Weekly Musings – Index Performance for the week ended 09 Jan, 2026

13 Jan 2026 , 11:27 AM

After a strong start to 2026, the markets turned sharply negative last week. As investors prepare for the quarterly earnings season, headwinds remained. FII flows were negative, VIX went up, geopolitical uncertainty increased. Benchmark indices corrected significantly as multiple technical levels were breached. Sectorally, Oil & Gas was the worst performer. Many other sectors were under pressure and small caps underperformed large caps.  

BSE SENSEX 30 INDEX – Profit-Taking Sparks Sharp 2.5% Slide 

Weekly Performance: -2.55% 

date	open	high	low	close
09 Jan, 2026	84022.1	84406.2	83402.3	83576.2
08 Jan, 2026	84778.0	84965.3	84110.1	84181.0
07 Jan, 2026	84620.4	85076.0	84617.5	84961.1
06 Jan, 2026	85331.1	85397.8	84900.1	85063.3
05 Jan, 2026	85640.0	85883.5	85315.3	85439.6
02 Jan, 2026	85259.4	85812.3	85068.9	85762.0

Source: BSE 

The BSE SENSEX 30 index declined 2.55% in the week ended 09 January 2026, marking its sharpest weekly fall in over three months, erasing recent gains. Profit-taking was witnessed across the sectors, and selling in large, mid and small-cap stocks dented market breadth. FIIs continued to exit ahead of the domestic earnings season and amid ongoing global macro uncertainty. The index hit a high of 85883.5 and a low of 83402.3 during the week. It closed at 83576.2 on 09 Jan, recording a weekly loss of -2185.8 pts. 

NIFTY 50 INDEX – Broadbased Selling Ends Multi-Week Rally 

Weekly Performance: -2.45% 

date	open	high	low	close
09 Jan, 2026	25840.4	25940.6	25623.0	25683.3
08 Jan, 2026	26106.5	26133.2	25858.5	25876.8
07 Jan, 2026	26143.1	26187.2	26067.9	26140.8
06 Jan, 2026	26189.7	26274.0	26124.8	26178.7
05 Jan, 2026	26333.7	26373.2	26210.0	26250.3
02 Jan, 2026	26155.1	26340.0	26118.4	26328.5

Source: NSE 

The NIFTY 50 declined 2.45% for the week, ending its three-week winning streak. Firm selling in large & mid-cap stocks on the back of continued FII outflows & weak global cues weighed sentiment, even as DII buying remained steady. Technically, the index fell below the 26,000 consolidation zone and its key moving averages, with weakness in financials and cyclicals contributing to negative market breadth. The index hit a high of 26373.2 and a low of 25623.0 during the week. It closed at 25683.3 on 09 Jan, recording a weekly loss of -645.2 pts. 

NIFTY MIDCAP 100 INDEX – Profit booking and Heightened Caution Triggers Midcap Decline 

Weekly Performance: -2.64% 

date	open	high	low	close
09 Jan, 2026	60194.1	60562.3	59500.6	59748.2
08 Jan, 2026	61415.6	61437.2	60144.9	60222.6
07 Jan, 2026	61178.6	61548.8	61082.7	61424.7
06 Jan, 2026	61347.5	61393.3	60866.3	61148.6
05 Jan, 2026	61516.4	61520.6	60970.6	61265.7
02 Jan, 2026	60913.1	61398.4	60809.2	61365.9

Source: NSE 

The NIFTY MIDCAP 100 fell 2.64% in the week ended 09 January 2026. A broader trend of profit booking and continued FII selling were among the key reasons.  The index hit a high of 61548.8 and a low of 59500.6 during the week. It closed at 59748.2 on 09 Jan, recording a weekly loss of -1617.8 pts. 

NIFTY SMALLCAP 100 INDEX – Risk-Off Selling Deepens Smallcap Fall 

Weekly Performance: -3.08% 

date	open	high	low	close
09 Jan, 2026	17572.5	17637.9	17253.0	17282.7
08 Jan, 2026	17972.7	17997.2	17560.8	17601.0
07 Jan, 2026	17892.0	17993.7	17840.3	17958.5
06 Jan, 2026	18000.7	18000.7	17812.0	17887.8
05 Jan, 2026	17882.7	17984.9	17836.3	17926.4
02 Jan, 2026	17744.5	17845.2	17699.1	17832.0

Source: NSE 

The NIFTY SMALLCAP 100 declined sharply by 3.08% last week, underperforming as risk-off sentiment hit high-beta stocks after the broader market correction. Profit-taking and FPI risk-off stance weighed on less liquid stocks, which ended sharply lower. The index hit a high of 18000.6 and a low of 17253.0 during the week. It closed at 17282.6 on 09 Jan, recording a weekly loss of -549.4 pts. 

