BSE MIDCAP

Indian markets posted worst weekly loss in 3 months amid global and FII concerns, Small-cap index dropped 4%, lagging behind mid- and large-cap indices., Nifty trend remains weak; further downside possible if support at 25,700 breaks

* Indian markets posted worst weekly loss in 3 months amid global and FII concerns
* Small-cap index dropped 4%, lagging behind mid- and large-cap indices.
* Nifty trend remains weak; further downside possible if support at 25,700 breaks

Indian markets saw their worst week in over three months, with major indices falling amid global tensions, FII selling, and tariff concerns. Nifty’s trend remains weak, with possible further declines, while volatility is expected to persist near term.

shorts/business/90-smallcaps-sink-in-double-digits-as-index-underperforms

* Indian markets posted worst weekly loss in 3 months amid global and FII concerns
* Small-cap index dropped 4%, lagging behind mid- and large-cap indices.
* Nifty trend remains weak; further downside possible if support at 25,700 breaks

Broader market indices remained under pressure during the week, with mid- and large-cap indices declining around 2.5 percent each, while the small-cap index fell nearly 4 percent, significantly underperforming the benchmark indices. The markets posted their worst weekly performance in over three months, weighed down by rising geopolitical tensions, persistent FII selling, and concerns over potential US tariffs.

BSE Sensex index slipped 2,185.77 points or 2.54 percent at 83,576.24, while Nifty50 index shed 193.55 points or 2.45 percent at 25,683.30.

Sectorally, Nifty Oil &amp; Gas, Nifty Energy, and Nifty Infra indices declined 4–5 percent during the week. Nifty Metal, Realty, Media, and Auto indices also remained under pressure, each slipping more than 2 percent. In contrast, the Nifty Defence index gained 1.3 percent, while the Nifty Consumer Durables index rose 1 percent.

Foreign Institutional Investors (FIIs) continued to remain net sellers during the week, offloading equities worth Rs 9,209.90 crore. In contrast, Domestic Institutional Investors (DIIs) provided support to the market, purchasing equities worth Rs 17,594.58 crore.

"Indian equities navigated the first full week of 2026 with caution, reflecting a corrective undertone. The week began on a muted note as expectations of higher government borrowing drove bond yields upward, though strong GST collections and healthy bank credit growth provided some support. Market sentiment, however, weakened amid global headwinds, including the Venezuela–US standoff, concerns over Russian oil imports, China’s restrictions on rare earth exports, and continued FII outflows," said Vinod Nair, Head of Research, Geojit Investments.

"Profit-booking in autos, metals, and oil &amp; gas weighed on indices, while selective buying in consumer durables, on hopes of a demand revival, offered brief respite. The week ended on a cautious tone ahead of U.S. Supreme Court rulings on tariffs, with fears of additional levies under Russian sanctions overshadowing optimism around earnings recovery."

"Looking ahead, clarity on global trade dynamics and Q3 earnings will shape market direction. Volatility is likely to persist in the near term, particularly in US exposed companies and sectors such as metals and oil &amp; gas. However, strong domestic fundamentals, resilient GDP growth and robust credit trends, could underpin selective buying where earnings prospects remain favourable."

"FII flows and currency movements will act as key monitorable, while any positive outcome from India–US trade discussions or easing tariff concerns could spark a short-term rebound. Overall, markets are expected to stay range-bound with a mixed bias, looking forth a balance between external risks and domestic fundamentals," he said further.

The BSE Small-cap index declined nearly 4 percent during the week, with heavy selling seen across several stocks. Shares of Systematix Corporate Services, Balu Forge Industries, Worth Investment &amp; Trading, VTM, Kiri Industries, Sai Silks Kalamandir, Indian Metals &amp; Ferro Alloys, Transformers and Rectifiers India, Stallion India Fluorochemicals, Wardwizard Innovations and Mobility, Baazar Style Retail, Elecon Engineering Company, Kitex Garments, Faze Three, and Sandur Manganese and Iron Ores tumbled between 15 and 23 percent.

<img class="alignnone size-full wp-image-13766800" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260110150254_Untitled.png" alt="Untitled" width="766" height="1844" />

Where is Nifty50 headed?

Rupak De, Senior Technical Analyst at LKP Securities

The Nifty has slipped further, moving lower from the 50 EMA, indicating increasing weakness. Bouts of selling pressure dragged the index to close at a several-day low. Market sentiment appears decisively negative. In the short term, the trend might remain weak, with potential downside towards 25,550–25,500. On the higher end, resistance is placed at 25,850.

Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities

Nifty continued to slide down on Friday and closed the day lower by 193 points. After opening on a weak note, the market slipped into further weakness that continued for better part of the session. Minor recovery was seen towards the end and Nifty closed near the lows.

A long bear candle was formed on the daily chart with minor lower shadow. Technically, this market action indicates a sharp down trended movement in the market. A long bear candle was formed on the weekly chart that signals sharp reversal in the market after the consolidation movement of few weeks. This is not a good sign and indicates more weakness in the coming week.

The underlying trend of Nifty continues to be weak. A slide below the support of 25700 could open more decline down to 25400 in the coming week. Immediate resistance is placed at 25900.

Ajit Mishra – SVP, Research, Religare Broking

Market sentiment stayed subdued amid elevated geopolitical and global trade-related concerns, particularly renewed uncertainty around potential U.S. tariff actions and related Supreme Court developments. Persistent foreign institutional selling and weakness across broader risk assets further compounded the negative bias, while heavyweights also added to the downside pressure.

From a technical perspective, the decline has disrupted the short-term up move in the Nifty, with the index now retesting its medium-term support zone near the 100 DEMA around the 25,600 level. A decisive break below this could invite further pressure towards the 25,450 and 25,300 levels. On the upside, reclaiming the short-term moving average, i.e., the 20 DEMA around 26,000, may prove challenging. In the current environment, a selective approach with controlled position sizing and balanced exposure on both sides is advisable.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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90 smallcaps sink in double digits as index underperforms

Broader market indices remained under pressure during the week, with mid- and large-cap indices declining around 2.5 percent each, while the small-cap index fell nearly 4 percent, significantly underperforming the benchmark indices. The markets posted their worst weekly performance in over three months, weighed down by rising geopolitical tensions, persistent FII selling, and concerns over potential US tariffs.

BSE Sensex index slipped 2,185.77 points or 2.54 percent at 83,576.24, while Nifty50 index shed 193.55 points or 2.45 percent at 25,683.30.

Sectorally, Nifty Oil &amp;amp; Gas, Nifty Energy, and Nifty Infra indices declined 4–5 percent during the week. Nifty Metal, Realty, Media, and Auto indices also remained under pressure, each slipping more than 2 percent. In contrast, the Nifty Defence index gained 1.3 percent, while the Nifty Consumer Durables index rose 1 percent.

