Oil & Gas shares snapped their two-day rally.

At 12:25 IST, the barometer index, the S&P BSE Sensex declined 536.78 points or 0.65% to 83,035.10. The Nifty 50 index fell 170.45 points or 0.67% to 25,522.30.

In the broader market, the S&P BSE Mid-Cap index declined 0.52% and the S&P BSE Small-Cap index fell 1.09%.

The market breadth was positive. On the BSE, 1,158 shares rose and 2,925 shares fell. A total of 221 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 0.26% to 11.35. The Nifty 27 January 2026 futures were trading at 25,576, at a premium of 53.7 points as compared with the spot at 25,522.30.

The Nifty option chain for the 27 January 2026 expiry showed a maximum call OI of 111.3 lakh contracts at the 26,000 strike price. Maximum put OI of 47.5 lakh contracts was seen at 25,000 strike price.

Buzzing Index:

The Nifty Oil & Gas index declined 1.68% to 11,550.85. The index rose 0.82% in the previous two consecutive trading sessions.

Reliance Industries (down 3.33%), Aegis Logistics (down 2.5%), Oil India (down 2.06%), Petronet LNG (down 1.74%), Oil & Natural Gas Corpn (down 1.59%), Indraprastha Gas (down 1.29%), Gujarat Gas (down 1.27%), Gujarat State Petronet (down 1.26%), Hindustan Petroleum Corporation (down 1.07%) and Bharat Petroleum Corporation (down 0.85%) declined.

Stocks in Spotlight:

HDFC Bank shed 0.62%. The company reported a11.46% jump in standalone net profit to Rs 18,563.75 crore on 2.91% increase in total income to Rs 90,005 crore in Q3 FY26 over Q3 FY25.

ICICI Bank slipped 2.95% after the bank reported 4.02% fall in standalone net profit to Rs 11,318 crore in Q3 FY26 from Rs 11,792 crore in Q3 FY25.

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