MUMBAI, January 12, 2026, 02:34 IST
Twelve stocks in India’s BSE 100 index dropped in each of the five trading days ending Jan. 9, with Suzlon Energy losing about 9% during that span, according to data compiled by ETMarkets.com. The Sensex fell 2.55% to 83,576.24 over the same period, while the stocks that kept sliding posted total declines ranging from roughly 3% to 9%, the report noted. 1
The streak is key as traders try to decide if the early-year jitters are just noise or a wider risk reset tied to U.S. trade and interest rates. The Cboe Volatility Index — the VIX, which gauges expected near-term S&P 500 swings from options pricing — stood at 14.49 late on Jan. 9, slipping about 6% on the day, per MarketWatch data. 2
In New York, the dollar gained ground after the U.S. economy added 50,000 jobs in December and the unemployment rate fell to 4.4%, Reuters reported. Steve Englander, Standard Chartered’s head of global G10 FX research, noted, “In real life, the standard error margin for non-farm payrolls is 20,000.” Fed funds futures showed a 95% probability the Federal Reserve will keep rates steady at its Jan. 27-28 meeting, according to Reuters. 3
Tariffs remain a hot issue. U.S. Treasury Secretary Scott Bessent told Reuters the Treasury has sufficient funds to handle any court-ordered tariff refunds but warned repayments would stretch out over weeks or even months, calling the whole situation a “corporate boondoggle.” The Supreme Court held off on ruling Friday in the case that challenges President Donald Trump’s use of the International Emergency Economic Powers Act — a statute usually reserved for national emergencies — to enforce wide-ranging tariffs, Reuters reported. 4
India’s stock market slid for the fifth day running on Jan. 9, marking its steepest weekly decline in more than three months amid renewed tariff concerns, Reuters reported. Oil and gas sectors bore the brunt, while small- and mid-cap stocks lagged behind. Amit Jain, co-founder of Ashika Global Family Office Services, warned, “If such extreme tariffs are enacted, the immediate effect would be volatility.” 5
The list of serial losers spanned sectors — lenders, energy, travel, and consumer names — typical of a risk-off move rather than a rotation. That, in turn, weighs on heavyweight stocks, dragging benchmarks lower even as some smaller pockets hold their ground.
Portfolio managers are now looking to Washington—not Mumbai—for the next cue: clarity on tariff legality, refund timelines, or new trade threats related to Russia-linked oil. Interest rate expectations also play a role; a calmer Fed stance could relieve pressure on emerging-market assets, though that can shift fast.
The risk is clear. Should the Supreme Court disrupt trade expectations or tariff threats escalate, the VIX could spike, dragging down risk assets. Export-driven sectors and stocks dependent on stable foreign investment would likely take a hit.
The message remains unclear: U.S. volatility eased toward week’s end, but Indian stocks closed out with five consecutive losses, dragging more names into negative territory. Traders will be watching closely as the next batch of policy updates arrives.