Foreign Institutional Investors (FIIs) continued to remain net sellers during the week, offloading equities worth Rs 9,209.90 crore. In contrast, Domestic Institutional Investors (DIIs) provided support to the market, purchasing equities worth Rs 17,594.58 crore.

&quot;Indian equities navigated the first full week of 2026 with caution, reflecting a corrective undertone. The week began on a muted note as expectations of higher government borrowing drove bond yields upward, though strong GST collections and healthy bank credit growth provided some support. Market sentiment, however, weakened amid global headwinds, including the Venezuela–US standoff, concerns over Russian oil imports, China’s restrictions on rare earth exports, and continued FII outflows,&quot; said Vinod Nair, Head of Research, Geojit Investments.

&quot;Profit-booking in autos, metals, and oil &amp;amp; gas weighed on indices, while selective buying in consumer durables, on hopes of a demand revival, offered brief respite. The week ended on a cautious tone ahead of U.S. Supreme Court rulings on tariffs, with fears of additional levies under Russian sanctions overshadowing optimism around earnings recovery.&quot;

&quot;Looking ahead, clarity on global trade dynamics and Q3 earnings will shape market direction. Volatility is likely to persist in the near term, particularly in US exposed companies and sectors such as metals and oil &amp;amp; gas. However, strong domestic fundamentals, resilient GDP growth and robust credit trends, could underpin selective buying where earnings prospects remain favourable.&quot;

&quot;FII flows and currency movements will act as key monitorable, while any positive outcome from India–US trade discussions or easing tariff concerns could spark a short-term rebound. Overall, markets are expected to stay range-bound with a mixed bias, looking forth a balance between external risks and domestic fundamentals,&quot; he said further.

The BSE Small-cap index declined nearly 4 percent during the week, with heavy selling seen across several stocks. Shares of Systematix Corporate Services, Balu Forge Industries, Worth Investment &amp;amp; Trading, VTM, Kiri Industries, Sai Silks Kalamandir, Indian Metals &amp;amp; Ferro Alloys, Transformers and Rectifiers India, Stallion India Fluorochemicals, Wardwizard Innovations and Mobility, Baazar Style Retail, Elecon Engineering Company, Kitex Garments, Faze Three, and Sandur Manganese and Iron Ores tumbled between 15 and 23 percent.



Where is Nifty50 headed?

Rupak De, Senior Technical Analyst at LKP Securities

The Nifty has slipped further, moving lower from the 50 EMA, indicating increasing weakness. Bouts of selling pressure dragged the index to close at a several-day low. Market sentiment appears decisively negative. In the short term, the trend might remain weak, with potential downside towards 25,550–25,500. On the higher end, resistance is placed at 25,850.

Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities

Nifty continued to slide down on Friday and closed the day lower by 193 points. After opening on a weak note, the market slipped into further weakness that continued for better part of the session. Minor recovery was seen towards the end and Nifty closed near the lows.

A long bear candle was formed on the daily chart with minor lower shadow. Technically, this market action indicates a sharp down trended movement in the market. A long bear candle was formed on the weekly chart that signals sharp reversal in the market after the consolidation movement of few weeks. This is not a good sign and indicates more weakness in the coming week.

The underlying trend of Nifty continues to be weak. A slide below the support of 25700 could open more decline down to 25400 in the coming week. Immediate resistance is placed at 25900.

Ajit Mishra – SVP, Research, Religare Broking

Market sentiment stayed subdued amid elevated geopolitical and global trade-related concerns, particularly renewed uncertainty around potential U.S. tariff actions and related Supreme Court developments. Persistent foreign institutional selling and weakness across broader risk assets further compounded the negative bias, while heavyweights also added to the downside pressure.

From a technical perspective, the decline has disrupted the short-term up move in the Nifty, with the index now retesting its medium-term support zone near the 100 DEMA around the 25,600 level. A decisive break below this could invite further pressure towards the 25,450 and 25,300 levels. On the upside, reclaiming the short-term moving average, i.e., the 20 DEMA around 26,000, may prove challenging. In the current environment, a selective approach with controlled position sizing and balanced exposure on both sides is advisable.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

<img class="size-full wp-image-13766453" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260110053143_Market_down1.jpeg" alt="Indian equity indices experienced a severe downturn during the week ending January 9, 2026, marking their worst weekly performance in over three months. The benchmark Nifty 50 and Sensex fell for five consecutive sessions, erasing approximately Rs 13.49 lakh crore in investor wealth." width="1280" height="720" /> Indian equity indices experienced a severe downturn during the week ending January 9, 2026, marking their worst weekly performance in over three months. The benchmark Nifty 50 and Sensex fell for five consecutive sessions, erasing approximately Rs 13.49 lakh crore in investor wealth.

<img class="size-full wp-image-13766452" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260110053128_stock-market.jpg" alt="BSE Sensex index jumped 720.56 points or 0.84 percent at 85,762.01, while Nifty50 index added 286.25 points or 1.09 percent at 26,328.55." width="1280" height="720" /> BSE Sensex index slipped 2,185.77 points or 2.54 percent at 83,576.24, while Nifty50 index shed 193.55 points or 2.45 percent at 25,683.30.

<img class="size-full wp-image-13766793" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260110144515_sensex_nifty_sensexdown.jpg" alt="The BSE Large-cap Index declined 2.5 percent over the week, weighed down by losses in Waaree Energies, IDBI Bank, Trent, Swiggy, and Adani Energy Solutions. On the other hand, stocks such as Solar Industries India, Bharat Electronics, Titan Company, ICICI Bank, Lupin, Divi’s Laboratories, and Union Bank of India ended the week in the green." width="1280" height="720" /> The BSE Large-cap Index declined 2.5 percent over the week, weighed down by losses in Waaree Energies, IDBI Bank, Trent, Swiggy, and Adani Energy Solutions. On the other hand, stocks such as Solar Industries India, Bharat Electronics, Titan Company, ICICI Bank, Lupin, Divi’s Laboratories, and Union Bank of India ended the week in the green.

<img class="wp-image-13766456 size-full" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260110053403_market_stocks_sensex_Nifty.jpg" alt="The BSE Mid-cap Index declined 2.6 percent during the week, weighed down by losses in Premier Energies, Mahindra &amp; Mahindra Financial Services, Jindal Stainless, Suzlon Energy, Hindustan Petroleum Corporation, and Rail Vikas Nigam. Meanwhile, select stocks such as Ipca Laboratories, Emcure Pharmaceuticals, Tata Elxsi, CRISIL, and National Aluminium Company bucked the broader trend to end higher." width="1280" height="720" /> The BSE Mid-cap Index declined 2.6 percent during the week, weighed down by losses in Premier Energies, Mahindra &amp; Mahindra Financial Services, Jindal Stainless, Suzlon Energy, Hindustan Petroleum Corporation, and Rail Vikas Nigam. Meanwhile, select stocks such as Ipca Laboratories, Emcure Pharmaceuticals, Tata Elxsi, CRISIL, and National Aluminium Company bucked the broader trend to end higher.

