Sensex ended Tuesday’s session 319.78 pts or 0.39% higher at 81,857.48, whereas the Nifty50 rose 126.75 pts or 0.51% to 25,175.40.
Prime Minister Narendra Modi announced that India and the EU had concluded a “landmark” free trade agreement, describing it as the “mother of all deals.” The pact is significant in scale, representing around 25% of global GDP and nearly a third of global trade.
Top Movers
Shares of Axis Bank ended the session nearly 5% higher after the private sector lender reported a 3% year-on-year (YoY) increase in standalone net profit for the third quarter of the financial year 2025-26 (Q3FY26).
Shares of Adani group companies, including Adani Enterprises, Adani Ports and Adani Green, rebounded as much as 5.5% from Friday’s sharp sell-off after lawyers representing Indian executives Gautam Adani and his nephew Sagar Adani made their first filing in a US court this week.
The filing signalled a willingness to negotiate on accepting the summons after the Indian government had twice declined to deliver them, according to a Hindustan Times report. The development follows a request by the US Securities and Exchange Commission, which had sought permission from a US court to directly email the summons to Gautam Adani and Sagar Adani, Reuters reported last week, citing court filings.
On the other hand, Kotak Mahindra Bank tanked over 3% after the private sector lender reported a 4% year-on-year (YoY) increase in its standalone net profit for the third quarter of the financial year 2025-26 (Q3FY26). The profit rose to Rs 3,446 crore, compared to Rs 3,305 crore in the same quarter a year ago.Shares of India’s top carmakers like Mahindra & Mahindra (M&M), Maruti Suzuki India, Tata Motors and Hyundai, fell up to 5% on Tuesday after the India-EU FTA, slashing tariffs on cars imported from Europe to 10% from 110%. At present, New Delhi levies a 70% duty on imported passenger vehicles priced below $40,000, and those priced above $40,000 are taxed at an effective customs duty of 110%. This move could trigger stiff competition for Indian OEMs.
Asian Paints shares tumbled 3% after the company reported a near 5% fall in its consolidated net profit for the December-ended quarter at Rs 1,060 crore compared to Rs 1,110 crore in the year ago period. The profit after tax (PAT) was up 7% sequentially versus Rs 994 crore in Q2FY26.
Global markets
S&P 500 futures edged higher on Tuesday morning after US equity markets began a busy earnings week on a positive note. Futures linked to the broader market index were last up 0.2%, while Nasdaq 100 futures gained 0.5%. Dow Jones Industrial Average futures, however, slipped 49 points, or 0.1%, pressured by a decline in UnitedHealth shares. Investors are also awaiting the Federal Reserve’s interest rate decision due later this week.
Gold advanced on Tuesday, supported by safe-haven demand amid heightened geopolitical uncertainty, while silver surged 8% to trade near all-time highs. Spot gold rose 1.6% to $5,092.70 per ounce as of 0710 GMT, after hitting a record high of $5,110.50 in the previous session. The precious metal also crossed the $5,100 mark for the first time on Monday.
European stocks opened broadly higher on Tuesday as investors welcomed the European Union’s landmark trade agreement with India and positioned themselves ahead of a busy slate of corporate earnings.
Indian Prime Minister Narendra Modi announced that India and the EU had concluded a “landmark” free trade agreement, describing it as the “mother of all deals.” The pact is significant in scale, representing around 25% of global GDP and nearly a third of global trade.
Crude impact
Oil prices edged lower on Tuesday as investors monitored the resumption of supply from Kazakhstan, though losses were capped by disruptions caused by a massive winter storm that hit crude production and affected refineries along the US Gulf Coast. Brent crude futures slipped 28 cents, or 0.4%, to $65.31 a barrel as of 0900 GMT, while US West Texas Intermediate crude fell 19 cents, or 0.3%, to $60.44 a barrel.
Kazakhstan is set to resume production at its largest oilfield, the country’s energy ministry said on Monday, although industry sources noted that output levels remain low.
Rupee vs Dollar
Indian rupee ended 24 paise higher at 91.72 per dollar on Tuesday versus Friday’s close of 91.96.
“Short covering in the second half of the capital market session further lifted expectations of steadier capital flows. With the Fed’s policy decision due late Wednesday, the rupee is likely to track global cues closely. Near-term range is seen between 91.35 and 92.15,” Jateen Trivedi of LKP Securities said.
(With inputs from agencies)
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