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The Nifty Bank index was trading 1.86 per cent up at 48957.4.

Bitcoin rose above $100,000, recovering from a selloff triggered by DeepSeek’s rise in the AI space. Altcoins like XRP, Solana, and Dogecoin gained 4-5%. While Bitcoin’s short-term rebound is seen, market sentiment remains divided on its long-term trend. With a 30-day correlation to Nasdaq, Bitcoin’s recovery continues amid challenges in global markets.

Suzlon Energy shares fell 4.76% on January 28, ahead of the company’s Q3 FY25 results announcement. Despite a strong Q2 performance with a 96% YoY profit increase, the stock has struggled recently, down 24.10% in the past month and 26.54% YTD. Analyst sentiment remains positive, with a consensus ‘buy’ rating on the stock.

The rupee dropped to 86.57 against the US dollar due to consistent dollar demand from oil importers and persistent foreign fund outflows. Forex traders observe increasing pressure on the rupee, highlighting the significance of the forthcoming Union Budget in influencing sentiments and foreign investments.

Axis Securities recommends buying Dalmia Bharat stock with a target of Rs 2000, projecting a 11% upside. Despite subdued Q3FY25 performance, positive outlook driven by strong infrastructure demand and affordable housing initiatives. Current trading indicates attractive valuation, backed by increasing real estate demand and strategic positioning in key markets. Promoters hold 55.84% stake, FIIs 9.08%, DIIs 14.62%.

Even though the Sensex is only down 12% from its 52-week high, over 80% of BSE 500 stocks are in a bear market, with some eroding up to 65% of their value. Investors are cautious ahead of key events, but long-term opportunities remain as market volatility may normalize valuations and yield better entry points.

The Nifty Auto index was trading 0.32 per cent down at 21901.0.

UBS upgraded Siemens to a "buy" rating with a target price of Rs 8,000, reflecting optimism about its diversified business mix and potential upside from the global energy cycle. Siemens shares rose 3%, signaling a 38% upside potential. Despite recent underperformance, UBS sees favorable risk-reward with attractive valuation and growth prospects.

On January 28, five stocks saw a long buildup, with increased open interest and stock price gains, indicating a bullish trend. Stocks include Bank of India, Cholamandalam, Union Bank, AU Small Finance, and IDFC.

Some of the auto ancillary companies which are though you may not want to call them as a completely largecap, but in the high range of midcaps they are relatively a better placed.