Several stocks emerged as standout performers in today's trading session, with Bandhan Bank and Hind Zinc leading the charge among top gainers on the Nifty Midcap 150 index. The positive momentum across these mid-cap stocks provided a bright spot in the market, demonstrating strong investor interest in select companies.

Top Performers Drive Midcap Gains

Bandhan Bank led the gainers with an impressive surge of 4.72%, trading at ₹149.18 during the session. Close behind, Hind Zinc posted substantial gains of 4.70%, reaching ₹699.65. The strong performance of these two stocks set the tone for positive movement across the midcap segment.

Other notable performers included NALCO, which rose 2.56% to ₹373.95, while GE Vernova TD gained 2.27% to trade at ₹2,710.50. Ashok Leyland rounded out the top gainers with a 2.17% increase, reaching ₹194.41.

Hind Zinc Financial Performance

Hind Zinc's strong market performance is supported by robust financial metrics across recent periods. The company's financial data reveals consistent growth trends and strong profitability.

The company demonstrated strong year-over-year growth from March 2024 to March 2025, with sales increasing from ₹28,932.00 crores to ₹34,083.00 crores. Total income rose from ₹30,006.00 crores to ₹35,066.00 crores, while net profit showed significant improvement from ₹7,759.00 crores to ₹10,353.00 crores.

Corporate Developments

Bandhan Bank announced several corporate developments, including audio recordings of the press conference and earnings call on unaudited financial results for the quarter and nine months ended December 31, 2025. The bank also addressed matters related to the re-appointment of the Executive Director and Postal Ballot procedures.

Hind Zinc announced the issue of securities as part of its corporate actions. The company has a notable history of shareholder-friendly initiatives, including a 1:1 bonus issue announced on January 19, 2011, with a record date of March 8, 2011. Additionally, the company executed a stock split on the same timeline, reducing the face value from ₹10.00 to ₹2.00.

Market Context

The strong performance of these midcap stocks provided positive momentum despite broader market challenges. At the previous close, the Sensex was down 270.84 points (0.33%) at 81,909.63, while the Nifty declined 75.00 points (0.30%) to 25,157.50. The resilience shown by these top gainers demonstrates selective investor confidence in specific sectors and companies within the midcap space.

The Bank Nifty index staged a recovery on January 22, gaining 0.60% to reach 59,155.45 points and breaking a three-session losing streak. The banking sector's performance aligned with broader market strength, as overall stock markets remained in positive territory during the trading session.

Top Performers Drive Banking Rally

IDFC First Bank led the charge among banking stocks, jumping nearly 3% to trade at ₹83.81 per share. The stock's strong performance brought it closer to its 52-week high level of ₹87, highlighting investor confidence in the lender.

PSU Banks Outperform Broader Index

The Nifty PSU Bank index demonstrated exceptional strength, outperforming the broader Bank Nifty with gains exceeding 2%. This outperformance was driven by strong rallies in public sector banking stocks, with Bank of India and Indian Bank leading the charge with gains of up to 5%.

Among other notable performers, Kotak Mahindra Bank, Axis Bank, and Punjab National Bank each registered gains of nearly 1%. HDFC Bank and AU Small Finance Bank also traded in positive territory with marginal gains.

Mixed Performance Across Banking Sector

Despite the overall positive sentiment, some banking stocks bucked the trend. IndusInd Bank declined more than 1%, while Yes Bank and ICICI Bank posted marginal losses, indicating selective stock-specific movements within the sector.

Technical Outlook and Key Levels

Technical analysts have identified crucial support and resistance levels for the Bank Nifty. According to Bajaj Broking, the 58,700-59,000 zone remains key short-term support, while a decisive break below 58,278 could accelerate downside movement. On the upside, immediate resistance stands at 59,500, with the 60,200-60,400 all-time high zone presenting a major hurdle.

Rajesh Bhosale from Angel One suggests support levels at 58,500 and 58,300 on the downside, with resistance at 59,100 and 59,500 on the upside. Aakash Shah from Choice Equity Broking noted that while Bank Nifty shows relative resilience, it remains below key resistance levels, with immediate support near 58,500-58,600.