Indian equities extended their decline for a fifth straight session as anxiety over global trade tensions, foreign fund outflows and profit‐taking pushed benchmark indices sharply lower. A tentative rebound at the open evaporated quickly when global cues turned weak and traders booked profits in rate‐sensitive stocks. Mid‑ and small‑cap shares underperformed large‑caps, reflecting broad risk aversion.
Major indices
| Index (9 Jan 2026) | Close | Change | Open | 52‑week range | Commentary |
|---|---|---|---|---|---|
| Sensex (BSE 30) | 83,576.24 | −604.72 pts (−0.72%) | 84,022.09 | 71,425.01–86,159.02 | The index slipped below its 50‑day moving average. Profit‑taking in financials, utilities and telecom stocks overwhelmed modest gains in IT and energy stocks. |
| Nifty 50 (NSE) | 25,683.30 | −193.55 pts (−0.75%) | 25,840.40 | 21,743.65–26,373.20 | After a flat start Nifty broke below the key 25,900 support and never recovered. The index has formed lower highs and lower lows for three sessions, indicating a short‑term downtrend. |
| BSE Bankex (large banks) | 66,616.92 | −391.85 pts (−0.58%) | 66,875.60 | 54,277.32–67,856.35 | Bank stocks briefly recovered but slipped again as selling resumed in private banks. Bank Nifty futures remained below 59,750 with supports near 59,500 and resistance around 60,000. |
| Nifty Midcap 100 | – | ~−0.7% | – | – | Mid‑caps fell more than large‑caps as investors trimmed positions ahead of quarterly earnings. |
| Nifty Smallcap 100 | – | ~−1.4% | – | – | The small‑cap gauge dropped sharply as risk appetite waned; broader markets have lost ~2% over the week. |
Flows: Foreign institutional investors (FIIs) continued to sell, offloading roughly ₹3,400 crore on 8 Jan; domestic institutions were net buyers (~₹3,700 crore) but their support could not stem the slide. In the last five sessions the Sensex has shed over 2,300 points and the Nifty is down more than 2.5%.
Sectoral performance
Only a few sectors closed higher. Nifty IT and Oil & Gas indices edged up about 0.4–0.5% as investors rotated into export‑oriented and energy stocks. The Realty index plunged roughly 2.3%, dragged down by profit‑taking in developers amid concerns that rising borrowing costs might cool home demand. Bank, Financial Services, Auto, FMCG, Pharma, Private Bank, Healthcare and Consumer Durables indices all lost around 1% each. Mid‑cap banks and public‑sector banks were hit particularly hard. Metals, capital goods and power stocks also extended their decline amid global growth worries.
Top gainers and losers
| Top gainers (Nifty 50) | Price change* | % change | Notes |
|---|---|---|---|
| Asian Paints | ↑ ₹46 | +1.45% | Benefitted from lower crude‑oil prices and steady demand outlook. |
| Oil & Natural Gas Corp. (ONGC) | ↑ ₹2.8 | +1.09% | Supported by firm crude prices and expectations of better Q3 results. |
| Bharat Electronics | ↑ ₹4 | +0.89% | Orders and defence spending optimism lifted the stock. |
| HCL Technologies | ↑ ₹8 | +0.81% | Investors positioned ahead of the IT major’s Q3 earnings due on 12 Jan. |
| Cipla | ↑ ₹5 | +0.47% | Pharma stocks outperformed as defensive plays. |
| Top losers (Nifty 50) | Price change* | % change | Notes |
|---|---|---|---|
| Adani Enterprises | ↓ ₹110 | −2.76% | Continued profit‑booking after a strong run; sentiment hurt by risk‑off mood. |
| NTPC | ↓ ₹7 | −2.40% | Weakness in utilities amid broader sell‑off and concerns over tariffs. |
| ICICI Bank | ↓ ₹33 | −2.26% | Banking stocks under pressure due to FII selling; shares broke below key support. |
| Jio Financial Services | ↓ ₹4 | −2.23% | Decline mirrored weakness in financial services segment. |
| Adani Ports & SEZ | ↓ ₹22 | −2.06% | Global trade tensions hit port operators; stock slipped for the second day. |
| Bharti Airtel | ↓ ₹17 | −2.00% | Telecom stocks were sold off on worries about rising spectrum payments. |
| Bajaj Auto | ↓ ₹91 | −1.86% | Auto stocks weakened as investors feared softening rural demand. |
*Price change refers to the absolute change in the stock price on 9 Jan 2026.
