DALAL STREET BUCKLES AS BEARS EXTEND ROUT INTO FOURTH SESSION

Bears clawed deeper into Dalal Street as equity benchmarks slid for a fourth straight session on Thursday, with relentless selling dragging the Nifty below the 25,900 level. Indices reeled under a barrage of headwinds, led by sustained foreign fund outflows and rising global uncertainty.

Selling pressure intensified across sectors as investors grew jittery over the prospect of fresh U.S. tariffs and escalating geopolitical tensions. All sectoral indices on the NSE ended in the red, with metals, PSU banks and energy stocks leading the decline. Sentiment weakened further amid political turmoil in Venezuela and a subdued global market backdrop.

Heavyweight stocks bore the brunt of the sell-off, pulling benchmarks lower and snuffing out any attempt at a rebound. Traders also braced for a potential growth slowdown in H2 FY26, reinforcing the risk-off mood.

On the technical front, indicators flashed caution, pointing to a phase of consolidation as the market struggled to find a clear near-term trigger.

The S&P BSE Sensex tumbled 780.18 points or 0.92% to 84,180.96. The Nifty 50 index dropped 263.90 points or 1.01% to 25,876.85. In four consecutive trading sessions, the Sensex declined 1.84% while the Nifty fell 1.71%.

Larsen & Toubro (down 3.35%), TCS (down 2.74%) and Reliance Industries (down 2.25%) were major index drags today.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index tanked 1.99% and the S&P BSE Small-Cap index declined 1.97%.

The market breadth was weak. On the BSE, 1,039 shares rose and 3,157 shares fell. A total of 170 shares were unchanged.

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, jumped 6.53% to 10.60.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper rose 0.27% to 6.629 compared with previous session close of 6.611.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 89.857 compared with its close of 89.8700 during the previous trading session.

MCX Gold futures for 5 February 2025 settlement shed 0.79% to Rs 136,924.

The US Dollar Index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.01% to 98.74.

The United States 10-year bond yield added 0.46% to 4.158.

In the commodities market, Brent crude for March 2026 settlement rose 64 cents or 1.08% to $60.60 a barrel.

Global Markets:

The Dow Jones index futures were down 145 points, signaling a weak opening for U.S. equities today.

European shares declined on Thursday as regional market jitters grow over U.S. President Donald Trump�s threat to annex Greenland.

Asian indices ended lower after Wall Street closed lower amid rising geopolitical tensions and comments from U.S. President Donald Trump.

U.S. defense stocks fell after Trump said he �will not permit� defense companies to issue dividends or stock buybacks until they address his complaints about the industry, including executive pay packages and production issues.

In U.S., the Dow Jones Industrial Average snapped a three-day winning streak, falling 466 points, or 0.94%, to close at 48,996.08. The S&P 500 declined 23.89 points or 0.34% to end at 6,920.93, while the tech-heavy Nasdaq Composite edged up 37.10 points or 0.16% to close at 23,584.28.

Stocks in Spotlight:

DEE Development Engineers surged 6.41% after the company said its total order book stood at Rs 1,302.73 crore as of 31 December 2025, compared with Rs 1,332.53 crore at the beginning of the month. Order inflows during December came in at Rs 98.11 crore, while execution during the month aggregated Rs 127.91 crore.

Larsen & Toubro (L&T) declined 3.35%. The company said it has received a supply order from the Corps of Electronics and Mechanical Engineers (EME) of the Indian Army for overhaul, upgrade, and obsolescence management of the indigenous Pinaka Multi-Rocket Launcher Systems.

LG Electronics India fell 1.89% after the expiry of the three-month shareholder lock-in period. Around 1.52 crore shares, or nearly 2% of the company�s outstanding equity, have reportedly become eligible for trading following the end of the lock-in. Market participants noted that the expiry does not necessarily signal immediate selling, as it merely permits these shares to be traded.

IDFC First Bank rose 1.94% after the lender revised its savings account interest rates, effective 9 January 2026, lowering returns across several balance slabs. Market participants viewed the move as margin-accretive, as it lowers the bank�s cost of funds.

Balaji Amines surged 13.74% after it received an Eligibility Certificate under Maharashtra�s Package Scheme of Incentives, 2013 for its Unit IV expansion in Solapur. The company will get benefits including an Industrial Promotion Subsidy of up to Rs 258 crore, electricity duty exemption and a 100% stamp duty waiver for seven years, boosting visibility on costs and margins.

Zaggle Prepaid Ocean Services fell 4.99%. The company announced that it has entered into an agreement with Cubastion Consulting.

Tata Steel fell 1.93%. The company�s India crude steel production stood at 6.34 million tons in Q3 FY26, up 12% QoQ and YoY, primarily aided by higher output at Jamshedpur and Kalinganagar facilities.

Meesho tanked 4.71% after its general manager- business, Megha Agarwal has tendered her resignation with effect from 7 January 2026.

Housing & Urban Development Corporation (HUDCO) fell 4.08%. The company has signed an MoU with the Government of Chhattisgarh to provide financial assistance of up to Rs 1 lakh crore over the next five years for housing and urban infrastructure development.

Avantel fell 0.06%. The company announced that it had received a purchase order valued at Rs 11.19 crore from NewSpace India.

Gland Pharma fell 1.19%. The company received an approval from the US Food and Drug Administration (USFDA) for its abbreviated new drug application (ANDA) filed for Olopatadine Hydrochloride Ophthalmic Solution USP, 0.7%.

Gujarat Pipavav Port declined 1.82% after the company reported a 1.69% drop in container volumes to 174,000 twenty-foot equivalent units (TEU) in Q3 FY26, compared with 177 TEUs recorded in Q3 FY25.

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