{"id":9714,"date":"2025-12-23T12:25:40","date_gmt":"2025-12-23T12:25:40","guid":{"rendered":"https:\/\/lemonn.co.in\/blog\/?p=9714"},"modified":"2025-12-23T12:25:41","modified_gmt":"2025-12-23T12:25:41","slug":"market-outlook-india-dec-23-2025","status":"publish","type":"post","link":"https:\/\/lemonn.co.in\/blog\/market-updates\/market-outlook-india-dec-23-2025\/","title":{"rendered":"Market Outlook – India (Dec\u00a023\u00a02025)"},"content":{"rendered":"
\"nifty<\/figure>\n\n\n

Summary of the session<\/h2>\n\n\n\n

Indian equities closed nearly unchanged in thin pre\u2010holiday trade. The Sensex dipped about 42 points (\u20130.05 %) to 85,524.84<\/strong> while the Nifty 50 inched up 4.75 points (+0.02 %) to 26,177.15<\/strong>. A pullback in information\u2011technology shares (after a strong multi\u2011session 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<\/strong>, signalling complacency ahead of the year\u2011end. Market breadth remained positive, with ~2,146 stocks advancing versus 1,725 declining<\/strong>, and small\u2011cap shares gained around 0.4 %<\/strong> while mid\u2011caps were flat.<\/p>\n\n\n\n

