Indian equity benchmark -- Nifty extended its losses for second straight session on Wednesday. Index made a negative start amid continued foreign fund outflow. As per exchange data, Foreign Institutional Investors (FIIs) sold equity worth Rs 1,499.81 crore on Tuesday. But soon, index pared losses and traded near neutral line. In afternoon session, market extended its losses and continued its lacklustre trade throughout the session. Market participants avoided risky bids as the U.S. Supreme Court is expected to issue one or more rulings later in the day in cases already argued before the justices as major legal disputes remain pending including litigation testing the legality of President Donald Trump's global tariffs. Finally, Nifty ended below 25,700 mark. 

Traders were seen piling up positions in Metal, PSU Bank and Oil & Gas stocks, while selling was witnessed in IT, Realty and Auto. The top gainers from the F&O segment were Union Bank of India, Vedanta and Multi Commodity Exchange of India. On the other hand, the top losers were Kotak Mahindra Bank, Tata Elxsi and Polycab India. In the index option segment, maximum OI continues to be seen in the 25900 - 26100 calls and 25900 - 26100 puts indicating this is the trading range expectation.

India Volatility Index (VIX), a gauge for market’s short-term expectation of volatility increased by 1.09% and reached 11.32. The 50 share Nifty down by 66.70 point or 0.26% to settle at 25,665.60.

Nifty January 2026 futures closed at 25728.00 (LTP) on Wednesday, at a premium of 62.40 points over spot closing of 25665.60, while Nifty February 2026 futures ended at 25863.60 (LTP), at a premium of 198.00 points over spot closing. Nifty January futures saw an addition of 3,388 units, taking the total open interest (Contracts) to 2,65,376 units. The near month derivatives contract will expire on January 27, 2026. (Provisional)

From the most active contracts, HDFC Bank January 2026 futures traded at a premium of 3.85 points at 928.85 (LTP) compared with spot closing of 925.00. The numbers of contracts traded were 43,130. (Provisional)

Infosys January 2026 futures traded at a premium of 4.10 points at 1613.00 (LTP) compared with spot closing of 1608.90. The numbers of contracts traded were 34,027. (Provisional)

Vedanta January 2026 futures traded flat with its spot closing of 676.00 (LTP). The numbers of contracts traded were 33,503. (Provisional)

Axis Bank January 2026 futures traded at a premium of 3.80 points at 1302.80 (LTP) compared with spot closing of 1299.00. The numbers of contracts traded were 26,643. (Provisional)

IndusInd Bank January 2026 futures traded at a premium of 0.15 points at 943.15 (LTP) compared with spot closing of 943.00. The numbers of contracts traded were 25,793. (Provisional)

Among, Nifty calls, 26000 SP from the January month expiry was the most active call with an addition of 18,205 units open interests. Among Nifty puts, 25700 SP from the January month expiry was the most active put with an addition of 8,500 units open interests. The maximum OI outstanding for Calls was at 26000 SP (1,53,900 units) and that for Puts was at 26000 SP (83,495 units). The respective Support and Resistance levels of Nifty are: Resistance 25770.25 -- Pivot Point 25687.10 -- Support 25582.45.

The Nifty Put Call Ratio (PCR) finally stood at (0.82) for January month contract. The top five scrips with highest PCR on Petronet LNG (1.40), Union Bank of India (1.22), LIC Housing Finance (1.20), National Aluminium Company (1.00) and IndusInd Bank (0.96).

Among most active underlying Vedanta witnessed an addition of 2,145 units of Open Interest in the January month future, Hindustan Zinc witnessed a contraction of 107 units of Open Interest in the January month future, HDFC Bank witnessed an addition of 13,970 units of Open Interest in the January month futures, ICICI Bank witnessed an addition of 5,058 units of Open Interest in the January month futures and Multi Commodity Exchange of India witnessed a contraction of 137 units of Open Interest in the January month futures. (Provisional).