Metro Rail Corporation Limited (DMRC) for the implementation of Automated Fare Collection (AFC) systems for the Bhopal and Indore Metro Rail projects.

  • Signatureglobal (India) plunges to its 52-week low of Rs 935.9 as its Q3FY26 pre-sales decline 27% YoY to Rs 2,020 crore due to a 73% reduction in the number of units sold. However, collections grow 14% to Rs 1,230 crore.

  • Indian real estate firms such as DLF, Signature Global, and Godrej Properties fall amid concerns about challenges in the housing upcycle. A Knight Frank report says the NCR housing market moderated in 2025 after a post-pandemic surge driven largely by pent-up demand. Meanwhile, Jefferies warns that flat sales volumes raise fears of a potential reversal after a residential upturn lasting over five years.

  • Tanfac Industries is rising sharply as it secures an order worth Rs 337.5 crore per annum from a Japanese customer to supply fluorinated chemicals over the next seven years. Total value of the contract is Rs 2,362 crore.

  • Globus Spirits' Q3FY26 net profit surges to Rs 30.7 crore compared to Rs 55.4 lakh in Q3FY25, supported by lower excise duty and finance costs. Revenue jumps 6.3% YoY to Rs 941.1 crore, led by an improvement in the manufacturing segment. It appears in a screener of stocks with high trailing twelve-month (TTM) EPS growth.

  • Radhakishan Damani cuts stake in Mangalam Organics to below 1% in Q3FY26. He held a 2.2% stake in the company in Q2FY26.

  • Vinay Rustagi, Chief Business Officer at Premier Energies, says the company plans to more than double its annual cell and module manufacturing capacity to 10.6 GW and 11.1 GW, respectively, under its Rs 11,000-crore expansion to meet domestic demand. He adds that Premier Energies is also exploring ingot and wafer manufacturing as it aims to become one of the world’s largest integrated renewable energy equipment makers.

  • Maruti Suzuki’s board approves an investment of Rs 4,960 crore to acquire land in Gujarat for capacity expansion. The land at Khoraj Industrial Estate will support a proposed addition of up to 10 lakh vehicles annually.

  • Indian Renewable Energy Development Agency is rising sharply as its Q3FY26 net profit jumps 37.6% YoY to Rs 585.2 crore, helped by a reduction in provisions. Revenue grows 26% to Rs 2,319.9 crore during the quarter. It features in a screener of stocks with increasing revenue over the past four quarters.

  • Tejas Networks plunges to its 52-week low of Rs 381.5 as it posts a net loss of Rs 196.6 crore in Q3FY26 compared to a net profit of Rs 165.7 crore a year ago, due to higher finance costs. Revenue declines 88.2% YoY to Rs 314.3 crore, caused by delays in orders from BSNL. It shows up in a screener of stocks with the lowest momentum scores.

  • BofA Securities initiates coverage on Meesho with a 'Neutral' rating and a target price of Rs 190. The brokerage believes the company is well positioned to capture the value-driven mass market. It expects Meesho’s net merchandise value to grow at a 26% CAGR from FY26 to FY29, with adjusted EBITDA margins turning positive, improving from -3% in FY26 to +3% by FY29.

  • Chemplast Sanmar's board of directors appoints S Ganeshkumar as the Managing Director (MD) for three years, effective April 1.

  • Avenue Supermarts (D-Mart) is rising as its Q3FY26 net profit jumps 18.3% YoY to Rs 855.9 crore, helped by lower inventory expenses. Revenue grows 13.3% to Rs 18,117.8 crore, driven by new store additions. The company's board appoints Anshul Asawa as the Chief Executive Officer (CEO), effective February 1, and as the Managing Director (MD) for three years, effective April 1.

  • NIIT Learning Systems' subsidiary, NIIT (USA), acquires a 100% stake in SweetRush for $26 million (~Rs 234.6 crore).

  • Lemon Tree Hotels is rising sharply as its board of directors approves the divestment of its 41.1% stake in its subsidiary, Fleur Hotels, to Warburg Pinkus. Warburg Pincus will invest Rs 960 crore in Fleur Hotels.

  • Nifty 50 was trading at 25,611.05 (-72.3, -0.3%), BSE Sensex was trading at 83,435.31 (-140.9, -0.2%), while the broader Nifty 500 was trading at 23,386.40 (-81.0, -0.3%).

