Government and Economic Outlook - The upcoming Union Budget is unlikely to deliver major reform-oriented surprises and is expected to maintain the status quo due to limited scope for sweeping changes [1] - The government must urgently address heavy foreign portfolio investor (FPI) outflows to mitigate risks to financial stability [2][3] - Concerns among foreign investors have intensified following recent tax-related developments, particularly the Flipkart judgment, which has led to uncertainty regarding past transactions [6][7] Precious Metals and Cryptocurrencies - The recent rally in gold and silver prices is deemed unsustainable, with expectations of further price corrections in the near term [8][9] - The correction in precious metals and cryptocurrencies is viewed as a healthy development, indicating a return to market sanity [10] Indian Equities and Market Sentiment - Despite near-term pressures, the long-term outlook for Indian equities remains constructive, supported by healthy economic indicators and corporate earnings [11] - Concerns exist regarding the depreciation of the rupee, rising bond yields, and tightening liquidity conditions, which could pose challenges for the economy [12] Investment Opportunities - Attractive valuations in the midcap space and select sectors, such as construction, defense, and consumption, present potential investment opportunities [13] - Market psychology often creates the best buying opportunities, as drastic sell-offs can lead to undervalued stocks [14] - Selective buying has begun in the market, with interest in larger companies and smaller private banks benefiting from an improving rate environment [15][16]

Market Overview - The GIFT Nifty is trading marginally lower at 25,359.50, indicating a flat to negative open for the benchmark index [1] - US and European index futures are trading mixed during Asian trading hours [1] - The Nifty declined 98.25 points (0.39%) to end at 25,320.65, while Sensex fell 296.59 points (0.36%) to 82,269.78 at close [4] Commodity Market - Gold experienced its steepest drop in over 40 years, tumbling over 12% to slide below $5,000 per ounce, marking its sharpest single-day fall since the early 1980s [3] - Silver saw an unprecedented intraday collapse, plunging up to 36% in its largest intraday decline on record [3] Sector Performance - The metal index saw a sharp 5% drop, while oil & gas, banking, IT, and energy indices also ended lower, falling between 0.5% and 1% [5] - Pharma, media, consumer durables, and FMCG stocks outperformed, rising in the range of 0.7% to 1.8% [5] Earnings Reports - Bajaj Auto reported Q3 FY26 revenue up 18.8% at Rs 15,220 crore, with net profit up 18.7% at Rs 2,503 crore [7] - NTPC reported Q3 FY26 revenue down 1.8% at Rs 40,644 crore, with net profit up 5.8% at Rs 4,987 crore [9] - Bank of Baroda reported Q3 FY26 revenue (NII) up 0.1% at Rs 11,800 crore, with net profit up 4.5% at Rs 5,055 crore [9] - Meesho reported Q3 FY26 revenue up 31.6% at Rs 3,518 crore, but net loss increased to Rs 491 crore [10] Corporate Actions - Aadhar Housing Finance announced a reduction in its Retail Prime Lending Rate (RPLR) by 15 basis points effective Feb 10 [26] - NTPC may become the sole promoter of PTC India [26] - Bank of Baroda plans to raise funds worth Rs 10,000 crore through long-term bonds [26] Key Events - The Union Budget is to be tabled and presented by FM Nirmala Sitharaman in parliament [8] - Auto sales data for January is anticipated [8]

Core Insights - The company turned profitable in the December quarter of 2025-26, reporting a profit after tax of Rs 7.03 crore, compared to a loss of Rs 3.88 crore in the same period last year [1] - Revenue from operations increased by 38.6% to Rs 60 crore in the third quarter, up from Rs 43.29 crore in Q3 FY25 [2] - Total expenditure for the quarter was Rs 52.46 crore, with employee costs amounting to Rs 19.46 crore [2]

Core Insights - IDFC First Bank's net profit for Q3 FY26 increased by 48% year-on-year, reaching Rs 503 crore compared to Rs 339 crore in the same quarter last year [1][6] - The bank's Net Interest Income (NII) rose by 12% to Rs 5,492 crore from Rs 4,902 crore [1][6] - Operating profit saw a 15.6% increase, amounting to Rs 2,003 crore, up from Rs 1,759 crore [1][6] Asset Quality - Gross non-performing assets (NPA) decreased to 1.69% from 1.86% sequentially [1][6] - Net NPA experienced a slight increase to 0.53% from 0.52% in the previous quarter [1][6] Provisions - Provisions fell by 12% to Rs 1,398 crore compared to Rs 1,452 crore in the same period last year [2] Market Performance - IDFC First Bank's share price closed 48% higher at Rs 83.58 on NSE, contrasting with a 0.39% decrease in the Nifty index [4]

Core Insights - The bank reported a 48% year-on-year increase in net profit to Rs 503 crore for Q3 FY26, compared to Rs 339 crore in the same period last year [8] - Net interest income (NII) grew by 12% year-on-year to Rs 5,492.4 crore, up from Rs 4,902 crore in the corresponding quarter a year ago [8] - The bank's asset quality showed improvement, with gross non-performing assets (NPAs) ratio decreasing to 1.69% from 1.86% in the previous quarter and 1.94% a year ago [8][7] Financial Performance - Gross NPAs declined to Rs 4,614 crore from Rs 4,841 crore in the previous quarter, while net NPAs rose slightly to Rs 1,427 crore from Rs 1,345.4 crore sequentially [2][8] - Provisions for the quarter decreased by 3.7% sequentially to Rs 1,398 crore from Rs 1,452 crore, indicating an improvement in overall asset quality [5][8] - The bank's net interest margin (NIM) fell to 5.76% from 6% in the same period last year [9] Loan Growth and Segments - Nearly 89% of the year-on-year growth in loans and advances was driven by expansion in mortgage loans, vehicle loans, consumer loans, business banking, and wholesale loans, reflecting broad-based momentum across key lending segments [4][8] - The credit card portfolio expanded, with cards in force reaching 4.3 million during Q3 FY26 [5][8] - The wealth management business experienced a 31% year-on-year growth, with assets under management increasing to Rs 58,957 crore [5][8] Management Commentary - The Managing Director and CEO, V Vaidyanathan, noted strong business momentum across core segments, including lending, deposits, wealth management, and transaction banking [6][8] - He highlighted the improvement in asset quality and anticipated a further decline in the cost of funds due to recent revisions in savings rates, which is expected to support the bank's lending expansion [7][8]

