By Micah Jonah
January 21, 2026
Indian equities closed lower on Monday after weak quarterly results from major companies, especially Reliance Industries and ICICI Bank, weighed heavily on market sentiment, while poor revenue guidance from IT firm – Wipro added to investor concerns.
The benchmark Nifty 50 index fell by about 0.7 percent, while the Sensex also declined by roughly the same margin, reflecting broad based selling across most sectors of the market.
Out of the major industry sectors tracked on the exchange, most ended the session in negative territory, with losses also recorded in mid cap and small cap stocks, showing that selling pressure was not limited to large companies alone.
Reliance Industries and ICICI Bank were the biggest drags on the market. Reliance shares dropped after the company reported weaker than expected profit, largely due to slower growth in its retail business and rising operating expenses. ICICI Bank also disappointed investors after posting lower than forecast earnings, linked to higher provisions following regulatory reviews.
In the technology sector, Wipro recorded one of the steepest falls of the day after the company projected weaker revenue growth for the current quarter. The firm also reported a slowdown in new business deals, raising fresh concerns about demand for IT services amid global economic uncertainty.
Market analysts said mixed corporate earnings have kept investors cautious, with many choosing to stay on the sidelines while waiting for clearer signals on economic growth and company performance.
Sentiment was further affected by renewed global trade tensions after United States President, Donald Trump announced plans to impose new tariffs on several European countries over disputes linked to Greenland. The development has increased fears of a wider trade conflict which could impact emerging markets, including India.
Foreign investors have also continued to pull money out of Indian equities this month, adding pressure to stock prices after heavy outflows recorded in 2025.
Some stocks, however, posted gains, with Tech Mahindra rising after reporting stronger than expected revenue, showing that selective buying is still present in parts of the market.
For developing economies like Nigeria, market experts say India’s experience highlights how closely local stock markets are tied to global economic trends and corporate performance. They note that strong corporate governance, stable economic policies and diversified export bases remain key to attracting long term investment, reducing exposure to sudden global shocks.