  • Market breadth is moving down. Of the 2,179 stocks traded today, 485 were on the uptrend, and 1,619 went down.

Riding High:

Largecap and midcap gainers today include Hindustan Zinc Ltd. (628.25, 3.6%), Power Finance Corporation Ltd. (371.80, 3.6%) and Indian Renewable Energy Development Agency Ltd. (141.50, 3.6%).

Downers:

Largecap and midcap losers today include GE Vernova T&D India Ltd. (2,730, -5.8%), Prestige Estates Projects Ltd. (1,505.10, -3.8%) and Cummins India Ltd. (3,979.50, -3.3%).

Volume Shockers

10 stocks in BSE 500 are trading on high volumes today.

Top high volume gainers on BSE included IFCI Ltd. (56.43, 15.1%), Indian Renewable Energy Development Agency Ltd. (141.50, 3.6%) and Linde India Ltd. (6,100, 3.3%).

Top high volume losers on BSE were Tejas Networks Ltd. (377.60, -9.5%), City Union Bank Ltd. (263.05, -6.4%) and Maharashtra Scooters Ltd. (12,900, -4.7%).

Aditya Birla Real Estate Ltd. (1,567.50, -3.3%) was trading at 7.6 times of weekly average. C.E. Info Systems Ltd. (1,549.90, -3.2%) and The New India Assurance Company Ltd. (150.11, 0.7%) were trading with volumes 5.0 and 3.5 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

3 stocks overperformed with 52 week highs, while 48 stocks were underachievers and hit their 52 week lows.

Stocks touching their year highs included - Phoenix Mills Ltd. (1,895, -0.5%), Alkem Laboratories Ltd. (5,886, 1.5%) and Emcure Pharmaceuticals Ltd. (1,495, -3.0%).

Stocks making new 52 weeks lows included - ACC Ltd. (1,711.90, 0.5%) and BASF India Ltd. (3,677, -2.1%).

7 stocks climbed above their 200 day SMA including IFCI Ltd. (56.43, 15.1%) and Medplus Health Services Ltd. (846.25, 3.5%). 35 stocks slipped below their 200 SMA including Radico Khaitan Ltd. (2,831.80, -3.9%) and Apar Industries Ltd. (7,879, -3.8%).

 
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The Baseline
09 Jan 2026
Five Interesting Stocks Today - January 9, 2026
By Trendlyne Analysis

1. Tata Motors (TMCV):

Thiscommercial vehicle manufacturer rose 6.4% over two trading sessions after itsbusiness update on January 1. The company reported a sharp rise in December sales, which surged 25% YoY to 42,508 units and climbed nearly 20% from the previous month.

Managementsaid that growth was driven by stronger economic activity rather than temporary factors. MD and CEO Girish Wagh said sales momentum began with the GST 2.0 rollout and the festive season in Q2FY26, and continued into Q3FY26. He added that demand improved after the monsoon, as construction and mining activity picked up, alongside steady demand from core industries and the auto logistics sector.

Looking ahead, Waghsaid, “We expect demand to strengthen in Q4FY26 across most commercial vehicle segments.” He added that “the government’s sustained infrastructure push” should drive demand in 2026.

On November 12, 2025, TMCVlisted on the stock exchanges at a 26% premium following itsdemerger on 1st October fromTata Motors (now Tata Motors Passenger Vehicles). The demerger separates the fast-growing passenger vehicle and electric vehicle businesses from the more stable, cash-generating commercial vehicle (CV) business. The split allows investors to value the two businesses separately.

One keychallenge for TMCV remains the light commercial vehicle (LCV) goods segment, where market share has fallen from around 40% in FY22 to around 28% in H1FY26. Mahindra & Mahindra has expanded aggressively here in pickups and small commercial vehicles.

Facing pressure in the LCV segment, managementexpects a gradual market share recovery, supported by higher retail volumes, new launches, and the full pass-through of GST benefits to customers.

InCred Equities recentlyupgraded the stock to “Add” with a target of Rs 513. The brokerage highlighted improving CV demand, GST-driven cost efficiencies, easing interest rates, and stronger industrial activity as factors that could support small truck demand and help Tata Motors regain market share through FY28.

2. Divi's Laboratories:

This pharma company rose 4.3% last week after Citi set a price target of Rs 9,140, implying an upside of nearly 38%. Citi said 2026 could be an “inflection year” for the company, as growth starts picking up after a slower period. The stock has gained around 12% over the past year.

