The Indian equity market stayed under pressure through midday on Tuesday, January 13. Benchmark indices slipped even as select stocks continued to attract buyers. The Nifty hovered near 25,670, down close to 0.5%, while the Sensex traded around 83,445, also lower by more than 0.5%. The mood was cautious and slightly restless. Selling was concentrated at the index level, while stock-specific trades stayed active. That tension shaped the session.
Larsen & Toubro
Shares of Larsen & Toubro were under pressure through the midday session, trading about 2.5% lower on January 13, as concerns emerged around potential project delays in the Middle East. The stock slipped after a report by Middle East Economic Digest (MEED) said that Kuwait is discussing the cancellation of oil project tenders worth $8.7 billion, a development that unsettled sentiment around large EPC players with exposure to the region.
According to the MEED report, the Kuwaiti authorities are considering scrapping and rebidding five major upstream oil contracts after bids came in significantly over budget. The market read this as a near-term risk rather than a distant headline. For L&T, which has built a strong order book in the Middle East over the years, the possibility of tender cancellations or delays raised immediate questions around execution timelines and fresh order inflows.
Eternal
Eternal remained in focus for the fifth session in a row. The stock was trading about 2% higher by midday after briefly rising more than 4% earlier in the day. It was last seen near Rs 291, after touching an intraday high of Rs 297.30.
The move followed the release of the company’s December-quarter shareholding pattern. Foreign ownership headroom has moved above 25%, creating space for additional overseas buying. As a CNBC-TV18 report pointed to the possibility of Eternal becoming eligible for full MSCI index weightage at the next review, expected around February 2026. If that plays out, estimates suggest foreign inflows of around $390 million. The stock was being traded on that expectation, not on confirmation.
Tata Consultancy Services and HCL Technologies
IT stocks struggled to find direction. Tata Consultancy Services Ltd. slipped early, then steadied, trading about 0.4% higher near Rs 3,253 by midday. HCL Technologies remained under mild pressure, down roughly 0.4% near Rs 1,662. The Nifty IT index was largely flat, showing hesitation rather than conviction.
TCS reported a 13.9% year-on-year drop in December-quarter profit to Rs 10,657 crore, mainly due to a one-time statutory charge of Rs 2,128 crore linked to new labour codes. Excluding that, profit would have risen 8.5%. Revenue increased 4.9% to Rs 67,087 crore, supported by AI-related deal wins, according to management.
HCLTech’s numbers told a similar story; net profit fell 11.2% to Rs 4,076 crore because of a one-time provision of Rs 719 crore. Revenue rose 13.3% to Rs 33,872 crore, driven by engineering services and a strong sequential rise in AI revenues. The company raised guidance and reported solid deal activity. Even so, the market was not in a hurry to chase the stocks.
State Bank of India
By midday, State Bank of India was up more than 1%, trading near record levels after touching Rs 1,027.50. Its market capitalisation rose to about Rs 9.45 lakh crore.
The move came with strong volumes, nearly double the recent average on both the NSE and BSE. SBI is already up over 50% from its 52-week low recorded in March 2025, and buying interest showed little sign of slowing. The recent extension of Managing Director Ashwini Kumar Tewari’s tenure until December 2027 added comfort, though the bigger driver remains balance-sheet strength and steady credit growth. On a down day for the market, SBI acted as a place to park money without giving up momentum.
Ola Electric Mobility
Ola Electric Mobility started strong but lost ground as the session progressed. The stock rose close to 3% early after the company announced the rollout of its first Shakti unit from its Krishnagiri Gigafactory in Tamil Nadu. The launch marks the company’s entry into the residential Battery Energy Storage System segment.
By midday, the gains had faded. The stock was trading slightly lower near Rs 39.25, down about 0.3%.
Omaxe
Omaxe delivered the sharpest move of the day. The stock surged more than 14% by midday to trade near Rs 83, well above its early levels.
The rally followed the company’s announcement of a Rs 500 crore investment for a mixed-use project called Omaxe Chowk in Ludhiana. The project spans roughly 5.25 acres in the Ghumar Mandi commercial area and will include retail, residential, dining and entertainment spaces. The land was acquired through a competitive bid from the Rail Land Development Authority. In an otherwise dull session, Omaxe’s move was decisive and hard to miss.