Top indices<\/h2>\n\n\n\n
Index<\/th>23 Dec 2025 close<\/th>Daily change (pts, %)<\/th>Comment<\/th><\/tr><\/thead>
Nifty 50<\/strong><\/td>26,177.15<\/strong><\/td>\u25b2 4.75 pts (+0.02 %)<\/td>Consolidated in a tight range; support from FMCG, metal and PSU stocks offset IT weakness.<\/td><\/tr>
S&P BSE Sensex<\/strong><\/td>85,524.84<\/strong><\/td>\u25bc 42.64 pts (\u20130.05 %)<\/td>Choppy trading; losses in Infosys, Bharti Airtel and Pharma were offset by gains in ITC, UltraTech Cement and Tata Steel.<\/td><\/tr>
Nifty Bank<\/strong><\/td>59,150 (approx.)<\/strong><\/td>Flat<\/td>PSU and private banks saw mixed action; index resisted near 59,600.<\/td><\/tr>
Nifty Midcap 150<\/strong><\/td>Unchanged<\/td>Flat<\/td>Consolidated after recent rally; selective buying in mid\u2011cap banks and cement.<\/td><\/tr>
Nifty Smallcap 250<\/strong><\/td>\u2191 0.4 %<\/td>Positive<\/td>Continued retail interest despite lofty valuations.<\/td><\/tr>
India VIX (volatility)<\/strong><\/td>~9.5<\/td>\u25bc 1.7 %<\/td>Recorded an all\u2011time\u2011low close, indicating complacent sentiment.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Sectoral performance<\/h2>\n\n\n\n
Sector\/Index<\/th>Movement<\/th>Brief notes<\/th><\/tr><\/thead>
Information Technology<\/strong><\/td>\u20130.8 %<\/strong><\/td>Pulled back after a multi\u2011session rally; profit\u2011taking in Infosys, Tech Mahindra and Wipro weighed on the Nifty IT index.<\/td><\/tr>
Media<\/strong><\/td>+0.6 %<\/strong><\/td>Outperformed on buying in Zee Entertainment and Sun TV; news flow around digital media regulations aided sentiment.<\/td><\/tr>
Metals<\/strong><\/td>+0.5 %<\/strong><\/td>Strength in Coal India and Tata Steel; coal prices firmed and demand outlook improved.<\/td><\/tr>
PSU Banks \/ PSU Index<\/strong><\/td>+0.5 %<\/strong><\/td>Gains in Canara Bank and SBI; expectations of better credit growth and asset\u2011quality improvements.<\/td><\/tr>
Energy<\/strong><\/td>+0.6 %<\/strong><\/td>Oil marketing companies advanced following softer crude prices.<\/td><\/tr>
Healthcare\/Pharma<\/strong><\/td>\u20130.2 % to \u20130.8 %<\/strong><\/td>Profit\u2011booking in Sun Pharma and Cipla dragged the index.<\/td><\/tr>
Realty<\/strong><\/td>\u20130.8 %<\/strong><\/td>Slight profit\u2011taking after recent rally; however Prestige Estates bucked the trend on a big land acquisition (see corporate updates).<\/td><\/tr>
FMCG and Media<\/strong><\/td>Mildly positive<\/td>FMCG stocks such as ITC and Tata Consumer Products provided defensive support.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Key statistics and market breadth<\/h2>\n\n\n\n
Statistic<\/th>Latest reading<\/th>Details<\/th><\/tr><\/thead>
Advance\u2013Decline (BSE)<\/strong><\/td>2,146 \/ 1,725 \/ 130<\/strong> (advances\/declines\/unchanged)<\/td>Market breadth stayed positive despite a flat index close, indicating broad participation.<\/td><\/tr>
FII \/ DII flows (cash)<\/strong><\/td>FIIs \u2013\u20b9457 crore<\/strong> (net sellers) ; DIIs +\u20b94,058 crore<\/strong> (net buyers) on 22 Dec<\/td>FIIs turned sellers after two days of buying; strong domestic inflows cushioned the market. Data for 23 Dec will be available later.<\/td><\/tr>
Rupee (USD\/INR)<\/strong><\/td>\u20b989.65 per USD<\/strong><\/td>Rupee closed flat; hovering near record lows due to dollar strength.<\/td><\/tr>
Market cap (NSE)<\/strong><\/td>~\u20b9473 lakh crore (~US$5.27 trn)<\/td>Reflects the combined market capitalisation of NSE\u2011listed stocks.<\/td><\/tr>
Volume \/ Turnover<\/strong><\/td>Thin<\/td>Trading volumes remained below recent averages ahead of holidays.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Top gainers and losers (Nifty 50)<\/h2>\n\n\n\n
Top gainers<\/th>Price movement<\/th>Comment<\/th><\/tr><\/thead>
Coal India<\/strong><\/td>+3.7 %<\/strong><\/td>Continued strength as the company plans to list its subsidiary Bharat Coking Coal<\/strong>; high coal prices boosted earnings outlook.<\/td><\/tr>
Shriram Finance<\/strong><\/td>+2.4 %<\/strong><\/td>Surged after Japanese bank MUFG signed a definitive agreement to acquire a 6.9 % stake in the company.<\/td><\/tr>
UltraTech Cement<\/strong><\/td>+1.3 %<\/strong><\/td>Benefited from strong demand and favourable pricing; also seen as a beneficiary of potential industry consolidation.<\/td><\/tr>
Tata Motors (passenger vehicles)<\/strong><\/td>+1.0 %<\/strong><\/td>Gains on hopes of strong EV sales and margin expansion.<\/td><\/tr>
Power Grid Corp<\/strong><\/td>+0.6 %<\/strong><\/td>Safe\u2011haven buying amid volatility; steady business outlook.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
Top losers<\/th>Price movement<\/th>Comment<\/th><\/tr><\/thead>
Infosys<\/strong><\/td>\u20131.3 %<\/strong><\/td>Profit\u2011taking after a multi\u2011session surge; investors rotate out of IT amid high valuations.<\/td><\/tr>
Bharti Airtel<\/strong><\/td>\u20131.2 %<\/strong><\/td>Weakness on concerns over competitive intensity and potential tariff hikes.<\/td><\/tr>
Cipla<\/strong><\/td>\u20130.8 %<\/strong><\/td>Follow\u2011through selling after rally; valuations turned rich.<\/td><\/tr>
Tech Mahindra<\/strong><\/td>\u20130.8 %<\/strong><\/td>Similar to Infosys, saw profit\u2011booking; part of sector\u2011wide IT pullback.<\/td><\/tr>
Axis Bank<\/strong><\/td>\u20130.7 %<\/strong><\/td>Minor decline due to mixed outlook on credit growth and asset\u2011quality metrics.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

