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US stock futures dip ahead of inflation data

US stock futures were slightly lower in early trading as investors turned cautious ahead of key economic data and corporate earnings expected this week.

Market attention is focused on the December Consumer Price Index (CPI), an important inflation report that can influence future interest rate decisions by the Federal Reserve. If inflation remains sticky, interest rates could stay higher for longer.

The fourth-quarter earnings season is also set to begin, led by major banks including JPMorgan Chase, Bank of America, Wells Fargo and Citigroup. Their results will offer clues on how companies managed higher interest rates and ongoing economic uncertainty.

Ahead of these events, futures linked to the Dow Jones, S&P 500 and Nasdaq were trading marginally lower, showing a cautious mood rather than sharp selling.

Markets have been volatile in recent weeks as investors scale back expectations of early interest rate cuts, following strong economic data. For now, traders are adopting a wait-and-watch approach, looking for clearer signals from inflation numbers and earnings updates.

Also Read: Adani plans ₹1.5 lakh cr investment in Kutch

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Adani plans ₹1.5 lakh cr investment in Kutch

Shares of Adani Ports and Special Economic Zone (APSEZ) drew attention in the stock market after the Adani Group announced a major investment plan for Kutch in Gujarat. The group plans to invest ₹1.5 lakh crore over the next five years, focusing on ports, renewable energy and related infrastructure.

The announcement was made by Karan Adani, Managing Director of Adani Ports, at the Vibrant Gujarat Regional Conference held in Rajkot. He said the investment reflects the group’s long-term confidence in Gujarat and its growing importance in India’s economic development.

A key part of the plan is the expansion of Mundra Port, India’s largest commercial port located in Kutch. According to Adani, the company aims to double the port’s cargo handling capacity over the next 10 years. This expansion is expected to strengthen India’s trade and logistics network and support higher exports and imports.

Another major focus area is renewable energy. The Adani Group plans to fully develop the Khavda renewable energy project, which has a planned capacity of 37 gigawatts (GW). Once completed by 2030, it is expected to be one of the world’s largest renewable energy projects, contributing significantly to India’s clean energy goals.

Karan Adani highlighted that Kutch, which was once considered a remote region, has now become an important hub for ports, power and industrial activity. He said large investments in infrastructure have transformed the region and created new opportunities for businesses and local communities.

The announcement also underlined Gujarat’s strong role in the national economy. The state contributes over 8% to India’s GDP and handles more than 40% of the country’s total port cargo, making it a key driver of growth.

Following the news, Adani Ports shares remained in focus as investors assessed the long-term benefits of the investment plan. Market participants believe the proposed spending could support future growth, improve capacity and strengthen the company’s leadership in the ports and logistics sector.

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US lets India buy Venezuelan oil

The United States has signaled that India can resume buying crude oil from Venezuela, a source that was largely blocked due to US sanctions. US officials said Indian companies may import Venezuelan oil, but all sales and payments will be controlled and monitored by Washington. The detailed rules and approvals are still being finalized.

India was a regular buyer of Venezuelan crude before sanctions halted trade. With Indian refiners reducing Russian oil imports due to US pressure, Venezuelan oil offers a politically acceptable alternative. Reliance Industries, India’s largest refining company, said it would consider importing Venezuelan oil again once US regulatory approval is clear. Other refiners, including Indian Oil Corporation and Hindustan Petroleum, have also expressed interest.

Earlier, Reliance received permits to import about 63,000 barrels per day of Venezuelan oil in early 2025. Imports stopped in May 2025 after tighter sanctions. Venezuelan crude is heavy and requires special processing, so Indian refiners are expected to start gradually once approvals are in place.

Experts say resuming Venezuelan oil imports could help India reduce dependence on Russian crude while staying within US rules. However, all shipments will remain under Washington’s oversight, meaning India cannot freely trade or sell the oil.

The move reflects a significant shift in US policy. By allowing India to buy Venezuelan oil under strict control, Washington maintains strategic oversight while opening an old trade route. For India, this could ease supply challenges, give refiners access to discounted heavy crude, and reduce reliance on other countries.

While promising, the process will take time. Indian refiners will wait for clear regulatory guidance and permits. The actual volumes and timeline for imports will depend on US approvals and Venezuela’s ability to supply the crude under international scrutiny.

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Corporate

IEX stock falls after APTEL defers market coupling case

Shares of Indian Energy Exchange (IEX) declined on Friday as investors reacted to continued uncertainty over proposed reforms in the power trading market. The fall came after the Electricity Appellate Tribunal (APTEL) adjourned the hearing on the market coupling issue to January 19, 2026, extending the wait for regulatory clarity.

