Mumbai, Jan 9, 2026, 16:50 IST — Market closed
- Nifty 50 fell 0.75% and Sensex slipped 0.72%, capping a fifth straight drop
- Benchmarks logged their worst weekly fall in over three months on tariff uncertainty
- Traders now watch a U.S. Supreme Court tariff ruling, U.S. jobs data and India’s CPI print next week
Indian shares fell for a fifth straight session on Friday, with the Nifty 50 closing down 0.75% at 25,683.30 and the Sensex ending 0.72% lower at 83,576.24. The benchmarks lost about 2.5% each for the week, their worst weekly drop in more than three months, as tariff jitters kept buyers on the sidelines. “If such extreme tariffs are enacted, the immediate effect would be volatility in sectors linked to U.S. trade… and renewed caution in foreign investor flows,” said Amit Jain, co-founder of Ashika Global Family Office Services. MarketScreener
The anxiety is tied to Washington’s tougher talk on trade and Russia-linked flows, a sore point for markets already dealing with steady overseas selling. Foreign institutional investors (FIIs) — overseas funds that buy and sell Indian shares — sold 15.28 billion rupees ($170.26 million) of equities on Wednesday, Reuters data showed, extending a run of outflows early in January.
Selling was broad by the close, though a handful of defensives and energy names held up better, while rate-sensitive and cyclicals stayed heavy. Adani Enterprises, Shriram Finance, NTPC, ICICI Bank and Jio Financial were among the index laggards, while Asian Paints, ONGC, Bharat Electronics and HCL Technologies were among the gainers, according to market data.
In single stocks, Vodafone Idea swung sharply after the government capped its annual adjusted gross revenue (AGR) dues — a long-running telecom levy — at $13.79 million for the next six years, Reuters reported. The stock rose as much as 9% early on the news before cooling, with investors still focused on how the carrier funds its 5G build-out against larger rivals Bharti Airtel and Reliance Jio.
Manappuram Finance slid after Reuters reported the Reserve Bank of India raised objections that could delay Bain Capital’s plan to buy a controlling stake in the gold-loan lender, adding a fresh regulatory overhang. Manappuram’s shares fell about 5% after the report.
Energy and trade headlines also hovered over sentiment after Reliance Industries said it may consider buying Venezuelan crude, depending on clarity around access for non-U.S. buyers, as it reworks supply options amid scrutiny of Russia-linked barrels.
Macro data is close behind. India’s consumer price inflation likely rose to 1.50% in December, still well below the central bank’s 4% target, a Reuters poll showed, with the official release due on Jan. 12.
One risk for Monday’s open is that the global tariff fight moves faster than markets can price: the U.S. Supreme Court is weighing the scope of Trump’s emergency tariff powers, a case traders say could swing risk assets and volatility.
Next up, investors will parse the U.S. jobs report due later on Friday for clues on Federal Reserve rate expectations, then turn to India’s CPI data on Monday and the start of big-ticket earnings, with Tata Consultancy Services set to kick off the season on Jan. 12 and Infosys scheduled to report on Jan. 14.