What moved the market<\/h2>\n\n\n\n
    \n
  • IT pullback:<\/strong> A multi\u2011session rally in IT stocks paused, with the Nifty\u00a0IT index falling about 0.8\u00a0%<\/strong>. Profit\u2011taking in heavyweights such as Infosys and Tech\u00a0Mahindra trimmed the indices. The sector\u2019s earlier gains were driven by a weak rupee and hopes of U.S. rate cuts in 2026; the cool\u2011off weighed on the day\u2019s performance.<\/li>\n\n\n\n
  • FII selling and thin liquidity:<\/strong> Foreign investors turned net sellers in the previous session, and overall volumes were thin ahead of the Christmas\u2011year\u2011end break. Lack of fresh domestic catalysts kept large money flows sidelined.<\/li>\n\n\n\n
  • Strength in cyclicals and value stocks:<\/strong> Coal\u00a0India continued its rise after news it would list subsidiary Bharat\u00a0Coking\u00a0Coal. Shriram\u00a0Finance gained as MUFG Bank\u2019s investment signalled confidence in the NBFC space. UltraTech Cement, Tata Steel and other cyclicals gained on hopes of continued capex and housing demand.<\/li>\n\n\n\n
  • Rupee stability:<\/strong> The rupee traded around \u20b989.65 per USD<\/strong>, near record lows; this supported export\u2011oriented sectors but raised concerns about imported inflation.<\/li>\n\n\n\n
  • Record low volatility:<\/strong> India\u00a0VIX slipped below 9.5, an all\u2011time low, indicating complacency. Such low volatility often precedes either strong up\u2011moves or abrupt reversals; traders remained watchful.<\/li>\n<\/ul>\n\n\n\n

    Global cues<\/h2>\n\n\n\n
      \n
    • Wall Street:<\/strong> Major U.S. indices closed higher overnight. The S&P\u00a0500 and Nasdaq Composite both advanced ~0.5\u20130.7\u00a0% on optimism around artificial\u2011intelligence stocks and hopes that the Federal Reserve will begin cutting rates in 2026. U.S. 10\u2011year Treasury yields edged below 4.16\u00a0%<\/strong>, supporting risk appetite.<\/li>\n\n\n\n
    • Asia:<\/strong> Asian markets were mixed; Japan\u2019s Nikkei slipped slightly (-0.1\u00a0%) on profit\u2011taking while Australia\u2019s ASX\u00a0200 gained about 1.1\u00a0% and China\u2019s Shanghai Composite added 0.2\u00a0%. Hong\u00a0Kong\u2019s Hang\u00a0Seng was little changed. Mixed data from China and a cautious tone ahead of holiday closures kept regional sentiment in check.<\/li>\n\n\n\n
    • Commodities:<\/strong> Brent crude hovered near US$58 per barrel<\/strong>, providing relief for oil\u2011importing economies. Gold prices remained firm after reaching record highs, reflecting safe\u2011haven demand amid geopolitical tensions.<\/li>\n\n\n\n
    • Gift Nifty:<\/strong> The SGX Gift Nifty was steady around 26,203<\/strong>, signalling a flat opening for the next session.<\/li>\n<\/ul>\n\n\n\n

