In the week ended on Friday, 23 January 2026, the S&P BSE Sensex tumbled 2,032.65 points or 2.43% to settle at 81,537.70. The Nifty 50 index dropped 645.70 points or 2.51% to settle at 25,048.65. The BSE Mid-Cap index fell 4.20% to close at 44,246.27. The BSE Small-Cap slumped 5.79% to end at 46,825.31.

The rupee hit a fresh record low of 91.99 against the US dollar in intraday trade on Friday, pressured by weak global cues and persistent dollar demand.

Weekly Index Movement:

Equity benchmarks closed lower on Monday as investor sentiment turned cautious amid renewed global trade tensions and disappointing earnings from index heavyweights. The S&P BSE Sensex tanked 324.17 points or 0.39% to 83,246.18. The Nifty 50 index declined 108.85 points or 0.42% to 25,585.50.

Benchmark equity indices closed sharply lower on Tuesday, with the Nifty slipping below the 25,250 level as selling pressure intensified across the board. The S&P BSE Sensex tumbled 1,065.71 points or 1.28% to 82,180.47. The Nifty 50 index dropped 353 points or 1.38% to 25,232.50.

Domestic equities extended losses for a third straight session on Wednesday as global shocks and weak earnings hit risk appetite. The S&P BSE Sensex dropped 270.84 points or 0.33% to 81,909.63. The Nifty 50 index lost 75 points or 0.30% to 25,157.50. In three trading sessions, the Sensex slipped 1.99% while the Nifty declined 2.09%.

Domestic equities rebounded on Thursday after three consecutive sessions of losses, snapping the recent decline and restoring some investor confidence. The S&P BSE Sensex jumped 397.74 points or 0.49% to 82,307.37. The Nifty 50 index rose 132.40 points or 0.53% to 25,289.90. In the previous three sessions, the Sensex slipped 1.99% while the Nifty declined 2.09%.

The key equity benchmarks ended with major cuts on Friday, breaking a three-day losing streak as sentiment remained cautious with investors tracking global cues and awaiting further clarity on domestic triggers, keeping market moves range-bound. The S&P BSE Sensex, tumbled 769.67 points or 0.94% to 81,537.70. The Nifty 50 index lost 241.25 points or 0.95% to 25,048.65.

World economic Forum:

Maharashtra Chief Minister Devendra Fadnavis said Tata Sons has committed $11 billion to develop the proposed innovation city. While the location has been identified and broad contours finalized, the state expects the planning phase to take another six to eight months before execution begins.

Britain will not sign US President Donald Trump’s proposed Board of Peace treaty on Thursday, Foreign Secretary Yvette Cooper said, citing concerns over Russia’s potential involvement in the initiative aimed at resolving global conflicts. She said the UK would not be among the signatories, as the legal treaty raises broader issues and because of concerns over President Vladimir Putin’s role in a peace initiative.

At the 56th World Economic Forum (WEF) annual meeting in Davos, the Adani Group on Wednesday outlined a $66 billion investment blueprint for Maharashtra, spanning aviation, clean energy, urban infrastructure, digital platforms and advanced manufacturing, positioning itself as a long-term partner in the state’s infrastructure-led growth agenda.

Economy:

The International Monetary Fund (IMF) on Monday raised its economic growth forecast for India for the 2025-26 financial year, citing stronger-than-expected momentum in recent quarters. IMF has revised India's GDP growth estimate for FY26 upward by 0.7% to 7.3%, reflecting a better-than-anticipated performance in the third quarter and sustained strength heading into the fourth. However, the IMF expects growth to ease to 6.4% in 2026 and 2027 as temporary and cyclical factors supporting the economy begin to wane.

Stocks in Spotlight:

Wipro tumbled 11.03%. The company reported a 3.92% decline in consolidated net profit to Rs 3,119 crore despite a 3.78% jump in revenue from operations to Rs 23,555.8 crore in Q3 FY26 over Q2 FY26. Looking ahead, the company said that it expects revenue from IT Services business segment to be in the range of $2,635 million to $2,688 million. This translates to sequential guidance of 0% to 2.0% in constant currency terms.

