Mumbai, Jan 31: The Indian equity benchmarks gained around 1 per cent during the week, though the trading sessions were volatile but with a cautiously constructive tone amid mixed global cues and rising geopolitical tensions.

Risk appetite weakened toward the end of the week ahead of the Union Budget 2026-27, with volatility resurfacing amid sustained FII outflows and rupee depreciation leading to losses in the last trading session.

Nifty added 1.09 per cent during the week and dipped 0.39 per cent on the last trading day to 25,320. At close, Sensex was down 296 points or 0.36 percent at 81,537. It added 0.90 per cent during the week.

Sectoral indices traded mixed this week with diversified consumer services stocks and hardware tech stocks logging the worst-performance, dipping 2.5 to 3.7 per cent. FMCG, media and software stocks slide over 1 per cent.

Metal stocks as well as oil and gas were the top weekly gainers up over 2 per cent, however Nifty metal index plummeted over 5 per cent on the last trading session. Profit booking also intensified in IT amid a firmer dollar and global liquidity concerns, and caution over incoming Fed Chair, analysts said.

Select pockets of weakness were observed in autos and beverages amid intensifying competitive pressures.

Broader indices posted stronger gains during the week, with the Nifty Midcap100 up 2.25 per cent, while Nifty Smallcap100 gained 3.2 per cent.

The markets opened the week with a subdued sentiment due to renewed tariff-related concerns and mixed corporate earnings, although optimism surrounding the India–EU trade agreement lent support, particularly to trade-oriented sectors.

Market sentiment improved mid-week following a favourable economic survey that reinforced expectations of robust FY27 growth and a benign inflation outlook.

Analysts said that markets remain wary that a potentially stronger inflation focus could prolong tight financial conditions and weigh on emerging markets.

Looking ahead, markets are expected to remain largely event-driven, with the Union Budget acting as the key domestic trigger, they said.

Cyclical sectors may continue to show relative resilience if supported by policy measures, while IT and export-oriented stocks are likely to remain sensitive to global macro cues, analysts added.

Mumbai: Mumbaikars residing in buildings without an Occupation Certificate (OC) will have to wait longer for the implementation of the new OC amnesty policy, as the BMC administration will now require sanction from the standing committee, which is yet to be formed.

“Citizens can apply once the Standard Operating Procedures (SOP) are finalised. As the OC amnesty policy will have a financial impact on the corporation, the standing committee’s sanction is necessary,” said a senior officer from the BMC development plan department.

The state Urban Development Department (UDD) on December 11 approved the BMC’s amnesty scheme for the regularisation of non-OC buildings, with revisions. The SOP was awaited from the BMC so that buildings could apply accordingly.

However, with the municipal elections concluded, statutory committees will now be formed with the newly elected corporators. The standing committee, which has the powers to make financial decisions for the corporation, is likely to be constituted by the end of February, after the mayoral election in mid-February.

The BJP-led Mahayuti announced the OC policy before the BMC elections, which was seen as a major factor influencing Mumbaikars to elect the ruling alliance. The policy is expected to benefit more than 20,000 buildings in Mumbai that lack OC due to factors beyond the control of occupants.

However, several housing experts have termed the policy a political move by the ruling parties to woo voters, pointing out that developers—responsible for completing documentation for regularisation while handing over possession—will go scot-free.

The media had reported on December 29, quoting a senior BMC officer, that under the BMC’s original proposal, buildings that had used Floor Space Index (FSI) were to be given a 50 per cent discount on the penalty under the amnesty scheme.

However, the UDD revised this to zero penalty if applications are made within six months, resulting in a loss to the corporation. The revision was introduced to attract more applicants for regularisation.

The revisions will benefit more non-OC buildings, as the UDD has directed the BMC to consider implementing the amnesty scheme for buildings constructed and occupied before November 17, 2016, instead of the earlier cut-off date of January 6, 2012.

Apart from the four-year extension in the cut-off year, the state government has also instructed the BMC not to levy any penalty on buildings that have converted Free FSI features to habitable use, provided they apply under the amnesty scheme within six months of the revised policy’s introduction.

The UDD has also directed the BMC to consider the amnesty scheme for granting OC to hospital and school buildings. However, commercial constructions will not be considered.

Other instructions include directing the BMC to proactively acquire playgrounds, gardens (PG, RG) and other reserved spaces and make them available for public purposes.

As per the revised amnesty scheme, the 50 per cent discount on the premium, as well as the concession regarding non-imposition of penalty for the first six months, will be applicable only to flats having a carpet area of up to 80 sq m.

Mumbai: woke up to a hazy and unseasonably cold Saturday morning on January 31, with a dense blanket of smog enveloping the city and significantly reducing visibility across several areas. The thick haze made commuting difficult for early-morning travellers, while the skyline remained largely obscured through the first half of the day.

According to AccuWeather data, the city is expected to witness cloudy and hazy conditions throughout the day, with temperatures hovering between 21°C and 31°C. While the temperature range has remained largely stable over the past week, air quality levels have shown sharp volatility, raising serious public health concerns.

As per data from AQI.in, Mumbai’s overall Air Quality Index (AQI) currently stands at 320, placing it firmly in the ‘severe’ category. This marks a rise from Friday’s reading of 304. Notably, air quality had shown temporary improvement on Friday evening, dipping to 199 (‘poor’) around 5.30 pm, before deteriorating sharply overnight and crossing the 300 mark again, making the air unsafe even for healthy individuals.

Regional data highlights the extent of the crisis, with over 85% of the city reporting AQI levels above 300. Swastik Park recorded one of the highest readings at 393, followed closely by B S Ambedkar Nagar at 377. Other pollution hotspots include Wadala Truck Terminal (377), Chembur West (371) and Savribai Phule Nagar (366), all categorised as ‘severe’.

In contrast, only a handful of areas reported comparatively better air quality. Gamdevi Station 1 emerged as the cleanest pocket with an AQI of 97, the only location to fall under the ‘moderate’ category. Meanwhile, Magdoot, Sundar Nagar, Vidya Nagar and Mithchowki reported AQI readings of 210, 233, 240 and 247 respectively, placing them in the ‘unhealthy’ category.

The widespread prevalence of ‘severe’ air quality levels has once again brought into focus concerns over pollution control measures in the city. Prolonged exposure to such conditions can adversely affect even healthy individuals. Citizens, particularly children, senior citizens, and those with respiratory or cardiac ailments are adviced to avoid prolonged outdoor activity and take necessary precautions as pollution levels remain critically high.

As per standard air quality classifications, AQI values between 0 and 50 are considered ‘good’, 51 to 100 ‘moderate’, 101 to 200 ‘poor’, 201 to 300 ‘unhealthy’ and levels above 300 are classified as ‘severe’ or ‘hazardous’.