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Stock Market Today: Indian equity benchmarks opened lower on Wednesday, January 7, tracking mixed global cues and cautious investor sentiment.

The BSE Sensex slipped 128.53 points, or 0.15 per cent, to 84,934.81 at the open. The index had ended the previous session at 85,063.34 and opened lower at 84,620.40.

The NSE Nifty 50 also started the day on a weak note. The index fell 66.50 points, or 0.25 per cent, to 26,112.20. Nifty had closed at 26,178.70 in the previous session and opened at 26,143.10.

Eighteen of the 30 Sensex constituents were trading in the red. HDFC Bank led the losses, down 1.3 per cent. Bajaj Finserv, Bajaj Finance, Bharti Airtel, Maruti Suzuki, Hindustan Unilever, NTPC, Ultratech Cement, Sun Pharma, Larsen & Toubro, and Mahindra & Mahindra also weighed on the index.

On the other hand, Titan Company jumped 3.7 per cent and emerged as the top gainer on the Sensex. IT majors HCL Tech, Infosys, TCS, and Tech Mahindra traded higher. Gains in Eternal, Reliance Industries, and Tata Steel also helped limit the downside.

In the broader market, mid- and small-cap stocks outperformed frontline indices. The Nifty MidCap index rose 0.31 per cent, while the Nifty SmallCap index gained 0.28 per cent.

On the NSE, the Nifty 100 index remained under pressure, slipping 0.08 per cent in early trade. In contrast, the Nifty Midcap 100 climbed 0.31 per cent and the Nifty Smallcap 100 advanced 0.28 per cent, reflecting selective buying interest.

Sectoral indices showed a mixed trend. The Nifty Financial Services index was the worst performer, down 0.4 per cent. The Nifty Auto index slipped 0.3 per cent, while the Nifty Private Bank index declined 0.2 per cent.

On the upside, the Nifty IT index rose 1 per cent, supported by gains in large IT stocks. The Nifty Metal index added 0.7 per cent, while the Nifty FMCG index edged up 0.16 per cent.

Auto, Media, PSU Bank, Realty, and Oil and Gas indices traded in the red. FMCG, IT, Pharma, and Consumer Durables indices opened higher, indicating stock-specific action rather than a broad-based rally.

Foreign institutional investors increased their index futures long positions to 12.73 per cent from 11.50 per cent.

FIIs, however, continued to remain cautious in the cash market. They sold shares worth Rs 108 crore for the second consecutive session. Across cash, index futures, and stock futures, FIIs recorded a net selling of Rs 1,109 crore for the second straight day.

Domestic institutional investors remained firm buyers. Domestic funds purchased equities worth Rs 1,749 crore, marking their 91st consecutive day of net buying, a record streak.

Global cues were mixed. US equities ended higher overnight, with the S&P 500 and Dow Jones hitting fresh intraday and closing record highs. The rally was driven by strong technology stocks, optimism around AI-led growth, and expectations of possible Federal Reserve rate easing in 2026.

The Dow Jones has risen nearly 1,400 points over the past three sessions, while the Nasdaq extended gains for a second day.

Asian markets showed signs of consolidation. Japan’s Nikkei traded marginally lower amid bouts of profit-taking.

The rupee snapped a four-day losing streak and recovered 11 paise to close at 90.17 against the dollar. The dollar index hovered near 98, while US bond yields remained flat around 4.17 per cent.

Gold strengthened for the second straight session but remained Rs 1,382 below its lifetime high. Silver surged to a fresh record high of Rs 2,59,322 after rising Rs 12,656 in the previous session. It also crossed its earlier lifetime high of Rs 2,54,174 recorded on December 29.

Copper traded at a lifetime high for the second consecutive day. Aluminium extended gains for the fifth straight session and touched its highest level since April 2022. Zinc climbed to its highest level since January 2023, while nickel rose to levels last seen in June 2024.

Abhay Shukla is a Senior Sub-Editor at Zee Business, specializing in the analysis and reporting of stock markets, corporate news, personal finance, technology, and the auto sect