The domestic equity indices traded with substantial losses in the early afternoon trade as investors remained cautious ahead of a U.S. Supreme Court ruling on the legality of U.S. tariffs, which have weighed on markets in recent sessions.
The Nifty traded below the 25,750 mark. Private Bank shares extended losses for the second consecutive trading session.
At 11:30 IST, the barometer index, the S&P BSE Sensex, declined 490.02 points or 0.58% to 83,694.86. The Nifty 50 index fell 151.05 points or 0.58% to 25,723.05.
In the broader market, the S&P BSE Mid-Cap index shed 0.45% and the S&P BSE Small-Cap index dropped 1.03%.
The market breadth was weak. On the BSE, 1,149 shares rose and 2,776 shares fell. A total of 196 shares were unchanged.
Derivatives:
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 1.76% to 10.79. The Nifty 27 January 2026 futures were trading at 25,846, at a premium of 122.95 points as compared with the spot at 25,723.05.
The Nifty option chain for the 27 January 2026 expiry showed a maximum call OI of 67 lakh contracts at the 26,000 strike price. Maximum put OI of 58 lakh contracts was seen at 26,000 strike price.
Buzzing Index:
The Nifty Private Bank index dropped 0.91% to 28,512.50. The index fell 1.27% in two consecutive trading sessions.
ICICI Bank (down 2.2%), Axis Bank (down 0.99%), HDFC Bank (down 0.79%), Kotak Mahindra Bank (down 0.46%), Bandhan Bank (down 0.27%) and RBL Bank (down 0.10%) declined.
On the other hand, Yes Bank (up 1.01%), Federal Bank (up 0.92%) and IDFC First Bank (up 0.42%) advanced.
Stocks in Spotlight:
Keystone Realtors shed 0.48%. The company said that it had recorded 3% de-growth in its pre-sales to Rs 836.99 crore in Q3 FY26 from Rs 863 crore in Q3 FY25.
Waaree Renewable Technologies slipped 3.31% after the company announced reduction of the capacity and the corresponding contract value of a previously received commercial order from its subsidiary, Waaree Forever Energies (WFEPL).