Weekly Musings – Index Performance for the week ended 30 Jan, 2026

18 Feb 2026 , 02:01 PM

After witnessing a sharp selloff in the prior week, the Indian market recovered during the pre-budget week. Strong earnings and a healthy GDP outlook from the Economic Survey drove positive sentiment. Optimism on the India-EU trade deal added momentum. As a result, benchmark indices were up nearly 1%. Midcaps witnessed a strong rally and were up ~2.5%. However, FIIs remained sellers. During the week, FII outflows amounted to INR 731 crore. Also, VIX remained elevated at 15.1. 

 

BSE SENSEX 30 INDEX – Gains On Metal Price Rally, India-EU Trade Deal and Pre-budget optimism

Weekly Performance: 0.9%

date	open	high	low	close
30 Jan, 2026	81947.3	82430.8	81941.0	82269.8
29 Jan, 2026	82369.0	82690.0	81707.9	82566.4
28 Jan, 2026	81892.4	82504.0	81814.8	82344.7
27 Jan, 2026	81436.8	82084.9	81088.6	81857.5
26 Jan, 2026	81537.7	81537.7	81537.7	81537.7
23 Jan, 2026	82335.9	82516.3	81471.8	81537.7

Source: BSE

The BSE SENSEX 30 index rose 0.9% in the week ended 30 January 2026 amid volatile trade and selective buying interest. A rally in metal/crude prices, pre-budget optimism and the India-EU trade deal were the key positives behind the index rally. On rising metal prices, metal stocks notched material gains. Pre-budget optimism in defence spending led to strong rallies in stocks like BEL. On the other hand, weakness in IT, FMCG and Pharma capped gains. The index hit a high of 82690.0 and a low of 81088.6 during the week. It closed at 82269.8 on 30 Jan, recording a weekly gain of 732.1 pts.

 

NIFTY 50 INDEX – A Healthy Rebound

Weekly Performance: 1.09%

date	open	high	low	close
30 Jan, 2026	25247.5	25370.7	25213.7	25320.7
29 Jan, 2026	25345.0	25458.2	25159.8	25418.9
28 Jan, 2026	25258.8	25372.1	25187.7	25342.8
27 Jan, 2026	25063.3	25246.7	24932.5	25175.4
23 Jan, 2026	25344.6	25348.0	25025.3	25048.7

Source: NSE

Similar to SENSEX, higher metal/crude prices, pre-budget optimism and India-EU trade deal drove NIFTY 50 up by 1.09%. Commodity and defence-linked stocks witnessed material gains. On the other hand, IT services were an underperformer as FII outflows and moderation in sentiment after Wipro’s cautious outlook continued to impact it. Overall, the index hit a high of 25458.2 and a low of 24932.6 during the week. It closed at 25320.6 on 30 Jan, recording a weekly gain of 272.0 pts.

 

NIFTY MIDCAP 100 INDEX – A Strong Bounceback

Weekly Performance: 2.25%

date	open	high	low	close
30 Jan, 2026	58151.6	58628.8	57769.4	58432.0
29 Jan, 2026	58574.3	58614.9	58006.4	58541.0
28 Jan, 2026	57714.9	58508.9	57678.6	58438.6
27 Jan, 2026	57358.8	57663.5	56671.4	57483.7
23 Jan, 2026	58410.3	58416.2	57048.9	57145.7

Source: NSE

The NIFTY MIDCAP 100 index gained 2.25% in the week ended 30 January 2026. The outperformance was driven by pre-budget optimism and bottom-fishing opportunities after a sharp selloff in the previous week. The index hit a high of 58628.8 and a low of 56671.4 during the week. It closed at 58432.0 on 30 Jan, recording a weekly gain of 1286.3 pts.

 

NIFTY SMALLCAP 100 INDEX – Metal Rally Lifts Small-Cap Sentiment

Weekly Performance: 3.22%

date	open	high	low	close
30 Jan, 2026	16739.6	16946.8	16565.7	16879.1
29 Jan, 2026	16880.0	16888.8	16692.9	16825.0
28 Jan, 2026	16511.3	16817.2	16489.2	16791.0
27 Jan, 2026	16445.3	16493.5	16186.8	16419.3
23 Jan, 2026	16765.4	16770.8	16326.4	16352.8

Source: NSE

The NIFTY SMALLCAP 100 index surged 3.22% in the week ended 30 January 2026, outperforming broader indices after the sharp sell-off in the prior week. The rebound was driven largely by strong gains in commodity and defence-related stocks. The index hit a high of 16946.8 and a low of 16186.8 during the week. It closed at 16879.1 on 30 Jan, recording a weekly gain of 526.3 pts.

