Bajaj Broking

Indian equity benchmark indices ended in red on January 19th, as Nifty fell below 25,600. FII outflows and mixed Q3 earnings are keeping sentiment cautious, with stock-specific volatility. Global risk sentiment weakened after Trump’s fresh tariff threats on Europe, reviving U.S.–EU trade war fears and driving investors toward safe havens like gold. Most global equities slipped, though China showed resilience on strong macro data and export-led growth.

At close, the Sensex was down 324.17 points or 0.39 percent at 83,246.18, and the Nifty was down 108.85 points or 0.42 per cent at 25,585.50. All sectoral indices closed in the red, except FMCG. Media, Oil & Gas and Realty stocks were the worst performers, declining in the range of 1.5–2%. In the broader market, the Midcap index fell 0.4%, while the Small-cap index dropped 1%.

Nifty Outlook 

The index continues to trade with high volatility amid geopolitical tension. On the daily chart, Nifty has formed a bearish candle with a lower high and lower low, highlighting corrective bias. Nifty is currently consolidating near its 100-day exponential moving average (EMA).

On Monday’s session, the index managed to hold above last week's low of 25473, which will act as key immediate support. On the higher side, Monday’s gap-down area around 25700 will act as immediate resistance. While the key hurdle is placed at the 25,900–26,000 area, as it coincides with the last week's high, 20- and 50-day EMAs and the 61.8% Fibonacci retracement of last week’s decline. Overall, Nifty is likely to consolidate in the range of 25,400-26,000 in the coming sessions. A breach below 25,400 will signal extension of the decline towards 25200 levels in the coming weeks.

Bank Nifty Outlook

Index has formed a bearish candle which remained contained inside previous session price range signaling consolidation amid stock specific action. Bank Nifty continues to outperform with larger rallies and limited correction.

Overall, in the last 7 weeks Bank Nifty continue to consolidate in a range of 60,400-58,700. Only a breakout or a breakdown will signal the next directional move in the index. Bank Nifty has immediate support at 59,300 levels while key short term support is placed at 58700-59000 levels being the lower band of the last 7 weeks range and 50 days EMA. On the higher side recent all time high of 60,200-60,400 remains key hurdle area.

Motilal Oswal Financial Services Ltd 

Indian equity markets ended lower amid a cautious global backdrop and mixed earnings, with the Nifty declining 0.4%, while the Nifty Midcap 100 slipped 0.4% and the Nifty Smallcap 100 underperformed with a 1% fall. Sectors ended mostly in red, barring Nifty FMCG (+0.7%) and the Nifty Auto (+0.1%). On the flip side, Nifty Realty (-2%), Media (-1.8%) and Nifty O&G (-1.6%). Global cues remained weak as Japanese government bond yields surged, with the benchmark 10-year yield climbing to around 2.3%—the highest level since February 1999—amid fiscal jitters and concerns that election-related tax cuts could further strain Japan’s finances. Risk appetite was further dampened after renewed trade-related rhetoric from the US, with Trump reiterating plans to levy taxes on European countries opposing his stance on Greenland.

On the stock-specific front, post-earnings reactions remained sharp, with Wipro shares falling over 9%, while Reliance Industries declined 3.5%, ICICI Bank dropped 3.4% and HDFC Bank slipped 1% during the session. On the macro front, International Monetary Fund revised India’s growth outlook upward, projecting GDP growth of 7.3% in FY26, up by 70 bps from its October estimate, and 6.4% growth in FY27 versus 6.2% earlier. Going ahead, markets are expected to trade sideways, tracking global cues and ongoing earnings, while any escalation on the geopolitical front would remain a key overhang.

Also Read: Ashika Institutional, MOFSL & Bajaj Broking Markets Closing Commentary

Ashika Institutional Equities

Indian equity markets ended the session on a weak note amid heightened global uncertainty and cautious investor sentiment. The benchmark Nifty opened with a sharp gap down at 25,653 and marked its intraday high at the opening tick itself. Selling pressure dominated the early part of the session, pulling the index down to an intraday low of 25,494. However, buying interest emerged near lower levels, helping the index recover part of its losses as the day progressed.

Market sentiment remained subdued, largely driven by adverse global cues. Risk appetite weakened after US President Donald Trump indicated plans over the weekend to impose higher tariffs on several European nations starting February 1.

The announcement rekindled concerns over global trade disruptions and economic growth, prompting investors to adopt a cautious stance. On the domestic front, heavyweight stocks such as ICICI Bank, Reliance Industries, and Wipro weighed heavily on the benchmark, contributing to the overall weakness. Additionally, ongoing corporate earnings announcements added to intraday volatility, keeping market participants on edge. Overall, persistent global uncertainties and the unfolding earnings season continued to influence market direction, resulting in a volatile and cautious trading environment