Sensex Today | Stock Market Highlights: Sensex falls 1%, Nifty below 24,200 as banks, IT drag

That’s all from CNBCTV18.com‘s live market coverage on January 8, 2026.

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Sudip Bandopadhyay, Market Expert

“It’s a little unfortunate that the Union Bank stock is down. I think the numbers did look decent, but the sudden creation of this provision and mentioning that this is based on the current scenario did spook the market. If this is the case with Union Bank, pretty much all the banks will have a similar scenario, because the nature of the assets and the nature of the loan book are by and large similar amongst PSU banks, and that’s pretty much the reason why the entire sector took a tumble today. I’m sure the bank is reading more into the current situation than what probably the market was reading, and that’s the reason why they made this substantial provision. Naturally, the market took cues from this and marked down pretty much all PSU banks. So that’s where we are. I think we have to wait and watch and look at the situation as it unfolds. Of course, one risk continues to be the El Niño impact on the monsoon, which can lead to a lowering of credit demand as well as consumption demand going forward, which will lead to asset quality coming under pressure going forward.”

Deepak Shenoy, CEO, Capitalmind Mutual Fund

On IT sector

“I think IT stocks have come to a more reasonable valuation. We have to remember that these companies have actually grown at between 10 to 12% only, so giving them 30 or 40 times earnings multiples may have been a little high. But India tends to do that a lot when there are loved stocks, even if they grow at 10%. Look at the whole FMCG pack. We give them like 75, 80, 90 times earnings continuously for no reason at all. Their own home countries give them 20 PEs or 15 PEs, and we give them like 80 PEs. It doesn’t make any sense, but we do that.”

“So I think this sensibility is going to come back in some of the IT pack, where valuations are more attuned towards 10 to 12% growth rates. They have an opportunity for inorganic expansion that hopefully they will be able to take, as they are cash-generating machines in that sense. However, I think the fear that AI will take away a lot of their business has more or less gone. If I look at the commentary now of the IT players that have come in, they’ve actually made inroads through AI, specifically using AI as a way to generate more projects.”

“Eventually, no matter what we perhaps feel from the outside, if you had a 20-engineer or 50-engineer project, and today you might think that AI will reduce that to five engineers, it means that the customer has the budget for that 50-engineer project to do 10 projects instead, rather than one single project. So they will actually expand the scope of the work that they do, and the margins will roughly remain the same. So I think once the market sees that, there will be some kind of a calm-down in these prices.”

“It may still take two years because a lot of retraining has to be done and a lot of realignment of the workforce has to be done. But when they do that, I think these companies will thrive. They will survive. Of course, they have no debt, so for the most part, cash is part of their valuation, and I think IT as a space will start to emerge out of it. Right now, the problem is that because of the crisis in Iran and all of that, a lot of project futures are not clearly visible to customers. So they are not going to put in a lot more money into trying to add more projects and then outsource them. To that extent, I think a lot more will come once clarity starts to emerge about what the impact of this war is.”

“Therefore, I expect that in the later part of this year, order flows will be clearer. I think this is a temporary problem linked to the war more than it is an AI issue, and in that sense, that valuation change may be an opportunity.”

Rupee Ends At 94.11/$ Against Wednesday’s Close Of 93.80/$

Deven Choksey, MD, DRChoksey Finserv Private Limited

“I think, on the one side, the value of new business growth has been really good, actually, in my view, more or less in line with expectations. At the same time, maybe some amount of margin compression has happened, partially due to the 2025 reforms of the IRDA, which have basically pushed margins a little bit down. That is where the market is a little unhappy with the kind of fall in profit, or marginal growth in profit in some cases. In my view, the business continues to compound at a higher rate, which is 15% and above. Leaving aside this particular regulation of not asking one bank to distribute only their company’s product, banks are now being asked to distribute several other companies’ products to prevent mis-selling. That part of the impact still has to be assessed. But the market is a little nervous on that aspect because valuations are fairly priced at this point in time. Practically, there is no scope for any kind of margin of error, be it due to policy or due to the company’s own performance. That is where the stock is facing a little amount of pressure. Maybe, over a period of time, with time correction, SBI Life stock would become a relatively attractive opportunity, but at this point, it is fairly priced.”

Govt Sources:

3-Day Trade Talks Between India & The US Have Concluded

Indian Trade Delegation To US Led By Chief Negotiator Darpan Jain On Its Way Back To India

Deepak Shenoy, Capitalmind Mutual Fund On CNBC-TV18

Pharma Looks Like An Interesting Space

Expect GLP-1 Mkt To Expand Significantly Especially At A Lower Price Point

Believe IT Cos Have Come Down To Very Reasonable Valuations Now

Using Ethanol As A Substitute For Oil Is Not Sustainable

Ethanol Blending Itself Requires A Lot Of Water

Balrampur Chini To Issue 93.15 Lk Equity Shares At ₹483/Share To Promoters & Non-promoters On Preferential Basis.

Sources Say

The shares of Delta Corp have surged over 20%, for the first time since 2013.

On April 23, TruAlt Bioenergy’s stock increased by almost 6% following the government’s approval of the mixing of synthetic hydrocarbons with aircraft turbine fuel, which may provide biofuel companies with a new route for expansion.

The shares of Sterling & Wilson surged after the company announced its results.

The shares of Tips Music surged after the company announced its results.

The shares of Trualt Bio have risen over 7% this session.

Tech Mahindra, after announcing its results yesterday and making gains, has declined today.

Here is a look at the progression of deal wins by Tech Mahindra over the past few quarters.

The markets have largely traded in the same territory in the past few hours, thereby remaining in the red.

Nifty Pharma Index extends its gains to close to 3%

As the economic outlook continues to be impacted by global uncertainty, Ram Singh, a member of the Reserve Bank of India’s Monetary Policy Committee, has called for a cautious approach to policy. “I’ve made the case for a dovish pause. Simultaneously, I have also shifted my stance and increased my caution,” Singh stated.

As the markets continue to fight the bears, these are the biggest volume-based movers among the Nifty 500 stocks.

The Arihant Bharat Advantage Fund, a Category III Alternative Investment Fund (AIF) designed to find investment possibilities outside of the typical large-cap universe, has been launched by Arihant Capital Markets Limited.

Maruti Suzuki India Limited announced on Thursday that it had produced more over 23.4 lakh units in FY26, the highest amount ever. According to the corporation, it is the only original equipment manufacturer (OEM) in India to produce passenger cars at this level.

Dynamic Cables | Enters Into A Manufacturing Agreement With TS Conductor Corp, US