Sensex jumps 487 pts, Nifty above 25,300; will stock market rally continue?
Five stocks, namely BEL, Reliance Industries (RIL), Eternal, HDFC Bank and Bajaj Finance, contributed heavily to the Sensex’s rise.
- Jan 28, 2026,
- Updated Jan 28, 2026 4:50 PM IST
Domestic equity benchmarks Sensex and Nifty continued their winning run for the second straight session on Wednesday, following optimism around the landmark trade agreement between India and the European Union (EU).
At close, the Sensex jumped 487.20 points, or 0.60 per cent, to settle at 82,344.68, while the Nifty gained 167.35 points, or 0.66 per cent, to close at 25,342.75. Benchmark index Nifty 50 closed in the green after holding firm above a crucial support band, signalling buying interest on declines, said Ponmudi R, CEO of Enrich Money. He noted that the index managed to defend the 25,150–25,200 zone, a level that aligns with key long-term technical indicators, underscoring strength at lower levels.
Bharat Electronics (BEL) emerged as top gainer on the Sensex, rising 9.04% to Rs 454. Eternal followed with a 5.23% gain, while Bajaj Finance, Power Grid, Trent and Mahindra & Mahindra (M&M) rose 2.28%, 1.97%, 1.82% and 1.79%, respectively. Among sectors, the Defence index outperformed today, rising more than 6%, while intraday profit booking was seen in FMCG stocks, resulting in the FMCG index falling 0.67 percent, said Shrikant Chouhan, Head – Equity Research at Kotak Securities.
Five stocks, namely BEL, Reliance Industries (RIL), Eternal, HDFC Bank and Bajaj Finance, contributed heavily to the Sensex’s rise.
Among sectoral indices, the BSE Oil & Gas index climbed 4% to close at 28,093.44, while the BSE Capital Goods surged 5.38% to settle at 65,629.28.
While the BSE 100 index gained 0.83% to 26,580.86 and BSE SmallCap index rose 1.81% to 6,194.19.
In the Sensex index, shares of Axis Bank, Bharat Electronics (BEL), State Bank of India (SBI), Tata Steel and Tech Mahindra of India hit their fresh 52-week high.
Market breadth remained firmly positive on the BSE. Of the 4,373 actively traded stocks, 2,945 ended in the green, while a dominant 1,291 declined and 137 settled unchanged. The session saw 86 stocks scaling fresh 52-week highs, compared with 261 counters sliding to new 52-week lows. In addition, 209 scrips were locked at their upper circuits, whereas 171 hit lower circuit limits. “Technically, on daily charts, it has formed a bullish candle, and on intraday charts, it is holding an uptrend continuation formation, which is largely positive. For day traders now , 25200/82000 would act as a key support zone. Above 25200/82000, the pullback rally could continue till 25500/82800. Further upside may also continue, potentially lifting the index to 25575/83000. On the flip side, below 25200/82000, sentiment could change. If the index falls below this level, traders may prefer to exit their long positions,” Chouhan said.
Vinod Nair, Head of Research at Geojit Investments Limited, said domestic markets remain optimistic, bolstered by the India-EU Free Trade Agreement. He added that broader indices outperformed due to strength in Metals, Financials, and Oil & Gas, while FMCG stocks saw profit-booking as investors shifted their focus to cyclical sectors.
“Global markets traded mixed as investors awaited the US Fed’s policy decision. Although the broad expectation is that rates are expected to stay unchanged, the focus is on the Fed Chair’s guidance on possible rate cuts later this year. At the same time, rising U.S.–Iran tensions and uncertainty over global tariffs are expected to keep overall sentiment restrained," Nair said. Ponmudi said that the near-term tone remains guarded as the index is still trading below its short-term moving averages. On the upside, immediate hurdles are placed around 25,400–25,450, with a stronger supply area seen at 25,600–25,650.
Ponmudi added that momentum indicators suggest selling pressure is easing, with RSI stabilising near the 40 mark and MACD hinting at a slowdown in downside momentum. He pointed out that intraday trade saw short covering and dip buying in the latter half, keeping the market largely range-bound but with a mild positive bias.