<img class="size-full wp-image-13766458" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260110053451_Nifty_sensex_marketup.jpg" alt="The BSE Small-cap index declined nearly 4 percent during the week, with heavy selling seen across several stocks. Shares of Systematix Corporate Services, Balu Forge Industries, Worth Investment &amp; Trading, VTM, Kiri Industries, Sai Silks Kalamandir, Indian Metals &amp; Ferro Alloys, Transformers and Rectifiers India, Stallion India Fluorochemicals, Wardwizard Innovations and Mobility, Baazar Style Retail, Elecon Engineering Company, Kitex Garments, Faze Three, and Sandur Manganese and Iron Ores tumbled between 15 and 23 percent." width="1280" height="720" /> The BSE Small-cap index declined nearly 4 percent during the week, with heavy selling seen across several stocks. Shares of Systematix Corporate Services, Balu Forge Industries, Worth Investment &amp; Trading, VTM, Kiri Industries, Sai Silks Kalamandir, Indian Metals &amp; Ferro Alloys, Transformers and Rectifiers India, Stallion India Fluorochemicals, Wardwizard Innovations and Mobility, Baazar Style Retail, Elecon Engineering Company, Kitex Garments, Faze Three, and Sandur Manganese and Iron Ores tumbled between 15 and 23 percent.

<img class="size-full wp-image-13766460" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260110053630_sensex_nifty_stock-stocks_stock.jpg" alt="During the week, Reliance Industries lost the most in terms of market value, followed by HDFC Bank, Bharti Airtel, Larsen &amp; Toubro. On the other hand, ICICI Bank, Titan Company, Bharat Electronics, added the most of their market-cap. (Disclaimer: MoneyControl is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the soles beneficiary.)" width="1280" height="720" /> During the week, Reliance Industries lost the most in terms of market value, followed by HDFC Bank, Bharti Airtel, and Larsen &amp; Toubro. On the other hand, ICICI Bank, Titan Company, Bharat Electronics, added most of their market-cap. (Disclaimer: MoneyControl is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.)

<img class="size-full wp-image-13766466" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260110054320_sensex_nifty_stock_markets.jpg" alt="Sectorally, Nifty Oil &amp; Gas, Nifty Energy, and Nifty Infra indices declined 4–5 percent during the week. Nifty Metal, Realty, Media, and Auto indices also remained under pressure, each slipping more than 2 percent. In contrast, the Nifty Defence index gained 1.3 percent, while the Nifty Consumer Durables index rose 1 percent." width="1280" height="720" /> Sectorally, Nifty Oil &amp; Gas, Nifty Energy, and Nifty Infra indices declined 4–5 percent during the week. Nifty Metal, Realty, Media, and Auto indices also remained under pressure, each slipping more than 2 percent. In contrast, the Nifty Defence index gained 1.3 percent, while the Nifty Consumer Durables index rose 1 percent.

<img class="size-full wp-image-13766461" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260110053658_nifty_market-Sensex.jpg" alt="Foreign Institutional Investors (FIIs) continued to remain net sellers during the week, offloading equities worth ₹9,209.90 crore. In contrast, Domestic Institutional Investors (DIIs) provided support to the market, purchasing equities worth ₹17,594.58 crore." width="1280" height="720" /> Foreign Institutional Investors (FIIs) continued to remain net sellers during the week, offloading equities worth Rs 9,209.90 crore. In contrast, Domestic Institutional Investors (DIIs) provided support to the market, purchasing equities worth Rs 17,594.58 crore.

<img class="size-full wp-image-13766463" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260110054211_rupee_fall.jpg" alt="The Indian rupee witnessed a rangebound action during the week as it traded between 89.73-90.29. The INR ended almost flat at 90.16 per dollar on January 9 against January 2 closing 90.19." width="1280" height="720" /> The Indian rupee witnessed a range-bound action during the week as it traded between 89.73 and 90.29. The INR ended almost flat at 90.16 per dollar on January 9, against January 2, closing at 90.19.

The Indian rupee ended almost flat at 90.16 per dollar on January 9 against January 2 closing 90.19.

Indian equity indices experienced a severe downturn during the week ending January 9, 2026, marking their worst weekly performance in over three months. The benchmark Nifty 50 and Sensex fell for five consecutive sessions, erasing approximately Rs 13.49 lakh crore in investor wealth.

BSE Sensex index jumped 720.56 points or 0.84 percent at 85,762.01, while Nifty50 index added 286.25 points or 1.09 percent at 26,328.55.

The BSE Large-cap Index declined 2.5 percent over the week, weighed down by losses in Waaree Energies, IDBI Bank, Trent, Swiggy, and Adani Energy Solutions. On the other hand, stocks such as Solar Industries India, Bharat Electronics, Titan Company, ICICI Bank, Lupin, Divi’s Laboratories, and Union Bank of India ended the week in the green.

The BSE Mid-cap Index declined 2.6 percent during the week, weighed down by losses in Premier Energies, Mahindra &amp; Mahindra Financial Services, Jindal Stainless, Suzlon Energy, Hindustan Petroleum Corporation, and Rail Vikas Nigam. Meanwhile, select stocks such as Ipca Laboratories, Emcure Pharmaceuticals, Tata Elxsi, CRISIL, and National Aluminium Company bucked the broader trend to end higher.

The BSE Small-cap index declined nearly 4 percent during the week, with heavy selling seen across several stocks. Shares of Systematix Corporate Services, Balu Forge Industries, Worth Investment &amp; Trading, VTM, Kiri Industries, Sai Silks Kalamandir, Indian Metals &amp; Ferro Alloys, Transformers and Rectifiers India, Stallion India Fluorochemicals, Wardwizard Innovations and Mobility, Baazar Style Retail, Elecon Engineering Company, Kitex Garments, Faze Three, and Sandur Manganese and Iron Ores tumbled between 15 and 23 percent.

During the week, Reliance Industries lost the most in terms of market value, followed by HDFC Bank, Bharti Airtel, Larsen &amp; Toubro. On the other hand, ICICI Bank, Titan Company, Bharat Electronics, added the most of their market-cap. (Disclaimer: MoneyControl is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the soles beneficiary.)

Sectorally, Nifty Oil &amp; Gas, Nifty Energy, and Nifty Infra indices declined 4–5 percent during the week. Nifty Metal, Realty, Media, and Auto indices also remained under pressure, each slipping more than 2 percent. In contrast, the Nifty Defence index gained 1.3 percent, while the Nifty Consumer Durables index rose 1 percent.

