Stock Market Today: Nifty Ends At Day's Low, Sensex Plunges Nearly 800 Points; Engineering Stocks Slump

That's all for today folks. However, some parting thoughts:

After delivering outsized returns in 2025, gold and silver are no longer fringe portfolio hedges — they are increasingly being discussed as core holdings. The sharp rally has left investors asking whether 2026 will bring consolidation, correction, or another leg higher.

Well, here is your answer.

Shares on Indian engineering contract companies Larsen & Toubro Ltd., Bharat Heavy Electricals Ltd., ABB India Ltd. and Siemens Ltd. tanked on Thursday after Reuters reported the government is considering scrapping curbs that restrict Chinese firms from bidding for government contracts.

India is planning to curb the five-year-old restriction in an attempt to normalise commercial ties with Chinese, especially against the backdrop of an easing of diplomatic and border tensions.

Over 2.4 million shares of BHEL were traded via a block deal on Thursday. The share of BHEL fell as much as 13.85% to Rs 261.50 apiece. The shares hit over two-month low.

Shares of Bharat Heavy Electricals Ltd. (BHEL) have nosedived late in Thursday's trade, despite having confirmed entry into the semi-high-speed rail market earlier in the day.

The stock is currently trading at Rs 273, accounting for a fall of 10% compared to Wednesday's closing price of Rs 303.55.

The sharp plunge in the BHEL stock comes in the wake of a Reuters report that suggests the Indian government is considering scrapping curbs that restrict Chinese firms from bidding for government contracts.

India is planning to curb the five-year-old restriction in an attempt to normalise commercial ties with Chinese, especially against the backdrop of an easing of diplomatic and border tensions.

The shares of Transformers & Rectifiers saw a sharp decline of over 8%. Here is why there was a steep decline:

Key Management Change:

• Resignation of Mukul Srivastava as CEO

• Appointment of Satyen J. Mamtora as Managing Director & CEO

Recent Updates:

• World Bank removes co from list of debarred firms

• Granted extension for submitting explanation in the sanctions case

• New deadline for submission is Jan. 12, 2026

What happened earlier?

• World Bank Debars TRIL from bidding on its financed Projects

• For engaging in alleged corruption and fraud tied to Nigeria project

• Pertains to order received in FY20 worth $24.74 mn in Nigeria

• Accuses fraudulent practices during the bidding and execution stages

• By failing to disclose commission payments to two agents

• Accuses corrupt practices by making improper payments to public officials

Transformers & Rectifiers Q3 Results Highlights (Cons, YoY)

• Revenue rises 31.7% to Rs 737 crore versus Rs 559 crore.

• Ebitda up 47.4% at Rs 125 crore versus Rs 84.8 crore.

• Margin at 20% versus 15.2%.

• Net Profit rises 35% to Rs 73.9 crore versus Rs 54.7 crore.

"It is important to realise that one's ability to predict is limited but ability to prepare high," she said.

After a sluggish 2025, corporate earnings in India are poised for a rebound in this new year, with the trend likely to be driven by government reforms and tax cuts, according to a top strategist at Motilal Oswal Financial Services, Gautam Duggad.

Gautam Duggad, director and head of research for institutional equities at the firm, spoke to NDTV Profit, offering insights about the upcoming earnings season.

Read more

Silver’s historic rally is going steady, calming down from the historic highs it hit in 2025 — but its next act may be far less linear. According to a fresh outlook from HSBC Global Research, the metal is likely to remain buoyant through the first half of 2026 before facing a meaningful correction in the latter part of the year as supply responses kick in and demand cools.

HSBC expects silver prices to stay elevated in the near term, supported by lingering tightness in physical markets, strong investment flows and gold’s continued strength.

