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Trendlyne Marketwatch
23 Jan 2026
Market closes lower as the rupee hits a record low
By Trendlyne Analysis

 

 

Nifty 50 closed at 25,048.65 (-241.3, -1.0%), BSE Sensex closed at 81,537.70 (-769.7, -0.9%) while the broader Nifty 500 closed at 22,706.20 (-302.6, -1.3%). Market breadth is overwhelmingly negative. Of the 2,617 stocks traded today, 639 were on the uptrend, and 1,945 went down.

Nifty 50 closed lower after falling throughout the session as the Indian rupee dropped to a new record low of Rs 91.9 against the US dollar. The Indian volatility index, Nifty VIX, rose 7.7% and closed at 14.4 points. Bharat Electronics secured orders worth Rs 610 crore for communication equipment, medical electronics, thermal imagers, jammers, and related spares & services from the Indian armed forces and government agencies.

Nifty Midcap 100 & Nifty Smallcap 100 closed in the red, following the benchmark index. S&P BSE Services and S&P BSE Utilities were among the top index losers today. According to Trendlyne’s Sector dashboard, Commercial Services & Supplies emerged as the worst-performing sector of the day, with a decline of 5.4%.

Asian indices closed mixed, while European indices are trading lower, except Russia’s MOEX & RTSI indices. US index futures traded in the red, indicating a cautious start to the trading session. Data released by the US Commerce Department on Thursday showed that the PCE price index rose 2.8% YoY in November, remaining above the Fed’s 2% target and reinforcing expectations that rate cuts will remain on hold. The CME FedWatch tool shows a 95% chance of the Fed keeping rates unchanged at its January 28 meeting.

  • Relative strength index (RSI) indicates that stocks like Gravita, Tata Communications, and United Breweries are in the oversold zone.

  • Shriram Finance’s Q3FY26 revenue rises 13.7% YoY to Rs 12,165.8 crore, driven by higher interest income. Net profit falls 29.4% to Rs 2,521.7 crore due to last year’s gain from Shriram Housing Finance divestment. It shows up in a screener of stocks with low Piotroski scores.

  • Adani Green Energy falls sharply as it reports a net loss of Rs 41 crore in Q3FY26, compared to a profit of Rs 492 crore in Q3FY25. The loss is due to higher finance costs amid foreign exchange losses on overseas borrowings. Revenue grows 11.9% YoY to Rs 2,420 crore during the quarter. The company features in a screener of companies with increasing debt.

  • Cipla falls to a new 52-week low of Rs 1,303 as its Q3FY26 net profit declines 57% YoY to Rs 675.8 crore due to new labour codes. However, revenue remains flat at Rs 7,074.5 crore during the quarter. The company appears in a screener of stocks with increasing ROA over the past two years.

  • Anand Agarwal, CFO of V-Mart Retail, expects the company to deliver 15–18% revenue growth in FY26. He highlighted that V-Mart added 23 new stores in Q3, taking total additions to 63 so far this year, and expects the positive margin trend to continue over the next few quarters.

  • IndiGrid Infrastructure Trust raises Rs 1,500 crore through an oversubscribed institutional placement, drawing strong interest from insurance companies and mutual funds. Combined with an earlier preferential issue, the Trust’s total equity fundraising for FY26 now stands at Rs 1,938 crore. This infusion will fund the acquisition of Gadag Transmission and strengthen IndiGrid’s balance sheet.

  • Le Travenues Technology (Ixigo) is falling as its Q3FY26 revenue misses Forecaster estimates by 2.4% despite rising 31.4% YoY to Rs 317.6 crore, driven by higher sales in the flight and train segments. Net profit surges 56.3% to Rs 24.3 crore during the quarter. The company appears in a screener of stocks with improving book value per share over the past two years.

  • HG Infra Engineering plunges to its 52-week low of Rs 545.5 as the Central Bureau of Investigation (CBI) and the Anti-Corruption Bureau (ACB) conduct search operations at its offices and a project site. The searches are carried out at locations in Jaipur, Gurugram, and Bihar, with the financial impact currently unquantifiable.

