The Indian stock market stayed lower during Tuesday’s session, January 6, dragged down by heavyweights such as Reliance Industries, HDFC Bank, and Trent, keeping the key averages weak for the second consecutive session.
Although banking and pharma counters provided some support, they were unable to lift the Nifty 50, which eventually closed 0.27% lower at 26,178. The S&P BSE Sensex also fell, ending 0.44% lower at the 85,063 level.
Broader markets mirrored the weak sentiment, with both the Nifty Midcap 100 and Nifty Smallcap 100 indexes declining 0.15% each.
HDFC Bank and Reliance Industries were the two biggest laggards on the Nifty 50 index, slipping 1.6% and 4.55%, respectively.
Mukesh Ambani-led Reliance Industries said, in a post on social media platform
The move came after US President Donald Trump warned of higher tariffs on Indian exports if India does not halt purchases of Russian oil.
The trade deal between the two countries has not yet been finalized, as discussions are still ongoing.
On the sectoral front, Nifty Oil & Gas led the losers with a decline of 1.67%, followed by Nifty Media, Nifty Chemicals, and Nifty Realty, each falling between 0.27% and 1.15%. On the upside, Nifty Pharma rallied 1.63%, while Nifty PSU Bank, Nifty IT, and Nifty Metal rose in the range of 0.3% to 0.6%.
Trent crashes 8.5%; Swiggy hits 7-month low
Trent was the top laggard among Nifty 500 constituents, plunging 8.5% to 4,053 as investor sentiment toward the Tata Group company weakened after its December-quarter update, with revenue growth falling short of analysts’ expectations.
The ₹5,220 crore for the quarter”>company reported standalone revenue of 5,220 crore for the quarter, up 17% year-on-year. While growth was largely flat sequentially, it was lower than the 37%, 29%, and 20% growth recorded in the preceding quarters.
Kaynes Technology continued to grind lower, sliding another 5.2% to 3,791, while Reliance Infrastructure was locked in the 5% lower circuit for the second straight session.
Meanwhile, Swiggy extended its losses to a third straight session, tumbling 4.6% to 361, its lowest level since June 2025.
Capital goods stocks such as Cummins India, Premier Energies, Waaree Energies, Inox Wind, and Elgi Equipments also closed lower, with losses of up to 2%.
After a sharp two-day rally, SJVN came under selling pressure as investors appeared to book profits in the counter, dragging the stock down 3.75% to 84.36.
Other top laggards from the Nifty 500 pack included Olectra Greentech, Godfrey Phillips, Navin Fluorine International, Brainbees Solutions, Dixon Technologies, and Deepak Nitrite, which ended the session with losses of up to 3%.
IEX, NALCO, ICICI Bank shine on the upside
In a late-hour rally, Indian Energy Exchange (IEX) shares jumped 10.6% to close at a one-month high of 148.67 apiece after a lawyer representing the Central Electricity Regulatory Commission (CERC) told the Electricity Appellate Tribunal (APTEL) that it was ready to take instructions from the tribunal to withdraw the July 23, 2025, order, according to a CNBC-TV18 report.
National Aluminum Company Ltd (NALCO) shares settled 4.8% higher at 346 apiece as global aluminum prices surged past $3,000 per ton on the London Metal Exchange.
Pharma and hospital stocks, including Divi’s Laboratories, NAVA, Ipca Laboratories, Apollo Hospitals, Lupine, and Fortis Healthcare, also advanced, gaining between 3.2% and 4.5%.
Among large-cap banking stocks, ICICI Bank stood out, surging 3% to 1,411, while in the NBFC space, IIFL Finance also ended with a 3% gain.
Other top performers included Honasa Consumer, Apollo Tyres, HEG, Redington, Graphite India, and HDFC Life Insurance, all of which closed with gains of up to 2.5%.
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