• Meesho trades near listing price of Rs 162

• Stock down 35% from all-time high Rs 254.40

• Meesho slips 9% in 2026 so far

• Meesho back to square one after sharp fall

• Nifty slips over 200 pts in trade

• Weak momentum persists for fourth straight session

• Nifty 50 hovers near strong 50-EMA support at 25,912

• Index down 420 pts this week

Metal stocks came under sharp selling pressure on Thursday, with Hindustan Zinc plunging 6%, leading losses across the sector. The weakness spilled over into aluminium producers as well, with NALCO, Hindalco Industries and Vedanta sliding more than 3% each.

Shares of Angel One Ltd. pared opening gains to slip into the red in early trade on Thursday after the company announced that its board will meet on Jan.15, 2026, to consider a stock split as well as a dividend payout for shareholders.

In its November business update, Angel One reported gross client additions of 0.5 million (5 lakh), down 11.1% from the previous month and 16.6% from November last year. Its overall client base rose 1.5% month-on-month and 21.9% year-on-year to 35.08 million in November.

Order volumes fell to 117.3 million, a decline of 12.3% month-on-month and 10.4% year-on-year. Average daily orders also decreased to 6.17 million, down 7.7% from October and 15.1% from November last year.

Bharat Heavy Eletricals Ltd. (BHEL) has entered the semi-high speed rail market by beginning the supply of traction converters for the Vande Bharat sleeper train project, the company confirmed in an exchange filing on Thursday.

BHEL's statement comes at a time when the stock is trading with cuts of almost 3%, though the share priced has inched up slightly since the announcement. In the last month, the stock has given returns of almost 10%.

From US tariff, FII selling to decline in metal stocks. Check out why the markets are falling today in this video.

The shares of Reliance Industries fell 2.11% to Rs 1,472.50 apiece on Thursday. It pared losses to trade 2.09% lower at Rs 1,473.10 apiece, as of 12:41 p.m. This compares to a 0.85% decline in the NSE Nifty 50 Index.

It has risen 16.40% in the last 12 months and fallen 6.18% year-to-date. Total traded volume so far in the day stood at 0.37 times its 30-day average. The relative strength index was at 54.71.

As the markets are declining the options data is suggesting a bearish sentiment. In addition, the FII positioning are coming back to the higher side and the shots are at 90% in comparison to 87% in the last trading session.

A long-pending proposal to raise the wage ceiling under the Employees Provident Fund Organisation is back in focus. The government is reconsidering an increase from the current Rs 15,000 a month to a range of Rs 25,000-Rs 30,000. If implemented, the move could significantly widen the social security net by bringing millions of additional workers under mandatory provident fund coverage.

The wage ceiling determines the salary threshold up to which employees, in establishments covered under EPFO, must contribute to the retirement fund. At the current cap it is not mandatory for employers and employees earning above Rs 15,000 to contribute to the social security organisation. Those earning above the cap can join voluntarily.

• Indian equities were trading lower on Thursday, extending the decline for the fourth day.

• Intraday, both Nifty and Sensex fell nearly 0.80%.

• Nifty fell 0.79% at 25,934.75 as of 12 p.m.

• Sensex was down 0.67% to 84,387.92.

• Broader indices were trading lower. Nifty Midcap 150 fell 1.55%; Nifty Smallcap 250 was trading 1.45% lower.

• All sectoral indices fell, led by Nifty Metal and Nifty oil and gas.

• Nifty Bank fell 0.54%, Nifty IT was up 1.57%.

• ICICI Bank, Eternal, BEL, HUL and SBILife were top Nifty gainers.

• Reliance Industries, TCS, Bharti Airtel, Hindalco, M&M were top Nifty losers.

Alphabet’s stock rose more than 2% on Wednesday, Jan. 7, pushing the Google parent company’s market capitalization to $3.89 trillion, according to Dow Jones Market Data. The rise in market cap has led Alphabet to become the world's second-most valuable company, dethroning Apple.