The brokerage expects Divi’s product pipeline to support growth over the next 12 months. This includes new GLP-1 products for obesity and diabetes that work in a similar way to popular weight-loss medicines such as Zepbound and semaglutide-based drugs, and are expected to be launched in 2026. The company’s ‘generics’ business (producing off-patent drugs) is also expected to bounce back as patents on several major global medicines expire.

Citi noted that quarterly profits may remain uneven due to the nature of Divi’s B2B business. However, the long-term outlook remains positive. The brokerage believes the company’s revenue and EBITDA could triple or even quadruple over FY26-30.

In Q2, Divi’s net profit and revenue beat Forecaster estimates by 15.3% and 4.4%, respectively. The generics segment, which accounts for about 44% of total revenue, continued to grow despite pricing pressure. The company managed this through backward integration, coupled with higher sales volume. Looking ahead, Trendlyne’s Forecaster expects Q4 net profit to rise 3.6% to Rs 615 crore, with revenue growth of 16%.

CEO Kiran Divi said, “We are facing pricing pressure in the generics business, but volumes are stable. Pricing is expected to stabilise over the next few quarters, with backward integration at the Kakinada unit helping manage costs.”

CEO Kiran Divi said, “We are facing pricing pressure in the generics business, but volumes are stable. Pricing is expected to stabilise over the next few quarters, with backward integration at the Kakinada unit (in Andhra Pradesh) helping manage costs.” He added that FY26 capex will be higher than the earlier guidance of Rs 2,000 crore, with Rs 1,550 crore already spent in H1FY26.

3. Hindalco Industries:

This aluminium company rose over 1% on January 6 after Geojit BNP Paribas upgraded its rating to 'Buy' with a target of Rs 1,034. The brokerage expects strong metal prices and rising domestic demand to support earnings in the coming months.

Geojit said the company is strengthening its downstream business by making finished aluminium and copper products, which earn better margins than raw metal. Higher use of recycled metal is also helping cut costs and reduce earnings swings. This strategy led to a 69% jump in downstream margins in Q2. Rising domestic demand, lower GST, and firm global metal prices further support growth.

Global aluminium and copper prices have risen sharply this year, reaching $2,979 per tonne and $12,466 per tonne, respectively. It’s worth noting here however, that metal prices tend to be volatile, and any pullback in a major market like China could force rapid downward moves. To protect margins amid price volatility, the company has locked in prices for 49% of its Q4FY26 aluminium sales at $2,760 per tonne.

In Q2FY26, Hindalco’s revenue rose 13.5% YoY, driven by its India aluminium business and US-based subsidiary Novelis (industrial aluminum smelting company). Net profit increased 21%, supported by a better mix of higher-value products. 

Hindalco’s Aditya Smelter Phase 2 project is expected to add 1.9 lakh tonnes (14% of existing capacity) of aluminium capacity by 2029. The company is also developing three captive coal mines, which are expected to start supplying power from 2026 and help lower energy costs. At Novelis, renewable energy capacity is set to nearly double by the end of the year, reducing operating costs and tariff risks.

On these initiatives, CEO Satish Pai said, “The expansion should deliver healthy returns even if margins soften slightly. The focus remains on keeping net debt below 2x EBITDA while executing the Rs 83,000 crore capex programme through 2029.”

4. Devyani International:

This restaurant stock slid 9.7% over the past week as investors questioned whether the proposed merger with Sapphire Foods India could revive weak demand at existing outlets. Same-store sales declined across KFC and Pizza Hut stores operated by both companies in H1FY26, as intense local competition, aggressive discounting, and shifting consumer preferences have continued to hurt footfalls.

On January 1, Devyani’s board approved the merger of Sapphire Foods with itself. Under the scheme, Sapphire shareholders will receive 177 Devyani shares for every 100 shares held. In addition, Arctic International, a Devyani subsidiary, will acquire an 18.5% stake in Sapphire, consolidating control over the combined business.

As part of the broader transaction, Devyani will also acquire 19 KFC restaurants in Hyderabad for Rs 90 crore and pay a one-time fee of Rs 320 crore to Yum! Brands. This payment covers merger approvals, and grants Devyani rights to operate in new territories. Management expects the consolidation to improve scale and bargaining power across brands and geographies.

