Weekly Musings – Index Performance for the week ended 16 Jan, 2026

18 Jan 2026 , 11:39 AM

Healthy earnings from Infosys sparked a revival in IT stocks last week. Banking stocks, especially PSU banks, also witnessed a robust rally on earnings optimism. Despite continued FII selling (last week witnessed outflows of INR 14,265.6 crore), IT and Banking stocks performed well. However, that optimism was not shared by the rest of the sectors, as most of them corrected and offset the gains from IT and Banks. Volatility remained steady, with India VIX at 11.37. Midcap and Small-cap indices outperformed their large-cap peers. 

BSE SENSEX 30 INDEX – Banking Support Limits Losses, Ends Flat 

Weekly Performance: -0.01% 

date	open	high	low	close
16 Jan, 2026	83670.8	84135.0	83456.5	83570.4
14 Jan, 2026	83358.5	83810.0	83185.2	83382.7
13 Jan, 2026	84079.3	84258.0	83262.8	83627.7
12 Jan, 2026	83435.3	83962.3	82861.1	83878.2
09 Jan, 2026	84022.1	84406.2	83402.3	83576.2

Source: BSE 

The BSE SENSEX 30 index declined marginally by 0.01% in the week ended 16 January 2026, remaining largely flat amid choppy trading. A rise in banking stocks helped contain losses on the broader front as PSU Banks provided selective support. On the back of Infosys results, IT stocks did well. But selling pressure in Consumer Durables, Realty and Pharma counters hurt sentiment. Global cues and investors’ cautious stance ahead of a few triggers continued to cap the momentum. The index hit a high of 84406.2 and a low of 82861.1 during the week. It closed at 83570.4 on 16 Jan, recording a weekly loss of -5.9 pts. 

NIFTY 50 INDEX – Flat Week, IT and Banks Rally 

Weekly Performance: 0.04% 

date	open	high	low	close
16 Jan, 2026	25696.0	25873.5	25662.4	25694.3
14 Jan, 2026	25648.5	25791.8	25604.0	25665.6
13 Jan, 2026	25897.3	25899.8	25603.3	25732.3
12 Jan, 2026	25669.0	25813.2	25473.4	25790.2
09 Jan, 2026	25840.4	25940.6	25623.0	25683.3

Source: NSE 

The NIFTY 50 index ended nearly flat with a marginal gain of 0.04% in the week ended 16 January 2026. Gains in the PSU Banks and IT stocks provided intermittent support, while selling pressure on Consumer Durables, Realty, Pharma, and Auto stocks restricted upside. Market sentiment remained cautious as buying interest faded at higher levels despite support from improving global cues. The index hit a high of 25940.6 and a low of 25473.4 during the week. It closed at 25694.4 on 16 Jan, recording a weekly gain of 11.0 pts. 

NIFTY MIDCAP 100 INDEX – Divergent Performance Across Sectors 

Weekly Performance: 0.2% 

date	open	high	low	close
16 Jan, 2026	59850.9	60327.9	59715.1	59867.8
14 Jan, 2026	59498.7	59889.2	59350.2	59770.5
13 Jan, 2026	59942.5	60109.8	59071.5	59597.8
12 Jan, 2026	59768.3	59845.2	58827.9	59717.1
09 Jan, 2026	60194.1	60562.3	59500.6	59748.2

Source: NSE 

The NIFTY MIDCAP 100 index posted a marginal gain of 0.20% in the week ended 16 January 2026. Sentiment was initially negative due to weakness in Realty stocks. However, some recovery in Metal and PSU Bank names was aided by value buying in broader midcaps. FII selling limited the upside, while consistent DII buying lent support. The index hit a high of 60562.4 and a low of 58827.9 during the week. It closed at 59867.8 on 16 Jan, recording a weekly gain of 119.7 pts. 

NIFTY SMALLCAP 100 INDEX – Smallcaps Display Resilience Amid Volatility and FII Selling 

Weekly Performance: 0.46% 

date	open	high	low	close
16 Jan, 2026	17427.7	17495.0	17340.0	17362.3
14 Jan, 2026	17281.8	17453.9	17259.5	17410.8
13 Jan, 2026	17264.2	17359.2	17164.0	17295.8
12 Jan, 2026	17287.1	17294.7	16947.0	17193.3
09 Jan, 2026	17572.5	17637.9	17253.0	17282.7

Source: NSE 

The NIFTY SMALLCAP 100 index gained 0.46% in the week ended 16 January 2026. Buying interest was seen across select segments of the financials and niche sectors, which supported overall small-cap momentum through the week. Overall, rotational buying and improving sectoral participation signalled underlying strength in the small-cap space. The index hit a high of 17637.9 and a low of 16947.0 during the week. It closed at 17362.3 on 16 Jan, recording a weekly gain of 79.6 pts.  

