Overall Index Performance and Market Breadth
The BSE 100 large-cap index recorded a modest gain of 0.03% on the day, continuing a steady upward trajectory with a 1.54% rise over the past five trading sessions. Market breadth was positive, with 70 stocks advancing against 30 decliners, resulting in an advance-decline ratio of 2.33x. This breadth suggests underlying strength in the large-cap universe despite the subdued headline movement.
Top and Bottom Performers in the Large-Cap Space
Among the heavyweight constituents, Oil and Natural Gas Corporation (ONGC) emerged as the best performer, delivering a robust return of 2.51%. The stock’s gains were supported by stable crude oil prices and expectations of steady upstream production. Conversely, Persistent Systems lagged significantly, posting a decline of 6.26%, weighed down by profit booking and cautious sentiment in the IT sector amid global macroeconomic uncertainties.
Sectoral Trends: Defensive Versus Cyclical Stocks
The large-cap segment witnessed a clear divergence between defensive and cyclical stocks. Reliance Industries maintained a sideways to mildly bullish stance, supported by its diversified business model spanning energy, retail, and digital services. Bharat Petroleum Corporation Limited (BPCL) showed a mildly bullish to bullish trend, buoyed by improving refining margins and stable fuel demand.
In contrast, some cyclical names displayed mixed signals. NTPC oscillated between mildly bearish and mildly bullish territory, reflecting investor caution amid fluctuating power demand forecasts. Bajaj Finance and IndusInd Bank demonstrated positive momentum, with Bajaj Finance moving from mildly bearish to mildly bullish and IndusInd Bank showing a bullish to mildly bullish trend, supported by improving asset quality and credit growth prospects.
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Technical Upgrades and Market Sentiment
Technical calls within the large-cap index have seen notable upgrades recently. Titan Company, Canara Bank, and Bajaj Auto have all been upgraded from Hold to Buy, signalling improving momentum and positive investor sentiment. These upgrades reflect expectations of better earnings visibility and favourable sectoral dynamics in consumer discretionary, banking, and automobile sectors respectively.
Upcoming Earnings to Watch
Investor focus is shifting towards a busy earnings calendar in the coming days. Key large-cap companies slated to announce results on 5 Feb 2026 include Bharti Airtel, Suzlon Energy, Hero MotoCorp, Tata Motors Passenger Vehicles, and Power Finance Corporation. These results will be closely analysed for guidance on sectoral demand, margin trends, and capital expenditure plans, which could influence market direction in the near term.
Large-Cap Index in Broader Market Context
Across market capitalisation segments, the large-cap BSE 100 index remains the best performer, outperforming mid-cap and small-cap indices over the past week. This relative strength underscores investor preference for quality and stability amid ongoing macroeconomic uncertainties. The large-cap segment’s resilience is further supported by steady foreign institutional investor inflows and robust domestic participation.
Quality and Momentum Scores
While specific Mojo scores and grades are not disclosed here, the overall technical and fundamental assessments suggest a cautious but constructive outlook for the large-cap segment. Stocks with recent upgrades and positive momentum are likely to attract investor interest, while those facing headwinds may see consolidation or selective profit-taking.
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Investor Takeaway
For investors, the large-cap segment currently offers a blend of defensive stability and selective cyclical opportunities. Reliance Industries and BPCL provide defensive ballast amid global uncertainties, while financials such as Bajaj Finance and IndusInd Bank offer growth potential supported by improving credit metrics. The technical upgrades in Titan, Canara Bank, and Bajaj Auto further highlight pockets of strength.
However, caution is warranted given the mixed signals from certain cyclical sectors and the upcoming earnings season, which could introduce volatility. Monitoring the advance-decline ratio and sectoral rotation will be key to navigating the large-cap space effectively in the near term.
Conclusion
The large-cap index’s marginal gain on 4 Feb 2026 masks a complex market environment where defensive stocks have outperformed cyclical peers. With a positive advance-decline ratio and technical upgrades in key stocks, the segment remains attractive for investors favouring quality and momentum. Upcoming earnings announcements will be critical in shaping the next phase of market direction, making selective stock picking and risk management essential strategies.
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