Foreign Institutional Investors (FIIs) continued to remain net sellers during the week, offloading equities worth ₹9,209.90 crore. In contrast, Domestic Institutional Investors (DIIs) provided support to the market, purchasing equities worth ₹17,594.58 crore.

The Indian rupee witnessed a rangebound action during the week as it traded between 89.73-90.29. The INR ended almost flat at 90.16 per dollar on January 9 against January 2 closing 90.19.

Markets end two-week rally, post biggest weekly loss in three months

<img class="size-full wp-image-13766453" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260110053143_Market_down1.jpeg" alt="Indian equity indices experienced a severe downturn during the week ending January 9, 2026, marking their worst weekly performance in over three months. The benchmark Nifty 50 and Sensex fell for five consecutive sessions, erasing approximately Rs 13.49 lakh crore in investor wealth." width="1280" height="720" /> Indian equity indices experienced a severe downturn during the week ending January 9, 2026, marking their worst weekly performance in over three months. The benchmark Nifty 50 and Sensex fell for five consecutive sessions, erasing approximately Rs 13.49 lakh crore in investor wealth.

<img class="size-full wp-image-13766452" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260110053128_stock-market.jpg" alt="BSE Sensex index jumped 720.56 points or 0.84 percent at 85,762.01, while Nifty50 index added 286.25 points or 1.09 percent at 26,328.55." width="1280" height="720" /> BSE Sensex index slipped 2,185.77 points or 2.54 percent at 83,576.24, while Nifty50 index shed 193.55 points or 2.45 percent at 25,683.30.

<img class="size-full wp-image-13766793" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260110144515_sensex_nifty_sensexdown.jpg" alt="The BSE Large-cap Index declined 2.5 percent over the week, weighed down by losses in Waaree Energies, IDBI Bank, Trent, Swiggy, and Adani Energy Solutions. On the other hand, stocks such as Solar Industries India, Bharat Electronics, Titan Company, ICICI Bank, Lupin, Divi’s Laboratories, and Union Bank of India ended the week in the green." width="1280" height="720" /> The BSE Large-cap Index declined 2.5 percent over the week, weighed down by losses in Waaree Energies, IDBI Bank, Trent, Swiggy, and Adani Energy Solutions. On the other hand, stocks such as Solar Industries India, Bharat Electronics, Titan Company, ICICI Bank, Lupin, Divi’s Laboratories, and Union Bank of India ended the week in the green.

<img class="wp-image-13766456 size-full" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260110053403_market_stocks_sensex_Nifty.jpg" alt="The BSE Mid-cap Index declined 2.6 percent during the week, weighed down by losses in Premier Energies, Mahindra &amp; Mahindra Financial Services, Jindal Stainless, Suzlon Energy, Hindustan Petroleum Corporation, and Rail Vikas Nigam. Meanwhile, select stocks such as Ipca Laboratories, Emcure Pharmaceuticals, Tata Elxsi, CRISIL, and National Aluminium Company bucked the broader trend to end higher." width="1280" height="720" /> The BSE Mid-cap Index declined 2.6 percent during the week, weighed down by losses in Premier Energies, Mahindra &amp; Mahindra Financial Services, Jindal Stainless, Suzlon Energy, Hindustan Petroleum Corporation, and Rail Vikas Nigam. Meanwhile, select stocks such as Ipca Laboratories, Emcure Pharmaceuticals, Tata Elxsi, CRISIL, and National Aluminium Company bucked the broader trend to end higher.

<img class="size-full wp-image-13766458" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260110053451_Nifty_sensex_marketup.jpg" alt="The BSE Small-cap index declined nearly 4 percent during the week, with heavy selling seen across several stocks. Shares of Systematix Corporate Services, Balu Forge Industries, Worth Investment &amp; Trading, VTM, Kiri Industries, Sai Silks Kalamandir, Indian Metals &amp; Ferro Alloys, Transformers and Rectifiers India, Stallion India Fluorochemicals, Wardwizard Innovations and Mobility, Baazar Style Retail, Elecon Engineering Company, Kitex Garments, Faze Three, and Sandur Manganese and Iron Ores tumbled between 15 and 23 percent." width="1280" height="720" /> The BSE Small-cap index declined nearly 4 percent during the week, with heavy selling seen across several stocks. Shares of Systematix Corporate Services, Balu Forge Industries, Worth Investment &amp; Trading, VTM, Kiri Industries, Sai Silks Kalamandir, Indian Metals &amp; Ferro Alloys, Transformers and Rectifiers India, Stallion India Fluorochemicals, Wardwizard Innovations and Mobility, Baazar Style Retail, Elecon Engineering Company, Kitex Garments, Faze Three, and Sandur Manganese and Iron Ores tumbled between 15 and 23 percent.

<img class="size-full wp-image-13766460" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260110053630_sensex_nifty_stock-stocks_stock.jpg" alt="During the week, Reliance Industries lost the most in terms of market value, followed by HDFC Bank, Bharti Airtel, Larsen &amp; Toubro. On the other hand, ICICI Bank, Titan Company, Bharat Electronics, added the most of their market-cap. (Disclaimer: MoneyControl is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the soles beneficiary.)" width="1280" height="720" /> During the week, Reliance Industries lost the most in terms of market value, followed by HDFC Bank, Bharti Airtel, and Larsen &amp; Toubro. On the other hand, ICICI Bank, Titan Company, Bharat Electronics, added most of their market-cap. (Disclaimer: MoneyControl is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.)

<img class="size-full wp-image-13766466" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260110054320_sensex_nifty_stock_markets.jpg" alt="Sectorally, Nifty Oil &amp; Gas, Nifty Energy, and Nifty Infra indices declined 4–5 percent during the week. Nifty Metal, Realty, Media, and Auto indices also remained under pressure, each slipping more than 2 percent. In contrast, the Nifty Defence index gained 1.3 percent, while the Nifty Consumer Durables index rose 1 percent." width="1280" height="720" /> Sectorally, Nifty Oil &amp; Gas, Nifty Energy, and Nifty Infra indices declined 4–5 percent during the week. Nifty Metal, Realty, Media, and Auto indices also remained under pressure, each slipping more than 2 percent. In contrast, the Nifty Defence index gained 1.3 percent, while the Nifty Consumer Durables index rose 1 percent.

<img class="size-full wp-image-13766461" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260110053658_nifty_market-Sensex.jpg" alt="Foreign Institutional Investors (FIIs) continued to remain net sellers during the week, offloading equities worth ₹9,209.90 crore. In contrast, Domestic Institutional Investors (DIIs) provided support to the market, purchasing equities worth ₹17,594.58 crore." width="1280" height="720" /> Foreign Institutional Investors (FIIs) continued to remain net sellers during the week, offloading equities worth Rs 9,209.90 crore. In contrast, Domestic Institutional Investors (DIIs) provided support to the market, purchasing equities worth Rs 17,594.58 crore.

