ICICI Bank, Adani Enterprises and Adani Ports emerged as key drags on the Nifty50, each falling up to 2%
Gaurav Garg,
Lemonn Markets Desk
Mumbai, 9 January 2026: Indian equity benchmarks extended their losing streak to a fifth consecutive session on Friday, as renewed concerns over US tariffs and sustained foreign fund outflows continued to pressure sentiment. After a brief early rebound, the Sensex fell 768 points, or 0.9%, to 83,413, while the Nifty slipped 247 points, or 0.95%, to 25,629 in afternoon trade.
Selling remained broad-based, with market breadth firmly negative as declining stocks significantly outnumbered advances. ICICI Bank, Adani Enterprises and Adani Ports emerged as key drags on the Nifty50, each falling up to 2%. In contrast, Eternal and ONGC bucked the weak trend, gaining up to 3%.
Investor caution persisted following Thursday’s sharp sell-off, driven largely by uncertainty around US trade policy. Foreign institutional investors continued to pare exposure, selling equities worth over Rs3,300 crore in the previous session, marking the fourth straight day of net outflows.
Markets are also closely watching a US Supreme Court ruling on the legality of tariffs imposed during former President Donald Trump’s tenure. The verdict could have significant implications for global trade sentiment, especially as India has been among the more affected economies. Recent remarks from Trump, along with approval of a bipartisan sanctions bill proposing steep tariffs on countries buying Russian oil, have heightened fears of further trade disruptions and delayed progress on a US–India trade deal.
Additional pressure came from rising crude oil prices, with Brent edging above $62 per barrel, and a weakening rupee, which slipped close to the 90 mark against the dollar amid FII outflows and higher import cost concerns. On the technical front, note that the Nifty has broken below key support levels, with the next support seen near 25,500, while the 25,890–25,920 zone is likely to act as near-term resistance.
