Indian equity benchmarks gave up a considerable part of their intraday gains in the second half of the Friday session, driven by profit-taking in heavyweight stocks and cautious sentiment of investors ahead of key Nifty50 earnings.
After opening in the green, the Nifty 50 ended with a marginal gain of 28.75 points or 0.11% at 25,694.35. The Sensex ended 187.64 points or 23% higher at 83,570.35.
On the sectoral front, Nifty IT and PSU Banks outperformed, providing support to the headline indices, while Nifty Healthcare, Pharma, and Consumer Durable were among the top losers.
US Market Wrap
U.S. and European stock futures declined while safe-haven assets such as gold gained after President Donald Trump proposed fresh tariffs on eight countries, including Germany and France, in response to their opposition to his plans to acquire Greenland. The dollar weakened against most major currencies.
U.S. equity-index futures slid at the start of Monday's trading, with NASDAQ 100 contracts falling by as much as 1%. European futures were also under pressure, dropping up to 1.2% as renewed tariff concerns weighed on sentiment. The euro, after opening lower, pared losses and moved higher, Bloomberg reported.
Asian Market Update
Asian equities also slipped, with a regional benchmark falling for the first time in six sessions.
Commodity Check
The risk-off tone boosted demand for safe-haven assets, pushing gold and silver to record highs. Cryptocurrencies slid, while Brent crude dropped nearly 1%.
Earnings in Focus
LTIMindtree, BHEL, Ceat, Bansal Wire, Hatsun Agro Products, Havells, Hindustan Zinc, IRFC, Oberoi Realty, PNB, Tips Music, Atlanta Electricals.
Earnings Post Market Hours
Wipro Review Q3FY26 (Consolidated QoQ)
Key Takeaways
Numbers miss estimate; margins down 140 bps.
QoQ CC growth at 1.4% versus 0.3% in Q2.
One-time impact of labour code and restructuring at Rs 565 crore.
Q4 guidance at 0% to 2% (versus Q3 at -0.5% to +1.5%).
Total booking at $3.3bn versus $4.6bn in Q2.
Financials
Revenue: Up 3.78% at Rs 23,555.8 crore versus Rs 22,697.3 crore (Est: Rs 23,331.70 crore).
Ebit: Down 5.14% at Rs 3,491.4 crore versus Rs 3,680.7 crore (Est: Rs 3,920.69 crore).
Ebit margin: Down 139 bps at 14.82% versus 16.21% (Est: 16.80%).
Net profit: Down 3.91% at Rs 3,119 crore versus Rs 3,246.2 crore (Est: Rs 3,349.92 crore).
Reliance Q3FY26 (Consolidated QoQ)
Revenue: Up 4% to Rs 2,64,905 crore versus Rs 2,54,623 crore.
Ebitda: Flat at Rs 46,018 crore versus Rs 45,885 crore.
Ebitda margin: At 17.4% versus 18%.
Net profit: Up 2.6% to Rs 18,645 crore versus Rs 18,165 crore.
Segmental Ebitda
O2C: Up 10% to Rs 16,507 crore.
Retail: Up 1% to Rs 6,915 crore.
Oil and Gas exploration: Down 3% to Rs 4,857 crore.
Key Factors
Earnings miss largely owing to weak retail performance.
Retail Ebitda margin at 7.06%—lowest in last 13 quarters.
Net profit growth better compared to Ebitda growth owing to higher other income.
Other income up 10% to Rs 4,914 crore.
O2C segment to report growth on better refining and weaker INR, partly offset by weak petchem.
Retail Ebitda growth weak due to high base, JioMart Quick Commerce losses, and demerger of Reliance Consumer Products.
High base as this year festive season was split between Q2FY26 and Q3FY26 versus being in Q3FY25 last year.
Oil and Gas exploration Ebitda down owing to lower realisation and volumes.
Net debt eased to Rs 1,17,102 crore versus Rs 1,18,545 crore QoQ.
Reliance Jio Q3FY26 Review (Inline)
Revenue: Up 3% to Rs 32,751 crore versus Rs 31,857 crore.
Ebitda: Up 2.7% to Rs 17,744 crore versus Rs 17,275 crore.
Ebitda margin: At 54.2% versus 54.2%.
Net profit: Up 3% to Rs 7,173 crore versus Rs 6,972 crore.
ARPU: Up 1.1% to Rs 213.7 versus Rs 211.4.
Subscribers: At 51.5 crore versus 50.6 crore.
Key Factors
Growth supported by tariff hikes taken earlier and subscriber additions.
ARPU grows for sixth consecutive quarter, but growth is the slowest as impact of tariff hike weans off.
