The Indian benchmark indices experienced slight declines early on Friday due to escalating geopolitical tensions and the looming possibility of 500 per cent US tariffs on Indian goods under the Russia Sanctioning Act. Sensex dropped 107 points, or 0.13 per cent to 84,073, while Nifty decreased by 26 points, or 0.10 per cent to 26,850.
Major cap indices showed more significant losses compared to benchmarks, with Nifty Midcap 100 down by 0.29 per cent and Nifty Smallcap 100 losing 0.84 per cent. ONGC and Bharat Electronics emerged as top gainers on the Nifty pack, while Nifty realty and media were the leading losers, declining by 2.14 per cent and 1.34 per cent, respectively.
Market reports indicated that all sectoral indices, except IT and PSU Bank, were trading in the red zone. Analysts highlighted that immediate support levels were at 25,700–25,750 zone, with resistance levels placed at 26,150–26,200 zone. Following a sharp correction triggered by the potential 500 per cent tariff on India under the Russia Sanctioning Act, the market’s focus shifted to the upcoming verdict from the US Supreme Court on the legality of Trump’s tariffs.
Nifty extended its losing streak for the fourth consecutive session on Thursday, closing at 25,876 after a 263-point fall. In the Asian markets, China’s inflation data, accelerating to the fastest pace in nearly three years in December, influenced investor sentiments. Asian markets displayed mixed trends, with gains in China’s Shanghai and Shenzhen indices, Japan’s Nikkei, and South Korea’s Kospi, while Hong Kong’s Hang Seng Index experienced a slight dip.
US markets showed a mixed performance, with Nasdaq declining by 0.44 per cent, S&P 500 gaining 0.01 per cent, and Dow moving up by 0.55 per cent. Notably, on January 8, foreign institutional investors (FIIs) sold net equities worth Rs 3,367 crore, while domestic institutional investors (DIIs) were net buyers of equities worth Rs 3,701 crore.
