Weekly Musings – Index Performance for the week ended 02 Jan, 2026

7 Jan 2026 , 11:16 AM

FII flows remained negative during the first trading week of the new year, with net outflows of INR 13,180.09 crore, even as volatility remained contained with India VIX ending at 9.45. Benchmark indices surged on the steady domestic inflows. Sector performance remained mixed amid active sector rotation. Cyclical sectors were the outperformers, while FMCG and IT saw profit booking and underperformance. A general improvement in risk appetite, kept the overall market sentiment positive, despite continued FII selling. 

BSE SENSEX 30 INDEX – Steady Gains Amid Selective Buying 

Weekly Performance: 0.85% 

date	open	high	low	close
02 Jan, 2026	85259.4	85812.3	85068.9	85762.0
01 Jan, 2026	85255.5	85451.7	85101.5	85188.6
31 Dec, 2025	84793.6	85437.2	84705.6	85220.6
30 Dec, 2025	84601.0	84807.0	84470.9	84675.1
29 Dec, 2025	85004.8	85250.0	84637.9	84695.5
26 Dec, 2025	85225.3	85378.5	84937.8	85041.5

Source: BSE 

The BSE SENSEX 30 index gained 0.85% during the week ended 02 January 2026, reflecting a recovery from late-December weakness. The trend was positive in the backdrop of selling pressure at times in some heavyweight stocks. The index was supported by selective buying and sector rotation, mainly in energy and capital goods. Financials and IT were muted, preventing greater upside. The index hit a high of 85812.3 and a low of 84470.9 during the week. It closed at 85762.0 on 02 Jan, recording a weekly gain of 720.6 pts. 

NIFTY 50 INDEX – Broad Rally Propels Market To New Highs 

Weekly Performance: 1.1% 

date	open	high	low	close
02 Jan, 2026	26155.1	26340.0	26118.4	26328.5
01 Jan, 2026	26173.3	26197.5	26113.4	26146.5
31 Dec, 2025	25971.0	26188.0	25969.0	26129.6
30 Dec, 2025	25940.9	25976.8	25878.0	25938.8
29 Dec, 2025	26063.3	26106.8	25920.3	25942.1
26 Dec, 2025	26121.2	26144.2	26008.6	26042.3

Source: NSE 

The NIFTY 50 index rose 1.1% during the week ended 02 January 2026, marking a strong breakout after recent consolidation. The index closed at a record 26,328.55, supported by broad-based buying across frontline stocks. Gains came despite continued FII selling and fresh global uncertainties from impending US military action against Venezuela. Positive domestic flows and improving technical momentum set a constructive tone for early 2026. The index hit a high of 26340.0 and a low of 25878.0 during the week. It closed at 26328.6 on 02 Jan, recording a weekly gain of 286.2 pts. 

NIFTY MIDCAP 100 INDEX – Midcap Rally Fueled by Auto, Metals Gains 

Weekly Performance: 1.74% 

date	open	high	low	close
02 Jan, 2026	60913.1	61398.4	60809.2	61365.9
01 Jan, 2026	60625.2	60782.2	60292.8	60750.4
31 Dec, 2025	60081.7	60718.2	60078.8	60484.5
30 Dec, 2025	59980.3	60046.8	59733.8	59914.2
29 Dec, 2025	60397.5	60495.2	59932.7	60001.3
26 Dec, 2025	60426.9	60758.2	60256.9	60314.4

Source: NSE 

NIFTY MIDCAP 100 Index gained 1.74% to 61,365.90 in the week ended 02 January, 2026, on positive risk sentiments. A rally in the midcap space on broadbased buying of auto, metal and PSU bank stocks set the mood. The gains were supported by optimism over earnings and strong sectoral momentum. The index hit a high of 61398.4 and a low of 59733.8 during the week. It closed at 61365.9 on 02 Jan, recording a weekly gain of 1051.5 pts. 

NIFTY SMALLCAP 100 INDEX – Selective Buying Sparks SmallCap Upswing 

Weekly Performance: 0.77% 

date	open	high	low	close
02 Jan, 2026	17744.5	17845.2	17699.1	17832.0
01 Jan, 2026	17745.8	17749.9	17606.6	17704.9
31 Dec, 2025	17579.6	17758.6	17575.0	17714.0
30 Dec, 2025	17553.8	17570.6	17407.0	17519.0
29 Dec, 2025	17756.5	17764.3	17543.1	17567.7
26 Dec, 2025	17739.2	17784.4	17668.1	17695.1

Source: NSE 

The NIFTY SMALLCAP 100 Index gained 0.8%, supported by selective buying in small-cap stocks. While the performance lagged midcaps, it reflected steady broader market participation. Gains came despite persistent FII selling and geopolitical concerns, aided by pre-earnings optimism. The index hit a high of 17845.2 and a low of 17407.0 during the week. It closed at 17832.0 on 02 Jan, recording a weekly gain of 137.0 pts. 

