What is the story about?
The Nifty 50 extended its losing streak for a second straight session amid lingering uncertainty over the US-India trade deal.
The benchmark opened 84 points lower but staged a rebound in the first half, recovering 153 points from the day's low. However, sentiment weakened again in the latter half, with the index sliding 188 points from the intraday high of 25,791.
Nifty remained in a consolidation phase and eventually closed 66 points lower at 25,665.
Within the Nifty pack, Tata Steel, NTPC, and Axis Bank led the gains, while Asian Paints, TCS, and Tata Consumer emerged as the top laggards.
Sectoral trends were mixed, with Metals, PSU Banks, and Oil & Gas outperforming, while Realty, IT, and Auto stocks remained under pressure.
In contrast, broader markets outperformed, with the Nifty Midcap 100 and Smallcap 100 rising 0.29% and 0.67%, respectively.
Investor caution also stemmed from expectations of a US Supreme Court ruling on the legality of tariffs imposed during the Trump administration.
Globally, markets are awaiting key macroeconomic data later today, including US PPI and retail sales. This will be followed by UK GDP, US S&P Manufacturing PMI, and US jobless claims on Thursday.
Stocks such as Jio Financial, HDFC Life, 360One WAM, LTTS, and Angel One will be in focus in the next session as they are set to announce their quarterly results.
Infosys will also remain in the spotlight after reporting its December quarter earnings post market hours on January 14. The IT major raised its FY26 constant currency revenue growth guidance to 3% to 3.5%, compared to its earlier forecast of 2% to 3%.
Siddhartha Khemka of Motilal Oswal said markets are likely to trade sideways, with investors tracking earnings announcements, developments on the India-US trade front, and cues ahead of the upcoming Budget.
Nagaraj Shetti of HDFC Securities said a sustained move above the 25,900-26,000 zone could open up further upside, while failure to hold higher levels may lead to a retest of 25,500-25,400 in the coming sessions.
Rupak De of LKP Securities mentioned that near-term sentiment remains weak, with support seen at 25,600. A break below this level could trigger a deeper correction, while resistance is placed at 25,835.
Vinay Rajani of HDFC Securities said Nifty is currently consolidating between 25,473 and 25,900, with a decisive breakout on either side likely to determine the next directional move.
Meanwhile, the Nifty Bank index continued to outperform for the second consecutive session, led by strong buying interest in PSU bank stocks.
Sudeep Shah of SBI Securities said the 60,000-60,100 zone will act as a key resistance for the index. A sustained move above 60,100 could lead to a sharp rally towards 60,600 and then 61,000 in the short term, while immediate support is seen in the 59,300-59,200 range.
The Indian equity markets remained shut on January 15 due to municipal corporation elections in Maharashtra.
The benchmark opened 84 points lower but staged a rebound in the first half, recovering 153 points from the day's low. However, sentiment weakened again in the latter half, with the index sliding 188 points from the intraday high of 25,791.
Nifty remained in a consolidation phase and eventually closed 66 points lower at 25,665.
Within the Nifty pack, Tata Steel, NTPC, and Axis Bank led the gains, while Asian Paints, TCS, and Tata Consumer emerged as the top laggards.
Sectoral trends were mixed, with Metals, PSU Banks, and Oil & Gas outperforming, while Realty, IT, and Auto stocks remained under pressure.
In contrast, broader markets outperformed, with the Nifty Midcap 100 and Smallcap 100 rising 0.29% and 0.67%, respectively.
Investor caution also stemmed from expectations of a US Supreme Court ruling on the legality of tariffs imposed during the Trump administration.
Globally, markets are awaiting key macroeconomic data later today, including US PPI and retail sales. This will be followed by UK GDP, US S&P Manufacturing PMI, and US jobless claims on Thursday.
Stocks such as Jio Financial, HDFC Life, 360One WAM, LTTS, and Angel One will be in focus in the next session as they are set to announce their quarterly results.
Infosys will also remain in the spotlight after reporting its December quarter earnings post market hours on January 14. The IT major raised its FY26 constant currency revenue growth guidance to 3% to 3.5%, compared to its earlier forecast of 2% to 3%.
Siddhartha Khemka of Motilal Oswal said markets are likely to trade sideways, with investors tracking earnings announcements, developments on the India-US trade front, and cues ahead of the upcoming Budget.
Nagaraj Shetti of HDFC Securities said a sustained move above the 25,900-26,000 zone could open up further upside, while failure to hold higher levels may lead to a retest of 25,500-25,400 in the coming sessions.
Rupak De of LKP Securities mentioned that near-term sentiment remains weak, with support seen at 25,600. A break below this level could trigger a deeper correction, while resistance is placed at 25,835.
Vinay Rajani of HDFC Securities said Nifty is currently consolidating between 25,473 and 25,900, with a decisive breakout on either side likely to determine the next directional move.
Meanwhile, the Nifty Bank index continued to outperform for the second consecutive session, led by strong buying interest in PSU bank stocks.
Sudeep Shah of SBI Securities said the 60,000-60,100 zone will act as a key resistance for the index. A sustained move above 60,100 could lead to a sharp rally towards 60,600 and then 61,000 in the short term, while immediate support is seen in the 59,300-59,200 range.
The Indian equity markets remained shut on January 15 due to municipal corporation elections in Maharashtra.
