MUMBAI— Indian equity benchmarks faced a brutal sell-off today, Thursday, January 8, 2026, as a fresh wave of geopolitical anxiety overshadowed the government’s optimistic 7.4% GDP growth forecast. The Nifty 50 breached the crucial 26,000 support level, while the Sensex plummeted nearly 450 points in a broad-based decline led by IT and Metal stocks.
The “500% Shock”: Global Cues Rattle Investors
The primary trigger for today’s slump is a developing legislative threat from Washington. Reports indicate that U.S. President Donald Trump has backed a bipartisan bill—the “Sanctioning of Russia Act 2025″—which threatens to hike tariffs to a staggering 500% on goods from countries (including India, China, and Brazil) that continue to purchase Russian energy products.
This escalation has sent shockwaves through the energy and export-oriented sectors, effectively neutralizing the positive sentiment from India’s $4 trillion economy projection.
Market Snapshot (11:30 AM IST)
| BSE Sensex
Current Value- 84,527 | Change (Points)- -434 |
% Change- ▼ 0.51%
| NSE Nifty 50|
Current Value – 25,976 | Change (Points)- 165 |
% Change –
▼ 0.63%
| Nifty MidCap 100| – Current Value- 58,210 | Change (Points)- 710 | % Change-
▼ 1.20%
Top Gainers & Losers
The market breadth remained weak, with approximately 1,700 stocks declining on the NSE compared to only 900 advances.
The Laggards (Selling Pressure)
- TCS & Tech Mahindra:
Falling up to 3% as the IT sector fears further U.S. protectionist measures. - Tata Steel & Hindalco:
Dragged down by the Nifty Metal index (-2.71%) amid global trade uncertainty. - Gokaldas Exports:
Crashed 13% to a 28-month low as garment exporters face the brunt of tariff deadlock. - Reliance Industries (RIL): Under pressure due to the potential 500% tariff on Russian-linked oil processing.
The Resilient (Buying Interest)
- ICICI Bank & HDFC Bank: Providing a floor to the market as domestic institutional investors (DIIs) rotate capital into high-quality private banks.
- Titan Company:* Gained *4.7% following strong Q3 business updates and a robust wedding season outlook.
- Eternal: Topped the Sensex gainers list as a defensive play in a volatile market.
Institutional Activity
- FIIs (Foreign Institutional Investors):
Net sellers of ₹1,527 crore, continuing their flight from emerging markets.- DIIs (Domestic Institutional Investors): Net buyers of ₹2,889 crore, acting as the primary defense against the global sell-off.
Analyst View: “We are seeing a tug-of-war between strong domestic fundamentals (7.4% GDP growth) and extreme external volatility. Until there is clarity on the U.S.-India trade deal, Dalal Street is likely to remain in a ‘sell-on-rise’ mode.”
— V.K. Vijayakumar, Chief Investment Strategist.