Commenting on the merger’s impact, Promoter and Chairman Ravi Kant Jaipuria said, “The merged entity will have more than 3,000 stores globally and an annual turnover of approximately Rs 8,000 crore.” He added that the integration could generate annual cost savings of about Rs 220 crore from the second year onward through efficiencies in procurement, logistics, and overheads.

Motilal Oswal remains constructive on the long-term benefits of the merger and maintains a ‘Buy’ rating with a target price of Rs 180. It expects the combined entity to accelerate store expansion, lower raw-material costs, and improve operating leverage. The brokerage forecasts revenue growth of about 12% and EBITDA growth of over 15% annually over FY26–28.

Recent financial performance, however, remains mixed. In Q2FY26, Devyani reported revenue growth of 12.6% YoY, aided by new store additions and the acquisition of Sky Gate Hospitality (parent co of Biryani By Kilo, Goila Butter Chicken, and The Bhojan). Yet the company posted a net loss due to elevated operating costs, higher raw-material prices such as cheese and flour, and lower margins from the newly acquired Sky Gate brands.

5. Coal India (CIL):

The stock of this coal & mining company rose by over 4% in the past week after its wholly owned subsidiary, Bharat Coking Coal (BCCL), announced its initial public offer (IPO). The Rs 1,071.1 crore issue, opening on January 9, is a complete offer-for-sale, with Coal India selling a 10% stake, or about 46.6 crore shares. The divestment is expected to generate around Rs 605 crore in profit, translating into a 130% return on investment.

Director M.K. Agarwal stated that the IPO proceeds will fund CIL’s Rs 16,000 crore capital expenditure plan for FY26. Following a directive from the Prime Minister's Office, the company aims to list all eight of its subsidiaries by 2030 to improve transparency and unlock asset value.

Operations in the second quarter were challenging, with revenue rising just 0.5% YoY due to an intense monsoon that disrupted mines in Jharkhand and Chhattisgarh. Coal production between April and November 2025 reached 453.5 million tonnes, compared to 471 million tonnes in the same period last year.

Looking forward, Trendlyne’s Forecaster projects a significant revenue surge of 18.8% in Q3FY26. This optimistic outlook is supported by a recovery in operational momentum following a weather-disrupted first half. Analysts from Kotak Securities highlight that while production was initially hamstrung by an extended monsoon, offtake volumes have remained remarkably steady through the third quarter. This suggests that end-user demand, particularly from power and steel sectors, has not weakened, even as global commodity cycles fluctuate. The stock appears in a screener of companies with rising net cash flow and cash from operating activity.

Global brokerage firm Jefferies reiterated a ‘Buy’ rating on Coal India and raised its target price to Rs 440, citing steady cash flows driven by demand from power and industrial users. It added that the stock remained an attractive defensive bet amid volatile metal prices.

Trendlyne's analysts identify stocks that are seeing interesting price movements, analyst calls, or new developments. These are not buy recommendations.

 
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Trendlyne Marketwatch
09 Jan 2026
Market closes lower, dragged down by foreign investor outflows and rising crude prices
By Trendlyne Analysis

Nifty 50 closed at 25,683.30 (-193.6, -0.8%), BSE Sensex closed at 83,576.24 (-604.7, -0.7%) while the broader Nifty 500 closed at 23,467.35 (-212.8, -0.9%). Market breadth is highly negative. Of the 2,598 stocks traded today, 527 showed gains, and 2,026 showed losses.

Indian indices closed lower after extending losses in the afternoon session, dragged down by foreign investor outflows, rising crude prices and fresh US tariff concerns for Russian energy buyers. The Indian volatility index, Nifty VIX, closed 3.1% higher at 10.9 points. Elecon Engineering closed 16.5% in the red after its Q3FY26 net profit declined 33.1% YoY to Rs 72 crore on higher procurement costs.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the red, tracking the benchmark index. Nifty Realty and Nifty Capital Markets were among the worst-performing indices of the day. According to Trendlyne’s sector dashboard, Telecommunications Equipment emerged as the lowest-performing sector of the day, with a fall of 2.4%.

European indices are trading flat or higher, except Spain’s IBEX 35 and Portugal’s PSI indices. Major Asian indices closed flat or in the green. US index futures are trading mixed, indicating a cautious start to the session as investors await US jobs data set to come out later today.