Apple now commands a market cap of about $3.85 trillion after a fractional decline in its stock price in the session. AI-chip making titan Nvidia is still by far the biggest US company by market cap, worth more than $4.6 trillion.

Over 1.52 million shares of Swiggy were traded via a block deal on Thursday. The share of Swiggy rose as much as 2.17% to Rs 354.05 apiece.

The shares of IDFC Bank rose as much as 2% on Thursday after it rolled out another revision to its savings account interest rates, effective January 9, 2025, lowering the headline rate by 50 basis points and reshuffling balance slabs — changes that will directly impact depositors tracking returns on idle cash.

• Domestic iron ore price set to rise

• NMDC is likely to increase iron ore prices by Rs 400/t in January

• Global prices improving owing to restocking demand before Chinese Lunar holidays

• At this price, NMDC prices are at 36% discount

• Additionally, domestic steel prices increased by Rs 4,500/t to Rs 51,900/t

• This provides opportunity to NMDC to increase prices

• Every Rs 100/t change in iron ore price leads to 3% change in FY27E EBITDA

Source: Nuvama

As of 10:52 a.m. the markets were trading at the day's low with Nifty falling 0.45% and Sensex down over 300 points. Nifty Metal fell the most with Hindustan Zinc leading the decline. Reliance Industries shares were also among laggards with the shares trading over 1% lower.

The shares of Dee Development rose to hit over one-month high as its cumulative orders in the first nine months of this year rose to Rs 793 crore. The scrip rose as much as 13.11% to Rs 236 apiece on Thursday, highest level since Nov. 19. It pared gains to trade 10.91% lower at Rs 231.40 apiece, as of 10:40 a.m. This compares to a 0.43% decline in the NSE Nifty 50 Index.

It has fallen 23.84% in the last 12 months and risen 10.59% year-to-date. Total traded volume so far in the day stood at 17.8 times its 30-day average. The relative strength index was at 66.28.

With the Q3FY26 earnings season just around the corner, JPMorgan has put out a comprehensive preview of the Electronics Manufacturing Service (EMS) space, in which it has given an update on Kaynes Technologies.

The brokerage firm has notably cut the target price on Kaynes Tech, predicting the company to reduce its FY26 guidance on account of delays in revenue from the KAVACH program.

Read more here

Over 1.62 million shares of Eternal were traded via another block deal on Thursday. The share of Eternal rose as much as 2.3% to Rs 287.40 apiece.

Over 5.79 million shares of Eternal were traded via a block deal on Thursday. The share of Eternal rose as much as 2.3% to Rs 287.40 apiece.

Over 8.07 million shares of HDFC Bank were traded via a block deal on Thursday. The share of ICICI Bank fell as much as 0.81% to Rs 941.40 apiece.

HDFC Bank Ltd. and ICICI Bank Ltd. remain among the top picks of Bank of America (BofA) as the brokerage in its note on Thursday maintained a constructive view on the banking sector, supported by an improving growth outlook, even as concerns around further interest rate cuts remain an overhang.

Read what the brokerages have to say here.

Shares of Bharti Airtel and Indus Towers will be in focus heading into trade on Thursday, in the wake of a recent report from Jefferies, which has pegged 2026 as the year of growth and re-rating in the telecom space.

In its latest note, Jefferies has also hiked target price on both Bharti Airtel and Indus Towers while putting emphasis on Jio's IPO, which could potentially drive up sector valuations.

The brokerage firm has retained buy calls on both Bharti Airtel and Vodafone Idea. The price target for Airtel has been raised from Rs 2,635 to Rs 2,760, while the Indus Towers target has been increased from Rs 425 to Rs 510.

Morgan Stanley has cut price targets across a clutch of India’s listed internet and technology names like Delhivery, Eternal, Swiggy, and Make My Trip. The brokerage has cautioned that the earnings downgrade cycle is far from over amid slowing growth, rising competition and margin pressures. In a recent research note, the global brokerage said it expects further consensus estimate cuts across its coverage universe, even as valuations for select stocks begin to look reasonable.

