Indian markets open lower, Sensex down 440 points, RIL recovering up 0.7% in early trade

Mumbai (Maharashtra) [India], January 7 (ANI): Indian equity markets opened lower on Wednesday, tracking mixed global cues and persistent selling pressure from foreign portfolio investors, with benchmark indices slipping in early trade.
The Nifty 50 index opened at 26,143.10, down 35.60 points or 0.14 per cent, while the BSE Sensex declined sharply by 442.94 points or 0.52 per cent to open at 84,620.40.
Market experts said domestic equities continue to struggle to sustain gains after hitting record levels, amid weak news flow and cautious investor sentiment.
Ajay Bagga, Banking and Market Expert, told ANI, "2026 looking like 2025 so far....Defence and Big Tech doing well, US surging to new records, India disappointing after crossing record levels post a 15 months nonperformance. Indian markets saw another familiar pattern...rise in the initial half, only to give up gains. What changed yesterday was heavy weights that supported the last 400-500 points of Nifty50 rise showing weakness on news flow. FPIs remain adamantly short. US-India trade deal news flow is also negative. Hence in a catalyst less market, domestic flows are holding up markets above key levels but are not able to breach all-time highs on a sustained basis".
Shares of Reliance Industries open with gains in early trade at Rs 1518 per share, up 0.7%. The stock is recovering losses of the last two sessions, after the company issued an official statement rejecting reports of Russian oil cargoes reaching its Jamnagar refinery.
Referring to a news report, the company said it has not received any shipments of Russian oil in the last three weeks and is not expecting any Russian crude oil deliveries in January, calling such reports "blatantly untrue" and "tarnishing our image".
In the broader market, performance was mixed. On the NSE, the Nifty 100 index remained under pressure, slipping 0.08 per cent in early trade. In contrast, mid- and small-cap stocks showed relative strength, with the Nifty Midcap 100 rising 0.31 per cent and the Nifty Smallcap 100 gaining 0.28 per cent.
Sectoral indices also reflected a mixed trend in the opening session. Nifty Auto, Media, PSU Bank, Realty, and Oil and Gas indices traded in the red, while FMCG, IT, Pharma, and Consumer Durables indices opened in green, indicating stock-specific action rather than a broad-based market move.
Ponmudi R, CEO of Enrich Money, said "Indian equity markets are likely to open on a flat and cautious note today, tracking mixed global cues after a guarded start to the week. Rising geopolitical tensions and fresh tariff-related concerns have triggered profit-booking at higher levels, keeping risk appetite in check. As a result, the market is expected to remain largely range-bound".
Globally, cues were mixed. US equities ended higher overnight, with the S&P 500 and Dow Jones scaling fresh record highs, supported by strong performance in technology stocks, optimism around AI-led growth, and expectations of potential Federal Reserve easing in 2026.
Asian markets, however, showed signs of consolidation, with Japan's Nikkei trading marginally lower amid bouts of profit-taking. (ANI)