Sensex slump continues: Reliance and HDFC Bank trigger second day of market panic

Mumbai: The BSE Sensex and NSE Nifty ended lower for the second day in a row on January 6, 2026, as selling pressure in blue-chip stocks combined with global trade concerns dented market sentiment.

The 30-share Sensex fell 376.28 points, or 0.44 per cent, to close at 85,063.34, after dropping a low of 84,900.10 during the session. The 50-share Nifty declined 71.60 points, or 0.27 per cent, to settle at 26,178.70.

Among Sensex constituents, Trent plunged 8.62 per cent following disappointing December-quarter revenue growth. Reliance Industries shares fell 4.42 per cent, while ITC, Kotak Mahindra Bank, InterGlobe Aviation, and HDFC Bank also weighed on the indices. In contrast, ICICI Bank, Sun Pharma, Hindustan Unilever and State Bank of India recorded gains.

According to exchange data, foreign institutional investors (FIIs) offloaded equities worth Rs 36.25 crore on Monday after a brief respite, while domestic institutional investors (DIIs) bought stocks worth Rs 1,764.07 crore.

Investor sentiment was further dampened by comments from former US President Donald Trump, who said Prime Minister Narendra Modi was aware that Washington was unhappy with India’s purchases of Russian oil, warning that tariffs could be raised “very quickly”.

Domestically, India’s services sector showed slower growth in December, with the HSBC India Services PMI Business Activity Index dropping from 59.8 in November to 58.0, the slowest pace of expansion in 11 months. Companies also restrained hiring, though optimism regarding future growth remained.

Globally, Asian markets ended higher, with South Korea’s Kospi, Japan’s Nikkei 225, Shanghai’s SSE Composite, and Hong Kong’s Hang Seng posting gains. European markets traded mixed, while US markets closed higher on Monday. Brent crude rose 0.28 per cent to USD 61.93 per barrel.

On Monday, the Sensex had dropped 322.39 points to 85,439.62, while the Nifty declined 78.25 points to 26,250.30 after hitting an intra-day record high of 26,373.20, reflecting volatility amid mixed domestic and global cues.
(With PTI inputs)