Indian equities capped calendar‑year 2025 on a strong footing. After drifting lower for four consecutive sessions, the BSE Sensex and Nifty 50 rebounded sharply on the last trading day, buoyed by strength in metal and oil stocks following the government’s decision to impose a safeguard duty on certain steel imports. Softer crude prices and bargain buying ahead of the new year helped the benchmarks overcome persistent foreign institutional selling. The broader market outperformed; mid‑ and small‑cap indices each added roughly 1 % as market breadth turned decisively positive.
Top indices (31 Dec 2025 close)
Index
Open
High
Low
Close
Change
% change
BSE Sensex
84 793.58
85 437.17
84 705.57
85 220.60
▲ 545.52 pts
+0.64 %
Nifty 50
25 971.05
26 187.95
25 969.00
26 129.60
▲ 190.75 pts
+0.74 %
Nifty Bank
59 194.60
59 766.20
59 187.10
59 581.85
▲ 410.60 pts
+0.69 %
Sectoral performance
Sector/index
Direction/performance
Oil & Gas
Rose ~2.5 %; refining margins and expectations of stable demand lifted energy stocks.
Metal
Gained about 1 % after the government announced a 12 % safeguard duty on some steel imports; JSW Steel and Tata Steel surged.
Media, capital goods, realty, private bank, PSU bank, consumer durables, power
Each climbed around 1 % amid broad‑based buying.
IT & telecom
Only sectors to end slightly lower as profit‑taking hit heavyweight technology names.
Both BSE mid‑cap and small‑cap indices gained roughly 1 %, outperforming large‑caps.
Rupee
The rupee closed at ₹89.87 per US $, slightly weaker than the previous close of ₹89.78.
FII flows (30 Dec 2025)
Foreign institutional investors were net sellers of ₹3,844 crore in the cash segment.
DII flows (30 Dec 2025)
Domestic institutions were net buyers of ₹6,159.81 crore, cushioning the market against FII selling.
Top gainers (Nifty 50)
Stock
Closing price (₹)
Change (%)
JSW Steel
1 164.80
+4.79 %
Tata Steel
180.08
+2.43 %
Oil & Natural Gas Corporation (ONGC)
240.38
+2.43 %
Kotak Mahindra Bank
2 201.10
+2.25 %
Reliance Industries
1 570.40
+1.99 %
SBI Life Insurance
2 034.90
+1.97 %
Titan Company
4 051.50
+1.95 %
Top losers (Nifty 50)
Stock
Closing price (₹)
Change (%)
Tata Consultancy Services (TCS)
3 206.20
–1.25 %
Tech Mahindra
1 590.90
–0.85 %
Grasim Industries
2 829.00
–0.45 %
Infosys
1 615.40
–0.38 %
Bajaj Finance
986.80
–0.25 %
Wipro
263.28
–0.14 %
Sun Pharmaceutical
1 719.70
–0.03 %
What moved the market
Government steel tariffs: A late‑year policy decision to impose a three‑year safeguard duty of 12 % on certain steel imports triggered a rally in metal stocks. JSW Steel and Tata Steel were the day’s top performers and helped pull the Nifty above 26,100.
Soft crude prices: Brent crude was near $61.27/bbl – down more than 10 % for 2025 – easing inflation fears and improving the outlook for oil marketing and energy stocks. The Nifty Oil & Gas index outperformed, rising ~2.5 %.
Domestic liquidity vs. FII selling: Foreign investors continued to sell ahead of year‑end, yet strong buying by domestic institutions and retail participants absorbed the supply. Positive sentiment ahead of the upcoming Union Budget and expectations of a rebound in earnings in 2026 supported the move.
Macro cues: The rupee weakened marginally to ₹89.87 per USD but remained within a narrow range. Easing precious‑metals prices and stable bond yields reduced some pressure on equities.
