Weekly Market Wrap: SENSEX, NIFTY50 rise 1% in first week of 2026, Nifty Metal outshines; NTPC top performer

The metal stocks led the gains during the week as the investors gained confidence for the sector after the Indian government imposed a three-year import tariff of up to 12% on certain steel products from April 21, 2025. Import tariffs come to curb the import of cheap steel and aligned products from China, Vietnam, Nepal and other countries.

Further, the NIFTY Bank index on Friday, January 2, 2026, hit a new record high of 60,152.35, surpassing its previous peak level of 60,114.30. The Nifty Auto index also touched an all-time high of 28,823.20 on the same day, following strong passenger vehicle wholesales in India in 2025.

Shares of cigarette, tobacco, pan masala and related product makers, including ITC and Godfrey Phillips India, tumbled during the week, dragging the Nifty FMCG index lower after the government announced that additional excise duty on tobacco products and a new cess on pan masala will come into effect from February 1.

On Friday, the Indian equity benchmark indices ended with strong gains on Friday, January 2, following a broad-based buying interest and rally in banking, auto and metal stocks.

Weekly top gainers & losers

On the NIFTY50 index, NTPC emerged as the top gainer of the week, rising 8.6%. Tata Steel and JSW Steel followed with gains of 8.1% and 7.9%, respectively. Coal India advanced 6.4%, while Hindalco Industries added 6%.

On the flip side, ITC led the losers with a decline of 13.4%, followed by HCL Technologies (-1.2%) and Max Healthcare (-1.1%). Dr Reddy’s Laboratories and Bajaj Finance also ended the week lower, slipping 1% each.

Sectoral watch this week

On the sectoral front, the Nifty Metal index emerged as the top performer of the week, surging 5.7%. It was followed by Nifty PSU Bank, which rose 5%, while Nifty Auto, Nifty Media and Nifty Oil & Gas gained 3.8%, 3.7% and 3.2%, respectively.

Within the metal pack, Hindustan Copper led the rally over the week with a 14% jump, followed by SAIL (11.4%) and Jindal Steel & Power (9.5%).

Nifty FMCG and Nifty IT were the only sectoral laggards during the week, declining 3.7% and 0.7%, respectively. Within the FMCG pack, ITC led the losses with a decline of 13.4%, followed by Radico Khaitan (-6.4%) and United Spirits (-3.3%).

How the broader market performed this week

During the week, the Nifty Midcap 100 outperformed the benchmark equity indices, gaining nearly 2%, while the Nifty Smallcap 100 advanced 1%.

On the Nifty Midcap 100, SAIL emerged as the winner with an 11.4% rise, followed by Indian Bank (10.7%), Ashok Leyland (8.1%), Supreme Industries (8%) and Torrent Pharmaceuticals (7.7%). On the downside, Godfrey Phillips India saw a sharp decline of 20.4%, while PB Fintech and Rail Vikas Nigam slipped 6.7% and 5.7%, respectively.

Meanwhile, the Nifty Smallcap 100 was led by Hindustan Copper, which surged 14%, along with Ola Electric Mobility (13%), JBM Auto (7.1%), IIFL Finance (7%) and PNB Housing Finance (5.7%). In contrast, Radico Khaitan (-6.4%), Angel One (-4.3%) and Five-Star Business Finance (-3.7%) were among the top laggards.