Weekly Musings – Index performance for week ended January 02, 2026

29 Jan 2026 , 01:36 PM

FPIs were equity net sellers of $(1,722) Million this week. The VIX bounced from 9.15 to 9.45 levels, touching a low of 8.97 during the week. Despite the single-digit VIX for about 3 weeks now, the markets have, at best, held up but have not shown any signs of a rally.

BSE SENSEX 30 INDEX – STRONG CLOSE FOR SENSEX

Date	Open	High	Low	Close
02-Jan-26	85,259.36	85,812.27	85,068.88	85,762.01
01-Jan-26	85,255.55	85,451.70	85,101.52	85,188.60
31-Dec-25	84,793.58	85,437.17	84,705.57	85,220.60
30-Dec-25	84,600.99	84,806.99	84,470.94	84,675.08
29-Dec-25	85,004.75	85,250.00	84,637.86	84,695.54
26-Dec-25	85,225.28	85,378.51	84,937.82	85,041.45
		Weekly Returns		+0.85%

Data Source: BSE

For the week, Sensex was up 721 points or +0.85%. Domestic buying in banks, oil & gas, and autos buoyed the markets. Sensex touched a weekly high of 85,812 and low of 84,471. FPIs remained aggressive net sellers amid year-end jitters.

NIFTY 50 INDEX – RALLIES DESPITE FPI SELLING

Date	Open	High	Low	Close
02-Jan-26	26,155.10	26,340.00	26,118.40	26,328.55
01-Jan-26	26,173.30	26,197.55	26,113.40	26,146.55
31-Dec-25	25,971.05	26,187.95	25,969.00	26,129.60
30-Dec-25	25,940.90	25,976.75	25,878.00	25,938.85
29-Dec-25	26,063.35	26,106.80	25,920.30	25,942.10
26-Dec-25	26,121.25	26,144.20	26,008.60	26,042.30
		Weekly Returns		+1.10%

Data Source: NSE

This week, the Nifty comfortably settled above the 26,000 level. Nifty gained 286 points or +1.10% for the week. Nifty touched a weekly high of 26,340 and low of 25,878. The VIX closed at 9.45, but low VIX has only helped to stabilize the market, without triggering a rally.

NIFTY MID-CAP 100 INDEX – STAR AMONG GENERIC INDICES

Date	Open	High	Low	Close
02-Jan-26	60,913.10	61,398.40	60,809.20	61,365.90
01-Jan-26	60,625.15	60,782.25	60,292.75	60,750.45
31-Dec-25	60,081.65	60,718.25	60,078.85	60,484.50
30-Dec-25	59,980.35	60,046.85	59,733.75	59,914.25
29-Dec-25	60,397.50	60,495.25	59,932.65	60,001.30
26-Dec-25	60,426.90	60,758.15	60,256.90	60,314.45
		Weekly Returns		+1.74%

Data Source: NSE

The Nifty Mid-Cap 100 closed +1.74% higher; showing a sharp rally in the last 3 days of the week. Nifty Mid-cap index touched a weekly high of 61,398 and low of 59,734. There was heavy buying by domestic institutions in mid-cap space.

NIFTY SMALL CAP 100 INDEX – ALPHA HUNTING SIGNS VISIBLE

Date	Open	High	Low	Close
02-Jan-26	17,744.50	17,845.25	17,699.10	17,832.05
01-Jan-26	17,745.80	17,749.90	17,606.60	17,704.90
31-Dec-25	17,579.60	17,758.60	17,574.95	17,713.95
30-Dec-25	17,553.80	17,570.60	17,407.00	17,518.95
29-Dec-25	17,756.55	17,764.30	17,543.10	17,567.70
26-Dec-25	17,739.20	17,784.40	17,668.10	17,695.10
		Weekly Returns		+0.77%

Data Source: NSE

Nifty Small Cap Index could not repeat the 175-bps rally of the previous month, but still rallied 0.77% for the week, led by metals and autos. Nifty Small-cap touched a weekly high of 17,845 and a low of 17,407. Signs of bottom fishing in small caps was visible this week.

