Weekly Musings – Index Performance for the week ended 23 Jan, 2026

18 Feb 2026 , 02:05 PM

The week started on a cautious note with weak earnings from RIL and ICICI Bank. Both the heavyweights notched significant declines. The recovery in IT stocks could not last, as Wipro’s lacklustre outlook resulted in heightened caution. With a loss of support from both IT and Banking, the market slide continued. FII selling and INR’s depreciation added to the woes. During the week, FPIs were net sellers of around INR 14,652 crore. The majority of sectors pulled back this week, indicating that selling pressure was widespread across the market. Volatility rose, with the India VIX at 14.19. Midcap and small-cap indices witnessed sharper declines. 

 

BSE SENSEX 30 INDEX – Weak Earnings, Global Tensions, Heightened Caution

Weekly Performance: -2.43%

date	open	high	low	close
23 Jan, 2026	82335.9	82516.3	81471.8	81537.7
22 Jan, 2026	82459.7	82783.2	81874.4	82307.4
21 Jan, 2026	81794.6	82407.0	81124.5	81909.6
20 Jan, 2026	83207.4	83254.3	82010.6	82180.5
19 Jan, 2026	83494.5	83539.9	82898.3	83246.2
16 Jan, 2026	83670.8	84135.0	83456.5	83570.4

Source: BSE

The BSE SENSEX 30 index declined by 2.43% in the week ended 23 January 2026 on weak earnings and rising uncertainty. The benchmark index’s slide was on account of lacklustre earnings, the Adani-SEC issue, FII outflows and heightened geopolitical uncertainty. On poor earnings, RIL had missed analyst 3QFY26 earnings expectations on weakness in its retail business, while ICICI Bank had elevated provisions. Renewed concerns over the Adani-SEC issue had also led to a sharp fall in Adani group stocks. While a few energy stocks supported the index, the broad-based selling pressure resulted in the sharp fall. The index hit a high of 84135.0 and a low of 81124.5 during the week. It closed at 81537.7 on 23 Jan, recording a weekly loss of -2032.6 pts.

 

NIFTY 50 INDEX – Broad-Based Decline

Weekly Performance: -2.51%

date	open	high	low	close
23 Jan, 2026	25344.6	25348.0	25025.3	25048.7
22 Jan, 2026	25344.2	25435.8	25168.5	25289.9
21 Jan, 2026	25141.0	25301.0	24919.8	25157.5
20 Jan, 2026	25580.3	25585.0	25171.3	25232.5
19 Jan, 2026	25653.1	25653.3	25494.3	25585.5
16 Jan, 2026	25696.0	25873.5	25662.4	25694.3

Source: NSE

The NIFTY 50 index declined by 2.51% in the week ended 23 January 2026 amid broad-based weakness in the market. Heavy FII selling of around INR 52,944 crore over the past 30 days has weighed on large-cap stocks and kept sentiment under pressure. Overall, the index hit a high of 25873.5 and a low of 24919.8 during the week. It closed at 25048.6 on 23 Jan, recording a weekly loss of -645.7 pts.

 

NIFTY MIDCAP 100 INDEX – Midcaps Tumble as FII outflows and Risk-off sentiment hit

Weekly Performance: -4.55%

date	open	high	low	close
23 Jan, 2026	58410.3	58416.2	57048.9	57145.7
22 Jan, 2026	57962.6	58568.9	57755.8	58191.3
21 Jan, 2026	57900.8	58239.3	56681.1	57423.7
20 Jan, 2026	59626.4	59634.6	57898.7	58085.3
19 Jan, 2026	59739.6	59938.7	59480.3	59647.7
16 Jan, 2026	59850.9	60327.9	59715.1	59867.8

Source: NSE

The NIFTY MIDCAP 100 index dropped by 4.55% in the week to 23 January 2026, remaining under sustained pressure throughout the week. Persistent selling by foreign investors further dragged sentiment. Weak corporate earnings were again a culprit, with many mid-cap stocks witnessing sharp declines on earnings misses. The index hit a high of 60327.9 and a low of 56681.1 during the week. It closed at 57145.6 on 23 Jan, recording a weekly loss of -2722.2 pts.