<img class="size-full wp-image-13766463" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260110054211_rupee_fall.jpg" alt="The Indian rupee witnessed a rangebound action during the week as it traded between 89.73-90.29. The INR ended almost flat at 90.16 per dollar on January 9 against January 2 closing 90.19." width="1280" height="720" /> The Indian rupee witnessed a range-bound action during the week as it traded between 89.73 and 90.29. The INR ended almost flat at 90.16 per dollar on January 9, against January 2, closing at 90.19.

January markets volatile from quarterly results and upcoming Union Budget., Option prices surge pre-budget; long straddle could gain from volatility., Avoid short straddles, late buys; prefer short-term trades for safety.

* January markets volatile from quarterly results and upcoming Union Budget.
* Option prices surge pre-budget; long straddle could gain from volatility.
* Avoid short straddles, late buys; prefer short-term trades for safety.

January is volatile for traders due to quarterly results and the upcoming Union Budget. Option prices rise on expected volatility, making long straddles attractive but risky due to premium decay. Avoid short straddles and late entries; focus on short-term trades.

shorts/trends/how-smart-money-trades-before-the-budget-shubham-agarwal

* January markets volatile from quarterly results and upcoming Union Budget.
* Option prices surge pre-budget; long straddle could gain from volatility.
* Avoid short straddles, late buys; prefer short-term trades for safety.

January stands apart as the most intriguing month for traders. Two forces shape the market during this period: quarterly results and the Union Budget tabled on February 1. After New Year, Foreign Institutional Investors start positioning themselves ahead of the budget.

Traders at every level begin placing their bets on policy decisions, armed with whatever knowledge or information they possess. The timing of these positions varies wildly. It depends on your experience and how well you read participant behavior before budget season.

During January, market trends blur. Indices and stocks throw fake breakouts. Whispers of budget policies create optimism about various sectors, triggering strong sector rotation. Money flows from one sector to another, creating sharp rallies in stocks but weak follow-throughs. Most of the time, the market remains range-bound.

The question becomes: how do you trade this chaos?

In January, option prices turn expensive. Consider this example. On January 1st, 2025, weekly ATM options (both Call and Put) with 9 days to expiry traded at Rs 200-220. Near budget time, January 28th, 2025, similar weekly ATM options with 9 days to expiry jumped to Rs 350-360. This expensive nature stems from higher expected volatility. Market participants anticipate larger moves due to budget policy decisions. Retail traders buy both Calls and Puts, creating huge demand. As demand rises, options become costlier than normal.

So what should you do?

Price movements turn erratic before the budget. But one thing stays clear: option prices become expensive (Volatility increases). You can benefit from this by going long straddle, buying an ATM Call and Put. This works in your favor if options become expensive (volatility rises) or if the market makes a bigger directional move.

What's the risk? You cannot predict exactly when options will become expensive. You need to analyze past data to figure out the probable timing. The biggest risk is daily option price decay, also known as theta decay. The longer you stay in the trade, the more premium erodes. If you don't get the volatility rise within 3 days, take the loss and exit, or keep a suitable stop loss.

For directional traders, stick to short-term trades. Book profits whenever they appear. Don't expect big positional moves.

What not to do?

Avoid pure short straddles and strangles in January. These strategies carry unlimited risk potential, especially when options are expensive. The second rookie mistake: buying an ATM Call and Put 1 or 2 days before the budget, hoping for a huge move on budget day. By that time, options have already peaked in price or sit near peak levels. Straddle buying at this stage produces negative outcomes most of the time.

Here's the key insight: smart money doesn't try to forecast the market or predict policy decisions during budget time. Instead, they observe patterns. They watch how retail traders behave, how positioning builds up, and how volatility evolves through the month. From these observations, they build consistent, repeatable strategies. They don't gamble on outcomes. They bet on behavior.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Shubham Agarwal is a CEO &amp; Head of Research at Quantsapp Pvt. Ltd.

He has been into many major kinds of market research and has been a programmer himself in Tens of programming languages.

Earlier to the current position, Shubham has served for Motilal Oswal as Head of Quantitative, Technical &amp; Derivatives Research and as a Technical Analyst at JM Financial.

How smart money trades before the Budget: Shubham Agarwal

January stands apart as the most intriguing month for traders. Two forces shape the market during this period: quarterly results and the Union Budget tabled on February 1. After New Year, Foreign Institutional Investors start positioning themselves ahead of the budget.

Traders at every level begin placing their bets on policy decisions, armed with whatever knowledge or information they possess. The timing of these positions varies wildly. It depends on your experience and how well you read participant behavior before budget season.

During January, market trends blur. Indices and stocks throw fake breakouts. Whispers of budget policies create optimism about various sectors, triggering strong sector rotation. Money flows from one sector to another, creating sharp rallies in stocks but weak follow-throughs. Most of the time, the market remains range-bound.

The question becomes: how do you trade this chaos?

In January, option prices turn expensive. Consider this example. On January 1st, 2025, weekly ATM options (both Call and Put) with 9 days to expiry traded at Rs 200-220. Near budget time, January 28th, 2025, similar weekly ATM options with 9 days to expiry jumped to Rs 350-360. This expensive nature stems from higher expected volatility. Market participants anticipate larger moves due to budget policy decisions. Retail traders buy both Calls and Puts, creating huge demand. As demand rises, options become costlier than normal.

So what should you do?

Price movements turn erratic before the budget. But one thing stays clear: option prices become expensive (Volatility increases). You can benefit from this by going long straddle, buying an ATM Call and Put. This works in your favor if options become expensive (volatility rises) or if the market makes a bigger directional move.

What's the risk? You cannot predict exactly when options will become expensive. You need to analyze past data to figure out the probable timing. The biggest risk is daily option price decay, also known as theta decay. The longer you stay in the trade, the more premium erodes. If you don't get the volatility rise within 3 days, take the loss and exit, or keep a suitable stop loss.

For directional traders, stick to short-term trades. Book profits whenever they appear. Don't expect big positional moves.

What not to do?

Avoid pure short straddles and strangles in January. These strategies carry unlimited risk potential, especially when options are expensive. The second rookie mistake: buying an ATM Call and Put 1 or 2 days before the budget, hoping for a huge move on budget day. By that time, options have already peaked in price or sit near peak levels. Straddle buying at this stage produces negative outcomes most of the time.

