Meanwhile, the BJP is leading in the counting of votes for the Maharashtra elections. The Nifty traded above the 25,850 mark, while PSU bank shares witnessed buying demand for the fifth consecutive trading session.

At 11:30 IST, the barometer index, the S&P BSE Sensex, jumped 556.67 points or 0.66% to 83,939.33. The Nifty 50 index surged 156.80 points or 0.61% to 25,822.40.

In the broader market, the S&P BSE Mid-Cap index rallied 0.52% and the S&P BSE Small-Cap index added 0.13%.

The market breadth was positive. On the BSE, 2,177 shares rose and 1,731 shares fell. A total of 223 shares were unchanged.

IPO Update:

The initial public offer (IPO) of Amagi Media Labs received bids for 3,29,90,158 shares as against 2,72,66,589 shares on offer, according to stock exchange data at 11:20 IST on Friday (16 January 2026). The issue was subscribed 1.21 times.

The issue opened for bidding on Tuesday (13 January 2026) and it will close on Friday (16 January 2026). The price band of the IPO is fixed between Rs 343 and 361 per share. An investor can bid for a minimum of 41 equity shares and in multiples thereof.

Buzzing Index:

The Nifty PSU Bank index jumped 1.42% to 9,037.15. The index rallied 5.26% in the five consecutive trading sessions.

Punjab National Bank (up 2.62%), Bank of India (up 2.59%), Central Bank of India (up 2.59%), Punjab & Sind Bank (up 2.08%), Canara Bank (up 1.65%), Bank of Baroda (up 1.46%), State Bank of India (up 1.44%), UCO Bank (up 1.39%), Bank of Maharashtra (up 1.21%) and Indian Bank (up 1.13%) advanced.

Stocks in Spotlight:

Infosys jumped 5.38% after the company raised its FY26 revenue growth forecast to 3.0%-3.5% in constant currency terms in Q3 FY26, up from projected 2%-3% in Q2 FY26. The company reported a 9.6% decline in consolidated net profit to Rs 6,654 crore on a 2.22% increase in revenue from operations to Rs 45,479 crore in Q3 FY26 over Q2 FY26.

Fedbank Financial Services dropped 7.03% after the company has reported a net profit of Rs 87.9 crore in Q3 FY26, which is significantly higher as compared with the PAT of Rs 18.8 crore in Q3 FY25. Net interest income for the period under review was Rs 318.9 crore, up 16.8% YoY. Net total income in the December 2025 period rose by 11.8% to Rs 347.8 crore from Rs 311.0 crore in the December 2024 period.

Waaree Renewable Technologies added 1.89% after the company's consolidated net profit surged 124.74% to Rs 120.19 crore in Q3 FY26 as against Rs 53.48 crore in Q3 FY25. Revenue from operations zoomed 136.18% year on year (YoY) to Rs 851.06 crore in Q3 FY26 over Q3 FY25

Global Markets:

Asian market broadly traded mixed on Friday even as major chip stocks edged higher.

Shares of Taiwan Semiconductor Manufacturing Co. rose in trade after the company delivered another record quarter, saying it expects to boost capital spending in 2026 to between $52 billion and $56 billion.

Investors across the region were also watching chip-related stocks after the U.S. reached a trade deal with Taiwan. Under the agreement, Taiwanese semiconductor companies commited to invest at least $250 billion in U.S. production capacity in exchange for lower 'reciprocal' tariffs.

Overnight in the U.S., the Dow Jones Industrial Average added 0.60%, while the S&P 500 rose 0.26% and the Nasdaq Composite advanced 0.25%.

U.S. bank stocks also advanced after the latest raft of quarterly earnings. Goldman Sachs advanced more than 4% after its fourth-quarter profit topped widely reported earnings estimates.

Morgan Stanley surged nearly 6% after its wealth management unit contributed to top- and bottom-line beats in the fourth quarter.

The rally also came on the back of solid economic data. Jobless claims data for the week ending Jan. 10 came in at 198,000, lower than the 215,000 expected by economists polled by Dow Jones.

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