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Benchmark indices opened on a positive note on Wednesday, extending the previous session’s recovery as investor sentiment improved ahead of the Union Budget and on the back of the India-EU trade deal. The Sensex opened at ₹81,892.36 against the previous close of ₹81,857.48 and was trading at ₹82,225.48, up 368.00 points or 0.45 per cent at 9.55 am. The Nifty opened at ₹25,258.85 compared to the previous close of ₹25,175.40 and was trading at ₹25,288.65, gaining 113.25 points or 0.45 per cent.
“Indian equity markets are expected to open on a firm note today, extending the late-session recovery seen in the previous session,” said Ponmudi R, CEO of Enrich Money, a SEBI registered online trading and wealth tech firm. “Improving global risk sentiment is likely to encourage fresh buying from oversold levels and prompt short-covering across derivative segments.”
Among the Nifty 50 constituents, ONGC emerged as the top gainer, surging 7.28 per cent to ₹266.01 from its previous close of ₹247.95. Coal India advanced 2.66 per cent to ₹434.15, while Axis Bank rose 2.36 per cent to ₹1,346.80. Bharat Electronics Limited (BEL) gained 2.15 per cent to ₹424.90, and Hindalco climbed 1.33 per cent to ₹974.60.
On the losing side, Asian Paints was the biggest laggard, plunging 5.64 per cent to ₹2,475.00 from the previous close of ₹2,622.80. Tata Consumer Products declined 4.24 per cent to ₹1,137.00, while Eicher Motors fell 2.82 per cent to ₹6,962.50. Bajaj Auto dropped 2.30 per cent to ₹9,273.50, and Maruti Suzuki shed 2.22 per cent to ₹14,906.00.
The Metal Index emerged as the standout performer from the previous session, rallying 3.35 per cent, while the Media Index was the worst performer, losing over 1 per cent. “After the India-EU trade deal, which is a big long-term positive, investors are now focused on the Union Budget to be presented on Feb first,” said Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited.
Foreign institutional investors (FIIs) continued their selling spree with cash market selling of ₹3,068 crores in the previous session, while domestic institutional investors (DIIs) provided support with aggressive buying worth ₹8,999 crores. “A significant feature of the ongoing market construct is the huge short position created by the FIIs in index futures,” Vijayakumar said. “Any news or event that triggers short covering can lead to a rally in the market.”
From a technical perspective, the Nifty held near 25,175, showing resilience above key support levels. “The 25,300–25,400 zone is emerging as an immediate resistance area, and sustained strength above this band is required to trigger meaningful short-covering,” said Aakash Shah, Technical Research Analyst at Choice Equity Broking Private Limited. “On the downside, 25,000 remains a critical psychological support, followed by 24,800.”
Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd, noted that the Nifty rebounded in Tuesday’s session, led by strong gains in metal stocks. “The benchmark closed above its 200-DMA at 25,154 and remained comfortably above the key 25,000 mark, signalling near-term resilience despite India VIX staying elevated at 14.22,” he said.
However, market participants remained cautious as several headwinds persist. “Sustained pressure on the Indian rupee against the U.S. dollar, continued net selling by foreign portfolio investors, and unresolved geopolitical tensions in the Middle East could act as near-term headwinds,” Ponmudi R warned.
Global cues remained mixed as world stocks reached new highs on strong U.S. earnings, while anxiety over President Trump’s policies pushed gold to record levels. “Indian equity markets are poised to open on a positive note, buoyed by robust sentiment surrounding the India-EU trade agreement,” said Devarsh Vakil, Head of Prime Research, HDFC Securities.
Published on January 28, 2026
