Top Stories | Trump backs off EU tariffs, Sensex rebounds, IndiGo Q3, PhonePe IPO and more

Global cues set the tone as US President Donald Trump once again backed off a tariff threat, announcing that the proposed 10% levy on European allies will not be implemented from February 1. The move sparked a relief rally on Wall Street, with markets rebounding on what traders described as another “TACO” trade.

Back home, markets bounced back after three straight sessions of losses. Benchmark indices Sensex and Nifty closed higher on Thursday on the back of broad-based buying, with broader markets outperforming frontline indices and market breadth remaining firmly positive.

From Davos, trade and growth took centre stage, with Trump striking an upbeat note on India–US ties and reiterating confidence in a bilateral trade deal. Industry leaders flagged key concerns and opportunities, from calls for tariff repair in telecom to a renewed push on automation, data and artificial intelligence.

In corporate and political developments, earnings and deal activity kept investors busy, with IndiGo reporting a sharp drop in Q3 profit despite higher revenue, Air India bracing for a record annual loss, PhonePe moving closer to its IPO, and political drama unfolding in Karnataka.

Here are the top stories you need to track today.

Donald Trump backs off again, says will not be implementing the February 1 tariffs over Greenland



US President Donald Trump announced on Truth Social that he will not be proceeding with the 10% additional tariff threat that he had announced on his European allies over the weekend. The tariffs were to take effect from February 1. 

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ALSO READ:Wall Street rebounds on another TACO trade after Trump backs off on February 1 tariff threat

Market snaps 3-day losing streak as Sensex rises 398 points, Nifty closes above 25,250  



The equity benchmark indices BSE Sensex and NSE Nifty snapped a three-day losing streak on Thursday (January 22), with all major indices closing in the green amid broad-based buying across sectors and stocks. Broader markets outperformed frontline indices, while market breadth remained firmly in favour of advances. 

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ALSO READ: Rupee recovers 15 paise from all-time low against dollar in early tradeDavos 2026 | Trump to Moneycontrol: 'We’re going to have a good deal with India'

US President Donald Trump on Wednesday sounded confident in the trajectory of India–US trade relations, praising Prime Minister Narendra Modi and indicating that a bilateral trade pact remains firmly on the agenda.

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Davos 2026 | ‘Tariff repair is absolutely essential’: Sunil Mittal warns ₹200 pricing is unsustainable  



Sunil Bharti Mittal, Chairman of Bharti Enterprises, said India’s telecom sector urgently needs tariff correction, warning that ultra-low pricing is no longer viable. 

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IndiGo Q3 Results: Net profit tanks 78% to ₹549 crore on exceptional costs, revenue rises 7%  



InterGlobe Aviation Ltd, which operates IndiGo, on Thursday (January 22) reported its Q3 results, with net profit declining 77.5% year-on-year to ₹550 crore from ₹2,448 crore in the same period last year. 

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Air India braces for record $1.6 billion loss after deadly crash  

Boeing 787-8 Dreamliner AIr India aircraft

Air India Ltd. is set to report a record annual loss after last year’s deadly crash and airspace shutdowns wiped out progress toward a turnaround, according to people familiar with the matter. 

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Davos 2026: Honeywell doubles down on automation, data and physical AI, says CEO  

 Honeywell is revamping its operations and doubling down on automation, data and physical AI as core pillars of its long-term growth strategy, Chairman and CEO Vimal Kapur said in an interaction with CNBC-TV18 on the sidelines of the World Economic Forum 2026 in Davos. 

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ALSO READ: Davos 2026 | ABB aims to raise India’s share of global revenues before 2030: CEO Wierod

PhonePe files updated draft papers with SEBI; Microsoft, Tiger Global to pare stake in OFS  



Walmart-backed fintech major PhonePe has filed its Updated Draft Red Herring Prospectus (UDRHP) with the Securities and Exchange Board of India (SEBI), signalling its intent to tap the capital markets through an initial public offering (IPO).

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Davos 2026 | Maharashtra bets big on innovation to leapfrog to a trillion-dollar economy  



Maharashtra is positioning innovation and artificial intelligence at the centre of its long-term growth strategy as it looks to emerge as a trillion-dollar economy, Chief Minister Devendra Fadnavis said at the World Economic Forum 2026 in Davos. 

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Karnataka Governor reads just two lines in address to joint legislature session  



In a high drama at the Karnataka Assembly, Governor Thaawarchand Gehlot concluded his address to a joint session of the state legislature after reading just two lines. 

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ALSO READ: Bangladesh rule out travel to India for T20 World Cup, seek ICC clearance to play in Sri Lanka

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