The Nifty traded below the 26,000 level. IT, pharma and financial services shares declined while media, metal and realty shares advanced.

At 09:30 IST, the barometer index, the S&P BSE Sensex, declined 130.93 points or 0.15% to 85,631.08. The Nifty 50 index shed 34.75 points or 0.13% to 26,293.80.

In the broader market, the S&P BSE Mid-Cap index fell 0.01% and the S&P BSE Small-Cap index shed 0.10%.

The market breadth was negative. On the BSE, 1,514 shares rose and 1,800 shares fell. A total of 221 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, was up 5.84% to 10.

Foreign portfolio investors (FPIs) bought shares worth Rs 289.80 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 677.38 crore in the Indian equity market on 01 January 2026, provisional data showed.

Economy:

India's foreign exchange reserves increased by $3.29 billion to $696.61 billion in the week ended December 26, 2025, according to the Reserve Bank of India's Weekly Statistical Supplement released on January 2.

Foreign currency assets (FCAs), the largest component of the reserves, stood at $559.61 billion, registering a marginal weekly increase of $184 million, the data showed.

Gold reserves increased sharply by $2.96 billion during the week to $113.32 billion, contributing the most to the overall rise in reserves.

India's Special Drawing Rights (SDRs) with the International Monetary Fund rose by $60 million to $18.80 billion. The country's reserve position in the IMF increased by $93 million to $4.88 billion as of December 26.

Stocks in Spotlight:

Avenue Supermarts (Dmart) shed 0.67%. The company's standalone revenue from operations jumped 13% to Rs 17,612.62 crore in Q3 FY26 compared with Rs 15,565.23 crore in Q3 FY25.

Jammu & Kashmir Bank added 2.28% after the bank's gross advances jumped 17.26% to Rs 1,16,247.92 crore as of 31 December 2025, compared with Rs 99,133.35 crore as of 31 December 2024.

Punjab National Bank (PNB) rallied 2.13% after the bank's domestic deposits increased 8.32% to Rs 15,97,487 crore as of 31 December 2025 compared with Rs 14,74,760 crore posted on 31 December 2024.

Numbers to Track:

The yield on India's 10-year benchmark federal paper fell 0.39% to 6.648 compared with previous session close of 6.609.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 90.2350 compared with its close of 90.2050 during the previous trading session.

MCX Gold futures for 5 February 2025 settlement added 1.16% to Rs 137,344.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.36% to 98.77.

The United States 10-year bond yield shed 0.05% to 4.189.

In the commodities market, Brent crude for March 2025 settlement shed 5 cents or 0.08% to $60.70 a barrel.

Global Markets:

Asia market began the first full trading week of 2026 on a stronger note after the U.S. said it had attacked Venezuela and captured President Nicolas Maduro over the weekend.

Oil prices edged lower as markets weighed the potential impact of geopolitical tensions.

U.S. authorities reportedly said that Maduro and his wife, Cilia Flores, were flown to New York following the operation and charged with narco-terrorism conspiracy and other crimes.

Oil prices fell after the escalation involving the oil-rich nation. Brent crude prices slipped more than 1% earlier before paring losses, and were last trading 0.25% lower, while the West Texas Intermediate crude prices fell 0.4%.

On Friday stateside, the first trading day of 2026, the S&P 500 closed slightly higher as gains in semiconductor names kept the index afloat.

The benchmark closed up 0.19% at 6,858.47, while the Nasdaq Composite fell 0.03% to finish at 23,235.63. The two had been solidly positive earlier in the day, with the S&P 500 and the tech-heavy Nasdaq trading higher by 0.7% and 1.5% at their peaks, respectively.

The Dow Jones Industrial Average moved up 319.10 points, or 0.66%, to settle at 48,382.39.

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