Stocks End Flat as IT Drag Offsets FMCG, Metal Gains; Year-End Caution Prevails

An end-of-day recap of all that transpired in the Indian markets, highlighting the major price movements and the factors driving them

Bombay Stock Exchange Building From Dalal Street in Mumbai

Amey Bane/iStockphoto.com

By Dehuti Jani

Dehuti Jani is an experienced project manager who also works as an independent financial journalist.

December 23, 2025 at 11:42 AM IST

Indian equity benchmarks settled largely flat on Tuesday amid thin year-end trading volumes, as losses in information technology stocks capped gains in select defensives and cyclicals. The NSE Nifty 50 edged up 0.02% to 26,177.15, extending its rally for a third straight session, while the BSE Sensex snapped a two-day winning streak to close 0.05% lower at 85,524.84. Nine of the 16 major sectors ended in the red, reflecting cautious positioning ahead of the upcoming Q3 earnings season and the weekly Nifty derivatives expiry.

Nifty IT was the top laggard, down 0.80%, weighing on sentiment, while Media led gains, up 0.84%. Metal and FMCG stocks also provided support, alongside financial services. In the broader market, small-caps rose 0.4%, while mid-caps closed flat, indicating selective risk appetite. Overall, markets lacked fresh catalysts, with foreign investors turning cautious and investors looking ahead to earnings for clearer direction.

Top Movers of the Day
GPT Infraprojects surged 6% after being declared the L1 bidder for a ₹6.7 billion NHAI project, boosting visibility on its order book.

Coal India climbed nearly 4%, touching a two-month high, amid expectations of an IPO of its subsidiary Bharat Coking Coal in early 2026.

Ambuja Cements and Orient Cement jumped up to 10% after boards approved the proposed merger, improving scale and operational synergies.

Vodafone Idea continued its sharp rebound, hitting a 52-week high of ₹12.20, up over 22% in a month, on optimism around potential relief on long-pending AGR dues.

Shriram Finance hit a new high of ₹956.70, gaining 2%, extending a 10% rally in three sessions after Japan’s MUFG committed ₹396.2 billion via preferential equity allotment.

Cholamandalam Investment & Finance gained 6.4% after dismissing rumours related to corporate governance concerns.

Ola Electric rose 4.1% after announcing the expansion of its Hyperservice initiative, supporting recovery momentum in the stock.

HFCL gained 4.9% after launching its QIP at a floor price of ₹65.84 per share.

RITES rallied over 8% after securing a $35.2 million (≈₹2.9 billion) contract from South Africa for diesel-electric locomotives.

Akums Drugs & Pharmaceuticals jumped 8% after a bulk deal where Ruby QC Investment Holdings exited its 4.62% stake (~7.28 million shares), picked up by ICICI Prudential Mutual Fund.

Brainbees Solutions advanced 4.5% after its subsidiary agreed to acquire KA Hygiene via equity issuance.

JK Tyre & Industries rose 4% to a fresh 52-week high following progress on the merger of subsidiary Cavendish Industries.

Belrise Industries hit an all-time high, rallying 12.5%, supported by heavy volumes.

Eraaya Lifespaces was locked in a 5% upper circuit after the Delhi High Court cancelled an interim restriction order on the company.

Dhara Rail Projects IPO (SME) was fully subscribed within hours of opening. The issue was subscribed 1.55x, driven by QIB demand at 3.5x, while retail participation stood at 76%.

Futures & Options
Nifty December 2025 futures settled at 26,202.10, trading at a 24.95-point premium to the cash index, after the Nifty 50 edged up 0.02% to close at 26,177.15. Market volatility continued to ease, with India VIX declining 3.07% to 9.38, reflecting subdued near-term risk appetite amid thin year-end volumes. HDFC Bank, Axis Bank and Reliance Industries emerged as the most actively traded stock futures in the NSE F&O segment. The December 2025 derivatives contracts are scheduled to expire on 30 December 2025.

Bonds
Government bond yields eased on Tuesday after touching multi-month highs earlier in the session, as traders digested heavy state debt supply and concerns over elevated borrowing in the final quarter of the financial year. The benchmark 10-year yield closed at 6.6328%, down from 6.6678% on Monday, after briefly rising to 6.6995%, its highest level since March 17. State governments raised ₹337.2 billion at the latest State Development Loans auction on today, exceeding the notified ₹332.2 billion, with most states seeing full acceptance across maturities, signalling steady demand despite supply pressures.

Forex
The rupee ended flat on Tuesday as sustained dollar demand from local corporates and the non-deliverable forwards market offset supportive cues from gains in most regional currencies. The rupee closed unchanged at 89.65 per US dollar, with traders citing steady dollar buying by oil companies and other importers, alongside lingering NDF-linked pressure that continues to reflect speculative positioning against the currency.

Crypto
Crypto markets traded mixed on Tuesday as mild profit-taking set in after recent gains. Bitcoin slipped below the $88,000 mark to trade around $87,397, though it still logged a 2.6% gain over the latest session, maintaining market dominance. Ethereum outperformed, rising 1.46% to about $2,993, while other major tokens such as Solana and Dogecoin showed varied, range-bound movement amid the mixed broader sentiment.

US Stock Futures
US stock futures were little changed on Tuesday as investors awaited a batch of delayed economic data that could help clarify the underlying strength of the US economy, though the releases are not expected to materially alter expectations around interest-rate cuts. Futures tied to the S&P 500, Nasdaq 100 and Dow Jones Industrial Average hovered around the flatline after US equities notched their third consecutive session of gains.

US Treasury Notes
US Treasury yields were slightly lower in holiday-thinned trading today, with the benchmark 10-year yield easing to around 4.15%, as investors focused on near-term supply dynamics. Attention is on today’s $70 billion 5-year note auction, following a softer-than-expected $69 billion 2-year auction that saw below-average demand from non-dealer investors.

Top News