Global cues
Asian markets: On the last trading day of the year, the MSCI Asia‑Pacific ex‑Japan index slipped ~0.2 % but remained on track for a 27 % gain in 2025, its biggest annual jump since 2017. The rally was driven by AI‑related chip stocks; South Korea’s Kospi surged 76 % during the year. Japanese markets were closed for New Year’s Eve, keeping volumes thin across the region.
Precious metals: Gold was headed for a 66 % annual gain and silver for a 160 % surge after a spectacular rally in 2025. Both metals faced profit‑taking on the final session. The dollar was on course for a 9.4 % annual decline, supporting the euro and sterling.
Oil: Global crude prices were down more than 10 % in 2025, with Brent on track for a third straight yearly drop as supply exceeded demand despite geopolitical tensions.
US & European markets: Wall Street ended slightly lower on Tuesday; losses in technology and financial shares offset gains in communication services. Global equities, however, are poised for their best year in six years, underpinned by expectations of further US interest‑rate cuts and enthusiasm around artificial‑intelligence themes.
Stocks to watch / corporate updates
RITES Ltd – The state‑owned engineering consultancy firm secured a US $3.6 million contract from Berhard Development Corporation in Zimbabwe to supply Cape‑gauge diesel‑electric locomotives. The order will be executed in about three months.
Bharat Forge – The company signed a ₹1,662 crore agreement with the Ministry of Defence to supply close‑quarter battle carbines to the Indian Army and Navy. The deal strengthens its defence manufacturing portfolio.
InterGlobe Aviation (IndiGo) – The airline received a ₹458.26 crore GST demand notice for FY2019–2023. It claims the order is incorrect and plans to challenge it through appropriate channels.
Lupin – The drugmaker said its subsidiary Nanomi BV will complete the acquisition of Dutch ophthalmology firm VISUfarma BV by 28 February 2026, pushing back the original December deadline.
Muthoot Finance – The non‑bank finance company completed the allotment of 325,000 equity shares in subsidiary Muthoot Money Ltd to fund business growth and repay loans.
Power Grid Corp. of India – The transmission major received a letter of award for developing a battery energy storage system in Andhra Pradesh under a tariff‑based competitive bidding process.
Privi Speciality Chemicals – A promoter group shareholder is set to divest up to 6.32 % of equity through a block deal worth roughly ₹700 crore at a floor price between ₹2,835–2,850 per share.
Taj GVK Hotels & Resorts – Promoter Shalini Bhupal acquired 25.52 % stake (1.6 crore shares) in an inter‑se transfer at ₹370 per share. A termination agreement among the various promoters was executed after the transaction.
Outlook for the next trading session
Market tone: With the final session of 2025 closing on a positive note, investors are expected to start 2026 cautiously optimistic. Thin volumes due to holiday‑related closures may lead to a range‑bound trade, and stock‑specific action will likely dominate. Macroeconomic events such as December auto sales data and the beginning of the Q3 corporate results season will gradually dictate sentiment.
Nifty 50 technical levels:
Support: The key demand zone sits between 25,800–25,900 (reinforced by the 50‑day exponential moving average and a rising trendline). Holding this zone could prompt a bounce.
Immediate resistance:26,150–26,200 remains a significant supply band. A decisive close above this range is needed to revive a bullish trend and could open the path to 26,300.
Outlook: The near‑term bias is neutral. Expect Nifty to oscillate between 25,900 and 26,300 with a positive tilt if the index sustains above 26,000.
Bank Nifty technical levels:
Support:58,800–59,000. Tuesday’s bullish engulfing candle suggests buying interest around this zone.
Resistance:59,400–59,500. A breakout above 59,500 may target 59,800–60,000.
Outlook: The banking index shows relative resilience and may trade within 58,750–59,400. A sustained move above 59,500 would turn the tone distinctly bullish.
Expected market tone: The market is likely to remain stock‑specific and moderately positive, with metals, banks and auto names attracting interest. However, investors will remain mindful of continuing FII selling and will await firm triggers from Q3 earnings and budget expectations before taking aggressive positions.
