Major Indices
| Index | Close | Change (pts) | Change (%) | Notes |
|---|---|---|---|---|
| S&P BSE Sensex | 85,106.81 | –31.46 | –0.04% | Fourth straight down day; recovered partially after hitting an intraday low around 84,764. |
| Nifty 50 | 25,986.00 | –46.20 | –0.18% | Closed just below the psychological 26,000 mark. |
| Nifty Midcap 100 | — | approx –1.0% | — | Broader midcaps underperformed. |
| Nifty Smallcap 100 | — | approx –0.7% | — | Weakness continued in high-beta smallcaps. |
Context: Indices have now fallen for four straight sessions after hitting record highs on 27 Nov.
Sectoral Performance
| Sector index | Move | Comments |
|---|---|---|
| Nifty PSU Bank | –3.1% (worst) | Sharpest decline in months as government clarified no immediate plan to raise FDI limits or push PSU bank mergers/disinvestment. |
| Nifty Bank | Weak | Dragged by SBI and other financials; profit-taking in heavyweight lenders. |
| Nifty IT | +0.8% | Only major sector in the green; saw valuation-based buying. |
| Other sectors (Auto, FMCG, Metals, Realty, Healthcare) | Mostly negative | Selling was broad-based across 11 of 16 major sector indices. |
| Broader indices | Midcaps –1%, Smallcaps –0.7% | Continued rotation away from risk-heavy segments. |
Top Gainers & Losers (Large-caps)
Top Gainers
| Stock | Sector | Comment |
|---|---|---|
| TCS | IT | Benefited from sector rotation and rupee weakness. |
| Infosys | IT | Brokerage upgrades supported gains. |
| ICICI Bank | Banking | Rebounded after recent declines; bargain buying in private lenders. |
| HDFC Bank | Banking | Supported the headline indices; gained over 1%. |
Top Losers
| Stock | Sector | Comment |
|---|---|---|
| BEL | Defence/PSU | Heavy profit-booking across PSU universe. |
| Mahindra & Mahindra | Auto | Corrected after strong recent rally. |
| Titan | Consumer | Weakness in discretionary names. |
| NTPC | Power | Fell over 1.5% amid volatility in utilities. |
| SBI | Banking (PSU) | Affected by sentiment shift in PSU bank space. |
| Adani Ports | Infra/Logistics | Corrected with broader high-beta stocks. |
| TMPV (Tata Motors Passenger Vehicles) | Auto | Pulled back after strong gains. |
| Bajaj Finserv | NBFC | Rate-sensitive financials saw pressure. |
Key Statistics & Market Drivers
- Nifty down 0.18%, Sensex down 0.04%; fourth consecutive negative session.
- Rupee fell below ₹90 per USD for the first time, making it South Asia’s weakest currency in 2025.
- FIIs sold heavily — nearly ₹9,800 crore in four sessions; DIIs continued to buy.
- Midcap & smallcap indices dropped up to 1%, signalling broad risk-off mood.
- Crude oil near $63/bbl, slightly higher.
- Market breadth was weak with most sectors closing in the red.
What Moved the Market Today
1. US–India trade deal uncertainty
Delay and lack of clarity on the trade agreement led to profit booking despite earlier optimism.
2. Rupee at historic lows
The rupee slipping below ₹90/$ added pressure on imports and inflation expectations.
3. Persistent FII outflows
Foreign investors continued to sell aggressively ahead of RBI policy and due to currency weakness.
4. Sector rotation — PSU banks slump
PSU banks dropped sharply after the government signaled no near-term FDI changes or forced mergers.
5. IT sector outperformed
IT stocks gained on positive brokerage commentary and currency support.
6. Pre-RBI Policy caution
RBI MPC meeting started today; markets expect status quo, but currency stress reduces chances of near-term rate cuts.
Global Cues
- US markets ended higher overnight on rate-cut expectations.
- Asian markets closed mixed: Japan and Korea up; China and Hong Kong down.
- European markets traded positive on easing inflation signals.
- Commodities: Crude slightly higher; gold stable; dollar index steady though rupee remained under pressure.
Stocks to Watch (Near-term)
Positive bias
- Infosys, Wipro, Mphasis, Zensar Tech – attractive valuations + rupee tailwinds.
- ICICI Bank, HDFC Bank – strong demand likely on dips.
Cautious
- SBI, Bank of Baroda, other PSU banks – may remain volatile.
- Bajaj Finance / Finserv – rate sensitivity + macro caution.
- Adani Ports, BEL, M&M, Titan – vulnerable to further profit-taking.
Technical Levels & Tomorrow’s Outlook (Thursday, 4 Dec 2025)
Nifty 50
- Immediate resistance: 26,150–26,220
- Major resistance: 26,325 (break needed for a fresh rally)
- Immediate support: 25,900–25,850
- Stronger support: 25,700–25,600
Bias:
- Range-bound to slightly negative unless Nifty sustains above 26,150.
- A close below 25,850 could open the way to 25,700.
Bank Nifty
- Support: 58,800–59,000
- Resistance: 59,800–60,000
- Still weak due to PSU banking stress.
Expected Market Tone for Tomorrow
- Likely range-bound with a mild downward bias.
- RBI meeting ahead + weak rupee + FII selling → cautious tone.
- IT and select private banks may continue to outperform.
- PSU banks, NBFCs, autos, infra may stay under pressure.
- Traders may adopt sell-on-rise near resistance, and buy quality large caps on dips near support.
