In the barometer index, the S&P BSE Sensex jumped 173.81 points or 0.21% to 83,450.96. The Nifty 50 index rallied 42.65 points or 0.17% to 25,725.40. In the two consecutive trading sessions, the Sensex and Nifty jumped 1% each.

The broader market outperformed the frontline indices. The BSE 150 MidCap Index climbed 0.31% and the BSE 250 SmallCap Index rose 0.86%. The market breadth was positive.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, dropped 4.93% to 12.67.

Among the sectoral indices, the Nifty PSU Bank index (up 2.11%), the Nifty IT index (up 1.03%) and the Nifty FMCG index (up 0.90%) outperformed the Nifty 50 index.

Meanwhile, the Nifty Media index (down 1.06%), Nifty Realty index (down 0.30%) and the Nifty Oil & Gas index (down 0.11%) and the underperformed the Nifty 50 index.

Economy:

India's total exports (merchandise and services combined) for January 2026 are estimated at $80.45 billion, registering a positive growth of 13.17% vis-'-vis January 2025. Total imports (merchandise and services combined) for January 2026 are estimated at $90.83 billion, registering a positive growth of 18.76% vis-'-vis January 2025. India's total exports during April-January 2025-26 are estimated at $720.76 billion, registering a positive growth of 6.15%. Total imports during April-January 2025-26 are estimated at $823.41 billion, registering a growth of 6.54%.

Merchandise exports during January 2026 were $36.56 billion as compared to $36.34 billion in January 2025. Merchandise imports during January 2026 were $71.24 billion as compared to $59.77 billion in January 2025. The estimated value of services export for January 2026 is $43.90 billion as compared to $34.75 billion in January 2025. The estimated value of services imports for January 2026 is $19.60 billion as compared to $16.71 billion in January 2025.

Major drivers of merchandise exports growth in January 2026 include engineering goods, petroleum products, meat, dairy & poultry products, marine products, and iron ore. Engineering goods exports increased by 10.37% from $9.42 billion in January 2025 to $10.40 billion in January 2026, while petroleum products exports increased by 8.55% from $3.48 billion in January 2025 to $3.77 billion in January 2026.

Numbers to Track:

The yield on India's 10-year benchmark federal paper shed 0.22% to 6.653 compared with the previous session close of 6.668.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 90.6950 compared with its close of 90.7400 during the previous trading session.

MCX Gold futures for 2 April 2026 settlement declined 1.23% to Rs 152,850.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.22% to 97.03.

The United States 10-year bond yield slipped 0.69% to 4.024.

In the commodities market, Brent crude for April 2026 settlement gained 62 cents or 0.92% to $68.37 a barrel.

Global Markets:

European shares advanced on Tuesday despite UK's unemployment rate rose to a five-year high while wage growth slowed.

UK unemployment reached its highest since the pandemic and wage growth eased as the labor market continued to weaken, prompting traders to increase bets on further interest-rate cuts from the Bank of England.

The jobless rate climbed to 5.2% in the final quarter of last year, the Office for National Statistics said Tuesday, the highest since early 2021 and above the 5.1% economists were forecasting. Regular private sector wage growth, the BOE's preferred pay indicator, fell to 3.4%, the lowest level in over five years.

Separate tax figures showed the the number of employees on payroll fell 11,000 in January, taking the drop over the last year to 134,000. Together, the data are likely to reassure BOE policymakers that inflationary pressures in the labor market are easing fast enough to cut interest rates again.

The pound weakened against the dollar, dropping 0.5% to $1.3564. Markets moved to fully price two rate cuts this year to 3.25% after the soft jobs data.

German inflation came in at 2.1% in January, up from 1.8% the previous month, the German Federal Statistical Office reported on Tuesday.

Asian markets ended lower amid holiday-thinned volumes, while oil prices edged higher ahead of U.S.'Iran nuclear negotiations set to begin later today in Geneva.

The Mainland Chinese, Hong Kong, Singapore, Taiwan, and South Korean markets were closed on Tuesday for Lunar New Year holidays. U.S. markets were shut on Monday for Presidents' Day.

Japan's weakening economy remained in focus on Tuesday, one day after much softer than expected GDP numbers.

The country on Monday reported its economy grew an annualized 0.2% in the fourth quarter, far below the widely reported gain forecast of 1.6% as government spending dragged on activity. In today's session, the Japanese yen strengthened 0.15% against the greenback to 153.28 per dollar.

The weak figures highlight the challenges ahead for Prime Minister Sanae Takaichi and should support her push for more aggressive fiscal stimulus, media reports said.

The Bank of Japan next meets on rates in March, with traders forecasting only a slim chance for a hike. Widely reported polls in the media suggest that investors expect the central bank to wait until July before tightening policy again.

Meanwhile, oil saw some price gains as investors looked ahead to the U.S. and Iran nuclear negotiations that are scheduled to begin in Geneva later in the day.

The higher volatility in crude was triggered by the latest drill that was reportedly held by Iran's Revolutionary Guards in the Hormuz Strait on Monday. The passage accounts for about 20% of global oil shipments.

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