BANK NIFTY INDEX – PSU BANKS LEAD THE WAY

Date	Open	High	Low	Close
02-Jan-26	59,757.40	60,203.75	59,738.25	60,150.95
01-Jan-26	59,674.80	59,743.20	59,569.65	59,711.55
31-Dec-25	59,194.60	59,766.20	59,187.10	59,581.85
30-Dec-25	58,885.95	59,272.70	58,737.60	59,171.25
29-Dec-25	59,007.05	59,140.40	58,809.55	58,932.35
26-Dec-25	59,092.85	59,180.65	58,947.05	59,011.35
		Weekly Returns		+1.93%

Data Source: NSE

Private banks rallied sharply but the real action was in PSU banks this week on hopes of better Q3 results. Bank Nifty touched a weekly high of 60,204 and low of 58,810. Banks were one of the bellwethers of the market rally in the week.

NIFTY IT INDEX – PRESSURE CONTINUES FOR SECOND WEEK IN A ROW

Date	Open	High	Low	Close
02-Jan-26	38,251.35	38,359.00	38,085.40	38,320.30
01-Jan-26	37,931.55	38,256.95	37,862.60	38,171.50
31-Dec-25	38,051.70	38,108.50	37,822.15	37,884.05
30-Dec-25	38,281.55	38,281.55	37,906.60	37,998.60
29-Dec-25	38,622.60	38,721.70	38,206.75	38,282.70
26-Dec-25	38,921.65	39,019.95	38,495.40	38,572.30
		Weekly Returns		-0.65%

Data Source: NSE

After tapering -0.31% last week, the Nifty IT index lost another -0.65% this week as global concerns over tech spending and dollar strength remain. Tariff outlook also remains rather hazy for the IT sector. Weekly high was 38,722 and low was 38,085 levels.

NIFTY OIL & GAS INDEX – A WEEK OF PHENOMENAL GAINS

Date	Open	High	Low	Close
02-Jan-26	12,249.70	12,350.20	12,243.60	12,340.05
01-Jan-26	12,261.50	12,334.45	12,196.80	12,232.70
31-Dec-25	11,924.95	12,256.80	11,924.90	12,231.20
30-Dec-25	11,966.60	12,012.10	11,902.10	11,914.75
29-Dec-25	11,943.75	11,987.75	11,916.10	11,951.45
26-Dec-25	11,953.60	11,988.75	11,921.95	11,958.15
		Weekly Returns		+3.19%

Data Source: NSE

Amid tepid crude oil prices, downstream oil rallied. Reliance also rallied on expectations of more upgrades, JIO IPO, and improvement in gross refining margins (GRMs). The Oil & Gas index touched a weekly high of 12,350, and low of 11,916.

NIFTY AUTO INDEX – STELLAR GAINS ON STELLAR NUMBERS

Date	Open	High	Low	Close
02-Jan-26	28,548.25	28,867.05	28,486.55	28,803.65
01-Jan-26	28,257.65	28,503.45	28,248.50	28,480.55
31-Dec-25	27,901.95	28,226.75	27,858.65	28,189.60
30-Dec-25	27,595.05	27,991.80	27,516.85	27,889.65
29-Dec-25	27,738.90	27,833.65	27,561.65	27,592.50
26-Dec-25	27,881.00	27,959.25	27,683.30	27,739.85
		Weekly Returns		+3.83%

Data Source: NSE

The GST rate cuts combined with the festive seasons changed the face of Auto stocks in India. Offtake numbers have been phenomenal for auto stocks. Nifty Auto Index touched a weekly high of 28,867 and low of 27,517 levels; making higher highs and higher lows.

NIFTY FMCG INDEX – FALTERS BADLY ON ITC IMPACT

Date	Open	High	Low	Close
02-Jan-26	53,562.50	53,579.40	52,741.85	53,078.80
01-Jan-26	55,538.45	55,552.90	53,478.70	53,718.50
31-Dec-25	55,069.00	55,559.05	55,055.10	55,475.65
30-Dec-25	55,231.35	55,246.95	54,918.55	55,033.15
29-Dec-25	55,143.25	55,227.15	54,969.40	55,192.45
26-Dec-25	55,083.85	55,233.35	54,957.25	55,132.05
		Weekly Returns		-3.72%

Data Source: NSE

First it was input tax credit (ITC) spooking FMCG stocks and now it is ITC Ltd, after the government imposed 40% Sin Tax on cigarettes to discourage consumption. Nifty FMCG Index touched a weekly high of 55,559 and low of 52,742 levels for the week.