NIFTY BANK INDEX – Nearing All-Time High 

Weekly Performance: 1.42% 

date	open	high	low	close
16 Jan, 2026	59590.4	60235.1	59510.5	60095.1
14 Jan, 2026	59330.4	59796.6	59324.2	59580.1
13 Jan, 2026	59767.6	59767.6	59312.1	59578.8
12 Jan, 2026	59217.2	59541.1	58864.2	59450.5
09 Jan, 2026	59558.1	59739.6	59154.2	59251.6

Source: NSE 

The NIFTY BANK index gained 1.42% in the week ended 16 January 2026, outperforming the broader market amid global uncertainties and cautious investor sentiment. Strong momentum in PSU banking stocks provided the strongest support to the index. Optimism on upcoming earnings was a key factor behind the rally, with the index and many stocks near all-time highs. The index hit a high of 60235.1 and a low of 58864.2 during the week. It closed at 60095.1 on 16 Jan, recording a weekly gain of 843.6 pts. 

NIFTY IT INDEX – IT Stocks Rally on Strong Earnings Momentum 

Weekly Performance: 2.79% 

date	open	high	low	close
16 Jan, 2026	38433.4	39139.5	38390.5	39086.6
14 Jan, 2026	38127.2	38295.8	37649.1	37822.7
13 Jan, 2026	38227.9	38394.4	37777.8	38236.6
12 Jan, 2026	37938.6	38079.6	37573.1	37988.2
09 Jan, 2026	37861.2	38244.6	37861.1	38027.2

Source: NSE 

The NIFTY IT index jumped 2.79% in the week ended 16 January 2026, outperforming other sectoral indices on broader market volatility. The rally was powered by robust earnings momentum and improved sentiment in the technology sector, on the back of Infosys’ results. The index hit a high of 39139.5 and a low of 37573.1 during the week. It closed at 39086.6 on 16 Jan, recording a weekly gain of 1059.4 pts. 

NIFTY OIL & GAS INDEX – Energy Stocks Rebound Amid Market Headwinds 

Weekly Performance: 1.03% 

date	open	high	low	close
16 Jan, 2026	11715.7	11827.5	11689.9	11748.5
14 Jan, 2026	11625.0	11778.5	11614.2	11715.3
13 Jan, 2026	11734.5	11744.9	11584.8	11652.8
12 Jan, 2026	11624.6	11704.0	11474.4	11692.1
09 Jan, 2026	11564.5	11706.4	11563.5	11628.8

Source: NSE 

The NIFTY OIL & GAS index gained 1.03% in the week ended 16 January 2026. The week kicked off with support from a bounce in crude oil prices fueled by geopolitical fears about potential interruptions to supply, which boosted sentiment across the sector. However, sentiment was also weighed down by continued foreign fund outflows and uncertainty over global trade developments. The index hit a high of 11827.6 and a low of 11474.4 during the week. It closed at 11748.5 on 16 Jan, recording a weekly gain of 119.8 pts. 

NIFTY FMCG INDEX – Consumer Staples Falter Amid Market Weakness 

Weekly Performance: -0.56% 

date	open	high	low	close
16 Jan, 2026	52510.9	52601.4	52038.6	52142.5
14 Jan, 2026	52608.8	52608.8	52162.4	52258.6
13 Jan, 2026	52816.4	53007.1	52326.2	52577.1
12 Jan, 2026	52381.2	52814.9	52271.8	52745.5
09 Jan, 2026	52918.2	53083.5	52332.6	52438.1

Source: NSE 

The NIFTY FMCG index declined 0.56% in the week ended 16 January 2026, with weakness seen across the sector as market sentiments remained subdued and cautious. Selling continued in consumer staple shares as investors continued to be pessimistic due to rich valuations and lacklustre growth. Also, ITC continued to witness selling and was a key drag. The index hit a high of 53083.5 and a low of 52038.6 during the week. It closed at 52142.5 on 16 Jan, recording a weekly loss of -295.6 pts.