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Trendlyne Marketwatch
19 Jan 2026
Market closes lower, dragged down by weak Q3 results from Reliance, Wipro & ICICI Bank
By Trendlyne Analysis

 

Nifty 50 closed at 25,585.50 (-108.9, -0.4%), BSE Sensex closed at 83,246.18 (-324.2, -0.4%) while the broader Nifty 500 closed at 23,373.75 (-111.6, -0.5%). Market breadth is highly negative. Of the 2,622 stocks traded today, 636 were on the uptick, and 1,932 were down.

Indian indices closed lower after dropping throughout the day, dragged down by weak Q3FY26 earnings from Reliance India, Wipro and ICICI Bank. The Indian volatility index, Nifty VIX, closed higher at 11.8 points. Wipro closed in the red as its Q3FY26 net profit declined 3.9% QoQ due to higher inventory, employee benefits, and subcontracting expenses.

Nifty Smallcap 100 closed lower, while Nifty Midcap 100 closed lower, tracking the benchmark index. Nifty Realty and Nifty Media were among the worst-performing indices of the day. According to Trendlyne’s sector dashboard, Oil & Gas emerged as the lowest-performing sector of the day, with a fall of 2.5%.

European indices are trading lower, except Russia’s RTSI and MOEX indices. Major Asian indices closed in the red, except Indonesia’s IDX Composite and South Korea’s KOSPI indices. US index futures are trading lower after President Trump threatened to impose tariffs up to 25% on eight European countries till the US is allowed to acquire Greenland.

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

  • Hatsun Agro Products is rising sharply as its Q3FY26 net profit jumps 48% YoY to Rs 60.6 crore, helped by lower finance costs. Revenue grows 17.6% to Rs 2,366.7 crore during the quarter. It appears in a screener of stocks where FIIs are increasing their shareholding.

  • Punjab National Bank falls sharply as its Q3FY26 net interest income (NII) drops 4.5% YoY to Rs 10,533 crore. Net profit jumps 13% to Rs 5,100.2 crore, helped by a sharp rise in other income. The bank's asset quality improves as its gross and net NPAs decline by 90 bps and 9 bps, respectively.

  • RBL Bank plunges as its Q3FY26 net profit misses Forecaster estimates by 13.1% despite surging 555.5% YoY to Rs 213.9 crore due to lower provisions and contingencies. Revenue increases 3.7% to Rs 3,666.7 crore, driven by improvements in the wholesale and retail banking segments during the quarter. The bank's asset quality improves as its gross NPAs contract by 104 bps.

  • HSBC upgrades Hindustan Zinc to a 'Buy' rating with a higher target price of Rs 750. The brokerage points to higher zinc and silver price assumptions and improved earnings visibility. It says the stock merits a higher valuation multiple, backed by a strong balance sheet and a stable-to-improving outlook for LME zinc and silver prices. HSBC has raised its FY26–28 zinc and silver price estimates by about 5–23%.

  • Tech Mahindra is rising sharply as its Q3FY26 revenue jumps 2.4% QoQ to Rs 14,371.5 crore, driven by improvements in the IT and business process services (BPS) segments. However, net profit declines 6.1% to Rs 1,122 crore due to higher sub-contracting & finance costs, and impact of the new labour codes. It appears in a screener of stocks with prices above short, medium and long term moving averages.

  • Netweb Technologies is rising sharply as its Q3FY26 net profit surges 133.2% YoY to Rs 73.3 crore. Revenue jumps 166.4% to Rs 811.6 crore, led by improvements in the high performance computing (HPC), AI systems, and high performance storage (HPS) segments. It features in a screener of stocks with the highest recovery from their 52-week lows.

  • JSW Infrastructure surges as its Q3FY26 net profit grows 8.9% YoY to Rs 359.1 crore, helped by lower employee benefit expenses and finance costs. Revenue increases 14.2% to Rs 1,349.7 crore, driven by higher sales from the ports and logistics segments during the quarter. The company appears in a screener of stocks with improving book value per share over the past two years.

  • Moody’s Ratings projects India’s GDP growth at 7.3% in FY26, up from 6.5% in FY25, driven by strong economic expansion that boosts household incomes and insurance demand. It notes that insurers benefit from IPO-led capital inflows, public sector pricing reforms, digitization, and tax incentives, partly offset by mild pressure on capital adequacy ratios.

  • JK Cement is falling as its Q3FY26 net profit declines 7.9% YoY to Rs 174.6 crore due to higher raw materials, inventory, employee benefits, power & fuel and freight expenses. However, revenue grows 18% to Rs 3,509 crore, driven by improvements in grey & white cement and wall putty sales. It shows up in a screener of stocks with growing costs for long-term projects.

  • Bharat Heavy Electricals' Q3FY26 net profit surges 3.1x YoY to Rs 382.5 crore. Revenue jumps 17.7% to Rs 8,700.2 crore, led by improvements in the power and industry segments. It appears in a screener of stocks with high momentum scores.

  • 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.

  • JM Financial retains a 'Buy' rating on Sobha with a target price of Rs 1,850. The brokerage says Sobha maintains strong pre-sales momentum, with Q3FY26 bookings jumping 52% YoY to Rs 2,100 crore. It adds that Sobha is well-positioned to achieve 30–35% pre-sales growth in FY26, backed by a robust Q4 launch pipeline across Gurugram, Noida, Chennai, and Calicut.

  • 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 JSW Infrastructure Ltd. (272.75, 5.8%), CG Power and Industrial Solutions Ltd. (590, 5.0%) and Hitachi Energy India Ltd. (16,964, 4.6%).

Downers:

Largecap and midcap losers today include Wipro Ltd. (245.95, -8.0%), IDBI Bank Ltd. (98.64, -5.7%) and Godrej Properties Ltd. (1,797.80, -4.8%).

Volume Shockers

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

Top high volume gainers on BSE included Jindal Saw Ltd. (179.29, 15.9%), Welspun Corp Ltd. (787.75, 6.9%) and JSW Infrastructure Ltd. (272.75, 5.8%).

Top high volume losers on BSE were Wipro Ltd. (245.95, -8.0%), RBL Bank Ltd. (302.85, -6.7%) and Punjab National Bank (128.05, -3.3%).

Poonawalla Fincorp Ltd. (473, 2.0%) was trading at 7.1 times of weekly average. Tata Technologies Ltd. (661.35, 1.7%) and Netweb Technologies India Ltd. (3,403.10, 1.7%) were trading with volumes 5.6 and 5.5 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

10 stocks overperformed with 52 week highs, while 45 stocks hit their 52 week lows.

Stocks touching their year highs included - Axis Bank Ltd. (1,307.50, 1.0%), Bank of India (163.05, 3.6%) and Canara Bank (156.86, -0.2%).

Stocks making new 52 weeks lows included - BASF India Ltd. (3,610, -0.6%) and Bata India Ltd. (893.50, -1.0%).

8 stocks climbed above their 200 day SMA including Gallantt Ispat Ltd. (571.80, 3.1%) and Kotak Mahindra Bank Ltd. (426.90, 2.1%). 24 stocks slipped below their 200 SMA including Wipro Ltd. (245.95, -8.0%) and Aster DM Healthcare Ltd. (573, -4.4%).

 
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