      Stocks to watch & corporate updates<\/h2>\n\n\n\n
      Stock<\/th>Why in focus<\/th><\/tr><\/thead>
      IRCTC<\/strong><\/td>NSE will exclude the stock from futures and options (F&O) trading effective 25 Feb 2026<\/strong>. Existing F&O contracts (Dec 2025 to Feb 2026 expiries) will remain active until expiry.<\/td><\/tr>
      HCL Technologies<\/strong><\/td>Its software arm HCLSoftware<\/strong> announced a deal to acquire Jaspersoft<\/strong>, a business unit of Cloud Software Group, for US$240 million<\/strong>. It also plans to buy start\u2011up Wobby<\/strong>, expanding its data and analytics portfolio.<\/td><\/tr>
      Antony Waste Handling Cell<\/strong><\/td>Subsidiary Antony Lara Enviro Solutions secured a \u20b9329 crore<\/strong> contract from Thane Municipal Corporation to set up a 600\u2013800 TPD solid\u2011waste processing plant in Maharashtra.<\/td><\/tr>
      GPT Infraprojects<\/strong><\/td>Declared lowest bidder (L1) for an NHAI project worth \u20b9670 crore<\/strong> to construct a four\u2011lane elevated road in Jodhpur.<\/td><\/tr>
      Saatvik Green Energy<\/strong><\/td>Subsidiary Saatvik Solar Industries won a \u20b9486 crore<\/strong> order to supply solar PV modules, highlighting renewable\u2011energy momentum.<\/td><\/tr>
      Sanghvi Movers<\/strong><\/td>Subsidiary Sangreen Future Renewables obtained work orders worth \u20b9428.7 crore<\/strong>, boosting visibility for crane\u2011rental demand.<\/td><\/tr>
      Prestige Estates Projects<\/strong><\/td>Announced purchase of a 25\u2011acre land parcel in Chennai<\/strong> with potential for 5 million sq ft of development and revenue >\u20b95,000 crore.<\/td><\/tr>
      Canara Bank<\/strong><\/td>The Financial Services Institutions Bureau recommended Brajesh Kumar Singh<\/strong> as managing director and CEO, signalling leadership continuity.<\/td><\/tr>
      Lenskart<\/strong><\/td>The eyewear retailer\u2019s Singapore subsidiary agreed to acquire 50 % stake in Thailand\u2019s Marco Optical<\/strong>, expanding Southeast Asian presence.<\/td><\/tr>
      Ambuja Cements \/ ACC \/ Orient Cement<\/strong><\/td>Ambuja\u2019s board approved amalgamation schemes to merge ACC and Orient Cement into Ambuja, creating a unified \u201cOne Cement Platform.\u201d The merger is projected to generate ~10 % value accretion for Ambuja shareholders.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

      Other notable developments include Coal India\u2019s plan<\/strong> to list wholly owned subsidiary Bharat Coking Coal<\/strong>, and MUFG Bank\u2019s 6.9 % stake acquisition in Shriram Finance<\/strong>, both of which supported their respective stock prices.<\/p>\n\n\n\n

      Technical outlook and tomorrow\u2019s tone (24 Dec 2025)<\/h2>\n\n\n\n
        \n
      • Nifty\u00a050:<\/strong> The index continues to consolidate near its all\u2011time high. Immediate support lies at 26,000\u201325,950<\/strong>, and stronger support is around 25,800<\/strong>. On the upside, resistance is seen at 26,420<\/strong>, followed by 26,600<\/strong>. The record\u2011low volatility suggests an impending directional move; traders may adopt a \u201cbuy on dips\u201d approach while maintaining stop\u2011losses below 25,950.<\/li>\n\n\n\n
      • Bank\u00a0Nifty:<\/strong> The banking index faces resistance at 59,600\u201360,000<\/strong>. Support zones are 59,100\u201359,000<\/strong>. A breakout above 60,000 could trigger momentum towards 60,500\u201361,000, whereas a breach below 59,000 may invite profit\u2011booking.<\/li>\n\n\n\n
      • Expected market tone:<\/strong> 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<\/strong>, 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\u2011end positioning by institutional investors.<\/li>\n<\/ul>\n\n\n\n

        Conclusion<\/h2>\n\n\n\n

        The Indian market on 23 December 2025<\/strong> saw a quiet session as profit\u2011taking 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\u2014from HCL Technologies\u2019 acquisitions to Ambuja Cement\u2019s merger plan and IRCTC\u2019s F&O exit\u2014kept 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.<\/p>\n","protected":false},"excerpt":{"rendered":"

        Summary of the session Indian equities closed nearly unchanged in thin pre\u2010holiday trade. The Sensex dipped about 42 points (\u20130.05 %) to 85,524.84 while the Nifty 50 inched up 4.75 points (+0.02 %) to 26,177.15. A pullback in information\u2011technology shares (after a strong multi\u2011session rally) and lack of new catalysts saw the market consolidate. Foreign institutional investors (FIIs) were net […]<\/p>\n","protected":false},"author":3,"featured_media":8209,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_ayudawp_aiss_exclude":false,"footnotes":""},"categories":[512],"tags":[],"class_list":["post-9714","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-updates"],"blocksy_meta":[],"_links":{"self":[{"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/posts\/9714","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/comments?post=9714"}],"version-history":[{"count":1,"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/posts\/9714\/revisions"}],"predecessor-version":[{"id":9716,"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/posts\/9714\/revisions\/9716"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/media\/8209"}],"wp:attachment":[{"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/media?parent=9714"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/categories?post=9714"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/tags?post=9714"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}