Indian equities closed nearly unchanged in thin pre‐holiday trade. The Sensex dipped about 42 points (–0.05 %) to 85,524.84 while the Nifty 50 inched up 4.75 points (+0.02 %) to 26,177.15. A pullback in information‑technology shares (after a strong multi‑session rally) and lack of new catalysts saw the market consolidate. Foreign institutional investors (FIIs) were net sellers in the previous session while domestic institutions remained strong buyers, helping cushion declines. India VIX, the volatility index, touched a record low around 9.5, signalling complacency ahead of the year‑end. Market breadth remained positive, with ~2,146 stocks advancing versus 1,725 declining, and small‑cap shares gained around 0.4 % while mid‑caps were flat.
Top indices
Index
23 Dec 2025 close
Daily change (pts, %)
Comment
Nifty 50
26,177.15
▲ 4.75 pts (+0.02 %)
Consolidated in a tight range; support from FMCG, metal and PSU stocks offset IT weakness.
S&P BSE Sensex
85,524.84
▼ 42.64 pts (–0.05 %)
Choppy trading; losses in Infosys, Bharti Airtel and Pharma were offset by gains in ITC, UltraTech Cement and Tata Steel.
Nifty Bank
59,150 (approx.)
Flat
PSU and private banks saw mixed action; index resisted near 59,600.
Nifty Midcap 150
Unchanged
Flat
Consolidated after recent rally; selective buying in mid‑cap banks and cement.
Nifty Smallcap 250
↑ 0.4 %
Positive
Continued retail interest despite lofty valuations.
India VIX (volatility)
~9.5
▼ 1.7 %
Recorded an all‑time‑low close, indicating complacent sentiment.
Sectoral performance
Sector/Index
Movement
Brief notes
Information Technology
–0.8 %
Pulled back after a multi‑session rally; profit‑taking in Infosys, Tech Mahindra and Wipro weighed on the Nifty IT index.
Media
+0.6 %
Outperformed on buying in Zee Entertainment and Sun TV; news flow around digital media regulations aided sentiment.
Metals
+0.5 %
Strength in Coal India and Tata Steel; coal prices firmed and demand outlook improved.
PSU Banks / PSU Index
+0.5 %
Gains in Canara Bank and SBI; expectations of better credit growth and asset‑quality improvements.
Energy
+0.6 %
Oil marketing companies advanced following softer crude prices.
Healthcare/Pharma
–0.2 % to –0.8 %
Profit‑booking in Sun Pharma and Cipla dragged the index.
Realty
–0.8 %
Slight profit‑taking after recent rally; however Prestige Estates bucked the trend on a big land acquisition (see corporate updates).
FMCG and Media
Mildly positive
FMCG stocks such as ITC and Tata Consumer Products provided defensive support.
Key statistics and market breadth
Statistic
Latest reading
Details
Advance–Decline (BSE)
2,146 / 1,725 / 130 (advances/declines/unchanged)
Market breadth stayed positive despite a flat index close, indicating broad participation.
FII / DII flows (cash)
FIIs –₹457 crore (net sellers) ; DIIs +₹4,058 crore (net buyers) on 22 Dec
FIIs turned sellers after two days of buying; strong domestic inflows cushioned the market. Data for 23 Dec will be available later.
Rupee (USD/INR)
₹89.65 per USD
Rupee closed flat; hovering near record lows due to dollar strength.
Market cap (NSE)
~₹473 lakh crore (~US$5.27 trn)
Reflects the combined market capitalisation of NSE‑listed stocks.
Volume / Turnover
Thin
Trading volumes remained below recent averages ahead of holidays.
Top gainers and losers (Nifty 50)
Top gainers
Price movement
Comment
Coal India
+3.7 %
Continued strength as the company plans to list its subsidiary Bharat Coking Coal; high coal prices boosted earnings outlook.
Shriram Finance
+2.4 %
Surged after Japanese bank MUFG signed a definitive agreement to acquire a 6.9 % stake in the company.
UltraTech Cement
+1.3 %
Benefited from strong demand and favourable pricing; also seen as a beneficiary of potential industry consolidation.
Tata Motors (passenger vehicles)
+1.0 %
Gains on hopes of strong EV sales and margin expansion.
Power Grid Corp
+0.6 %
Safe‑haven buying amid volatility; steady business outlook.
Top losers
Price movement
Comment
Infosys
–1.3 %
Profit‑taking after a multi‑session surge; investors rotate out of IT amid high valuations.
Bharti Airtel
–1.2 %
Weakness on concerns over competitive intensity and potential tariff hikes.
Cipla
–0.8 %
Follow‑through selling after rally; valuations turned rich.
Tech Mahindra
–0.8 %
Similar to Infosys, saw profit‑booking; part of sector‑wide IT pullback.
Axis Bank
–0.7 %
Minor decline due to mixed outlook on credit growth and asset‑quality metrics.
What moved the market
IT pullback: A multi‑session rally in IT stocks paused, with the Nifty IT index falling about 0.8 %. Profit‑taking in heavyweights such as Infosys and Tech Mahindra trimmed the indices. The sector’s earlier gains were driven by a weak rupee and hopes of U.S. rate cuts in 2026; the cool‑off weighed on the day’s performance.
FII selling and thin liquidity: Foreign investors turned net sellers in the previous session, and overall volumes were thin ahead of the Christmas‑year‑end break. Lack of fresh domestic catalysts kept large money flows sidelined.
