Market Hits Life Highs, Nifty Crosses 26350; IT Stocks Dip, Defense Rallies

• Indian markets reached new life highs, with Nifty holding above 26350 and Bank Nifty showing strong gains, recovering from lower levels.
• INDIA VIX jumped 7%; IT stocks like Infosys and HCL Tech saw significant declines, while defense, realty, PSU banks, and auto sectors rallied.
• Reliance hit a record high of over ₹1600, pushing its market cap near ₹22 lakh crore, supported by the Venezuela issue.
• Amrita Shinde (Choice Broking) advises cautious optimism; Nifty's immediate resistance is 26,450-26,500, support at 26,150-26,200.
• FIIs turned net buyers (₹289 crore) on January 2 after 8 sessions of selling, with DIIs also buying ₹677 crore.

Why It Matters: Markets at life highs with sectoral shifts; experts advise cautious 'buy-on-dips' strategy.