The case relates to a challenge filed by IEX against directions issued by the Central Electricity Regulatory Commission (CERC) in July 2025. These directions propose the introduction of market coupling, a mechanism aimed at creating a single, unified price for electricity by pooling bids from all power exchanges. The reform is intended to improve efficiency and transparency in price discovery across the power market.

IEX has opposed the move, arguing that the proposed system could adversely impact competition and undermine its business model. The company has also raised concerns about the process followed by the regulator, stating that it was not given adequate opportunity to present its views before the directive was issued.

During the latest hearing, CERC informed the tribunal that the July communication should be treated as a direction and not a final, binding order. The regulator’s counsel sought additional time to clarify whether the directive could be modified or withdrawn, given the questions raised by the tribunal. Taking note of these submissions, APTEL decided to defer the matter and asked both sides to file further documents before the next hearing.

The tribunal also flagged the need for greater transparency and procedural fairness in regulatory decision-making, indicating that these aspects would be examined in detail when the case resumes.

The postponement led to sharp volatility in IEX shares. The stock moved sharply during the session and slipped as much as nearly 8 per cent at one point, as traders and investors reacted to the absence of a clear timeline on the implementation of market coupling.

Market analysts say the issue is significant for IEX, which currently dominates trading volumes in the day-ahead power market. If market coupling is implemented, price discovery would shift to a centralised mechanism, potentially reducing the influence of individual exchanges and altering competitive dynamics in the sector.

Also Read: BCCL ₹1,071 cr IPO sees strong demand

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Corporate

BCCL ₹1,071 cr IPO sees strong demand

Bharat Coking Coal Ltd (BCCL), a subsidiary of Coal India Ltd, launched its initial public offering (IPO) on January 9, 2026, priced at ₹21–23 per share. The IPO, entirely structured as an offer-for-sale (OFS), aims to raise approximately ₹1,071 crore from investors. It marks one of the first major public offers of 2026 and has attracted considerable attention from retail, institutional, and non-institutional investors.

The subscription process is open until January 13, with allotment expected on January 14. Shares are likely to debut on the BSE and NSE on January 16. Early indications suggest strong demand across all investor categories, reflecting confidence in BCCL’s market position and backing from its parent company, Coal India.

The grey market premium (GMP) for the BCCL IPO is signaling potential listing gains of 40–50%, a robust figure that has further piqued investor interest. Analysts note that BCCL, being a government-backed coal producer with a strong operational track record, presents a relatively low-risk investment option with good growth prospects.

BCCL operates in the coking coal segment, supplying a critical raw material for steel production. The company’s parentage under Coal India Ltd provides additional credibility, attracting both retail and institutional investors looking for stable government-linked opportunities. Market experts believe that the strong grey market activity combined with oversubscription trends indicates a healthy appetite for government-linked IPOs in the current market scenario.

The public offer is also expected to enhance BCCL’s visibility among investors and strengthen its financial profile. Analysts recommend subscribing to the IPO, citing both its strategic importance in India’s coal sector and the potential upside at listing.

 The BCCL IPO is being seen not just as a financial opportunity but also as a barometer of investor sentiment toward government-backed enterprises in the early part of 2026.

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1 Minute-Read

Nestlé India confirms local formula safe for consumers

Nestlé India has clarified that the infant formula recalled globally is not sold in India. All baby formula brands available domestically are produced locally and comply with Food Safety and Standards Authority of India (FSSAI) regulations.

The company stressed that none of the recalled international batches are distributed in India. The global recall was a precautionary measure due to a quality issue in an ingredient, with no reported illnesses linked to the products.

Nestlé India reassures consumers that its locally made formulas remain safe for use and meet stringent safety standards.

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IREDA shares drop 4% ahead of Q3 FY26 results

Indian Renewable Energy Development Agency (IREDA) is in focus as it prepares to announce its Q3 FY26 results. The stock has seen profit booking recently, losing nearly 4% over the week after earlier gains.

Analysts expect steady growth in renewable energy loans, stable earnings, and improved asset quality, supported by strong loan disbursements and approvals. Investors will closely watch net interest income, margins, and non-performing assets.

Technical trends indicate potential upside if key support levels hold, making the upcoming quarterly results critical for market sentiment around this PSU lender.

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Corporate

UpGrad exits Unacademy deal over valuation

UpGrad, India’s online learning and upskilling platform co‑founded by Ronnie Screwvala, has pulled out of a proposed acquisition of rival Unacademy, citing disagreements over valuation and concerns about business performance. The move comes after several months of negotiations failed to produce common ground between the two companies.

The deal had aimed to value Unacademy — backed by SoftBank, Temasek, and Tiger Global — at around USD 290–300 million. This is a sharp drop from its peak valuation of USD 3.4 billion in 2021, reflecting the significant correction in India’s edtech sector following the post-pandemic boom. Sources familiar with the negotiations said UpGrad’s valuation expectations were much higher, and the gap could not be bridged. Ronnie Screwvala confirmed the withdrawal, saying both sides “could not arrive at a mutually agreeable valuation.” Unacademy did not comment.