The brokerage lowered its price target on Delhivery to Rs 445 from Rs 450, Swiggy to Rs 414 from Rs 455, and Eternal to Rs 417 from Rs 427. MakeMyTrip also saw a sharp cut, with the target lowered to $113 from $178.

• Client base in December up 1.8% MoM to 3.6 crore

• Total orders in December up 10% MoM to 12.9 crore

• Average daily orders in December up 5% MoM to 58.6 lakh

• Gross client additions in December up 35% MoM to 7 lakh

Source: Exchange Filing

The crucial support level for Nifty 50 slipped below the psychological-mark of 26,000, analysts said after the benchmark index declined for a third consecutive day on Wednesday.

"Overall, we expect markets to remain in a consolidation phase with profit booking emerging at higher levels; while sector-specific movements continue, driven by third quarter business update announcements," said Siddhartha Khemka head of research, wealth management, Motilal Oswal Financial Services Ltd.

Silver – which fell 3.8% on Wednesday – is particularly vulnerable to a sharp selloff, given its recent volatility. Silver’s rally — it gained around 150% in 2025 — has been even more spectacular than gold’s. This week alone, it had advanced 7.4% by Wednesday’s close. Silver rose 0.7% to $78.72.

Gold steadied, after slipping nearly 1% in the previous session, ahead of an annual rebalancing of commodity indexes and the release of key US economic data.

Gold edged down 0.1% to $4,452.63 an ounce as of 9:34 a.m. Singapore time.

• Nifty January futures down by 0.18% to 26235 at a premium of 95 points.

• Nifty January futures open interest up by 0.07%.

• Nifty Options on Jan 13: Maximum Call open interest at 26500 and Maximum Put open interest at 25500.

• Securities in ban period: Sail and Sammaan Capital

• The US Dollar index is up 0.03% at 98.510.

• Euro was down 0.01% at 1.1675.

• Pound was down 0.04% at 1.3455.

• Yen was up 0.10% at 156.91.

On World

• Signs order withdrawing US from 66 international organizations 

• Green light’s bipartisan Russia sanctions bill 

On USA

• Increases military budget from $1tn to $1.5tn for 2027 

• Won’t permit dividends, stock buybacks for defense companies 

• To ban large institutional investors from banning single family homes 

On Venezuela

• Discussed counter-narcotics policy with Colombian leader Gustavo Petro 

• Venezuela to purchase only US products with oil revenue 

• US job openings slide to 14-month low; hiring weak in November 

• Job openings decrease 303,000 to 7.146 million in November 

• US seized Russian oil tankers 

• US Sec. State Marco Rubio will meet Denmark Government (On Denmark’s offer to discuss Greenland) 

Asian equities slipped for a second straight session as the recent record-setting rally began to cool. Treasuries held onto gains after advancing in US trading, helped by mixed US economic data.

Shares opened weaker in Japan and South Korea. Both a global equity gauge and the S&P 500 logged their first declines of 2026 on Wednesday.

• S&P 500 futures were little changed as of 9:32 a.m. Tokyo time

• Hang Seng futures fell 0.5%

• Japan’s Topix fell 0.4%

• Australia’s S&P/ASX 200 rose 0.2%

• Euro Stoxx 50 futures were little changed

Good morning readers.

The GIFT Nifty was trading near 26,200 early on Thursday. The futures contract based on the benchmark Nifty 50 fell 0.17% at 26,182 as of 6:49 a.m. indicating a negative start for the Indian markets. This comes as the Asian markets extended decline for a second day as its record-breaking rally lost steam.

In the previous session on Wednesday, the benchmark ended lower for the third consecutive session. The NSE Nifty 50 ended 37.95 points or 0.14% lower at 26,140.75, while the BSE Sensex closed 102.20 points or 0.12% lower at 84,961.14.