Mon Jan 27 14:07:30 UTC 2025: **Indian Markets Tumble as Q3 Earnings Mixed; Budget Anticipation Builds**

**Mumbai, January 27, 2025** – Indian stock markets experienced a significant downturn today, with the Sensex falling 824 points to 75,366 and the Nifty plunging 263 points to 22,829. The broader markets suffered even more severely, with the midcap index down 1,467 points, representing a 15% drop from its record high. This widespread selling pressure saw 42 out of 50 Nifty stocks close in the red.

While the overall market sentiment was negative, some companies bucked the trend. ICICI Bank’s strong Q3 results, exceeding lowered expectations, and Ultratech’s impressive cost management, leading to continued growth despite weak demand, stood out as positive performers. Other notable gainers included FMCG giants Hindustan Unilever (HUL) and Britannia, which saw gains exceeding 1%. Adani Wilmar also saw a 5% surge after reporting its highest quarterly revenue.

Conversely, several companies reported disappointing Q3 earnings. Indian Oil Corporation (IOC) shares plummeted by as much as 4.5% after missing analyst expectations. Canara Bank also experienced a significant drop (6%) due to lower-than-expected net interest income (NII). Laurus Labs fell 13% due to concerns surrounding its ARV business. Several other banks, including IDFC First and AU SFB, also experienced substantial losses.

The IT sector mirrored global trends, with HCL Tech, Tech Mahindra, and Wipro among the top Nifty losers, falling by over 3%.

Despite the gloomy market performance, analysts remain optimistic about the upcoming budget. One expert commented that the budget presents a significant opportunity for the government to address challenges while maintaining fiscal discipline, and a strong budget could significantly alter market sentiment.

Meanwhile, speculation continues regarding individual stocks. Some analysts recommend selective investment in stocks showing divergence from the overall market decline, such as Titan, Eicher Motors, and Bajaj Auto. Others maintain a positive outlook on specific companies, with Motilal Oswal reiterating its ‘Buy’ rating on Reliance Industries.

The JSW Group also announced expansion into non-ferrous metal mining, planning to invest ₹2,600 crore in two copper mines in Jharkhand.

The market’s focus now shifts to the upcoming Union Budget and the implications for various sectors.

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