 

NIFTY SMALLCAP 100 INDEX – Small-caps Dive as Market Rout Deepens

Weekly Performance: -5.81%

date	open	high	low	close
23 Jan, 2026	16765.4	16770.8	16326.4	16352.8
22 Jan, 2026	16717.9	16807.7	16534.9	16677.2
21 Jan, 2026	16648.8	16736.9	16362.9	16551.2
20 Jan, 2026	17185.8	17186.2	16660.5	16701.0
19 Jan, 2026	17339.3	17366.9	17165.8	17190.7
16 Jan, 2026	17427.7	17495.0	17340.0	17362.3

Source: NSE

The NIFTY SMALLCAP 100 index declined sharply by 5.81% in the week ended 23 January 2026, with selling pressure persisting throughout the week, and successive lower closes reflecting weak sentiment. A sharp rise in the VIX also indicates increasing risk aversion in the market. The index hit a high of 17495.0 and a low of 16326.4 during the week. It closed at 16352.8 on 23 Jan, recording a weekly loss of -1009.5 pts.

 

NIFTY BANK INDEX – Bank Stocks Slip On Weak Earnings

Weekly Performance: -2.7%

date	open	high	low	close
23 Jan, 2026	59305.1	59400.1	58346.2	58473.1
22 Jan, 2026	59194.2	59573.1	58823.1	59200.1
21 Jan, 2026	59142.0	59447.4	58278.6	58800.3
20 Jan, 2026	59851.4	59993.5	59283.9	59404.2
19 Jan, 2026	60093.3	60107.5	59594.6	59891.4
16 Jan, 2026	59590.4	60235.1	59510.5	60095.1

Source: NSE

The NIFTY BANK index declined by 2.7% in the week ended 23 January 2026, remaining under pressure amid broader market weakness. The week started on a cautious note with lacklustre earnings from ICICI Bank. On elevated provisions, its earnings missed analyst expectations. The weak earnings compounded the negative sentiment from persistent FII outflows and a weaker INR. The index hit a high of 60235.1 and a low of 58278.6 during the week. It closed at 58473.1 on 23 Jan, recording a weekly loss of -1622.0 pts.

 

NIFTY IT INDEX – Wipro’s weak results spoil the recovery

Weekly Performance: -2.17%

date	open	high	low	close
23 Jan, 2026	38513.7	38576.6	38149.3	38238.5
22 Jan, 2026	38294.8	38542.5	38080.9	38301.8
21 Jan, 2026	38001.9	38128.3	37451.4	37992.3
20 Jan, 2026	38753.2	38809.0	38023.9	38101.1
19 Jan, 2026	38892.4	38977.6	38624.9	38902.5
16 Jan, 2026	38433.4	39139.5	38390.5	39086.6

Source: NSE

The NIFTY IT index declined by 2.17% in the week ended 23 January 2026, tracking the broader market weakness. While IT stocks staged a recovery after Infosys results, they couldn’t hold on to gains as Wipro’s poor earnings increased caution. The index hit a high of 39139.5 and a low of 37451.4 during the week. It closed at 38238.5 on 23 Jan, recording a weekly loss of -848.1 pts.

 

NIFTY OIL & GAS INDEX – RIL’s earnings miss turns the sentiment cautious

Weekly Performance: -3.76%

date	open	high	low	close
23 Jan, 2026	11477.2	11477.8	11292.6	11306.6
22 Jan, 2026	11472.1	11538.4	11403.7	11443.4
21 Jan, 2026	11348.4	11480.4	11220.8	11402.7
20 Jan, 2026	11555.0	11578.3	11342.2	11372.2
19 Jan, 2026	11708.2	11735.2	11511.1	11564.8
16 Jan, 2026	11715.7	11827.5	11689.9	11748.5

Source: NSE

The NIFTY OIL & GAS index declined by 3.76% in the week ended 23 January 2026. RIL’s weak results were a key trigger. In addition, the sector remained under pressure, as IOC slipped 1.90% over the week. A sharp surge in natural gas prices to around 403.6 levels over three sessions added to sectoral volatility. The index hit a high of 11827.6 and a low of 11220.8 during the week. It closed at 11306.6 on 23 Jan, recording a weekly loss of -441.9 pts.

 

NIFTY FMCG INDEX – A modest decline

Weekly Performance: -0.92%

date	open	high	low	close
23 Jan, 2026	52135.6	52217.5	51594.1	51662.1
22 Jan, 2026	51582.1	52095.3	51560.5	51978.4
21 Jan, 2026	51563.4	51962.0	51217.2	51402.5
20 Jan, 2026	52586.1	52616.9	51595.6	51713.0
19 Jan, 2026	52015.1	52669.9	51902.3	52489.9
16 Jan, 2026	52510.9	52601.4	52038.6	52142.5

Source: NSE

The NIFTY FMCG index fell 0.92% in the week ended January 23, 2026, amid selling pressure across markets. The index hit a high of 52669.9 and a low of 51217.2 during the week. It closed at 51662.1 on 23 Jan, recording a weekly loss of -480.4 pts.