Jan 6 (Reuters) - Indian equity benchmarks slipped from near record highs on Tuesday, weighed down by heavyweight stocks Reliance Industries and HDFC Bank, while quarterly business updates drove stock-specific moves.

The Nifty 50 fell 0.27% to 26,178.7 and the Sensex lost 0.44% to 85,063.34. The indexes are down 0.6% and 0.8% in two sessions.

Ten of the 16 major sectors gained. Small-caps and mid-caps dropped 0.2% each.

Reliance Industries, the second-heaviest stock on the benchmarks, slid 4.5%, its steepest one-day percentage fall since June 4, 2024, when India's general election results were announced.

The decline followed Reliance's statement that it does not expect Russian crude deliveries in January after U.S. President Donald Trump warned Washington could raise tariffs on India over its oil purchases. A persistent negative rhetoric from Trump could have a detrimental effect on India's stock market at a time when it has been anticipating the capping of U.S. tariffs to 25% from the current 50% and the subsequent finalisation of a full trade deal, said Vinod Nair, head of research at Geojit Investments. The concerns over rising competition in retail segment also weighed on Reliance's shares following Trent's weaker-than-expected sales growth for the December quarter. The apparel retailer's shares slumped 8.6% on the day.

Meanwhile, CLSA removed Reliance from its India model portfolio.

India's largest private lender HDFC Bank dropped 1.6%, adding to Monday's 2.4% drop, on concerns over slower deposit growth.

ICICI Bank jumped 2.9% and led financials 0.3% higher on optimism over improvement in credit growth and earnings for the sector in the December quarter.

JSW Steel dropped 0.8%, while Tata Steel came off highs after Reuters reported that companies breached antitrust law.

Apollo Hospitals jumped 3.7% and topped the gainers list on Nifty after Citi raised price target for the stock on strong earnings visibility.

(Reporting by Vivek Kumar M and Bharath Rajeswaran in Bengaluru; Editing by Rashmi Aich, Janane Venkatraman and Nivedita Bhattacharjee)

By Bharath Rajeswaran and Vivek Kumar M