BENCHMARKS SLIDE FOR SECOND DAY AMID FED JITTERS, WEAK RUPEE

The domestic equity benchmarks closed lower, marking a second straight day of losses, even as broader markets showed notable resilience. Sentiment stayed fragile ahead of the U.S. Federal Reserve�s rate decision and uncertainty surrounding a pending U.S. trade deal. Foreign outflows intensified and the weakening rupee added further pressure. The Nifty slipped below 25,850, weighed down by IT, auto and pharma stocks. However, consumer durables, PSU banks and realty counters saw buying interest. Investors are also watching inflation data from both the U.S. and India due later this week.

The S&P BSE Sensex declined 436.41 points or 0.51% to 84,666.28. The Nifty 50 index fell 120.90 points or 0.47% to 25,839.65. In two trading sessions, the Nifty and Sensex declined 1.32% and 1.22%, respectively.

ICICI Bank (down 1.04%), Reliance Industries (down 0.89%) and HDFC Bank (down 0.62%) were major drags today.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.60% and the S&P BSE Small-Cap index added 1.27%.

The market breadth was strong. On the BSE, 2,619 shares rose and 1,554 shares fell. A total of 163 shares were unchanged.

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, fell 1.55% to 10.95.

Numbers To Track:

The yield on India`s 10-year benchmark federal paper jumped 0.64% to 6.609 compared with previous session close of 6.567.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 89.8850 compared with its close of 90.0500 during the previous trading session.

MCX Gold futures for 5 February 2025 settlement fell 0.01% to Rs 129,940.

The US Dollar Index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.07% to 99.05.

The United States 10-year bond yield fell 0.31% to 4.160.

In the commodities market, Brent crude for January 2025 settlement rose 16 cents or 0.26% to $62.65 a barrel.

Global Markets:

Most European market advanced on Tuesday as global investors await the U.S. Federal Reserve�s monetary policy update.

The outcome from the Fed will help shape the direction for other central banks, with the Swiss National Bank set to announce its policy decision on Thursday. The Bank of England and the European Central Bank will follow on December 18, alongside interest rate decisions from Norway�s Norges Bank and Sweden�s Riksbank.

Asian shares ended mixed on Tuesday ahead of the Federal Reserve�s policy call. A quarter-point rate cut is widely expected, but the real suspense lies in what the Fed signals about the health of the world�s largest economy.

Chinese markets moved sideways as investors parsed fresh promises of fiscal support from the Politburo, which met on Monday. Local reports suggested Beijing intends to step up government spending and maintain its 5% GDP growth target for 2026. The policy comfort was tempered by lingering worries over a bruising property upturn, weak consumer demand and a sharp slowup in capital investment, keeping sentiment muted.

Chip stocks across Asia were largely steady after U.S. President Donald Trump said NVIDIA would be permitted to sell a more advanced AI chip in China, though the product will carry a 25% tariff. The reaction among Chinese chipmakers was mixed.

Overnight in the U.S., equities pulled back as investors took some money off the table before the Fed meeting. The S&P 500 slipped nearly 0.4% to 6,846.51, the NASDAQ Composite eased 0.1% to 23,545.90 and the Dow Jones Industrial Average fell almost 0.5% to 47,739.32. NVIDIA gained nearly 2.2% in after-hours trade, adding to its main-session advance following Trump�s comments on China chip sales.

Stocks in Spotlight:

The Nifty IT index declined 1.19% to 38,130.60. The index shed 0.29% in the previous trading session.

Coforge fell 4.13%, leading the losses in the IT pack. Tech Mahindra declined 1.90%, while HCL Technologies slipped 1.82%. Wipro shed 1.53%. Tata Consultancy Services eased 0.88%, Infosys dropped 0.86% and Mphasis also lost 0.86%. Persistent Systems was down 0.58% and LTIMindtree slipped 0.56%.

Kaynes Technology India surged 14.10% after the company dismissed a media report claiming it was planning to replace its statutory auditor over alleged reporting issues. In a clarification to the stock exchanges, the company said no discussions or proposals regarding an auditor change have taken place and that the report stemmed from a misinterpretation of management�s general remarks in an interview. It added that the current auditors continue in office as per their approved tenure, and there are no regulatory or legal proceedings related to the matter.

PhysicsWallah (PW) fell 0.18% to Rs 138.30 after hitting the day`s high of Rs 145.70. The company�s consolidated net sales increased 26.3% YoY to Rs 1,051.24 crore, while net profit jumped 62.4% YoY to Rs 72.33 crore in Q2 FY26.

Fujiyama Power Systems rallied 2.08% after the company�s standalone net profit surged 97.43% to Rs 62.90 crore on 72.59% jump in revenue from operations to Rs 567.90 crore in Q2 FY26 over Q2 FY25.

Torrent Power shed 0.65%. The company announced that it has signed a long-term Sale and Purchase Agreement (SPA) with JERA Co., Inc. (�JERA�), for the supply of up to 0.27 million metric tonnes per annum of liquefied natural gas for ten years starting in 2027.

Mahindra & Mahindra (M&M) declined 0.80%. The company said that its total production jumped 18.41% to 96,196 units in the month of November 2025, compared with 81,239 units produced in the same period last year.

Royal Orchid Hotels (ROHL) ended flat at Rs 388. The company announced that it has signed a new property in Rishikesh, Uttarakhand, further strengthening its presence in one of India�s fastest-growing tourism destinations.

Rishabh Instruments rose 5.33% after the company announced that it has secured an order worth Rs 10 crore from a renowned supplier engaged in the business of supplying electrical equipment in Europe.

IPO Update:

Corona Remedies received bids for 4,15,94,826 shares as against 45,71,882 shares on offer, according to stock exchange data at 16:51 IST on Tuesday (9 December 2025). The issue was subscribed 9.10 times. The issue opened for bidding on 8 December 2025 and it will close on 10 December 2025. The price band of the IPO is fixed between Rs 1,008 and 1,062 per share.

Wakefit Innovations received bids for 1,39,13,092 shares as against 3,63,53,276 shares on offer, according to stock exchange data at 16:51 IST on Tuesday (9 December 2025). The issue was subscribed 0.38 times. The issue opened for bidding on 8 December 2025 and it will close on 10 December 2025. The price band of the IPO is fixed between Rs 185 and 195 per share.

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