“As long as 25,000 holds, the broader market structure supports consolidation rather than a sharp breakdown,” he said.
Domestic equity benchmarks Sensex and Nifty continued their winning run for the second straight session on Wednesday, following optimism around the landmark trade agreement between India and the European Union (EU).
At close, the Sensex jumped 487.20 points, or 0.60 per cent, to settle at 82,344.68, while the Nifty gained 167.35 points, or 0.66 per cent, to close at 25,342.75. Benchmark index Nifty 50 closed in the green after holding firm above a crucial support band, signalling buying interest on declines, said Ponmudi R, CEO of Enrich Money. He noted that the index managed to defend the 25,150–25,200 zone, a level that aligns with key long-term technical indicators, underscoring strength at lower levels.
Bharat Electronics (BEL) emerged as top gainer on the Sensex, rising 9.04% to Rs 454. Eternal followed with a 5.23% gain, while Bajaj Finance, Power Grid, Trent and Mahindra & Mahindra (M&M) rose 2.28%, 1.97%, 1.82% and 1.79%, respectively. Among sectors, the Defence index outperformed today, rising more than 6%, while intraday profit booking was seen in FMCG stocks, resulting in the FMCG index falling 0.67 percent, said Shrikant Chouhan, Head – Equity Research at Kotak Securities.
Five stocks, namely BEL, Reliance Industries (RIL), Eternal, HDFC Bank and Bajaj Finance, contributed heavily to the Sensex’s rise.
Among sectoral indices, the BSE Oil & Gas index climbed 4% to close at 28,093.44, while the BSE Capital Goods surged 5.38% to settle at 65,629.28.
While the BSE 100 index gained 0.83% to 26,580.86 and BSE SmallCap index rose 1.81% to 6,194.19.
In the Sensex index, shares of Axis Bank, Bharat Electronics (BEL), State Bank of India (SBI), Tata Steel and Tech Mahindra of India hit their fresh 52-week high.
Market breadth remained firmly positive on the BSE. Of the 4,373 actively traded stocks, 2,945 ended in the green, while a dominant 1,291 declined and 137 settled unchanged. The session saw 86 stocks scaling fresh 52-week highs, compared with 261 counters sliding to new 52-week lows. In addition, 209 scrips were locked at their upper circuits, whereas 171 hit lower circuit limits. “Technically, on daily charts, it has formed a bullish candle, and on intraday charts, it is holding an uptrend continuation formation, which is largely positive. For day traders now , 25200/82000 would act as a key support zone. Above 25200/82000, the pullback rally could continue till 25500/82800. Further upside may also continue, potentially lifting the index to 25575/83000. On the flip side, below 25200/82000, sentiment could change. If the index falls below this level, traders may prefer to exit their long positions,” Chouhan said.
Vinod Nair, Head of Research at Geojit Investments Limited, said domestic markets remain optimistic, bolstered by the India-EU Free Trade Agreement. He added that broader indices outperformed due to strength in Metals, Financials, and Oil & Gas, while FMCG stocks saw profit-booking as investors shifted their focus to cyclical sectors.
“Global markets traded mixed as investors awaited the US Fed’s policy decision. Although the broad expectation is that rates are expected to stay unchanged, the focus is on the Fed Chair’s guidance on possible rate cuts later this year. At the same time, rising U.S.–Iran tensions and uncertainty over global tariffs are expected to keep overall sentiment restrained," Nair said. Ponmudi said that the near-term tone remains guarded as the index is still trading below its short-term moving averages. On the upside, immediate hurdles are placed around 25,400–25,450, with a stronger supply area seen at 25,600–25,650.
Ponmudi added that momentum indicators suggest selling pressure is easing, with RSI stabilising near the 40 mark and MACD hinting at a slowdown in downside momentum. He pointed out that intraday trade saw short covering and dip buying in the latter half, keeping the market largely range-bound but with a mild positive bias.
“As long as 25,000 holds, the broader market structure supports consolidation rather than a sharp breakdown,” he said.