Strength in cyclicals and value stocks: Coal India continued its rise after news it would list subsidiary Bharat Coking Coal. Shriram Finance gained as MUFG Bank’s investment signalled confidence in the NBFC space. UltraTech Cement, Tata Steel and other cyclicals gained on hopes of continued capex and housing demand.
Rupee stability: The rupee traded around ₹89.65 per USD, near record lows; this supported export‑oriented sectors but raised concerns about imported inflation.
Record low volatility: India VIX slipped below 9.5, an all‑time low, indicating complacency. Such low volatility often precedes either strong up‑moves or abrupt reversals; traders remained watchful.
Global cues
Wall Street: Major U.S. indices closed higher overnight. The S&P 500 and Nasdaq Composite both advanced ~0.5–0.7 % on optimism around artificial‑intelligence stocks and hopes that the Federal Reserve will begin cutting rates in 2026. U.S. 10‑year Treasury yields edged below 4.16 %, supporting risk appetite.
Asia: Asian markets were mixed; Japan’s Nikkei slipped slightly (-0.1 %) on profit‑taking while Australia’s ASX 200 gained about 1.1 % and China’s Shanghai Composite added 0.2 %. Hong Kong’s Hang Seng was little changed. Mixed data from China and a cautious tone ahead of holiday closures kept regional sentiment in check.
Commodities: Brent crude hovered near US$58 per barrel, providing relief for oil‑importing economies. Gold prices remained firm after reaching record highs, reflecting safe‑haven demand amid geopolitical tensions.
Gift Nifty: The SGX Gift Nifty was steady around 26,203, signalling a flat opening for the next session.
Stocks to watch & corporate updates
Stock
Why in focus
IRCTC
NSE will exclude the stock from futures and options (F&O) trading effective 25 Feb 2026. Existing F&O contracts (Dec 2025 to Feb 2026 expiries) will remain active until expiry.
HCL Technologies
Its software arm HCLSoftware announced a deal to acquire Jaspersoft, a business unit of Cloud Software Group, for US$240 million. It also plans to buy start‑up Wobby, expanding its data and analytics portfolio.
Antony Waste Handling Cell
Subsidiary Antony Lara Enviro Solutions secured a ₹329 crore contract from Thane Municipal Corporation to set up a 600–800 TPD solid‑waste processing plant in Maharashtra.
GPT Infraprojects
Declared lowest bidder (L1) for an NHAI project worth ₹670 crore to construct a four‑lane elevated road in Jodhpur.
Saatvik Green Energy
Subsidiary Saatvik Solar Industries won a ₹486 crore order to supply solar PV modules, highlighting renewable‑energy momentum.
Sanghvi Movers
Subsidiary Sangreen Future Renewables obtained work orders worth ₹428.7 crore, boosting visibility for crane‑rental demand.
Prestige Estates Projects
Announced purchase of a 25‑acre land parcel in Chennai with potential for 5 million sq ft of development and revenue >₹5,000 crore.
Canara Bank
The Financial Services Institutions Bureau recommended Brajesh Kumar Singh as managing director and CEO, signalling leadership continuity.
Lenskart
The eyewear retailer’s Singapore subsidiary agreed to acquire 50 % stake in Thailand’s Marco Optical, expanding Southeast Asian presence.
Ambuja Cements / ACC / Orient Cement
Ambuja’s board approved amalgamation schemes to merge ACC and Orient Cement into Ambuja, creating a unified “One Cement Platform.” The merger is projected to generate ~10 % value accretion for Ambuja shareholders.
Other notable developments include Coal India’s plan to list wholly owned subsidiary Bharat Coking Coal, and MUFG Bank’s 6.9 % stake acquisition in Shriram Finance, both of which supported their respective stock prices.
Technical outlook and tomorrow’s tone (24 Dec 2025)
Nifty 50: The index continues to consolidate near its all‑time high. Immediate support lies at 26,000–25,950, and stronger support is around 25,800. On the upside, resistance is seen at 26,420, followed by 26,600. The record‑low volatility suggests an impending directional move; traders may adopt a “buy on dips” approach while maintaining stop‑losses below 25,950.
Bank Nifty: The banking index faces resistance at 59,600–60,000. Support zones are 59,100–59,000. A breakout above 60,000 could trigger momentum towards 60,500–61,000, whereas a breach below 59,000 may invite profit‑booking.
Expected market tone: With U.S. markets at record highs and Asian cues mixed, the Indian market is likely to open flat to slightly positive. Thin holiday volumes and lack of major data releases may keep the Nifty in a narrow range. Low VIX and strong domestic flows favour a mildly bullish bias, although traders should remain cautious of sudden volatility spikes. Sectoral rotation may continue, with defensive FMCG and energy stocks providing support while IT consolidates. Focus will remain on corporate news and year‑end positioning by institutional investors.
Conclusion
The Indian market on 23 December 2025 saw a quiet session as profit‑taking in IT stocks and subdued FII flows countered gains in metals, media, and PSU sectors. Key indices closed almost unchanged, with India VIX at a record low. Corporate news—from HCL Technologies’ acquisitions to Ambuja Cement’s merger plan and IRCTC’s F&O exit—kept select stocks in focus. As markets head into the holiday period, support from domestic institutions, stable rupee, and positive global cues may help maintain an upward bias, but traders should watch for any abrupt moves amid thin liquidity. Technical charts suggest buying near support levels while keeping stops tight.
