Weekly Musings – Index performance for week ended January 09, 2026

30 Jan 2026 , 12:01 PM

FPIs were equity net sellers of $(466) Million this week. The VIX bounced sharply from 9.45 to 10.83 levels, largely due to event risk. VIX spike was triggered by the US action in Venezuela and the warning of the US imposing 500% tariffs on Indian exports.

BSE SENSEX 30 INDEX – FALLS VERTICALLY DURING THE WEEK

Date	Open	High	Low	Close
09-Jan-26	84,022.09	84,406.22	83,402.28	83,576.24
08-Jan-26	84,778.02	84,965.27	84,110.10	84,180.96
07-Jan-26	84,620.40	85,075.99	84,617.49	84,961.14
06-Jan-26	85,331.14	85,397.78	84,900.10	85,063.34
05-Jan-26	85,640.05	85,883.50	85,315.33	85,439.62
02-Jan-26	85,259.36	85,812.27	85,068.88	85,762.01
		Weekly Returns		-2.55%

Data Source: BSE

For the week, Sensex was down -2,186 points or -2.55%. It was clearly the event risk created by the Maduro capture and the 500% tariffs on India. Sensex touched a weekly high of 85,884 and low of 83,402. Bulk of the selling was on the last two days of the week.

NIFTY 50 INDEX – HIT BY NEGATIVE SENTIMENTS

Date	Open	High	Low	Close
09-Jan-26	25,840.40	25,940.60	25,623.00	25,683.30
08-Jan-26	26,106.50	26,133.20	25,858.45	25,876.85
07-Jan-26	26,143.10	26,187.15	26,067.90	26,140.75
06-Jan-26	26,189.70	26,273.95	26,124.75	26,178.70
05-Jan-26	26,333.70	26,373.20	26,210.05	26,250.30
02-Jan-26	26,155.10	26,340.00	26,118.40	26,328.55
		Weekly Returns		-2.45%

Data Source: NSE

It had taken Nifty several weeks to break the 26,000 level. That was forfeited this week. Nifty fell -645 points or -2.45% for the week. Nifty touched a weekly high of 26,373 and low of 25,623. The VIX spiked during the week, and Nifty closed near its weekly lows.

NIFTY MID-CAP 100 INDEX – ALPHA HUNTING TAKES A BACK SEAT

Date	Open	High	Low	Close
09-Jan-26	60,194.05	60,562.35	59,500.55	59,748.15
08-Jan-26	61,415.55	61,437.25	60,144.95	60,222.55
07-Jan-26	61,178.55	61,548.85	61,082.70	61,424.70
06-Jan-26	61,347.50	61,393.30	60,866.30	61,148.55
05-Jan-26	61,516.40	61,520.60	60,970.55	61,265.70
02-Jan-26	60,913.10	61,398.40	60,809.20	61,365.90
		Weekly Returns		-2.64%

Data Source: NSE

The Nifty Mid-Cap 100 closed -2.64% lower; showing a sharp sell-off in last 2 days of the week. Nifty Mid-cap index touched a weekly high of 61,549 and low of 59,501. The tariff scare also impacted the sentiments around smaller sized stocks.

NIFTY SMALL CAP 100 INDEX – NO TAKERS FOR HIGH-RISK STAKES

Date	Open	High	Low	Close
09-Jan-26	17,572.50	17,637.90	17,252.95	17,282.65
08-Jan-26	17,972.70	17,997.25	17,560.75	17,601.05
07-Jan-26	17,891.95	17,993.70	17,840.30	17,958.50
06-Jan-26	18,000.65	18,000.65	17,812.05	17,887.85
05-Jan-26	17,882.65	17,984.90	17,836.30	17,926.40
02-Jan-26	17,744.50	17,845.25	17,699.10	17,832.05
		Weekly Returns		-3.08%

Data Source: NSE

Nifty Small Cap Index plummeted by -3.08% for the week, with bulk of the selling in the last two days. Nifty Small-cap touched a weekly high of 18,001 and a low of 17,283. Amid risk-off trades, small caps are obviously not the priority for investors.