Reliance Industries (RIL) slipped 4.84%. The company reported a 1.6% rise in consolidated net profit to Rs 22,290 crore on a 10% increase in gross revenue to Rs 293,829 crore in Q3 FY26 over Q3 FY25.

ICICI Bank slipped 4.65%. The bank reported a 4.02% fall in standalone net profit to Rs 11,318 crore in Q3 FY26 from Rs 11,792 crore in Q3 FY25. Net interest income (NII) increased by 7.7% year-on-year (YoY) to Rs 21,932 crore in Q3 FY26. Net interest margin was 4.30% in Q3 FY26 as against 4.25% in Q3 FY25. Provisions (excluding provision for tax) were Rs 2,556 crore in Q3 FY26 compared to Rs 1,227 crore in Q3 FY25.

HDFC Bank declined 1.64%. The company reported an 11.46% jump in standalone net profit to Rs 18,563.75 crore on a 2.91% increase in total income to Rs 90,005 crore in Q3 FY26 over Q3 FY25.

LTIMindtree dropped 6.91%. The company reported a 30.73% decline in consolidated net profit to Rs 970.6 crore despite a 3.72% jump in revenue from operations to Rs 10,781 crore in Q3 December 2025 over Q2 September 2025.

Persistent Systems slipped 4.14%. The company reported a 6.79% decline in consolidated net profit to Rs 439.4 crore despite of 5.52% increase in revenue from operations to Rs 3778.20 crore in Q3 FY26 over Q2 FY26.

Bajaj Consumer Care jumped 6.38%. The company’s net profit rose 83.2% YoY to Rs 46.4 crore in Q3 FY26 from Rs 25.3 crore in Q3 FY25. Revenue from operations increased 32.7% YoY to Rs 306.1 crore in Q3 FY26 from Rs 230.7 crore in Q3 FY25.

Dr Reddy’s Laboratories rallied 5.07%. The company reported a 14.4% decline in consolidated net profit to Rs 1209.8 crore despite a 4.4% jump in revenue to Rs 8,716.8 crore in Q3 FY26 over Q3 FY25.

Cipla tanked 5.94%. The company reported 56.96% decrease in consolidated net profit to Rs 675.80 crore in Q3 FY26 as against Rs 1,570.51 crore in Q3 FY25. Total revenue from operations marginally rose 0.02% to Rs 7,074.48 crore in Q3 FY26 as against Rs 7,072.97 crore in Q3 FY25.

Global Market:

The December Eurozone annual CPI figure is expected to be 2.0%, hitting the European Central Bank’s target for the first time since mid-2025, down from 2.1% in November.

Japan’s central bank held its key policy rate at 0.75% as the country prepares to go into an election in which Prime Minister Sanae Takaichi, who advocates for monetary easing and fiscal support, will face voters for the first time.

Japan’s headline inflation rate in December slowed sharply to 2.1%, its lowest level since March 2022. Its core inflation rate came in at 2.4% on the year.

South Korea’s economy unexpectedly shrank 0.3% on a quarterly basis in the October to December period, its sharpest contraction since 2022. Gross domestic product grew 1.5% year on year, while full-year economic growth slowed to 1%, the weakest since 2020, when output contracted 0.7% during the pandemic.

China’s economic growth slowed to its weakest pace in nearly three years in the fourth quarter as domestic demand softened, though full-year growth matched Beijing’s target despite growing trade frictions with the U.S. and a prolonged real estate slump.

China’s gross domestic product grew 4.5% in the October-to-December period, data from the National Statistics Bureau showed Monday. That marked a slowdown from 4.8% in the third quarter and was the weakest reading since the first quarter of 2023, when growth also came in at 4.5%. The full-year economic output came in at 5%, meeting the official target of around 5%.