Stock Market Today: Trump’s Tariff U-Turn Sparks Rally—But Who’s Winning and Losing?

Stock market: These are the top gainers & losers on NSE & BSE today- check list

Stock Market Today: Trump’s Tariff U-Turn Sparks Rally—But Who’s Winning and Losing?

Markets don’t just move on data—they react to drama, diplomacy, and decisions made thousands of miles away. And on Thursday, January 22, 2026, Indian equities got a major adrenaline shot from none other than former U.S. President Donald Trump. In a stunning reversal, Trump walked back his aggressive tariff threats against European nations, sending global markets into a bullish frenzy .

Back home, the Sensex and Nifty didn’t just open higher—they roared. Buoyed by this geopolitical relief and growing chatter around a potential India-US trade deal, investors poured into sectors from banking to auto. But while the headline indices painted a green picture, the real story lies beneath the surface. Some stocks soared double digits, while others tumbled despite the broad rally. If you’re tracking the stock market today, you need to know exactly who’s winning—and who’s getting left behind.

Table of Contents

Why the Market Rallied Today

The primary catalyst for today’s upbeat mood was geopolitical, not economic. Donald Trump, in a move that caught many analysts off guard, announced he would not impose new tariffs on European imports—a sharp pivot from his earlier hardline stance . This eased fears of a renewed transatlantic trade war, which had been weighing on global risk sentiment.

Simultaneously, reports surfaced that India and the U.S. are making “significant progress” in bilateral trade talks, with a framework agreement possibly on the horizon . For Indian exporters—especially in pharma, IT, and textiles—this is a massive tailwind. The combination of global calm and local optimism created the perfect storm for a market rally.

NSE Top Gainers on January 22, 2026

While the Nifty 50 climbed over 1.2%, several mid-cap and small-cap stocks outperformed dramatically. Here are the standout winners on the National Stock Exchange today:

  • Zomato Ltd. (+8.4%) – Jumped on strong Q3 earnings preview and renewed investor confidence in consumer tech.
  • Tata Motors (+6.9%) – Benefited from global auto sector optimism and robust JLR sales data.
  • Adani Ports (+5.7%) – Gained on expectations of increased trade volumes linked to the India-US deal.
  • Infosys (+4.2%) – Rose as IT services saw renewed foreign institutional buying.
  • IRFC (Indian Railway Finance Corporation) (+10.1%) – Hit upper circuit on infrastructure spending hopes.

These gains weren’t random. They reflect a clear market preference for export-oriented, consumption-driven, and infrastructure-linked businesses in the current macro environment.

BSE Top Losers Despite the Rally

Even in a sea of green, some stocks turned red. On the Bombay Stock Exchange, these were the notable underperformers:

  • Vedanta Ltd. (-3.2%) – Fell due to lower-than-expected aluminum prices and concerns over debt refinancing.
  • Yes Bank (-2.8%) – Dipped amid profit-booking after a recent rally and lingering asset quality questions.
  • Suzlon Energy (-4.1%) – Corrected sharply after a multi-day run-up; traders took profits.
  • Bajaj Finserv (-1.9%) – Weighed down by regulatory scrutiny in the NBFC sector.

This divergence highlights a crucial truth: a rising tide doesn’t lift all boats. Stock-specific fundamentals still matter—even on a bullish day.

Sector-Wise Performance: Who Led the Charge?

Not all sectors participated equally in today’s rally. Here’s how key segments fared:

Sector Performance (% Change) Key Drivers
Auto +3.1% Global supply chain ease, EV policy support
IT +2.8% Dollar strength, US trade optimism
Banking +2.3% Falling bond yields, credit growth outlook
Pharma +1.9% US FDA approvals, export hopes
Metals -0.7% Commodity price volatility, China demand fears

As you can see, sectors tied to global trade and domestic consumption led the pack, while commodity-linked industries lagged.

What This Means for Your Investment Strategy

If you’re an active investor, today’s action offers valuable clues. First, geopolitical sensitivity is back. Markets are reacting to headlines from Washington and Brussels as much as to RBI policy. Second, the focus is shifting toward quality and visibility—stocks with clear earnings paths and global linkages are being rewarded.

For long-term investors, this rally isn’t a signal to chase momentum. Instead, use it to rebalance. Consider trimming positions in overheated small-caps and adding to fundamentally strong large-caps in IT, autos, and infrastructure—sectors poised to benefit from the emerging India-US trade corridor . And always remember: [INTERNAL_LINK:how-to-build-a-resilient-portfolio] starts with understanding macro trends like these.

Conclusion: Stay Informed, Stay Ahead

The stock market today delivered a masterclass in how global politics can ignite local rallies. While indices climbed, the real opportunity—and risk—lay in the details. By knowing the top gainers and losers on NSE and BSE, and understanding the forces driving them, you’re better equipped to make smart, timely decisions. Don’t just watch the market—read between the lines.

Sources

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