Here's the key insight: smart money doesn't try to forecast the market or predict policy decisions during budget time. Instead, they observe patterns. They watch how retail traders behave, how positioning builds up, and how volatility evolves through the month. From these observations, they build consistent, repeatable strategies. They don't gamble on outcomes. They bet on behavior.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Tariff-driven disruption closer to peak than prolonged cycle, Union Budget must focus on attracting sustained foreign capital, Domestic picture remains relatively constructive, Geopolitical temperatures expected to remain elevated, Defence theme should continue to attract capital and do well, Earnings growth likely remain sector-specific rather than broad-based

* Tariff-driven disruption closer to peak than prolonged cycle
* Union Budget must focus on attracting sustained foreign capital
* Domestic picture remains relatively constructive
* Geopolitical temperatures expected to remain elevated
* Defence theme should continue to attract capital and do well
* Earnings growth likely remain sector-specific rather than broad-based

shorts/business/daily-voice-tariff-shock-nearing-peak-not-a-long-cycle-budget-must-prioritise-foreign-capital-divam-sharma

* Tariff-driven disruption closer to peak than prolonged cycle
* Union Budget must focus on attracting sustained foreign capital
* Domestic picture remains relatively constructive
* Geopolitical temperatures expected to remain elevated
* Defence theme should continue to attract capital and do well
* Earnings growth likely remain sector-specific rather than broad-based

After former US President Donald Trump’s tariff threat, Divam Sharma, Co-founder and Fund Manager at Green Portfolio PMS, believes that the tariff-driven disruption is closer to its peak rather than the beginning of a prolonged cycle, even though tariffs and sanctions continue to create near-term noise.

Commenting on the Union Budget 2026, Sharma said that to attract sustained foreign capital, the government could explore selective tax holidays or incentives for FDI in strategic sectors.

Another area that warrants reconsideration in Budget is the taxation of equity investments, he added. “Targeting a reduction or complete waiver of short-term and long-term capital gains tax is imperative at this stage, especially for Indians living overseas who are keen to allocate capital back home,” he said in an interview with Moneycontrol.

Do you expect the Trump tariff factor to remain a key challenge for Indian equities and global markets in 2026 as well, considering the threat of fresh sanctions on Russia?

While tariffs and sanctions continue to create near-term noise, we believe the tariff-driven disruption is closer to its peak rather than at the beginning of a prolonged cycle. Beyond a point, both countries and corporations are forced to adapt, and we are already seeing accelerated diversification of supply chains away from single-country dependencies.

From India’s perspective, the domestic picture remains relatively constructive. Consumption trends are stable, macro indicators are supportive, and the country has made meaningful progress on multiple free trade agreements, which should improve export competitiveness over time. Additionally, lower oil import costs remain a structural positive for India’s balance of payments and fiscal dynamics.

Given the global uncertainty, we are maintaining a neutral stance and exercising patience. This approach may test short-term sentiment, but it keeps strategic options open and allows India to emerge relatively stronger as global trade realigns.

Is Trump’s stance on Venezuela likely to further intensify geopolitical tensions in the current year?

Yes, it does add another layer of complexity to an already elevated geopolitical environment. We are witnessing widening disparities in wealth, access to resources, and geopolitical influence that’s both at the individual and sovereign level which naturally heightens friction.

While a full-fledged military conflict still appears unlikely, geopolitical temperatures are expected to remain elevated. This environment may well represent a “new normal” for the next few years rather than a short-lived phase.

Against this backdrop, markets are likely to place greater emphasis on domestic fundamentals—such as local supply chains, consumption patterns, and GDP growth—especially as global flashpoints continue to emerge intermittently.

Despite such global headwinds, do you believe the downside for markets remains limited, making it a stock-picker’s market in the current year?

We are very hopeful for the markets to do well this year infact. Systematic investment plan (SIP) flows remain healthy, corporate fundamentals are broadly comfortable, and liquidity continues to seek assets where long-term value is visible. The Indian economy, in particular, has demonstrated notable resilience.

Sentiment, however, remains the key swing factor. As we see greater clarity around geopolitical uncertainties, easing global tensions, and the formation of new economic partnerships, sentiment should gradually improve.

That said, this is clearly a stock-picker’s market. We have already seen select companies deliver strong performance in the latter half of December and the early days of January, reinforcing the importance of bottom-up, fundamentals-driven investing rather than broad-based market calls.

If you were the Finance Minister, what key measures or initiatives would you like to introduce in the Union Budget?

We are operating in a global environment that is starved for growth and increasingly fragmented geopolitically. In such a phase, attracting capital becomes as important as generating it domestically. These are defining moments for markets, and India has a real opportunity to position itself as a preferred destination for global and diaspora capital.

One area worth reconsidering is the taxation of equity investments. Targeting reduction or complete waiver on STCG and LTCG is imperative at this stage, especially among Indians living overseas who are keen to allocate capital back home.

At the same time, to attract sustained foreign capital, selective tax holidays or incentives for FDI in strategic sectors could be explored. A shift in sentiment at the policy level often has a multiplier effect, and such measures could also crowd in domestic capex as private players gain confidence in the medium-term growth visibility.

Do you think the defence sector could be a good investment bet for 2026?

We believe the defence theme should continue to attract capital and do well. Domestic defence spending is likely to increase, with a clear policy thrust toward indigenisation and a gradual shift away from import dependence.

At the same time, export opportunities are improving as Indian defence manufacturers gain scale, credibility, and cost competitiveness in global markets. This combination of rising domestic orders and expanding exports creates a relatively strong visibility for the sector.

As a result, defence is well-placed to attract incremental institutional as well as retail interest in 2026, provided execution and delivery remain consistent.

Do you expect double-digit earnings growth over the next 3–4 quarters, starting from Q3 FY26?

Earnings growth will likely remain sector-specific rather than broad-based. Double-digit growth is achievable in some areas of the market, particularly where demand visibility is strong.

That said, earnings volatility cannot be ruled out over certain quarters, especially if geopolitical disruptions or supply-side shocks resurface. On the positive side, a lower interest rate environment should provide meaningful support to both margins and demand, especially for capital-intensive and interest-sensitive sectors.

Overall, while the trajectory remains constructive, earnings delivery is likely to be uneven, reinforcing the need for selective positioning rather than blanket exposure.

Are you confident that foreign institutional investors (FIIs) are likely to increase their allocation to India?

While 2025 has not been an especially strong year for India in terms of foreign flows, we believe that sets the base for a more balanced reallocation going forward. India continues to offer one of the most compelling growth profiles among large economies, and global capital ultimately gravitates toward visible growth.

We are already seeing growing interest from non-traditional FII sources, particularly from regions such as the UAE and Japan, and potentially even Russia, which could account for a higher share of incremental inflows over time.

From a macro standpoint, a significant part of the rupee adjustment appears to be behind us, which reduces currency-related hesitation for foreign investors. That said, India is navigating a complex external environment where its balancing pressure from the US on Russian oil imports, while also dealing with shifts in US-based FII behaviour.

In the near term, focus is firmly on the upcoming Union Budget and the extent to which the government is willing to deploy fiscal measures to support growth.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Daily Voice | Tariff shock nearing peak, not a long cycle; Budget must prioritise foreign capital: Divam Sharma

After former US President Donald Trump’s tariff threat, Divam Sharma, Co-founder and Fund Manager at Green Portfolio PMS, believes that the tariff-driven disruption is closer to its peak rather than the beginning of a prolonged cycle, even though tariffs and sanctions continue to create near-term noise.