  • A Nuvama Institutional Equities report highlights that India’s housing upcycle lost momentum in CY25, closing the year on a subdued note as both sales value and volumes fell sharply. For the full year, housing sales value increased by a modest 4% YoY, while the value of new launches was largely unchanged. In volume terms, the slowdown was more pronounced, with sales and launches declining by 6% and 8%, respectively.

  • Bharat Electronics secures orders worth Rs 610 crore for communication equipment, medical electronics, thermal imagers, jammers, and related spares & services.

  • Go Digit General Insurance rises as its Q3FY26 net profit grows 18.2% YoY to Rs 140.1 crore, helped by lower business development & sales promotion expenses. Revenue grows 5.3% to Rs 2,497.7 crore, led by improvements in assets under management (AUM) and gross written premium (GWP). It appears in a screener of stocks where mutual funds increased their shareholding in the last quarter.

  • Coforge is falling as its Q3FY26 net profit declines 33.4% QoQ to Rs 250.2 crore due to new labour codes. However, revenue increases 5.1% to Rs 4,188.1 crore, driven by higher sales in India and the US during the quarter. The company appears in a screener of stocks where mutual funds increased their shareholding in the last quarter.

  • Aastha Gudwani, India Chief Economist at Barclays expects the government’s fiscal deficit to consolidate further to 4.2% of GDP in FY27 from 4.4% in FY26, benefiting from higher nominal GDP growth and prudent expenditure allocation. For the same period, net borrowing could be in the range of Rs 11.1 lakh crore to Rs 11.5 lakh crore with an upward bias.

  • One97 Communications (Paytm) falls sharply after the Reserve Bank of India ends the Payment Infrastructure Development Fund (PIDF) scheme. The incentive programme concluded in December 2025 and has not been extended. This weighs on earnings expectations, as PIDF contributed around 20% of operating profit.

  • Tanla Platforms surges as its Q3FY26 revenue jumps 12.1% YoY to Rs 1,121 crore, beating the Forecaster estimates by 2.1%. Net profit increases 10.9% to Rs 131.4 crore during the quarter. It shows up in a screener of stocks with zero promoter pledge.

  • Syngene International is falling as its Q3FY26 net profit plunges 88.6% YoY to Rs 15 crore due to new labour codes and an exceptional loss of Rs 70.6 crore. Revenue decreases 2.8% to Rs 917.1 crore during the quarter. The company appears in a screener of stocks with PE ratio higher than the Industry average.

  • Jefferies keeps expectations from the upcoming FY27 Union Budget low, saying Finance Minister Nirmala Sitharaman is likely to adhere to the fiscal consolidation path while focusing on defence-led capex and selective support for consumption. Meanwhile, HSBC expects a renewed push to remove non-tariff barriers and increase openness to foreign direct investment across sectors.

  • Premier Energies' Q3FY26 net profit surges 53.5% YoY to Rs 391.7 crore, driven by inventory destocking and lower contract execution expenses. Revenue increases 13% to Rs 1,936.5 crore during the quarter. The company appears in a screener of stocks where mutual funds decreased their shareholding in the last quarter.

  • Bandhan Bank’s Q3FY26 net profit plunges 51.8% YoY to Rs 205.6 crore due to higher operating expenses. Revenue declines 0.9% to Rs 5,431.2 crore, led by a lower contribution from the retail banking segment during the quarter. The bank's asset quality improves as its gross and net NPAs contract by 135 bps and 29 bps YoY, respectively.

  • Cyient is falling as its Q3FY26 net profit declines 28% QoQ to Rs 91.8 crore due to new labour codes. However, revenue increases 3.8% to Rs 1,848.5 crore, driven by higher sales in the digital, engineering & technology segment during the quarter. The company appears in a screener of stocks with a PEG ratio lower than the Industry average.

