Equities slip as fresh US tariff threats outweigh trade-talk optimism

An end-of-day recap of all that transpired in the Indian markets, highlighting the major price movements and the factors driving them

India stocks fall, rupee fall

By Dehuti Jani

January 13, 2026 at 11:38 AM IST

Indian equity benchmarks closed lower on Tuesday amid broad-based selling, as renewed tariff threats from US President Donald Trump reignited global trade uncertainty and overshadowed optimism around India–US trade talks and quarterly earnings updates.

The Nifty50 fell 0.22% to 25,732.30, while the BSE Sensex declined 0.30% to 83,627.69, giving up part of Monday’s rebound that had snapped a five-session losing streak.

Selling pressure was visible across heavyweight stocks, with L&T, Reliance Industries, Tata Steel, M&M, Trent, TCS, IndiGo, Bharti Airtel and Sun Pharma trading in the red. On the other hand, Eternal, Tech Mahindra, SBI, BEL, HDFC Bank, Maruti Suzuki, HUL, Titan Company, ICICI Bank, ITC and Axis Bank posted gains of up to 3%, providing some support.

In the broader market, the Nifty Midcap index fell 0.76%, while the Nifty Smallcap index edged up 0.24%. Sectorally, realty, pharma and consumer durables were the biggest laggards, each down over 1%, while media, IT and select financial stocks bucked the trend to end higher.

Top Movers of the Day
TCS shares were in focus after the IT giant reported a year-on-year drop in net profit for Q3 FY26, which weighed on the counter despite revenue growth and dividend announcements.

HCL Technologies saw notable movement after its Q3 net profit fell ~11% YoY even as revenue rose, and the company declared an interim dividend, keeping the stock under watch.

Omaxe shares jumped sharply 17% intraday after the real estate firm announced a large mixed-use development project, boosting buying interest.

Sical Logistics hit its upper circuit 5% gain following the award of a sizeable order from South Eastern Coalfields Ltd. in the intraday session.

Billionbrains Garage Ventures (Groww) extended gains for the second straight session as Kotak Securities initiated coverage with a Buy rating, lifting sentiment.

Meghmani Organics climbed as much as 3% after the company signed a wind-solar hybrid power deal, injecting fresh buying interest.

BSE Ltd shares rose 3% intraday, edging close to previous highs on continued upside in exchange related activity.

Futures & Options
Nifty January 2026 futures settled at 25,780.40 on Tuesday, trading at a premium of 48.10 points over the Nifty 50’s cash close of 25,732.30. The NSE India VIX eased 1.49% to 11.20, indicating a marginal cooling in near-term volatility expectations despite ongoing global and domestic uncertainties. Trading activity in the F&O segment remained concentrated in large-cap names, with HDFC Bank, Reliance Industries and Tata Consultancy Services emerging as the most actively traded stock futures. The January 2026 derivatives contracts are scheduled to expire on 27 January 2026.

Bonds
Government bond yields rose on Tuesday after Bloomberg postponed adding Indian bonds to its Global Aggregate Index until mid-2026. The benchmark 10-year G-Sec yield closed at 6.6277%, up from 6.6050% on Monday, as investors reversed positions anticipating foreign inflows. State governments raised ₹268.15 billion through their latest loan auction, but this offered little support.

Forex
The rupee closed marginally weaker on Tuesday as losses in domestic equities and softer regional currencies weighed on sentiment, though likely central bank intervention helped cap the downside. The rupee settled at 90.19 per US dollar, slightly weaker than Monday’s close of 90.1625. Traders said the deferral of Indian bonds’ inclusion in a key global bond index added pressure on the currency, but dollar-selling by the Reserve Bank of India in both the spot and non-deliverable forward markets limited further losses.

Crypto
Crypto markets traded under pressure with most major tokens extending losses and trading in the red. Bitcoin slipped 0.83% but continued to hold firmly above the key $90,000 level, offering some near-term support to sentiment. Ethereum fell 1.47% to $3,109, while Solana declined 3.06% to $138 amid broad-based selling across altcoins. Investors remained cautious, closely tracking regulatory developments in the US Senate, which continue to shape near-term risk appetite in digital assets.

US Stock Futures
US stock futures edged lower on Tuesday as investors adopted a cautious stance ahead of a key US inflation reading and the start of the fourth-quarter earnings season, led by results from JPMorgan. Futures linked to the Dow Jones Industrial Average slipped about 0.1%, while S&P 500 futures hovered just below the flat line and Nasdaq 100 futures were marginally lower. Markets are in a holding pattern, awaiting December's consumer price index to guide the Fed's rate outlook after recent data disruptions obscured inflation trends.

US Treasury Notes
US Treasury yields edged up slightly Tuesday as investors awaited key US inflation data. The 10-year Treasury yield stayed near 4.18%–4.20%, reflecting uncertainty over when the Federal Reserve might cut rates, possibly in 2026. The 2-year yield also rose to about 3.54%–3.55%, as markets anticipated that a higher December CPI could delay easing. Recent strong jobs data and reports of a DOJ investigation into the Fed added further caution and risk premium to longer-term yields.

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