Stock Market Live Updates: GIFT Nifty Hints At Positive Start; IndiGo, IndusInd Bank, Ideaforge, Cipla Shares In Focus

Morgan Stanley on HPCL
Maintain Overweight with TP of Rs 610
Chairman constructive on the startup of ~$12 bn of work-in-progress investments every quarter in 2026
Confidence on cost controls and deleveraging surprised positively
HPCL among few global refiners with 1.5x capacity rise
Well placed to leverage the “Golden Age” in fuel markets

Jefferies on HPCL
Maintain Underperform; Cut TP to Rs 385 from Rs 405
Dec-25 quarter missed estimates; valuation appears full
EBITDA 11% below estimates due to weaker refining
Low crude outlook is supportive for marketing margins
LPG compensation to boost earnings in Q4FY26–FY27
Rajasthan refinery commissioning by early FY27 to be a drag
FY26E PAT cut by 3%

Gold and silver prices traded higher across major Indian cities on Friday, Jan. 23, 2026, as the precious metals felt the pressure of geopolitical risk and threats to the Federal Reserve's independence added support to a rally fueled by a retreat from currencies and bonds.

Today, gold is trading at Rs 157,270 while silver is at Rs 327,280, according to the India Bullions' website.

Silver rallied even more than gold levels with an Indian average at Rs 327,280. The white metal was trading at Rs 326,690 in Mumbai, according to Bullion's website.

Coforge Ltd. has reported its third-quarter earnings for the financial year ending March 2026, registering a 5% sequential revenue growth, while profit saw a 33% sequential downtick, largely driven by Rs 118 crore one-time expenses related to Labour Codes. The company has also announced an interim dividend for the third quarter. 

The IT services firm's revenue for the December quarter stood at Rs 4,188 crore, compared to the topline of Rs 3,986 crore in the previous quarter. Net profit, meanwhile, fell 33% to Rs 250 crore compared to the previous quarter's bottom line of Rs 375.8 crore. The profits were largely impacted by the IT Labour Codes' impact of Rs 118 crore.

Coforge's margin for the third quarter took a slight hit of 70 basis points to 13.4%.

Read more: Coforge Q3 Results: Profit Falls 33%; Board Announces Dividend

Shares of Wipro Ltd., Persistent Systems Ltd., United Spirits Ltd., Ksolves India Ltd. and SRF Ltd. will be of interest on Friday, as the day marks the last session for investors to buy shares to qualify for receiving the dividend before the stock goes ex/record-date.

The record date determines the eligible shareholders who will receive the dividend payment. The ex-dividend date, which mostly coincides with the record date, marks when the share price adjusts to reflect the upcoming payout.

Given India's T 1 settlement cycle, shares purchased on the record date (Jan. 27 in this case) will not be eligible for the dividend payment. Therefore, investors who own shares by Jan. 23 will be the beneficiaries.

Nifty Options 27th Jan Expiry: Maximum Call open interest at 26,000 and Maximum Put open interest at 25000.                       

Securities in ban period: Bandhan Bank, Sammaan Capital

• The US Dollar index is up 0.05% at 98.145.
• Euro was up 0.01% at 1.1751.
• Pound was up 0.04% at 1.3499.
• Yen was up 0.15% at 158.62.

Asian equities followed Wall Street higher on Friday after upbeat US economic data and easing geopolitical tensions buoyed investor sentiment. MSCI's regional stocks gauge rose 0.2% after the US benchmarks advanced for a second consecutive day. Japan's Topix rose 0.2, reports Bloomberg.

Good morning readers.

The GIFT Nifty was trading near 25,400 early on Friday. The futures contract based on the benchmark Nifty 50 rose 0.11% at 25,387 as of 6:45 a.m. indicating a positive start for the Indian markets. This comes after the Wall Street rally on Thursday.

In the previous session on Thursday, the benchmark ended in green snapping its three-day decline. The NSE Nifty 50 ended 132.40 points or 0.53% higher at 25,289.90, while the BSE Sensex closed 397.74 points or 0.49% higher at 82,307.37.