The Indian stock market stayed lower during Tuesday’s session, January 6, dragged down by heavyweights such as Reliance Industries, HDFC Bank, and Trent, keeping the key averages weak for the second consecutive session.
Although banking and pharma counters provided some support, they were unable to lift the Nifty 50, which eventually closed 0.28% lower at 26,175. The S&P BSE Sensex also fell, ending 0.51% lower at the 85,000 level.
Broader markets mirrored the weak sentiment, with both the Nifty Midcap 100 and Nifty Smallcap 100 indexes declining 0.15% each.
HDFC Bank and Reliance Industries were the two biggest laggards on the Nifty 50 index, slipping 1.6% and 4.55%, respectively.
Mukesh Ambani-led Reliance Industries said in a post on social media platform X that it does not expect any Russian crude deliveries in January, denying a Bloomberg report that three vessels carrying Russian oil were headed to its Jamnagar refinery.
The move came after US President Donald Trump warned of higher tariffs on Indian exports if India does not halt purchases of Russian oil.
The trade deal between the two countries has not yet been finalised, as discussions are still ongoing.
On the sectoral front, Nifty Oil & Gas led the losers with a decline of 1.67%, followed by Nifty Media, Nifty Chemicals, and Nifty Realty, each falling between 0.27% and 1.15%. On the upside, Nifty Pharma rallied 1.63%, while Nifty PSU Bank, Nifty IT, and Nifty Metal rose in the range of 0.3% to 0.6%.
