The investors positioning for announcements favouring infrastructure, defence, manufacturing, renewables and consumption.
Gaurav Garg,
Lemonn Markets Desk
Mumbai, 30 January 2026: “Benchmark indices Sensex and Nifty recovered sharply from early losses on January 30 after a gap-down opening, supported by value buying and positive cues from the Economic Survey.
Buying interest was seen in defensive and consumption-heavy stocks, with Apollo Hospitals, Tata Consumer Products, Nestle, Dr Reddy’s Laboratories and ITC emerging as top gainers in the Nifty pack.
Sentiment improved after the Economic Survey projected India’s GDP growth at 6.8–7.2 percent in FY27, underpinned by strong domestic demand and steady capital expenditure. Note that low inflation and resilient credit growth could support double-digit nominal GDP growth and healthy earnings expansion over the medium term.
Markets also drew comfort from a moderation in foreign portfolio investor outflows over the past two sessions, suggesting a possible shift in FPI strategy. In addition, expectations of value buying ahead of the Union Budget on February 1 supported sentiment, with investors positioning for announcements favouring infrastructure, defence, manufacturing, renewables and consumption.
Shrikant Chouhan, Head Equity Research, Kotak Securities, adds:
Today, the benchmark indices witnessed narrow range activity. The Nifty ended 98 points lower, while the Sensex was down by 297 points. Among sectors, FMCG and Media indices gained over 1 percent, whereas the Metal index corrected sharply, shed 5.40 percent. Technically, after a gap down, the market hovered between the 25,200/82000 to 25,350/82400 price range throughout the day. The narrow range activity on intraday charts and the small candle on daily charts indicate indecisiveness between the bulls and the bears.
We are of the view that as long as the market trades above 25,200/82000, a positive sentiment is likely to continue. On the higher side, the market could move up to 25,500/82800. Further upside may also extend, potentially lifting the index up to 25,600-25,675/83000-83200. On the flip side, if the market falls below 25,200/82000, weakness is likely to increase. In such a case, we could see a quick intraday dip down to 25,000-24,900/81500-81200.