  • Money flow index (MFI) indicates that stocks like Vardhman Textiles, HDFC AMC, ZF Commercial and Cohance Lifesciences are in the oversold zone.

  • Manappuram Finance falls after reports say the Reserve Bank of India raises objections to Bain Capital’s plan to acquire a controlling stake in the company.

  • Tanfac Industries board of directors approves setting up a 20,000 tonnes per annum (TPA) downstream fluorinated chemical manufacturing facility with a capex of Rs 495 crore. The board also approves a Rs 500 crore qualified institutional placement (QIP) of equity shares and a 1:2 stock split.

  • Ravindra Energy secures an order worth Rs 225 crore from the Hubli Electricity Supply Co (HESCOM) to set up and operate 62 MW of solar power generators across 13 substations.

  • Macquarie retains an 'Underperform' rating on Apollo Hospitals and Max Healthcare Institute, noting both stocks have lagged the Nifty 50 by about 14% so far in 2025. The brokerage expects further earnings downgrades in 2026, adding that EBITDA pressure from new hospital addition targets is not fully factored into current consensus estimates.

  • NMDC is falling as it cuts iron ore prices, reducing Baila lump by Rs 1,000 per tonne to Rs 4,600 compared with last month. Baila fines prices are also lowered by Rs 850 per tonne to Rs 3,900.

  • Torrent Power's Vice Chairman (VC) & Managing Director (MD), Jindal Mehta, announces a capex of Rs 1 lakh crore over the next seven years to expand energy capacity. The company plans to expand thermal capacity by 5 gigawatt (GW) and renewable capacity by 10 GW.

  • Keystone Realtors is falling as its pre-sales decline 3% YoY to Rs 837 crore in Q3FY26, while collections also drop 3% to Rs 524 crore. During the quarter, the company adds a new project in Mumbai with a gross development value of Rs 382 crore.

  • HDFC Securities maintains an 'Accumulate' rating on Birla Corporation with a lower target price of Rs 1,370. The brokerage highlights industry-leading volume growth, a higher premium cement mix aiding pricing, and improving cost competitiveness, while cautioning on near-term demand softness and rising competition. Capex is seen at Rs 6.5 billion in FY26, picking up from FY27 with planned expansions.

  • Sagar Cements declines as its board of directors approves selling of 75 lakh shares (8.14% stake) of its subsidary, Andhra Cements at a floor price of Rs 72 per share through an offer for sale (OFS). The OFS opens today and will end on January 12.

  • Power Grid Corp emerges as the successful bidder for an inter-state transmission system strengthening project in Karnataka. The project comprises of 400 kilovolt (kV) high-capacity power lines along with associated line bays works at both ends and integration of additional renewable energy potential at both Davangere and Bellary pooling stations. 

  • Highway Infrastructure rises as it wins a Rs 328 crore NHAI order for one-year operation and user-fee collection at Kaza toll plaza on NH-16 in Andhra Pradesh. The company will also maintain adjacent toilet blocks and replenish consumables.

  • Nuvama Institutional Equities maintains a 'Hold' rating on Transformers & Rectifiers (India) with a target price of Rs 334. The brokerage flags a continued slowdown in fresh order inflows, which could hurt earnings visibility beyond FY26 despite better-than-expected Q3 performance. Order inflows rose 5.4% YoY to Rs 670 crore in Q3, but were down 18.6% in the first nine months of FY26.

  • Morepen Laboratories receives a stay order from the Himachal Pradesh High Court against a show cause notice worth Rs 117.9 crore issued by the GST Authority in Shimla.

  • Elecon Engineering plunges more than 13% as its Q3FY26 net profit declines 33.1% YoY to Rs 72 crore due to higher raw materials, manufacturing, employee benefits, and finance costs. However, revenue grows 4.8% to Rs 570.6 crore, driven by improvements in the transmission equipment and material handling equipment segments. It shows up in a screener of stocks with an increasing trend in non-core income.

  • Ugro Capital's board of directors approves the merger of its subsidiary, Profectus Capital, into itself.

  • According to data released by the Association of Mutual Funds in India (AMFI), equity mutual fund inflows decline 6% to Rs 28,054.1 crore in December, down from Rs 29,911.1 crore in November. Meanwhile, total assets under management (AUM) stood at Rs 80.2 lakh crore at the end of the month.