ARPU growth owing to upgradation and higher data consumption.
Data consumption on network increased 6.7% QoQ.
Tech Mahindra Q3FY26 (Consolidated QoQ)
5 Key Takeaways
Numbers beat estimates; profits miss estimates by large.
9th consecutive quarter of margin expansion, on track to 15% guidance by FY27.
CC growth at 1.7% versus 1.6% in Q2.
BFSI fell the most, down 6.2% QoQ; Communications is up 2.8%.
Marks highest quarterly deal booking in last 5 years at $1,096 million, up 34% QoQ.
Financials
Revenue: Up 2.84% at Rs 14,393.2 crore versus Rs 13994.9 crore (Est: Rs 14,160.39 crore).
Ebit: Up 11.33% at Rs 1,891.9 crore versus Rs 1,699.3 crore (Est: Rs 1,768.97 crore).
Ebit margin: Up 100 bps at 13.14% versus 12.14% (Est: 12.49%).
Net profit: Down 6.06% at Rs 1,122 crore versus Rs 1,194.5 crore (Est: Rs 1,372.90 crore).
Banking Sector Highlights
HDFC Bank
Gross NPA flat at 1.24% QoQ; Net NPA flat at 0.42% QoQ.
NII up 6.3% at Rs 32,615 crore YoY.
Operating Profit up 8% at Rs 27,098 crore YoY.
Provisions down 18% at Rs 2,838 crore versus Rs 3,501 crore QoQ.
Net Profit up 11.5% at Rs 18,654 crore versus Rs 16,736 crore YoY.
Sees incremental impact of Rs 800 crore due to new labour codes.
Core net interest margin was at 3.35%.
ICICI Bank
Profit misses estimates; Asset quality steady; Provisions elevated.
NII up 7.7% at Rs 21,932 crore YoY; NIM flat at 4.30%.
Operating Profit up 3% at Rs 17,356 crore YoY.
Provisions at Rs 2,556 crore versus Rs 914 crore QoQ.
Gross NPA at 1.53% versus 1.58% QoQ; Net NPA at 0.37% versus 0.39% QoQ.
Net Profit down 4% at Rs 11,318 crore versus Rs 11,792 crore YoY.
Total advances up 11.5% YoY to Rs 14.66 lakh crore; Deposits up 9.2% YoY to Rs 16.59 lakh crore.
UCO Bank
Provisions down 10.7% at Rs 525 crore versus Rs 588 crore QoQ.
Operating Profit up 6% at Rs 1,680 crore YoY.
Net NPA at 0.36% versus 0.43% QoQ; Gross NPA at 2.41% versus 2.56% QoQ.
Net Profit up 15.8% at Rs 740 crore YoY.
Yes Bank
PAT aided by lower provisions; Stable asset quality.
NII up 11% at Rs 2,466 crore YoY.
NIM improved 10 bps at 2.6% versus 2.5% QoQ.
Operating Profit up 14.3% at Rs 1,234 crore YoY.
Provisions down 95% at Rs 21.9 crore versus Rs 419 crore QoQ.
Net Profit up 55.4% at Rs 952 crore versus Rs 612 crore YoY.
CASA Ratio at 34.0% versus 33.7% in Q2FY26.
RBL Bank
NIM improved 12 bps at 4.63% versus 4.51% QoQ.
NII up 4.6% at Rs 1,657 crore YoY.
Operating Profit down 8.4% at Rs 912 crore YoY.
Net Profit at Rs 214 crore versus Rs 32.6 crore YoY.
Gross NPA at 1.88% versus 2.32% QoQ.
IDBI Bank
Net Profit up 1.4% at Rs 1,935 crore YoY.
Gross NPA at 2.57% versus 2.65% QoQ.
NII down 24% at Rs 3,210 crore YoY.
Provision write-back of Rs 542 crore versus Rs 653 crore QoQ.
Punjab and Sind Bank
NII up 5.1% at Rs 986 crore YoY.
Gross NPA at 2.60% versus 2.92% QoQ.
Net Profit up 19.3% at Rs 336 crore YoY.
Additional Earnings (Consolidated YoY)
Himadri Speciality: Revenue up 3.8% at Rs 1,184 crore; Net Profit up 35.3% at Rs 192 crore; Margin at 20.5%.
JB Chemicals: Revenue up 10.5% at Rs 1,065 crore; Net Profit up 21.8% at Rs 198 crore; Margin at 27.8%.
Tata Tech: Revenue up 3.2% at Rs 1,366 crore; Net Profit down 96% at Rs 6.6 crore (saw one-time cost of Rs 164 crore).