NIFTY BANK INDEX – Bank Shares Slip Amid ProfitBooking Surge 

Weekly Performance: -1.5% 

date	open	high	low	close
09 Jan, 2026	59558.1	59739.6	59154.2	59251.6
08 Jan, 2026	59893.1	60112.9	59564.8	59686.5
07 Jan, 2026	60039.7	60065.4	59760.6	59990.9
06 Jan, 2026	59957.8	60305.0	59844.8	60118.4
05 Jan, 2026	60360.4	60437.4	59859.8	60044.2
02 Jan, 2026	59757.4	60203.8	59738.2	60150.9

Source: NSE 

The NIFTY BANK fell 1.5% for the week, outperforming the broader market, as profit-booking near the top followed fresh all-time highs. Sustained FII selling kept large private lenders under pressure, while buying attempts around 59,000–59,500 failed to arrest the slide, signalling waning momentum ahead of macro and earnings cues. The index hit a high of 60437.4 and a low of 59154.2 during the week. It closed at 59251.6 on 09 Jan, recording a weekly loss of -899.4 pts.  

NIFTY IT INDEX – Tech fares better in Market Selloff 

Weekly Performance: -0.76% 

date	open	high	low	close
09 Jan, 2026	37861.2	38244.6	37861.1	38027.2
08 Jan, 2026	38686.6	38728.6	37853.8	37920.3
07 Jan, 2026	37951.3	38736.8	37940.9	38688.8
06 Jan, 2026	37712.1	38053.1	37680.7	37977.4
05 Jan, 2026	38222.0	38260.9	37365.9	37771.1
02 Jan, 2026	38251.4	38359.0	38085.4	38320.3

Source: NSE 

The NIFTY IT index declined 0.76% last week. The relatively better performance happened despite continued FII selling in this FII heavy sector. While caution prevailed ahead of key US data and earnings, other sectors fared worse. The index hit a high of 38736.8 and a low of 37365.9 during the week. It closed at 38027.2 on 09 Jan, recording a weekly loss of -293.1 pts. 

NIFTY OIL & GAS INDEX – Energy Stocks Slide on Risk Aversion 

Weekly Performance: -5.76% 

date	open	high	low	close
09 Jan, 2026	11564.5	11706.4	11563.5	11628.8
08 Jan, 2026	11887.5	11897.7	11562.2	11582.4
07 Jan, 2026	11995.0	12023.1	11901.0	11920.9
06 Jan, 2026	12186.4	12191.7	11891.0	12000.6
05 Jan, 2026	12374.3	12445.7	12175.9	12214.5
02 Jan, 2026	12249.7	12350.2	12243.6	12340.0

Source: NSE 

The NIFTY OIL & GAS index declined a sharp 5.76% last week, significantly lagging the broader market amid a risk-off environment. Profit booking and ongoing geopolitical uncertainty dented the confidence in these stocks. The index hit a high of 12445.7 and a low of 11562.2 during the week. It closed at 11628.8 on 09 Jan, recording a weekly loss of -711.3 pts. 

NIFTY FMCG INDEX – FMCG Stocks Ease Amid Mixed Signals 

Weekly Performance: -1.21% 

date	open	high	low	close
09 Jan, 2026	52918.2	53083.5	52332.6	52438.1
08 Jan, 2026	53419.6	53515.6	52922.1	53010.1
07 Jan, 2026	53636.2	53782.6	53319.6	53493.8
06 Jan, 2026	53538.8	53637.8	53152.7	53561.9
05 Jan, 2026	53054.9	53573.8	52885.6	53441.1
02 Jan, 2026	53562.5	53579.4	52741.9	53078.8

Source: NSE 

The NIFTY FMCG index declined 1.21% last week, broadly in line with the market, with stock-specific moves dominating. The index hit a high of 53782.6 and a low of 52332.6 during the week. It closed at 52438.1 on 09 Jan, recording a weekly loss of -640.7 pts.