Core Viewpoint - The first bank failure of 2026 occurred with the closure of Metropolitan Capital Bank & Trust in Illinois, with the FDIC stepping in as the receiver and facilitating the transfer of deposits to First Independence Bank [1][2]. Group 1: Bank Closure Details - The Illinois Department of Financial and Professional Regulation (IDFPR) has closed Metropolitan Capital Bank & Trust [1]. - First Independence Bank will assume "substantially all" deposits from Metropolitan Capital Bank & Trust [1]. - The sole office of Metropolitan Capital Bank & Trust will reopen as a branch of First Independence Bank on February 2, 2026 [2]. Group 2: Financial Impact - Metropolitan Capital Bank & Trust held approximately $260 million in assets at the time of its closure [2]. - Preliminary estimates indicate that the failure will cost the FDIC's Deposit Insurance Fund (DIF) about $19.7 million, with potential changes as retained assets are sold [3].

Core Insights - The Q3FY26 earnings season is set to feature over 75 listed companies reporting their results, providing a comprehensive overview of corporate performance across various sectors [1] - Key companies reporting include Sun Pharmaceutical Industries, IDFC First Bank, Delhivery, GAIL (India), Finolex Industries, and Reliance Infrastructure, along with numerous mid- and small-cap firms [2] - The previous quarter showed mixed results, with some companies experiencing steady revenue growth while others faced profit pressures, highlighting the importance of monitoring margins and operational improvements [3] - The December quarter is crucial for assessing companies' positions before the end of FY26, with a focus on shifts in margins, asset quality, and cash flows, alongside management commentary [4] Sector Performance - The earnings reports will cover various sectors including banking, pharmaceuticals, logistics, energy, manufacturing, financial services, and technology, offering insights into sector-specific performance [1][2] - Market participants will evaluate income, profitability, margins, and balance sheet trends to gauge overall corporate health during the December quarter [2] - Interest-rate-sensitive and consumption-linked sectors will be particularly scrutinized for signs of stabilization and growth momentum [3] Reporting and Analysis - The live blog will provide real-time updates on earnings numbers and developments as companies report their Q3FY26 results throughout the day [5] - Analysts will closely examine management commentary alongside financial results to better understand future positioning and strategies of the companies [4]

Financial Performance - The company reported a consolidated net profit of ₹374.03 crore, more than doubling from ₹141.89 crore in the same period last year [1] - Total income increased by over 11% to ₹27,545.93 crore from ₹24,723.43 crore year-on-year [1] Year-to-Date Performance - For the period of April-December, the company's profit after tax (PAT) reached ₹1,554 crore, up from ₹970 crore in the same nine-month period of FY25 [2] - The company produced 14.35 million tonnes of steel and sold 16.61 million tonnes during the nine-month period [2] Company Overview - SAIL is among India's top five steel-making companies, operating under the Ministry of Steel, with an overall capacity exceeding 21 million tonnes [2]

Core Insights - Metropolitan Capital Bank & Trust has failed, marking the first bank failure of 2026, as confirmed by the Federal Deposit Insurance Corp (FDIC) [1][10] - The bank had $261.1 million in assets and was closed by the Illinois Department of Financial and Professional Regulation, with most assets being sold to First Independence Bank [2][10] Financial Overview - As of Q3 2025, Metropolitan reported $261 million in assets against $257 million in liabilities, resulting in a net equity capital ratio of 1.62% [4] - The bank had $43 million in liabilities related to Federal Home Loan Bank advances [4][10] - The estimated cost of the bank's failure to the FDIC's Deposit Insurance Fund is $19.7 million [3][10] Transaction Details - First Independence Bank will take over $251 million of Metropolitan's assets, including all $212.1 million in deposits [2][10] - Depositors at Metropolitan will automatically become depositors of First Independence and can access their accounts through checks or ATM/debit cards [3] Context and Comparisons - The failure of Metropolitan is notable as it involves a larger firm compared to previous bank failures in 2025, which included Pulaski Savings Bank and Santa Anna National Bank of Texas [6] - The FDIC's quick resolution and asset sale align with Chair Travis Hill's priority to expedite the process of handling failed banks to minimize value erosion [7][10]

Sun Pharmaceuticals Ltd., Central Depository Services Ltd., IDFC First Bank Ltd., and Delhivery Ltd. are among the companies that will announce their third quarter results on Saturday, Jan 31. Here are the analysts' consensus estimates compiled by Bloomberg:Sun Pharma's consolidated Q3 estimates indicate growth on revenue and profit, with softer margins year‑on‑year. Revenue is projected at Rs 14,792 crore versus Rs 13,675 crore, up 8% YoY. Ebitda is estimated at Rs 4,163 crore compared with Rs 4,009 crore, ...