The key equity indices traded moderate cuts in the mid-morning as investors remained cautious ahead of a U.S. Supreme Court ruling on the legality of U.S. tariffs, which have weighed on markets in recent sessions.

The Nifty traded near 25,800 level. PSU Bank shares declined after advancing for previous two consecutive trading sessions.

At 11:28 ST, the barometer index, the S&P BSE Sensex, declined 274.28 points or 0.30% to 83,929.24. The Nifty 50 index fell 75.50 points or 0.29% to 25,800.50.

In the broader market, the S&P BSE Mid-Cap index shed 0.22% and the S&P BSE Small-Cap index declined 0.67%.

The market breadth was weak. On the BSE, 1,317 shares rose and 2,477 shares fell. A total of 207 shares were unchanged.

IPO Update:

The initial public offer (IPO) of Bharat Coking Coal received bids for 88,96,29,000 shares as against 34,69,46,500 shares on offer, according to stock exchange data at 11:25 IST on Friday (9 January 2026). The issue was subscribed 2.56 times.

The issue opened for bidding on Friday (9 January 2026) and it will close on Tuesday (13 January 2026). The price band of the IPO is fixed between Rs 21 and 23 per share. An investor can bid for a minimum of 600 equity shares and in multiples thereof.

Buzzing Index:

The Nifty PSU Bank index added 1.04% to 8,674.55. The index declined 1.32% in the previous two consecutive trading session.

Indian Bank (up 2.87%), Bank of Maharashtra (up 1.95%), Union Bank of India (up 1.79%), Bank of Baroda (up 1.32%), Bank of India (up 1.26%), Punjab National Bank (up 1.04%), Canara Bank (up 0.92%), State Bank of India (up 0.86%), Indian Overseas Bank (up 0.28%) and Central Bank of India (up 0.13%) added.

Stocks in Spotlight:

Power Mech Projects rose 1.71% after its wholly owned subsidiary, PM Green, secured an order worth Rs 3,126 crore from West Bengal State Electricity Distribution Company (WBSEDCL).

Elecon Engineering Company dropped 13.88% after the company's consolidated net profit declined 33.1% to Rs 71.99 crore despite a 4.3% rise in revenue from operations to Rs 551.74 crore in Q3 FY26 over Q3 FY25.

Highway Infrastructure rallied 3.12% after the company announced that it has entered into a contract agreement worth Rs 328.77 crore with the National Highways Authority of India (NHAI).

Global Markets:

Asian markets traded mixed on Friday, even as China's consumer prices rose 0.8% year-on-year, according to data from the National Bureau of Statistics, following a 0.7% increase in November.

In U.S., investors are awaiting two key catalysts on Friday. First, the Supreme Court could issue a ruling on the legality of President Donald Trump's tariffs, which could have an impact on trade policy and the nation's fiscal situation. Second, the December jobs report will be out on Friday morning.

Overnight in the U.S., the Dow Jones Industrial Average rose while the Nasdaq Composite came under pressure as investors moved away from technology stocks. The Dow Jones Industrial Average climbed 270.03 points, or 0.55%, and ended at 49,266.11, the S&P 500 advanced 0.01% and closed at 6,921.46, while The tech-heavy Nasdaq dropped 0.44% and settled at 23,480.02

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