Jindal Saw: Revenue down 6.2% at Rs 4,943 crore; Net Profit down 49.1% at Rs 258 crore.
Kesoram Industries: Revenue down 1.1% at Rs 64.8 crore; Net Profit at Rs 6 crore versus loss of Rs 69.2 crore.
JSW Infra: Revenue up 14.2% at Rs 1,350 crore; Net Profit up 8.9% at Rs 359 crore.
Sobha: Revenue down 23% at Rs 9,431 crore; Net Profit down 28.9% at Rs 154 crore.
SML Mahindra: Revenue up 62.5% at Rs 539 crore; Net Profit at Rs 17.5 crore versus Rs 53 lakh.
Indosolar: Revenue up 93.7% at Rs 199.5 crore; Net Profit at Rs 41.5 crore.
L&T Finance: Total Income up 11.6% at Rs 4,581 crore; Net Profit up 17.9% at Rs 739 crore.
JK Cement: Revenue up 18% at Rs 3,463 crore; Net Profit down 7.9% at Rs 175 crore.
Netweb Tech (QoQ): Revenue at Rs 805 crore versus Rs 304 crore; Net Profit at Rs 73.3 crore.
Rossari Biotech: Revenue up 13.4% at Rs 582 crore; Net Profit up 3.2% at Rs 32.7 crore.
Can Fin Homes: NII up 22% at Rs 421 crore; Net Profit up 24.8% at Rs 265 crore.
Q3 Business Update
GMR Airports: Passenger traffic up 2.6% YoY at 3.19 crore. Dec. passenger traffic down 1.9% YoY at 1.07 crore.
Stocks in News
RVNL: Emerged as L1 bidder for Rs 87.6 crore order from Southeastern Railway.
Camlin Fine Sciences: Board seeking liquidation; auditors cited inability to pay debts.
Indigo: DGCA imposed penalty of Rs 22.20 crore.
GR Infra: Emerged as L1 bidder for project worth Rs 488 crore from NTPC.
Ambuja Cements: Starts operations at 2.4 MTPA grinding unit in Rajasthan.
Eris Lifesciences: Allotted 23 lakh shares at Rs 1,835.35 per share.
Vedanta: Approved Rs 1,725 crore corporate guarantee for arm Ferro Alloy.
TCI Express: Gets tax demand of Rs 51 crore from Gurugram tax body.
NTPC Green: Commenced 37.5 MW capacity of Bhuj solar project.
Great Eastern Shipping: Takes delivery of Very Large Gas Carrier ‘Jag Vijay'; fleet at 40 vessels.
Indian Hotels: Completed acquisition of 51% stake in Sparsh Infratech for Rs 232 crore.
Bajaj Finserv: JV pact with Allianz SE terminated.
Engineers India: Received $350 million contract from Dangote Group for Africa refinery.
Mufin Green Finance: Finance agreement with Finnish fund for up to $12 million.
Lloyds Metals: To buy 50% stake in Nexus Holdco FZCO for $90.8 million.
Indigo: Received DGCA orders regarding Dec operational disruption. The board takes full cognizance of DGCA orders. The company will take appropriate measures regarding DGCA orders. The review of internal processes has been underway.
Welspun Corp: The company acquired 2.57% stake in arm Welspun Mauritius for $5.9 mn. The company bought 2.57% stake in arm Welspun Mauritius via Welspun Pipes.
CG Power: Received Rs 900 crore order from US-Based Tallgrass Integrated for data center project in US.
Samhi Hotels: Incorporated wholly owned subsidiary SAMHI Skyline.
Seamec: Vessel SEAMEC PALADIN sailed to Dubai for Statutory Drydocking.
Vedanta: Arm received Rs 1,255 crore mining demand notices in Odisha.
Physicswallah: Arm bought 1.16 acres land in Ranchi for Rs 38 crore.
IPO Watch
Bharat Coking Coal (Listing): Public issue subscribed 146.87 times. Shares debut on Monday.
Amagi Labs (Offering): Cloud-based tech firm issue subscribed 13.98 times on day 3.
Bulk Deals
SPML Infra: Kedia Securities bought 14.98 lakh shares at Rs 167 per share.
Poly Medicure: Smallcap World Fund sold 9.5 lakh shares at Rs 1,645 per share.
F&O Cues
Nifty January futures up 0.12% to 25,749 at a premium of 55 points.
Maximum Call open interest at 26,000; Maximum Put open interest at 25,500.
Securities in ban period: SAIL, Samman Capital.
Currency Check
The Indian rupee plunged 50 paise against the US Dollar to close near all-time low at 90.84
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