Investor focus is also on quarterly results due later today from key companies such as Bajaj Auto, NTPC, Power Grid Corporation of India, Nestl' India, and Ambuja Cements. Reflecting the subdued sentiment, the Nifty slipped below the 25,250 level during early morning trade.

Metal, IT and oil & gas shares witnessed selling pressure, while FMCG, consumer durables and pharma stocks advanced.

At 09:30 IST, the barometer index, the S&P BSE Sensex dropped 520.26 points or 0.63% to 82,046.11. The Nifty 50 index fell 179.25 points or 0.69% to 25,239.25.

In the broader market, the S&P BSE Mid-Cap index rose 0.01% and the S&P BSE Small-Cap index fell 0.20%.

The market breadth was weak. On the BSE, 996 shares rose and 2,121 shares fell. A total of 162 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 393.97 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 2,638.76 crore in the Indian equity market on 29 January 2026, provisional data showed.

Stocks in Spotlight:

ITC rose 0.82%. The company reported a 0.07% decline in consolidated net profit to Rs 4,931.2 crore in Q3 FY26, compared with Rs 4,934.8 crore in Q3 FY25. Revenue from operations jumped 6.7% YoY to Rs 21,706.6 crore for the quarter ended 31 December 2025.

Tata Motors added 0.13%. The company reported a 48% YoY drop in consolidated net profit to Rs 705 crore, while revenue from operations increased 16.1% to Rs 21,847 crore in Q3 FY26 over Q3 FY25.

REC slipped 2.45%. The company reported a 0.3% increase in standalone net profit to Rs 4,043 crore in Q3 FY26, compared with Rs 4,029.1 crore in Q3 FY25. Revenue from operations fell 2.8% YoY to Rs 5,275.5 crore for the quarter ended 31 December 2025.

Numbers to Track:

The yield on India's 10-year benchmark federal paper advanced 0.12% to 6.707 as compared with previous close of 6.699.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 91.9000 compared with its close of 91.9950 during the previous trading session.

MCX Gold futures for 5 February 2026 settlement dropped 3.53% to Rs 1,63,420.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.30% to 96.43.

The United States 10-year bond yield advanced 0.92% to 4.267.

In the commodities market, Brent crude for March 2026 settlement lost 1.23 cents or 1.77% to $68.36 a barrel.

Global Markets:

Asia market traded mixed on Friday after U.S. President Donald Trump said that he will announce his choice for the next Federal Reserve chair on Friday.

Speaking at the premiere of Melania, a film about first lady Melania Trump, he said the five-month search to replace current chair Jerome Powell was nearing its conclusion.

The process for selecting Powell's replacement began in September with an 11-candidate field that included past and current Fed officials, economists, and Wall Street investment professionals.

Trump also endorsed a Senate deal to fund the vast majority of the federal government through the remainder of the fiscal year, easing near-term political uncertainty for investors.

Senators clinched a deal with just over a day until a partial government shutdown. They agreed to remove funding for the Department of Homeland Security from the package and pass the other five bills, while DHS will be funded by a stopgap.

Overnight in the U.S., the S&P 500 index slipped 0.13% to close at 6,969.01, while the Nasdaq Composite declined 0.72% to end at 23,685.12. The Dow Jones Industrial Average advanced 0.11%, or 55.96 points, and settled at 49,071.56.

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