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Indices trade near neutral lines with negative bias
Jan-23-2026

Domestic equity markets were trading marginally lower in late morning deals owing to selling in Eternal, Interglobe Aviation, Power Grid Corp, Larsen & Toubro and Axis Bank. Sustained foreign fund outflows and mixed corporate earnings kept investors’ sentiment cautious. Traders overlooked report that the HSBC Flash India Composite Output Index, which measures the combined performance of India’s manufacturing and services sectors, rose to 59.5 in January from 57.8 in December. On the BSE sectoral front, traders were seen piling up positions in Metal, Consumer Durables, Basic Materials TECK and IT, while selling was witnessed in Realty, Utilities, Power, Capital Goods and Industrials.

On the global front, Asian markets were trading mostly in green following positive cues from the US markets overnight. Back home, in the stock specific development, Indigo fell on reporting 78% fall in Q3 consolidated net profit. 

The BSE Sensex is currently trading at 82220.07, down by 87.30 points or 0.11% after trading in a range of 82131.49 and 82516.27. There were 14 stocks advancing against 16 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index was down by 0.09%, while Small cap index down by 0.78%.

The top gaining sectoral indices on the BSE were Metal up by 0.98%, Consumer Durables up by 0.97%, Basic Materials up by 0.41%, TECK up by 0.17% and IT up by 0.09%, while Realty down by 1.35%, Utilities down by 1.12%, Power down by 0.85%, Capital Goods down by 0.79% and Industrials down by 0.56% were the top losing indices on BSE.

The top gainers on the Sensex were Asian Paints up by 2.20%, Ultratech Cement up by 1.39%, Hindustan Unilever up by 1.39%, TCS up by 1.33% and Titan up by 0.78%. On the flip side, Eternal down by 2.75%, Interglobe Aviation down by 2.60%, Power Grid down by 1.98%, Larsen & Toubro down by 0.99% and Axis Bank down by 0.99% were the top losers.

Meanwhile, the European Union (EU) has suspended export benefits under its Generalised Scheme of Preferences (GSP) to sectors like textiles and plastics, for some countries, including India, effective from January 1, 2025. The commerce ministry has said that this decision will not have any impact on the country's exports to the 27-nation bloc, as from 2016, the EU has progressively suspended GSP tariff preferences for India across products, such as minerals, chemicals and textiles. This was further widened in 2019 and 2023.  

The ministry said the same list was extended as per regulations released on December 1, 2025. From January 1, 2026, GSP preferential duties will be suspended for the same list of products until December 31, 2028. As a result of this phased product level graduation, for 2024-25, about 47 per cent of India's exports to the EU, valued at $35.6 billion, are currently outside the scope of the GSP, with only 53 per cent ($40.20 billion) remaining eligible for the benefits. 

The development is important as the India and EU are likely to announce the closure of negotiations for a free trade agreement (FTA) on January 27, 2026. According to the Official Journal of the European Union, the European Commission on September 25, 2025, laid down rules for the application of the regulation with regard to the suspension for 2026-2028 of certain tariff preferences granted to certain GSP beneficiary countries - India, Indonesia and Kenya. It shall apply from January 1, 2026 until December 31, 2028.  

The CNX Nifty is currently trading at 25275.30, down by 14.60 points or 0.06% after trading in a range of 25249.10 and 25347.95. There were 24 stocks advancing against 26 stocks declining on the index.

The top gainers on Nifty were Asian Paints up by 2.19%, Dr. Reddy's Lab up by 2.09%, Hindalco up by 1.64%, Hindustan Unilever up by 1.37% and Ultratech Cement up by 1.34%. On the flip side, Eternal down by 2.72%, Interglobe Aviation down by 2.48%, Power Grid down by 1.89%, JIO Financial down by 1.29% and Adani Enterprises down by 1.07% were the top losers.

Asian markets were trading mostly in green; Nikkei 225 surged 158.11 points or 0.29% to 53,847.00, Taiwan Weighted added 215.43 points or 0.67% to 31,961.51, Shanghai Composite strengthened 18.28 points or 0.44% to 4,140.86, KOSPI increased 28.20 points or 0.57% to 4,980.73, Hang Seng advanced 113.04 points or 0.42% to 26,743.00 and Straits Times rose 62.54 points or 1.3% to 4,890.86. However, Jakarta Composite plunged 115.28 points or 1.3% to 8,876.90.
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