Mumbai, January 7, 2026, 16:26 IST — Market closed
- Nifty 50 ends at 26,140.75, down 0.14%; Sensex closes at 84,961.14, down 0.12%.
- IT and consumer durables gained, while autos and oil & gas stocks led declines.
- Jewellery shares rallied on festive-quarter updates; Titan touched a record high.
Indian stock market benchmarks edged lower on Wednesday, with the Nifty 50 ending at 26,140.75 and the Sensex at 84,961.14, both down about 0.1%. Auto and energy names dragged, offsetting gains in IT stocks.
The three-day slide has come as investors weigh fresh trade uncertainty after U.S. President Donald Trump revived tariff threats tied to India’s purchases of Russian oil, clouding hopes of a bilateral trade deal. The mood soured further a day earlier when heavyweight Reliance Industries sank 4.5% after saying it did not expect Russian crude deliveries in January.
“What we are seeing right now is more of a consolidation,” Aamar Deo Singh, senior vice president at Angel One, said, describing a market that has turned “stock-specific and sector-specific” as investors track quarterly updates. HDFC Bank fell for a third day amid worries about slower deposit growth, while IT stocks climbed 1.9% ahead of earnings, with Tata Elxsi and Tata Technologies jumping after J.P. Morgan raised its ratings. Reuters
Autos also lost ground after a strong run, with Tata Motors Passenger Vehicles extending declines as Jaguar Land Rover reported a sharp drop in third-quarter volumes. JLR wholesales fell 43% to 59,200 and retail sales slid 25% to 79,600, after a cyber incident disrupted production and deliveries, the company said in an exchange filing.
In contrast, jewellers outperformed after upbeat festive-quarter updates. Senco Gold jumped after reporting 51% year-on-year revenue growth for the quarter, while Kalyan Jewellers gained on strong festive demand and expansion plans, according to reports.
On the charts, traders are watching the 26,000 area closely after the Nifty’s pullback from recent highs. Ponmudi R, chief executive of Enrich Money, said 26,050 was immediate support and a sustained move above 26,300 would revive upside momentum toward 26,500; the RSI — a momentum gauge — sits near 54, signalling short-term indecision.
The retreat follows a choppy start to the week in which the Nifty briefly hit a record high of 26,373.20 before reversing. Trade worries have been a recurring headwind, with U.S.-linked sectors such as IT sensitive to headlines out of Washington.
But the downside risk is that tariff rhetoric hardens or crude prices spike on geopolitical shocks, squeezing margins and reviving inflation worries. A sharper break below 26,000 would test whether the move is a pause in an uptrend or the start of a deeper correction.
