The Nifty traded below the 25,250 mark. Oil & gas, metal and media shares advanced while consumer durables, IT and private bank shares declined.

At 13:28 IST, the barometer index, the S&P BSE Sensex shed 65.95 points or 0.08% to 82,116.92. The Nifty 50 index fell 24.15 points or 0.09% to 25,212.50.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index declined 0.65% and the S&P BSE Small-Cap index fell 0.58%.

The market breadth was weak. On the BSE, 1,424 shares rose and 2,715 shares fell. A total of 155 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, surged 7.93% to 13.74.

IPO Update:

The initial public offer (IPO) of Shadowfax Technologies received bids for 5,01,76,200 shares as against 8,90,88,807 shares on offer, according to stock exchange data at 15:20 IST on Wednesday (21 January 2026). The issue was subscribed 0.56 times.

The issue opened for bidding on Tuesday (20 January 2026) and it will close on Thursday (22 January 2026). The price band of the IPO is fixed between Rs 118 and 124 per share. An investor can bid for a minimum of 120 equity shares and in multiples thereof.

Gainers & Losers:

Eternal (up 5.73%), Interglobe Aviation (up 2.18%), Power Grid Corporation of India (up 1.65%), Ultratech Cement (up 1.60%) and Oil and Natural Gas Corporation (up 1.55%) were the major Nifty50 gainers.

ICICI Bank (down 1.69%), Trent (down 1.05%), Apollo Hospitals Enterprise (down 0.93%), Tata Consumer Products (down 0.93%) and Eicher Motors (down 0.89%) were the major Nifty50 losers.

Stocks in Spotlight:

Supreme Petrochem added 3.78%. The company's standalone net profit fell 57.74% to Rs 30.15 crore on 10% fall in revenue from operations to Rs 1,264.69 crore in Q3 FY26 over Q3 FY25.

Persistent Systems declined 2.31% after the company reported a 6.79% decline in consolidated net profit to Rs 439.4 crore despite of 5.52% increase in revenue from operations to Rs 3778.20 crore in Q3 FY26 over Q2 FY26.

IndiaMart InterMESH jumped 4.43% after the company's consolidated net profit climbed 55.62% to Rs 188.3 crore on 13.35% increase in revenue from operations to Rs 401.6 crore in Q3 FY26 over Q3 FY25.

AU Small Finance Bank (SFB) rose 0.63%. The company reported a 26.34% jump in standalone net profit to Rs 667.66 crore in Q3 FY26, compared with Rs 528.45 crore in Q3 FY25. Total income increased 15.20% year on year (YoY) to Rs 5,451.26 crore in Q3 FY26, as against Rs 4,731.89 crore in Q3 FY25.

SRF declined 5.66%. The company reported a 59.60% surge in consolidated net profit to Rs 432.66 crore in Q3 FY26, compared with Rs 271.08 crore in Q3 FY25. Total revenue from operations rose 6.33% year on year (YoY) to Rs 3,712.53 crore in the quarter ended 31 December 2025.

Global Markets:

European markets opened lower on Wednesday as investors awaited U.S. President Donald Trump's address at the World Economic Forum later in the day.

Most Asian market traded higher, while gold jumped to a record high level after U.S. President Donald Trump threatened fresh tariffs on countries resisting the transfer of Greenland to the United States.

Spot gold prices rose over 1% to an all-time high of $4,813 per ounce as investors rushed into safe haven assets.

On Saturday, Trump said that exports from eight European countries would face tariffs of 10% from Feb. 1, rising to 25% by June 1 if talks fail to deliver U.S. control of mineral-rich Greenland.

He also threatened to slap 200% tariffs on French wine and champagne, following reports that President Emmanuel Macron was unwilling to join his proposed 'Board of Peace.'

Trump further criticized the U.K., calling its plan to transfer sovereignty of the Chagos Islands, which is home to a joint U.K.-U.S. military base, to Mauritius an 'act of great stupidity,' citing the move as further justification for acquiring Greenland on national security grounds.

European leaders have labeled President Donald Trump's latest tariff threats 'unacceptable' and are reportedly weighing retaliatory measures.

France is said to be urging the European Union to deploy its strongest economic response tool, the so-called Anti-Coercion Instrument.

Overnight in the U.S., the Dow Jones Industrial Average shed 870.74 points, or 1.76%, to end the session at 48,488.59. The S&P 500 dipped 2.06% to settle at 6,796.86. The Nasdaq Composite slid 2.39%, closing at 22,954.32.

It was the worst session since October for all three major averages. U.S. Treasury yields spiked and the U.S. dollar declined as Trump's threat caused a flight from U.S. assets.

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