Commenting on the Union Budget 2026, Sharma said that to attract sustained foreign capital, the government could explore selective tax holidays or incentives for FDI in strategic sectors.

Another area that warrants reconsideration in Budget is the taxation of equity investments, he added. “Targeting a reduction or complete waiver of short-term and long-term capital gains tax is imperative at this stage, especially for Indians living overseas who are keen to allocate capital back home,” he said in an interview with Moneycontrol.

Do you expect the Trump tariff factor to remain a key challenge for Indian equities and global markets in 2026 as well, considering the threat of fresh sanctions on Russia?

While tariffs and sanctions continue to create near-term noise, we believe the tariff-driven disruption is closer to its peak rather than at the beginning of a prolonged cycle. Beyond a point, both countries and corporations are forced to adapt, and we are already seeing accelerated diversification of supply chains away from single-country dependencies.

From India’s perspective, the domestic picture remains relatively constructive. Consumption trends are stable, macro indicators are supportive, and the country has made meaningful progress on multiple free trade agreements, which should improve export competitiveness over time. Additionally, lower oil import costs remain a structural positive for India’s balance of payments and fiscal dynamics.

Given the global uncertainty, we are maintaining a neutral stance and exercising patience. This approach may test short-term sentiment, but it keeps strategic options open and allows India to emerge relatively stronger as global trade realigns.

Is Trump’s stance on Venezuela likely to further intensify geopolitical tensions in the current year?

Yes, it does add another layer of complexity to an already elevated geopolitical environment. We are witnessing widening disparities in wealth, access to resources, and geopolitical influence that’s both at the individual and sovereign level which naturally heightens friction.

While a full-fledged military conflict still appears unlikely, geopolitical temperatures are expected to remain elevated. This environment may well represent a “new normal” for the next few years rather than a short-lived phase.

Against this backdrop, markets are likely to place greater emphasis on domestic fundamentals—such as local supply chains, consumption patterns, and GDP growth—especially as global flashpoints continue to emerge intermittently.

Despite such global headwinds, do you believe the downside for markets remains limited, making it a stock-picker’s market in the current year?

We are very hopeful for the markets to do well this year infact. Systematic investment plan (SIP) flows remain healthy, corporate fundamentals are broadly comfortable, and liquidity continues to seek assets where long-term value is visible. The Indian economy, in particular, has demonstrated notable resilience.

Sentiment, however, remains the key swing factor. As we see greater clarity around geopolitical uncertainties, easing global tensions, and the formation of new economic partnerships, sentiment should gradually improve.

That said, this is clearly a stock-picker’s market. We have already seen select companies deliver strong performance in the latter half of December and the early days of January, reinforcing the importance of bottom-up, fundamentals-driven investing rather than broad-based market calls.

If you were the Finance Minister, what key measures or initiatives would you like to introduce in the Union Budget?

We are operating in a global environment that is starved for growth and increasingly fragmented geopolitically. In such a phase, attracting capital becomes as important as generating it domestically. These are defining moments for markets, and India has a real opportunity to position itself as a preferred destination for global and diaspora capital.

One area worth reconsidering is the taxation of equity investments. Targeting reduction or complete waiver on STCG and LTCG is imperative at this stage, especially among Indians living overseas who are keen to allocate capital back home.

At the same time, to attract sustained foreign capital, selective tax holidays or incentives for FDI in strategic sectors could be explored. A shift in sentiment at the policy level often has a multiplier effect, and such measures could also crowd in domestic capex as private players gain confidence in the medium-term growth visibility.

Do you think the defence sector could be a good investment bet for 2026?

We believe the defence theme should continue to attract capital and do well. Domestic defence spending is likely to increase, with a clear policy thrust toward indigenisation and a gradual shift away from import dependence.

At the same time, export opportunities are improving as Indian defence manufacturers gain scale, credibility, and cost competitiveness in global markets. This combination of rising domestic orders and expanding exports creates a relatively strong visibility for the sector.

As a result, defence is well-placed to attract incremental institutional as well as retail interest in 2026, provided execution and delivery remain consistent.

Do you expect double-digit earnings growth over the next 3–4 quarters, starting from Q3 FY26?

Earnings growth will likely remain sector-specific rather than broad-based. Double-digit growth is achievable in some areas of the market, particularly where demand visibility is strong.

That said, earnings volatility cannot be ruled out over certain quarters, especially if geopolitical disruptions or supply-side shocks resurface. On the positive side, a lower interest rate environment should provide meaningful support to both margins and demand, especially for capital-intensive and interest-sensitive sectors.

Overall, while the trajectory remains constructive, earnings delivery is likely to be uneven, reinforcing the need for selective positioning rather than blanket exposure.

Are you confident that foreign institutional investors (FIIs) are likely to increase their allocation to India?

While 2025 has not been an especially strong year for India in terms of foreign flows, we believe that sets the base for a more balanced reallocation going forward. India continues to offer one of the most compelling growth profiles among large economies, and global capital ultimately gravitates toward visible growth.

We are already seeing growing interest from non-traditional FII sources, particularly from regions such as the UAE and Japan, and potentially even Russia, which could account for a higher share of incremental inflows over time.

From a macro standpoint, a significant part of the rupee adjustment appears to be behind us, which reduces currency-related hesitation for foreign investors. That said, India is navigating a complex external environment where its balancing pressure from the US on Russian oil imports, while also dealing with shifts in US-based FII behaviour.

In the near term, focus is firmly on the upcoming Union Budget and the extent to which the government is willing to deploy fiscal measures to support growth.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Sensex and Nifty fell 2.5% this week, worst drop in over three months, BSE-listed firms lost Rs 15 lakh crore in market value; 15 of 16 sectors declined, HDFC Bank slid 6.3% for the week, its worst weekly drop in nearly two years

* Sensex and Nifty fell 2.5% this week, worst drop in over three months
* BSE-listed firms lost Rs 15 lakh crore in market value; 15 of 16 sectors declined
* HDFC Bank slid 6.3% for the week, its worst weekly drop in nearly two years

Sensex and Nifty fell 2.5% this week, their worst in over three months, wiping out Rs 15 lakh crore in market value. Most sectors declined, led by oil and gas. HDFC Bank dropped 6.3% on weak deposits, while Trent lost 9.9% on slow revenue growth.

shorts/business/markets-fall-2-5-to-log-worst-week-in-over-three-months-rs-15-lakh-cr-m-cap-wiped-out

* Sensex and Nifty fell 2.5% this week, worst drop in over three months
* BSE-listed firms lost Rs 15 lakh crore in market value; 15 of 16 sectors declined
* HDFC Bank slid 6.3% for the week, its worst weekly drop in nearly two years

Indian benchmark indices <a href="https://www.moneycontrol.com/news/business/markets/sensex-falls-300-pts-from-day-s-high-nifty-below-25-850-us-tariff-concerns-among-key-factors-behind-market-decline-13764809.html">Sensex</a> and Nifty fell 2.5% this week to post their worst week in over three months. The BSE-listed firms lost market capitalisation to the tune of Rs 15 lakh crore during the week.

