INDICES SLIP IN THIN PRE-CHRISTMAS TRADE; NIFTY ENDS BELOW 26,150

Domesic equity benchmarks slipped into the red on Wednesday in a quiet, pre-Christmas session marked by light volumes and subdued risk-taking. Foreign investors turned net sellers, while the absence of fresh cues capped buying interest. Weakness in oil and gas and IT stocks weighed on sentiment. The Nifty gave up early gains after hitting an intraday high of 26,236.40 and ended the day below the 26,150 mark, as traders squared off positions ahead of the holiday break.

The S&P BSE Sensex declined 116.14 points or 0.14% to 85,408.70. The Nifty 50 index fell 35.05 points or 0.13% to 26,142.10.

Interglobe Aviation (down 1.55%), Adani Enterprises (down 1.37%) and Reliance Industries (down 0.64%) were major Nifty drags.

In the broader market, the S&P BSE Mid-Cap index slipped 0.37% and the S&P BSE Small-Cap index dropped 0.14%.

The market breadth was negative. On the BSE, 1,841 shares rose and 2,346 shares fell. A total of 150 shares were unchanged.

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, tumbled 1.99% to 9.19.

The stock market will be closed tomorrow, 25 December 2025, on account of Christmas.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper fell 1.46% to 6.540 compared with previous session close of 6.637.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 89.7600 compared with its close of 89.6300 during the previous trading session.

MCX Gold futures for 5 February 2026 settlement advanced 0.32% to Rs 138,325.

The US Dollar Index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.11% to 97.50.

The United States 10-year bond yield declined 0.22% to 4.160.

In the commodities market, Brent crude for February 2025 settlement rose 14 cents or 0.23% to $62.01 a barrel.

Global Markets:

European indices saw muted trading on Wednesday during a shortened Christmas Eve session.

Asian market ended mixed, breaking ranks with Wall Street that saw key benchmarks advance overnight after better-than-expected economic growth data.

Media reports from Japan said that the country was set to issue about 29.6 trillion yen (about $190 billion) in new government bonds to fund its fiscal 2026 budget.

The South Korean won strengthened against the greenback after media reports stated that South Korea�s national pension fund was carrying out strategic foreign exchange hedging activities.

Overnight in the U.S., stocks rose for a fourth straight session as artificial intelligence names continued to outperform during a holiday-shortened week.

US GDP grew 4.3% in third quarter compared with 3.8% growth recorded in Second quarter. This is also the highest quarterly GDP growth in the US economy in the past 2 years.

The S&P 500 added 0.46%, closing at a record level of 6,909.79. The broad market index is now just below its intraday all-time high of 6,920.34.

The Nasdaq Composite climbed 0.57% to end at 23,561.84. Gains in tech giants such as Nvidia and Broadcom lifted the index. The Dow Jones Industrial Average rose 79.73 points, or 0.16%, and settled at 48,442.41.

Stocks in Spotlight:

Larsen & Toubro (L&T) shed 0.26%. The company announced that its transportation infrastructure business vertical has secured a significant order for Mumbai metro railway project. As per L&T�s internal classification, the contract falls under the �significant� category, with an estimated value in the range of Rs 1,000 crore to Rs 2,500 crore.

Vikran Engineering jumped 11.24% after the company announced a major solar EPC order win. The company has secured a work order worth Rs 2,035.26 crore from Onix Renewables to set up 600 MW AC solar power projects across multiple locations in Maharashtra. The order will be executed on a turnkey EPC basis.

Ceinsys Tech hit an upper limit of 5% after it has bagged three major consultancy assignments from the State Water & Sanitation Mission, Uttar Pradesh, for third party inspection (TPI) & monitoring of rural water supply projects. Based on the company�s estimates linked to the underlying project costs, the total value of work orders for the extended duration is pegged at Rs 107.07 crore. However, the actual contract value will depend on the execution achieved by the respective contractors during the extension period.

ITCONS E-Solutions surged 4.28% afyer it announced that it has received a work order worth Rs 1.59 crore from the Directorate of Enforcement, Department of Revenue, Ministry of Finance. The order is for the deployment of 38 resources under manpower outsourcing services.

GK Energy jumped 2.96% after the company received an amended Letter of Empanelment from Maharashtra State Electricity Distribution Company. The LoE is for 10,000 off-grid DC solar water pumping systems. The pumps include 3 HP, 5 HP and 7.5 HP variants. They will be supplied across Maharashtra under the Magel Tyala Saur Krushi Pump Yojana and the PM-KUSUM B scheme.The order is valued at Rs 254.30 crore. The installation is to be completed within 60 days from the work order or notice to proceed.

Captain Polyplast rallied 3.62% after the company announced that it has received an additional empanelment for 1,000 solar pumps under the PM KUSUM B scheme from MSEDCL, with an aggregate order value of Rs 27.69 crore.

Monarch Surveyors and Engineering Consultants added shed 0.42%. The company secured a contract worth Rs 7.83 crore from the Nashik Municipal Corporation. The contract involves carrying out survey and allied works for lands requisitioned for the Sinhastha Kumbh Mela 2027-28 in Nashik and Trimbak.

Crompton Greaves Consumer Electricals fell 0.83%. The company announced that it has received an order worth Rs 46.20 crore from Maharashtra State Electricity Distribution Company (MSEDCL). The order covers 2,000 solar water pumping systems, with a total work order value of Rs 46,20,48,229.

Gujarat Narmada Valley Fertilizers & Chemicals (GNFC) dropped 0.30%. The company said that it has awarded a contract worth Rs 0360 crore to Toyo Engineering India for the supply of an Ammonium Nitrate-II plant on a LEPC (lump-sum engineering, procurement & construction) basis.

IPO Update:

Gujarat Kidney and Super Speciality received bids for 6,86,15,936 shares as against 1,32,26,880 shares on offer, according to stock exchange data at 16:42 IST on Wednesday (24 December 2025). The issue was subscribed 5.19 times. The issue opened for bidding on 22 December 2025 and it will close on 24 December 2025. The price band of the IPO is fixed between Rs 108 and 114 per share.

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