 

NIFTY BANK INDEX – Healthy Earnings and Low NPAs spark the rally

Weekly Performance: 1.95%

date	open	high	low	close
30 Jan, 2026	59542.2	59906.9	59501.8	59610.4
29 Jan, 2026	59416.2	60060.7	59339.0	59957.9
28 Jan, 2026	59575.6	59699.9	59240.1	59598.8
27 Jan, 2026	58366.1	59436.8	58121.6	59205.4
26 Jan, 2026	58473.1	58473.1	58473.1	58473.1
23 Jan, 2026	59305.1	59400.1	58346.2	58473.1

Source: NSE

The NIFTY BANK index rose 1.95% in the week ended 30 January 2026, outperforming the broader market. The week started on a strong note with Axis Bank delivering an earnings surprise. The healthy earnings, along with analysis in the Economic Survey about NPAs being at a multi-decade low, led to a healthy rally in Indian banks. For the week, the index hit a high of 60060.7 and a low of 58121.6 during the week. It closed at 59610.4 on 30 Jan, recording a weekly gain of 1137.3 pts.

 

NIFTY IT INDEX – IT Stocks Remain Under Pressure 

Weekly Performance: -0.53%

date	open	high	low	close
30 Jan, 2026	38262.6	38262.6	37704.4	38036.1
29 Jan, 2026	38601.9	38635.6	38063.4	38431.3
28 Jan, 2026	38583.1	38792.6	38433.4	38725.4
27 Jan, 2026	38482.9	38677.6	38074.8	38566.1
26 Jan, 2026	38238.5	38238.5	38238.5	38238.5
23 Jan, 2026	38513.7	38576.6	38149.3	38238.5

Source: NSE

The NIFTY IT index declined 0.53% in the week ended 30 January 2026, underperforming the broader market. While IT stocks rallied post Infosys’ results, they have been witnessing a correction since Wipro’s lacklustre results. In addition, structural worries over the impact of AI on manual coding-related work continue to be a headwind. Overall, the index hit a high of 38792.6 and a low of 37704.4 during the week. It closed at 38036.1 on 30 Jan, recording a weekly loss of -202.4 pts.

 

NIFTY OIL & GAS INDEX – Crude Strength Drives Solid Weekly Gains

Weekly Performance: 4.29%

date	open	high	low	close
30 Jan, 2026	11809.9	11853.0	11710.5	11791.7
29 Jan, 2026	11797.2	11905.5	11752.7	11855.0
28 Jan, 2026	11429.9	11782.9	11413.4	11762.9
27 Jan, 2026	11341.0	11414.2	11237.4	11376.5
23 Jan, 2026	11477.2	11477.8	11292.6	11306.6

Source: NSE

The NIFTY OIL & GAS index surged 4.29% in the week ended 30 January 2026, emerging as one of the top-performing sectoral indices. Gains were driven by firm crude oil prices, which supported buying interest across energy stocks. However, intermittent volatility capped sharper upside despite the strong weekly performance. Overall, crude-linked tailwinds helped the index outperform broader market trends. The index hit a high of 11905.6 and a low of 11237.4 during the week. It closed at 11791.7 on 30 Jan, recording a weekly gain of 485.1 pts.

 

NIFTY FMCG INDEX – FMCG Slides

Weekly Performance: -0.86%

date	open	high	low	close
30 Jan, 2026	50420.5	51339.4	50311.5	51215.2
29 Jan, 2026	50971.4	51002.0	50076.1	50523.9
28 Jan, 2026	51449.8	51579.2	50510.6	50985.4
27 Jan, 2026	51692.2	51741.4	51126.8	51349.8
26 Jan, 2026	51662.1	51662.1	51662.1	51662.1
23 Jan, 2026	52135.6	52217.5	51594.1	51662.1

Source: NSE

The NIFTY FMCG index declined 0.86% in the week ended 30 January 2026, underperforming the broader market. The index faced consistent selling pressure as investor preference shifted towards other sectors. The index hit a high of 52217.5 and a low of 50076.1 during the week. It closed at 51215.2 on 30 Jan, recording a weekly loss of -446.9 pts.