India Stock Market Today: Nifty Hit a Record — Then IT Stocks Pulled the Plug

India Stock Market Today: Nifty Hit a Record — Then IT Stocks Pulled the Plug

Mumbai — Jan 5, 2026 — 2:03 AM ET

  • Nifty 50 tagged a record 26,358.25, then slipped back near 26,321; Sensex hovered around 85,665 in mid-session trade.  1
  • Nifty IT dropped about 2.5%, with HCLTech off ~3.3% and Tech Mahindra down ~2% after a CLSA downgrade.  1
  • Rupee traded near 90.2425/$ as dollar demand clustered around the RBI reference-rate fix.  2

Nifty tagged a record.
India stock market today pushed the Nifty 50 up to 26,358.25 (+0.11% intraday) before sellers knocked it back toward 26,321 (down 0.02%), while the Sensex hovered around 85,665 (down 0.07%) in mid-session trade.  1

That’s a tell.
At fresh highs, traders wanted a clean breakout, but IT selling and tariff headlines out of Washington—Trump threatened higher duties tied to India’s Russian oil purchases—kept risk appetite tight.  1

IT did the damage.
Nifty IT sank about 2.5%, with HCLTech down roughly 3.3% and Tech Mahindra off about 2% after CLSA cut ratings and flagged a lack of turnaround signals.  1

Banks kept it alive.
State-owned lenders led the counterpunch—Punjab National Bank and Bank of Baroda added about 0.9%—and twelve of the 16 major sectors stayed in the green even with tech dragging.  1

Single stocks still ran.
Sobha jumped about 4% on a strong sales update and CSB Bank ripped about 7.6% to a record high on deposit growth, while BEL, SBI and Reliance sat among the day’s leaders.  1

Breadth stayed weird.
Smallcaps held a slight edge while midcaps lagged, and that split kept traders hunting pockets of strength instead of chasing the whole tape.  1

FX added friction.
The rupee traded around 90.2425 per dollar as demand stayed heavy at the RBI’s reference-rate fix, a macro headwind that traders keep pricing into rate-sensitives and import-heavy names.  2

Bears smell a trap.
The U.S. already runs a 50% tariff on India and more would hit sentiment, and with IT earnings starting next week the market has zero patience for any wobble in U.S.-linked revenue.  1

26,000 is the tripwire.
Options positioning shows strong support around 26,000 (heavy put interest) and overhead supply near 26,500 (top call open interest), so traders have a tight map for the rest of the session.  3

Next catalyst: PMI prints.
Dalal Street gets the final HSBC Services PMI and Composite PMI readings next, with FY GDP growth data also on deck as earnings season ramps.  4

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