NIFTY BANK INDEX – Banking Rally Hits Fresh AllTime High 

Weekly Performance: 1.93% 

date	open	high	low	close
02 Jan, 2026	59757.4	60203.8	59738.2	60150.9
01 Jan, 2026	59581.9	59581.9	59581.9	59581.9
31 Dec, 2025	59194.6	59766.2	59187.1	59581.9
30 Dec, 2025	58885.9	59272.7	58737.6	59171.2
29 Dec, 2025	59007.1	59140.4	58809.6	58932.4
26 Dec, 2025	59092.9	59180.6	58947.1	59011.4

Source: NSE 

The NIFTY BANK index rose 1.93% during the week ended January 02, 2026 and closed at a new all-time high of 60,150.9. After the recent underperformance due to short term profit booking, banking stocks are seeing buying interest. Robust fundamentals, steady net interest margins and healthy growth underpin India’s banking sector. The index hit a high of 60203.8 and a low of 58737.6 during the week. It closed at 60150.9 on 02 Jan, recording a weekly gain of 1139.6 pts. 

NIFTY IT INDEX – IT Shares Slide Despite Market Rally 

Weekly Performance: -0.65% 

date	open	high	low	close
02 Jan, 2026	38251.4	38359.0	38085.4	38320.3
01 Jan, 2026	37884.1	37884.1	37884.1	37884.1
31 Dec, 2025	38051.7	38108.5	37822.1	37884.1
30 Dec, 2025	38281.6	38281.6	37906.6	37998.6
29 Dec, 2025	38622.6	38721.7	38206.8	38282.7
26 Dec, 2025	38921.6	39019.9	38495.4	38572.3

Source: NSE 

The NIFTY IT Index declined 0.6% during the week ended 02 January 2026, underperforming the broader market rally. This is the second consecutive week of decline for IT index after a strong performance in Nov-Dec. IT stocks had rallied on a sharp depreciation in INR. As INR stabilises, profit booking has seemingly set in. The index hit a high of 39019.9 and a low of 37822.1 during the week. It closed at 38320.3 on 02 Jan, recording a weekly loss of -252.0 pts. 

NIFTY OIL & GAS INDEX – Reliance Upgrade Fuels Oil Surge 

Weekly Performance: 3.19% 

date	open	high	low	close
02 Jan, 2026	12249.7	12350.2	12243.6	12340.0
01 Jan, 2026	12261.5	12334.5	12196.8	12232.7
31 Dec, 2025	11925.0	12256.8	11924.9	12231.2
30 Dec, 2025	11966.6	12012.1	11902.1	11914.8
29 Dec, 2025	11943.8	11987.8	11916.1	11951.5
26 Dec, 2025	11953.6	11988.8	11922.0	11958.1

Source: NSE 

The NIFTY OIL & GAS Index gained 3.19% during the week ended 02 January 2026, after ending flat in the preceding week. Impending US military action on Venezuela had positive ramifications for many Indian oil majors. For instance, ONGC could benefit from its stake in Venezuelan oil fields as US control unlocks value. Crude prices also fell on optimism over Venezuelan oil re-entering the supply. The index hit a high of 12350.2 and a low of 11902.1 during the week. It closed at 12340.0 on 02 Jan, recording a weekly gain of 381.9 pts. 

NIFTY FMCG INDEX – FMCG Slides While Cyclicals Take Off 

Weekly Performance: -3.72% 

date	open	high	low	close
02 Jan, 2026	53562.5	53579.4	52741.9	53078.8
01 Jan, 2026	55475.6	55475.6	55475.6	55475.6
31 Dec, 2025	55069.0	55559.1	55055.1	55475.6
30 Dec, 2025	55231.4	55246.9	54918.6	55033.1
29 Dec, 2025	55143.2	55227.1	54969.4	55192.4
26 Dec, 2025	55083.9	55233.4	54957.2	55132.1

Source: NSE 

The NIFTY FMCG Index fell 3.7% in the week ended 02 January 2026, underperforming the broader market. ITC was the biggest drag as a higher than expected tax on its tobacco products led to sharp earnings cuts. The index hit a high of 55559.1 and a low of 52741.9 during the week. It closed at 53078.8 on 02 Jan, recording a weekly loss of -2053.2 pts.