Beyond valuation, UpGrad reportedly had concerns over Unacademy’s business performance. The startup has faced stagnant revenue, ongoing losses, and challenges in scaling offline coaching programs. While its losses narrowed slightly in the last fiscal year, growth remained limited, raising questions about long-term viability.

The cancellation highlights wider challenges in India’s online education market, where slowing post-pandemic growth, intense competition, and cautious investors have led to multiple valuation corrections. Unacademy has previously seen potential deals fall through for similar reasons, showing the difficulty of matching expectations in the current market.

For UpGrad, stepping back allows the company to retain financial flexibility and avoid overpaying. Both companies will now continue independently, focusing on growth and adaptation to the changing industry landscape.

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Corporate

Sensex tumbles 604 pts, Nifty falls below 25,700

The BSE Sensex fell sharply by 604 points to close at 25,653 on Friday, while the NSE Nifty 50 slipped below the 25,700 mark, ending at 25,692. The declines marked the fifth consecutive session of losses for Indian equity markets, as investors remained cautious amid global uncertainties and continued foreign fund outflows.

Broader markets traded mostly in the red, with private banks, financial services, ports, realty, and media stocks under pressure. ICICI Bank and Adani Ports were the top losers, each declining around 2%, reflecting widespread risk-off sentiment.

On the upside, select oil and gas, IT, and some public sector banking stocks showed modest gains, helping to limit overall market losses. Analysts noted that defensive buying in these sectors provided some support amid a predominantly negative trading session.

Early optimism in trade was short-lived as global developments, including potential changes in U.S. tariffs and subdued international economic indicators, weighed on investor sentiment. Domestic factors such as muted corporate earnings guidance and cautious investor behavior further compounded selling pressure.

Over the past five trading sessions, the Sensex has lost over 2,180 points, while the Nifty has declined around 2.5%, erasing a significant portion of market capitalization. The ongoing sell-off highlights the cautious stance of traders ahead of corporate earnings releases and key economic announcements.

The Indian rupee also weakened slightly against the U.S. dollar, mirroring the risk-averse mood in equities. Commodity trading was mixed, with zinc and copper futures showing minor gains, while other base metals declined.

Investors are expected to closely track domestic corporate earnings, global economic developments, and foreign fund flows in the coming days for fresh cues on market direction.

Also Read: Sensex slides 200 points, Nifty dips below 25,850

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Corporate

BHEL secures ₹5,400 cr order from Coal India JV

State-owned engineering major Bharat Heavy Electricals Limited (BHEL) has secured a significant contract valued at around ₹5,400 crore, placing the company in sharp focus on the stock markets. The announcement triggered a positive reaction from investors, with BHEL shares gaining in early trade as confidence improved around the company’s medium-term growth prospects.

The order has been awarded by Bharat Coal Gasification and Chemicals Limited (BCGCL), a joint venture between Coal India Limited (CIL) and BHEL. Coal India holds a majority stake of 51 percent in the joint venture, while BHEL owns the remaining 49 percent. The project is part of BCGCL’s coal-to-ammonium nitrate initiative being developed at Lakhanpur in Jharsuguda district of Odisha.

Under the contract, BHEL will execute the Coal Gasification and Raw Syngas Cleaning Plant, known as the LSTK-1 package, on a lump-sum turnkey basis. The scope of work includes detailed engineering, equipment supply, civil construction, erection, testing, commissioning, and performance guarantee validation. In addition, BHEL will provide operations and maintenance services for a period of five years after commissioning.

As per the project timeline outlined in the Letter of Acceptance, the commissioning and performance guarantee tests are expected to be completed within 42 months from the date of award. The company clarified that while the contract qualifies as a related-party transaction due to the joint venture structure, it has been awarded on an arm’s-length basis and in line with regulatory norms.

The project is aligned with India’s broader push to promote coal gasification as a cleaner and more efficient use of domestic coal resources. The gasification facility will support the production of ammonium nitrate, a key input for fertilisers and industrial explosives, reducing reliance on imports.

Separately, BHEL has also begun supplying semi-high-speed underslung traction converters for Indian Railways’ Vande Bharat Sleeper train project. Manufactured at the company’s Bengaluru unit, these converters form part of advanced propulsion systems designed for trains operating at speeds of up to 160 kmph.

Market participants believe that the large coal gasification order, combined with growing opportunities in railway equipment, enhances BHEL’s revenue visibility and reinforces its position as a key player in India’s infrastructure, energy, and manufacturing ecosystem.

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