INDICES TRADE WITH MAJOR LOSSES; OIL & GAS SHARES DECLINE

The key equity benchmarks traded with significant losses in the afternoon trade. Investors are closely tracking the ongoing Q3 earnings season and developments from the World Economic Forum (WEF) annual meeting, scheduled from 19 January 2025 to 23 January 2026.

The Nifty traded below the 25,550 mark. FMCG, PSU Bank and auto shares advanced while oil & gas, realty and media shares declined.

At 13:28 IST, the barometer index, the S&P BSE Sensex tanked 522.26 points or 0.62% to 83,048.09. The Nifty 50 index fell 163.95 points or 0.64% to 25,530.40.

In the broader market, the S&P BSE Mid-Cap index declined 0.52% and the S&P BSE Small-Cap index fell 1.18%.

The market breadth was negative. On the BSE, 1,161 shares rose and 3,009 shares fell. A total of 206 shares were unchanged.

Gainers & Losers:

InterGlobe Aviation (up 3.97%), Tech Mahindra (up 3.80%), Kotak Mahindra Bank (up 2.46%), Bajaj Finance (up 2%) and Maruti Suzuki India (up 1.99%) were the major Nifty50 gainers.

Wipro (down 7.63%), Reliance Industries (down 3.58%), ETERNAL (down 3.41%), ICICI Bank (down 3.02%) and Tata Motors Passenger Vehicles (down 2.63%) were the major Nifty50 losers.

Wipro tumbled 7.63% after the company reported a 3.92% decline in consolidated net profit to Rs 3,119 crore despite a 3.78% jump in revenue from operations to Rs 23,555.8 crore in Q3 FY26 over Q2 FY26.

Reliance Industries (RIL) fell 3.92%. The company has reported 1.6% rise in consolidated net profit to Rs 22,290 crore on 10% increase in gross revenue to Rs 293,829 crore in Q3 FY26 as compared with Q3 FY25.

Stocks in Spotlight:

Bharat Heavy Electricals (BHEL) fell 2.35%. The company�s consolidated net profit surged 189.82% to Rs 390.40 crore in Q3 FY26, compared with Rs 134.70 crore in Q3 FY25. Revenue from operations rose 16.43% year on year to Rs 8,473.10 crore in the quarter ended 31 December 2025.

SML Mahindra hit a lower circuit of 5% after the company�s standalone net profit tanked 16.67% to Rs 17.54 crore on a 2.85% decline in revenue from operations to Rs 539.27 crore in Q3 FY26 over Q2 FY26.

HDFC Bank shed 0.36%. The company reported a 11.46% jump in standalone net profit to Rs 18,563.75 crore on 2.91% increase in total income to Rs 90,005 crore in Q3 FY26 over Q3 FY25.

Netweb Technologies India rallied 4.50% after the company�s standalone net profit soared 146.7% to Rs 73.31 crore on 141% surge in revenue from operations to Rs 804.92 crore in Q3 FY26 over Q3 FY25.

Global Markets:

European markets opened lower open on Monday as traders react to U.S. President Donald Trump�s threat to hike tariffs on a number of European countries if they oppose his bid to buy Greenland.

Asian markets mostly slipped on Monday as investors assessed threats from the Trump administration toward Greenland over the weekend, as well as key economic data from China out Monday.

Over the weekend, U.S. President Donald Trump and European leaders exchanged tense rhetoric over the Arctic territory, with Trump threatening tariffs on eight European countries and demanding control of Greenland, which is part of Denmark.

European leaders responded by calling the threats �completely wrong� and �unacceptable.�

In Asia, China released its fourth-quarter GDP numbers, along with December figures for retail sales, urban investment and industrial output.

China�s economic growth slowed to its weakest pace in nearly three years in the fourth quarter as domestic demand softened, though full-year growth matched Beijing�s target despite growing trade frictions with the U.S. and a prolonged real estate slump.

Gross domestic product grew 4.5% in the October-to-December period, data from the National Statistics Bureau showed Monday. That marked a slowdown from 4.8% in the third quarter and was the weakest reading since the first quarter of 2023, when growth also came in at 4.5%.

The full-year economic output came in at 5%, meeting the official target of around 5%.

On Friday in the U.S., the S&P 500 ended just below the flatline and posted a losing week, while the Nasdaq Composite also inched down 0.06%. The Dow Jones Industrial Average fell 0.17%.

The three major indexes hit their session lows after Trump said in the White House on Friday that he�d rather have National Economic Council Director Kevin Hassett stay in his current role and that he might not be chosen to become the next U.S. Fed chair.

Hassett has been seen as the more market-friendly option to replace current Fed chair than the new frontrunner nominee, former Fed Governor Kevin Warsh, and is expected to be more willing to keep rates low.

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