The key equity indices traded modest losses in the mid-morning trade as investors weighed the risks of fresh U.S. tariffs against a steady stream of quarterly earnings reports that have kept hopes of an earnings recovery alive.

The Nifty traded below 26,150 mark. Media shares slipped after advancing for previous four consecutive trading sessions.

At 11:29 ST, the barometer index, the S&P BSE Sensex, tanked 405.63 points or 0.46% to 85,056.28. The Nifty 50 index declined 104 points or 0.40% to 26,146.30.

In the broader market, the S&P BSE Mid-Cap index fell 0.33% and the S&P BSE Small-Cap index shed 0.37%.

The market breadth was weak. On the BSE, 1,554 shares rose and 2,268 shares fell. A total of 216 shares were unchanged.

Economy:

India's services sector continued to expand in December 2025, but at the slowest pace in 11 months. The HSBC India Services PMI fell to 58.0 in December from 59.8 in November, indicating a moderation in activity while remaining well above the 50-point expansion threshold. Slower growth was driven by easing new business inflows and stalled hiring, while business confidence slipped to its lowest level in over three years. On the positive side, new export orders rose, supporting international demand, and inflationary pressures remained subdued, allowing firms to maintain competitive pricing. The composite PMI, which combines both services and manufacturing activity, also eased to 57.8, reflecting continued overall expansion of the economy but at a moderated pace.

Buzzing Index:

The Nifty Media index shed 0.86% to 1,459.40. The index added 2.52% in the previous four consecutive trading session.

Saregama India (down 4.67%), Tips Music (down 1.73%), Sun TV Network (down 1.3%), Network 18 Media & Investments (down 1.02%), D B Corp (down 0.6%) and Nazara Technologies (down 0.14%) declined.

On the other hand, Zee Entertainment Enterprises (up 0.56%), Prime Focus (up 0.35%) and Hathway Cable & Datacom (up 0.32%) added.

Stocks in Spotlight:

MOIL added 1.92% after the company said that it has achieved a record manganese ore production of 4.77 lakh tonnes in Q3 FY26, registering a growth of about 3.7% over the corresponding period last year (CPLY).

AXIS Bank rose 0.44%. The company reported a 12.3% increase in average total deposits to Rs 11,97,400 crore in Q3 FY26, compared with Rs 10,66,400 crore in Q3 FY25.

Global Markets:

Asia-Pacific markets opened mixed Tuesday, building on a record-breaking rally in global stocks as investors continued to assess ongoing geopolitical tensions following the U.S.′ attack on Venezuela and capture of ousted leader Nicolas Maduro.

U.S. big oil got a boost from the country's military raid at the weekend that captured Venezuelan President Nicolas Maduro. Crude oil eased back after rising $1 a barrel overnight as traders assessed the possible impact on crude flows from Venezuela, home to the world's largest oil reserves.

Overall, however, the events had a limited effect on risk sentiment, with equities driven more by momentum and currencies focused on macroeconomic data.

U.S. President Donald Trump said he would put Venezuela under temporary American control and that he could order another strike if the South American nation does not cooperate with U.S. efforts to open up its oil industry and stop drug trafficking. He also threatened military action in Colombia and Mexico.

Trump plans to meet with executives from U.S. oil companies later this week to discuss boosting Venezuelan oil production, media reports stated.

Overnight in the U.S., stocks rose even after the U.S.′ attack on Venezuela, as crude oil prices advanced and investors bet the action would not lead to broader geopolitical conflict.

The Dow Jones Industrial Average gained 594.79 points, or 1.23%, to close at 48,977.18. The 30-stock index also hit a new all-time high in the session. The S&P 500 advanced 0.64% and ended at 6,902.05. The Nasdaq Composite added 0.69%, settling at 23,395.82.

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