Whalesbook
Market Surge Fueled by Global De-escalation
Indian equity markets opened with significant gains on Thursday, January 22, 2026, reversing recent downtrends. The benchmark Sensex recorded a substantial jump of over 550 points, trading above the 82,450 level, while the Nifty 50 index breached the 25,300 mark, gaining over 180 points in early trade. This broad market strength was largely attributed to positive global cues, particularly the reported de-escalation of trade tensions between the US and European nations. US President Donald Trump indicated a framework agreement over Greenland and stepped back from earlier threats to impose tariffs on European countries, easing investor concerns about a potential trade conflict. Asian markets also followed Wall Street's positive performance, contributing to the improved risk appetite in emerging markets like India.
Eternal Limited Reports Strong Q3 Performance, CEO Transition
Among individual stocks, Eternal Limited (formerly Zomato Limited) emerged as a notable performer, with its shares climbing approximately 6% on January 22, 2026. This surge coincided with the company's announcement of robust financial results for the third quarter of FY25-26. Eternal Limited reported a consolidated revenue from operations of ₹16,315 crore, marking a significant 20.0% quarter-on-quarter growth and an impressive 201.8% year-on-year increase. The company's net profit stood at ₹102 crore, a substantial 72.9% rise year-on-year, while EBITDA also saw a notable increase to ₹3.68 billion, up 54% quarter-on-quarter. These results surpassed market expectations, underscoring operational efficiency and scale-up in its quick commerce business. In a significant corporate development, the company also announced that Deepinder Goyal would step down as CEO effective February 1, 2026, to be replaced by Albinder Singh Dhindsa. It is important to note that Eternal Limited currently trades at a very high Price-to-Earnings (P/E) ratio, reported to be around 1,388.4x, indicating a premium valuation relative to its earnings.
Broader Market Sentiment and Sectoral Strength
The market's positive sentiment was reflected across various sectors, with Nifty PSU Bank and Nifty Defence leading the advances on the NSE. Broader market indices, including the mid-cap and small-cap segments, also traded higher, indicating widespread buying interest. Analysts noted the Nifty's resilience in holding above its 200-day moving average, located around the 25,150 level, suggesting potential support zones. The overall market environment on January 22, 2026, was characterized by cautious optimism, with investors reacting positively to the easing geopolitical headwinds and strong domestic corporate results.