In the broader BSE500 universe, National Aluminium (+3.8%), Hindustan Zinc (+2.6%) and Siemens (+2.5%) were notable gainers, while Elecon Engineering (−16.2%), Indian Energy Exchange (−7.2%) and Force Motors (−6.2%) were the worst performers.
What moved the market
- Global trade uncertainty: Investors remained on edge ahead of a U.S. Supreme Court ruling on former President Trump’s tariff authority and signs that Washington may impose new duties on trade partners. This put pressure on export‑oriented businesses and weighed on risk sentiment globally.
- Persistent FII selling: Foreign investors have been steadily reducing exposure to Indian equities this week. The combination of global uncertainty and profit‑booking has led to outflows despite domestic institutional buying.
- Realty drag: Realty stocks sold off sharply as traders worried about potential rate hikes and took profits after a strong run. The sector’s heavy weight in mid‑cap indices amplified declines.
- Technical breakdown: Both the Sensex and Nifty slipped below key support levels and their 50‑day moving averages, triggering stop‑loss selling. The Nifty formed a bearish “lower highs–lower lows” pattern for the third session, signalling a short‑term downtrend.
- Earnings caution: Investors avoided aggressive bets ahead of major results. IT majors Tata Consultancy Services (TCS) and HCL Technologies will report quarterly numbers on 12 Jan, while Avenue Supermarts (DMart) reports on 10 Jan. Anticipation of these results kept IT stocks volatile.
Global cues
U.S. equity futures were flat to slightly negative amid uncertainty over potential tariff policies and ahead of key inflation data. European stocks edged higher in early trade, supported by upbeat economic data and easing gas prices, but gains were capped by concerns over China’s growth slowdown. Asian markets were mixed: Japan’s Nikkei eased after a strong rally, while Hong Kong’s Hang Seng drifted lower. Crude oil hovered near US$62 per barrel; the softer prices helped paint makers and other oil‑sensitive stocks but underscored weak global demand. The Indian rupee stayed near ₹89.90 per U.S. dollar.
Stocks to watch and corporate updates
- TCS and HCL Technologies: Both IT majors are scheduled to announce December‑quarter results on 12 Jan; traders will watch commentary on demand and margins. Early buying in HCL indicates expectations of steady numbers.
- Avenue Supermarts (DMart): Retailer reports on 10 Jan; same‑store sales growth and margin performance will be key.
- Bharat Heavy Electricals Ltd (BHEL): The engineering firm secured a major ₹5,400 crore order for a power plant project, which could buoy the stock.
- National Aluminium: Technical charts flashed an “evening star” pattern, suggesting a potential reversal; some analysts recommended a short trade in the futures contract.
- PSU Banks: Select public‑sector banks attracted buying interest mid‑session but closed mixed; investors should monitor asset‑quality commentary when banks report results later in the month.
Technical levels and outlook for 10 Jan 2026
- Nifty 50: Immediate support lies at 25,700, followed by 25,600 and 25,400. Resistance levels have shifted lower to 26,000 and 26,150. A decisive move above 26,000 could signal a relief rally, while a break below 25,600 may invite deeper cuts toward 25,400.
- Sensex: Support exists at 83,900 and 83,600, with resistances at 84,400 and 84,500. Holding above 83,900 could allow for consolidation; otherwise the index may test 83,600.
- Bank Nifty (futures): The index remains weak below 59,750; supports are at 59,500 and 59,250, while resistances are at 60,000 and 60,250.
- Market tone: After five straight sessions of losses the market is near oversold levels, but persistent foreign selling and global volatility suggest a cautious tone. Gift Nifty indicates a flat to slightly negative start for Monday. Traders may witness choppy moves within 25,700–26,100 on Nifty, with stock‑specific action around Q3 earnings. Investors should maintain a defensive stance, focus on quality large‑caps and monitor global developments closely.
