The Nifty traded below the 25,200 level. Barring the IT index, all other indices traded in the red on the NSE.

At 13:28 IST, the barometer index, the S&P BSE Sensex tanked 524.11 points or 0.64% to 81,784.31. The Nifty 50 index fell 163.30 points or 0.64% to 25,162.75.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index shed 0.99% and the S&P BSE Small-Cap index dropped 1.61%.

The market breadth was weak. On the BSE, 1,390 shares rose and 2,646 shares fell. A total of 165 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, added 3.76% to 13.85.

Gainers & Losers:

Dr Reddy's Laboratories (up 2.52%), Asian Paints (up 2.09%), Hindustan Unilever (up 1.52%), Tech Mahindra (up 1.08%) and Tata Consultancy Services (up 1.02%) were the major Nifty50 gainers.

Adani Enterprises (down 5.26%), Eternal (down 4.87%), Adani Ports and Special Economic Zone (down 4.19%), Interglobe Aviation (down 4.05%) and Jio Financial Services (down 2.80%) were the major Nifty50 losers.

InterGlobe Aviaition (Indigo) declined 4.05% after the company's consolidated net profit tumbled 77.55% to Rs 549.8 crore despite 6.16% increase in revenue from operations to Rs 23,471.9 crore in Q3 FY26 over Q3 FY25.

Stocks in Spotlight:

Gujarat State Petronet (GSPL) fell 1.08% after its standalone net profit fell 15.70% to Rs 114.26 crore in Q3 FY26, even as revenue from operations rose 4.5% to Rs 272.19 crore compared with the same quarter last year.

Computer Age Management Services declined 2.97%. The company has reported 0.04% rise in consolidated net profit to Rs 125.53 crore on a 5.52% increase in revenue from operations from operations to Rs 390.13 crore in Q3 FY26 as compared with Q3 FY25.

Home First Finance Company India rallied 5.86% after the company's standalone net profit jumped 43.97% to Rs 140.20 crore on 18.8% increase in revenue from operations to Rs 482.24 crore in Q3 FY26 over Q3 FY25.

Adani Energy Solutions fell 6.81% after the company reported 1.68% decline in consolidated net profit to Rs 552.31 crore in Q3 FY26, compared with Rs 561.78 crore in Q3 FY25. However, revenue from operations jumped 15.73% year on year (YoY) to Rs 6,729.65 crore in Q3 FY26.

Global Markets:

European markets opened lower on Friday as investors digested events at Davos, including Ukrainian President Volodymyr Zelenskyy's excoriating speech about the continent.

Asian indices ended higher, tracking Wall Street gains as geopolitical concerns eased.

The Bank of Japan kept its key policy rate unchanged at 0.75% but raised Japan's growth outlook ahead of the upcoming election. The central bank lifted its GDP growth forecast for FY26 to 0.9% from 0.7% and for FY27 to 1% from 0.7%, citing a moderate global recovery, rising wages and prices, supportive government measures, and accommodative financial conditions.

Japan's headline inflation rate in December slowed sharply to 2.1%, its lowest level since March 2022. Its core inflation rate came in at 2.4% on the year.

Some tech stocks in Asia fell after shares of California-based Intel plummeted 13% in after-hours U.S. trading on its soft guidance for the current quarter, despite posting fourth-quarter earnings beats Thursday.

Overnight in the U.S., the main benchmarks extended their gains from the previous session after Greenland tensions eased.

The Dow Jones Industrial Average advanced 306.78 points, or 0.63%, and closed at 49,384.01. The 30-stock index recovered from the losses seen earlier this week following President Donald Trump's new Europe tariffs announcement.

The S&P 500 climbed 0.55% and ended at 6,913.35. The Nasdaq Composite advanced 0.91% and settled at 23,436.02, supported by gains in Nvidia, Microsoft, and Meta Platforms.

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