It was yet another weak session for the Indian stock market, as both key benchmark indices extended their losing streak for a second consecutive session on January 14 as risk appetite appeared to deteriorate amid elevated geopolitical tensions, fresh tariff fears, and firmer crude oil prices.
Although metal stocks and PSU banks offered huge support to the frontline indices, it was not enough to lift them higher. Eventually, the Nifty 50 settled at 25,659, down 0.28% compared with the previous close, while the S&P BSE Sensex ended with a cut of 0.37% decline at 83,322.
However, the broader markets closed in the green, with the Nifty Midcap 100 and Nifty Smallcap 100 indices rising 0.25% and 0.64%, respectively, indicating that market breadth still favors the bulls.
Technology stocks witnessed heavy selling during the session, dragging the Nifty IT index down 1%, as investors appeared to be taking cautious bets amid the ongoing Q3 results season. Meanwhile, the Nifty Realty and Nifty Auto indices also declined by 1% and 0.70%, respectively.
Other sectors, including Nifty FMCG and Nifty Pharma, closed lower by 0.60% and 0.30%, respectively. On the upside, metal stocks saw renewed buying interest, with the Nifty Metal index rallying 2.6%. State-owned banks also witnessed a strong surge, leading to a 2% rally in the Nifty PSU Bank index. The Nifty Oil & Gas index also closed in the green.
Looking at commodities, crude oil prices gained for four straight days till Tuesday, as fears grew that escalating tensions in Iran could impact crude supplies, given that the country is one of the top producers in the Organization of the Petroleum Exporting Countries (OPEC).
Earlier this week, Trump said that any country doing business with Iran would be subjected to a 25% tariff on any trade conducted with the United States.
Tata Elxsi tumbles on Q3 numbers; select midcaps remain under stress
Tata Elxsi emerged as the top laggard among Nifty 500 stocks, falling 5.3% to ₹5,485 apiece following the release of the company’s December quarter results. Reliance Infrastructure shares were locked in another 5% lower circuit, while V-Guard Industries and Premier Energies each sank 3.5%.
Extending losses for a fifth straight session, Polycab India slipped another 3% to settle at ₹7,323 apiece, marking its lowest level since December 19. Other top laggards included Poly Medicure, Go Digit General Insurance, and Kalyan Jewelers India, each closing with losses of up to 3%.
Midcap IT stocks such as Netweb Technologies, Mphasis, Hexaware Technologies, and CE Info Systems declined between 2% and 3%. Meanwhile, Anant Raj shares came under renewed selling pressure, falling 2.6% to ₹551 apiece. The sell-off in Apar Industries deepened, with the stock crashing another 2.5% to ₹7,478, its lowest level since May 2025.
Asian Paints also came under pressure, sliding 2.4% to ₹2,815 amid a steady rise in crude oil prices. Sundaram Finance, Bharti Hexacom, Atul, Oracle Financial Services, Transformers & Rectifiers, and Tata Consultancy Services were among other notable losers, falling over 2%.
Metals, PSU banks dominate gains; MMTC jumps over 12%
In the winners’ pack, MMTC led the gains, with the stock surging 12.6% to ₹71.6 apiece. The spike in MMTC’s share price is likely driven by a sharp rally in gold and silver prices. MMTC is a government-owned trading company involved in precious metals and plays a vital role in the import, export, and domestic trade of these commodities.
Jupiter Wagons shares also jumped 12.6% to ₹331.15 apiece, while Mangalore Refinery and Petrochemicals closed 9% higher. Following a better-than-expected performance in the December quarter, Union Bank of India shares rose 8% to ₹179.3 apiece.
Other banking counters, including IndusInd Bank, Bank of India, Indian Bank, Punjab National Bank, and Axis Bank, advanced 3.7%, 3.6%, 3.5%, 3.3%, and 3%, respectively.
All key metal stocks, such as Hindustan Copper, Vedanta, NALCO, Hindustan Zinc, Tata Steel, SAIL, Jindal Steel, and Shyam Metalics and Energy, rallied between 3% and 6.2%, as both base and precious metals continued their upward trend. The rally in metal prices also boosted the MCX share, which surged 5.4% to ₹632.9 apiece.
Other top gainers from the Nifty 500 pack included RailTel Corporation, Angel One, Dalmia Bharat, NTPC, Laurus Labs, HFCL, JM Financial, DOMS Industries, Vodafone Idea, and Paytm, all of which rose between 2.5% and 3%.
Disclaimer: : We advise investors to check with certified experts before making any investment decisions.