In late September week, the indices fell 2.7%.

Fifteen of the 16 major sectors fell during the week. Oil and gas stocks led losses among major sectors. Small-caps and mid-caps lost 3.1% and 2.6%, respectively.

On January 9, Nifty 50 fell 0.75% to 25,683.3, while the Sensex slipped 0.72% to 83,576.24.

US President Donald Trump has backed a bipartisan bill targeting countries doing business with Russia with up to 500% tariffs on imported goods, as per Republican Senator Lindsey Graham, which has led to huge broad-based selling pressure in the last two days. India has been the second-largest buyer of Russian crude after China.

"Among sectors, the Defence index gained 1.3%, whereas India Tourism, Oil &amp; Gas, and Energy indices shed over 5%. During the week, the market slipped below the 20-day SMA (Simple Moving Average), and post-breakdown selling pressure intensified. Technically, on weekly charts, it has formed a long bearish candle and is comfortably trading below short-term averages, which is largely negative," said Amol Athawale, VP Technical Research, Kotak Securities.

India's largest private lender and heaviest-weighted stock HDFC Bank slid 6.3% for the week, its biggest in about two years, as its quarterly business update raised concerns over slower deposit growth. It dragged the banks index by 1.5% for the week.

This is the worst weekly drop for the stock in nearly two years.

The last instance of the stock declining every day in a week was between September 22 - September 26, 2025.

HDFC Bank has also lost over Rs 1 lakh crore in market capitalisation this week.

Clothing retailer Trent lost 9.9% during the week as softness in revenue growth continued in the December quarter, while jeweller Titan surged 3.7% on strong sales growth.

This is the worst weekly performance for Trent since April 2025. Earlier in the week, the clothing retailer posted flat standalone revenue growth as against last quarter, thus missing analysts expectations.

Growth trends look to be moderating, Antique Stock Broking analysts said.

Premier Energies, Waaree Energies, Inox Wind, NBCC, HPCL are among top midcap losers of the week.

"The Nifty has slipped further, moving lower from the 50 EMA, indicating increasing weakness. Bouts of selling pressure dragged the index to close at a several-day low. Market sentiment appears decisively negative. In the short term, the trend might remain weak, with potential downside towards 25,550–25,500. On the higher end, resistance is placed at 25,850," said Rupak De, Senior Technical Analyst at LKP Securities.

"We are of the view  that as long as the market trades below the 50-day SMA or 26,000/84900, the weak formation is likely to continue. On the downside, 25,600/83700 would act as an immediate support zone. Below this level, selling pressure is likely to accelerate. Further below, the market could slip to 25,400–25,300/83100-82800. On the upside, above 25,750/84200, we could see a quick pullback up to 25,850–25,900/84500-84700," Athawale added.

Markets fall 2.5% to log worst week in over three months; Rs 15 lakh cr m-cap wiped out

Indian benchmark indices Sensex and Nifty fell 2.5% this week to post their worst week in over three months. The BSE-listed firms lost market capitalisation to the tune of Rs 15 lakh crore during the week.

In late September week, the indices fell 2.7%.

Fifteen of the 16 major sectors fell during the week. Oil and gas stocks led losses among major sectors. Small-caps and mid-caps lost 3.1% and 2.6%, respectively.

On January 9, Nifty 50 fell 0.75% to 25,683.3, while the Sensex slipped 0.72% to 83,576.24.

US President Donald Trump has backed a bipartisan bill targeting countries doing business with Russia with up to 500% tariffs on imported goods, as per Republican Senator Lindsey Graham, which has led to huge broad-based selling pressure in the last two days. India has been the second-largest buyer of Russian crude after China.

&quot;Among sectors, the Defence index gained 1.3%, whereas India Tourism, Oil &amp;amp; Gas, and Energy indices shed over 5%. During the week, the market slipped below the 20-day SMA (Simple Moving Average), and post-breakdown selling pressure intensified. Technically, on weekly charts, it has formed a long bearish candle and is comfortably trading below short-term averages, which is largely negative,&quot; said Amol Athawale, VP Technical Research, Kotak Securities.

India's largest private lender and heaviest-weighted stock HDFC Bank slid 6.3% for the week, its biggest in about two years, as its quarterly business update raised concerns over slower deposit growth. It dragged the banks index by 1.5% for the week.

This is the worst weekly drop for the stock in nearly two years.

The last instance of the stock declining every day in a week was between September 22 - September 26, 2025.

HDFC Bank has also lost over Rs 1 lakh crore in market capitalisation this week.

Clothing retailer Trent lost 9.9% during the week as softness in revenue growth continued in the December quarter, while jeweller Titan surged 3.7% on strong sales growth.

This is the worst weekly performance for Trent since April 2025. Earlier in the week, the clothing retailer posted flat standalone revenue growth as against last quarter, thus missing analysts expectations.

Growth trends look to be moderating, Antique Stock Broking analysts said.

Premier Energies, Waaree Energies, Inox Wind, NBCC, HPCL are among top midcap losers of the week.

&quot;The Nifty has slipped further, moving lower from the 50 EMA, indicating increasing weakness. Bouts of selling pressure dragged the index to close at a several-day low. Market sentiment appears decisively negative. In the short term, the trend might remain weak, with potential downside towards 25,550–25,500. On the higher end, resistance is placed at 25,850,&quot; said Rupak De, Senior Technical Analyst at LKP Securities.

&quot;We are of the view  that as long as the market trades below the 50-day SMA or 26,000/84900, the weak formation is likely to continue. On the downside, 25,600/83700 would act as an immediate support zone. Below this level, selling pressure is likely to accelerate. Further below, the market could slip to 25,400–25,300/83100-82800. On the upside, above 25,750/84200, we could see a quick pullback up to 25,850–25,900/84500-84700,&quot; Athawale added.

9 out of 17 years BSE MIDCAP has given negative returns in January.

Type	R1	R2	R3	PP	S1	S2	S3
Classic	46,732.41	47,160.03	47,447.94	46,444.50	46,016.88	45,728.97	45,301.35
Fibonacci	46,717.83	46,886.69	47,160.03	46,444.50	46,171.16	46,002.30	45,728.97
Camarilla	46,370.39	46,435.98	46,501.57	46,444.50	46,239.21	46,173.62	46,108.03

INDEX CONTRIBUTION - BSE MIDCAP

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