BANK NIFTY INDEX – BANKS FALL, BUT NOT SO MUCH

Date	Open	High	Low	Close
09-Jan-26	59,558.15	59,739.65	59,154.20	59,251.55
08-Jan-26	59,893.15	60,112.85	59,564.80	59,686.50
07-Jan-26	60,039.70	60,065.40	59,760.65	59,990.85
06-Jan-26	59,957.80	60,305.00	59,844.80	60,118.40
05-Jan-26	60,360.40	60,437.35	59,859.80	60,044.20
02-Jan-26	59,757.40	60,203.75	59,738.25	60,150.95
		Weekly Returns		-1.50%

Data Source: NSE

Banking stocks corrected, but looked less vulnerable. Bank Nifty touched a weekly high of 60,437 and low of 59,154. Banks are one of the few sectors that are not overly impacted by tariffs and global geopolitical risk, although it could have an impact on asset quality.

NIFTY IT INDEX – SUBDUED SELLIGN SEEN IN IT SECTOR

Date	Open	High	Low	Close
09-Jan-26	37,861.25	38,244.55	37,861.15	38,027.20
08-Jan-26	38,686.55	38,728.65	37,853.75	37,920.30
07-Jan-26	37,951.30	38,736.80	37,940.85	38,688.80
06-Jan-26	37,712.05	38,053.10	37,680.70	37,977.40
05-Jan-26	38,222.00	38,260.85	37,365.90	37,771.15
02-Jan-26	38,251.35	38,359.00	38,085.40	38,320.30
		Weekly Returns		-0.76%

Data Source: NSE

For three weeks in a row, IT index has fallen less than 1% each week. While the risk of H1B visas are largely absorbed, the 500% tariffs with likelihood of services being included, does raise questions for Indian IT. Weekly high was 38,729 and low was 37,366 levels.

NIFTY OIL & GAS INDEX – TAKES A KNOCK ON MADURO IMPACT

Date	Open	High	Low	Close
09-Jan-26	11,564.45	11,706.35	11,563.50	11,628.75
08-Jan-26	11,887.50	11,897.70	11,562.20	11,582.35
07-Jan-26	11,995.00	12,023.10	11,901.00	11,920.90
06-Jan-26	12,186.40	12,191.70	11,891.05	12,000.60
05-Jan-26	12,374.30	12,445.70	12,175.85	12,214.55
02-Jan-26	12,249.70	12,350.20	12,243.60	12,340.05
		Weekly Returns		-5.76%

Data Source: NSE

The controversial arrest of Maduro by the US has raised serious question about the global oil supply chain. Oil companies are concerned that the US could increasingly use it as a bargaining chip. The fears were visible in the -5.76% fall in the index during the week.

NIFTY AUTO INDEX – LESS ABOUT NUMBERS, MORE ABOUT RISK

Date	Open	High	Low	Close
09-Jan-26	28,380.00	28,516.00	28,034.85	28,087.65
08-Jan-26	28,639.25	28,662.00	28,357.60	28,414.95
07-Jan-26	28,919.95	28,938.65	28,501.10	28,692.40
06-Jan-26	28,923.45	28,997.30	28,812.55	28,922.35
05-Jan-26	28,869.65	29,179.10	28,806.95	28,894.15
02-Jan-26	28,548.25	28,867.05	28,486.55	28,803.65
		Weekly Returns		-2.49%

Data Source: NSE

The domestic demand may be growing but the concerns about the global demand for Indian vehicles and auto parts. US putting 500% tariffs could have larger impact. Nifty Auto scaled a weekly high of 29,179 and low of 28,035 levels. It was more of a reaction to risk perception.

NIFTY FMCG INDEX – STEADIES IN A TOUGH WEEK

Date	Open	High	Low	Close
09-Jan-26	52,918.25	53,083.50	52,332.65	52,438.15
08-Jan-26	53,419.65	53,515.65	52,922.10	53,010.15
07-Jan-26	53,636.20	53,782.60	53,319.60	53,493.80
06-Jan-26	53,538.80	53,637.75	53,152.70	53,561.95
05-Jan-26	53,054.95	53,573.75	52,885.60	53,441.10
02-Jan-26	53,562.50	53,579.40	52,741.85	53,078.80
		Weekly Returns		-1.21%

Data Source: NSE

Even as FMCG was absorbing the impact of GST and Sin Tax, it continues to be a domestic mark. The fall this week was more due to a general sell-off, than anything specific. Nifty FMCG Index touched a weekly high of 53,783 and low of 52,333 levels for the week.