  • Abhishek Khaitan, MD of Radico Khaitan, says Q3FY26 was the company’s best-ever quarter, with broad-based volume growth of 16.7% across India. He expects full-year volume growth of over 20–25%, targets a 125 bps margin expansion annually, and sees the prestige and luxury segment growing over 15% per year over the next 2–3 years.

  • Gujarat State Petronet is falling as its revenue declines 10.9% YoY to Rs 3,885 crore in Q3FY26, due to reduced gas transmission tariffs imposed by the PNGRB and softer transmission volumes. However, net profit increases 9.7% to Rs 256.8 crore during the quarter. The company appears in a screener of stocks outperforming their industry price change in the quarter.

  • Ashoka Buildcon is rising as it secures an order worth Rs 307.7 crore from the Public Works Department, Daman, to construct a signature bridge connecting the Jampore Sea Front road near the lighthouse to the Devka Sea Front road at Parkota Sheri.

  • DLF's net profit grows 13.7% YoY to Rs 1,203.4 crore in Q3FY26. Revenue increases 32.2% to Rs 2,020.2 crore, driven by growth in its annuity business, which compensated for lower new sales bookings in the development segment during the quarter. The company appears in a screener of stocks with improving ROE over the past two years.

  • InterGlobe Aviation (Indigo) is falling sharply as its Q3FY26 net profit plunges 77.5% YoY to Rs 549.8 crore due to an exceptional loss of Rs 1,546.5 crore caused by operational disruptions and new labour codes. However, revenue grows 6.7% to Rs 24,540.6 crore during the quarter. It shows up in a screener of stocks with price below short, medium and long-term moving averages.

  • Nifty 50 was trading at 25,275.30 (-14.6, -0.1%), BSE Sensex was trading at 82,335.94 (28.6, 0.0%), while the broader Nifty 500 was trading at 22,988.15 (-20.6, -0.1%).

  • Market breadth is in the red. Of the 2,043 stocks traded today, 778 were gainers and 1,212 were losers.

Riding High:

Largecap and midcap gainers today include Hindustan Zinc Ltd. (698.70, 4.6%), GE Vernova T&D India Ltd. (2,712.70, 2.4%) and Voltas Ltd. (1,315.40, 1.7%).

Downers:

Largecap and midcap losers today include Adani Green Energy Ltd. (772.80, -14.5%), Adani Energy Solutions Ltd. (812.70, -12.1%) and Adani Enterprises Ltd. (1,864.20, -10.7%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included Tanla Platforms Ltd. (481, 7.3%), Home First Finance Company India Ltd. (1,112.80, 6.1%) and Bandhan Bank Ltd. (149.33, 4.8%).

Top high volume losers on BSE were Adani Green Energy Ltd. (772.80, -14.5%), Adani Energy Solutions Ltd. (812.70, -12.1%) and Adani Enterprises Ltd. (1,864.20, -10.7%).

Swan Corp Ltd. (410, 2.2%) was trading at 7.1 times of weekly average. Syngene International Ltd. (543.80, -8.2%) and One97 Communications Ltd. (1,138.80, -9.7%) were trading with volumes 6.5 and 6.4 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

8 stocks took off, crossing 52 week highs, while 56 stocks hit their 52 week lows.

Stocks touching their year highs included - Ashok Leyland Ltd. (192.98, 1.4%), Hindustan Zinc Ltd. (698.70, 4.6%) and Jindal Steel Ltd. (1,063.60, -1.2%).

Stocks making new 52 weeks lows included - ACC Ltd. (1,669.10, -3.4%) and Akzo Nobel India Ltd. (2,925, -0.3%).

12 stocks climbed above their 200 day SMA including GE Vernova T&D India Ltd. (2,712.70, 2.4%) and Voltas Ltd. (1,315.40, 1.7%). 17 stocks slipped below their 200 SMA including Adani Energy Solutions Ltd. (812.70, -12.1%) and Adani Ports & Special Economic Zone Ltd. (1,308.40, -7.5%).

 
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