  • Vodafone Idea is rising as it releases a timeline to repay the AGR dues. The company plans to repay Rs 124 crore annually over FY26-31, Rs 100 crore annually over FY32-36 and the remaining AGR dues in equal payments annually over FY36-41.

  • Hindustan Unilever is falling as it receives a tax demand of Rs 1,559.7 crore from the Income Tax Department under Sections 143(3) and 144C(13) of the Income Tax Act, 1961, following a transfer pricing and corporate tax assessment for FY22.

  • Power Mech Projects is rising as its wholly-owned subsidiary, PM Green, secures an order worth Rs 3,126 crore from West Bengal State Electricity Distribution (WBSEDCL). The order is to set up a 250 megawatt/1,000 megawatt-hour battery energy storage project in West Bengal.

  • Rupal Agarwal, Director and Senior Research Analyst – Asia Quant Strategy at Bernstein, says Indian equities do not warrant an “Underweight” view and instead offer a balanced risk-reward, supporting a “Neutral” stance. Agarwal cites tailwinds such as an improving earnings cycle, reasonable valuations, potential foreign inflows, resilient domestic flows, and the likelihood of a US–India trade deal.

  • Bharat Heavy Electricals is rising as it secures an order worth Rs 5,400 crore from its joint venture (JV) with Coal India, Bharat Coal Gasification and Chemicals, to set up a coal gasification & raw syngas cleaning plant in Odisha.

  • Rail Vikas Nigam secures an order worth Rs 201.2 crore from East Coast Railway to set up a wagon maintenance workshop with a capacity of 200 units at Kantabanji.

  • Astra Microwave Products' joint venture, Astra Rafael Comsys, secures a Rs 275.3 crore order from the Indian Air Force. The order covers integration of software-defined radios on MiG-29 aircraft, installation of network-centric applications, and supply of 24 radios for Light Combat Aircraft (LCA) Mk-1A.

  • Bharat Electronics is rising as it secures orders worth Rs 596 crore for drone detection and jamming systems, mobile communication terminals, software solutions, upgrades, spares, and related services.

  • Nifty 50 was trading at 25,938.80 (62.0, 0.2%), BSE Sensex was trading at 84,022.09 (-158.9, -0.2%), while the broader Nifty 500 was trading at 23,741.05 (61.0, 0.3%).

  • Market breadth is holding steady. Of the 2,078 stocks traded today, 975 were on the uptrend, and 1,058 went down.

Riding High:

Largecap and midcap gainers today include Hindustan Zinc Ltd. (606.45, 2.7%), Oil India Ltd. (420.05, 2.5%) and Coforge Ltd. (1,681.60, 2.1%).

Downers:

Largecap and midcap losers today include Godrej Properties Ltd. (1,991.50, -4.9%), Siemens Energy India Ltd. (2,403.80, -4.9%) and Adani Green Energy Ltd. (946.10, -4.3%).

Volume Rockets

17 stocks in BSE 500 are trading on high volumes today.

Top high volume gainers on BSE included CCL Products India Ltd. (940.60, 1.6%), Bharat Heavy Electricals Ltd. (274.25, 0.9%) and Mazagon Dock Shipbuilders Ltd. (2,500.50, 0.8%).

Top high volume losers on BSE were Elecon Engineering Company Ltd. (423.55, -15.9%), Indian Energy Exchange Ltd. (138.36, -7.8%) and Manappuram Finance Ltd. (285.85, -7.6%).

Hitachi Energy India Ltd. (17,700, -4.0%) was trading at 7.0 times of weekly average. Tejas Networks Ltd. (417.15, -5.6%) and Mastek Ltd. (2,050, -0.7%) were trading with volumes 6.2 and 5.0 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

2 stocks made 52 week highs, while 30 stocks tanked below their 52 week lows.

Stocks touching their year highs included - Indus Towers Ltd. (433.40, 0.6%) and Eicher Motors Ltd. (7,507, -0.6%).

Stocks making new 52 weeks lows included - ACC Ltd. (1,705.80, -1.0%) and BASF India Ltd. (3,754.40, -1.1%).

4 stocks climbed above their 200 day SMA including Oil India Ltd. (420.05, 2.5%) and Petronet LNG Ltd. (288, 1.7%). 49 stocks slipped below their 200 SMA including Adani Green Energy Ltd. (946.10, -4.3%) and Hitachi Energy India Ltd. (17,700, -4.0%).