Stocks Slip in Thin Year-End Trading as IT and Pharma Sectors Drag

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

India stocks fall, rupee fall

By Dehuti Jani

December 24, 2025 at 11:42 AM IST

Indian equity benchmarks ended marginally lower on Wednesday in a subdued, range-bound session marked by thin year-end trading volumes, as losses in information technology, oil & gas and pharmaceutical stocks weighed on sentiment. The Nifty 50 slipped 0.13% to 26,142.1, while the BSE Sensex declined 0.14% to 85,408.7. Market breadth remained weak, with 15 of the 16 major sectors closing in the red. Mid-cap stocks underperformed, falling 0.6%, while small caps bucked the trend to gain 0.3%.

Analysts said muted participation ahead of the Christmas holiday kept volatility contained, even as stronger-than-expected US growth data provided some global risk support. That optimism, however, was capped by ongoing foreign fund outflows and lack of domestic triggers. On the Sensex, Trent, UltraTech Cement and Maruti Suzuki were among the top gainers, while Tata Motors Passenger Vehicles, Sun Pharma and Asian Paints dragged the index lower. On the NSE, Trent, Shriram Finance and Apollo Hospitals outperformed, whereas IndiGo, Adani Enterprises and Dr Reddy’s Laboratories were among the notable laggards.

Top Movers of the Day

Hindustan Copper surged 7%, hitting a 15-year high of ₹436.50, supported by a sharp rise in global metal prices; stock is up 75% YTD.

Haier India saw strategic action as Bharti Enterprises and Warburg Pincus agreed to acquire a 49% stake; Haier Group retains 49%, balance with management.

Canara HSBC Life Insurance rallied 9% to a new high of ₹153 on heavy volumes; up 20% in three sessions, trading 44% above IPO price.

City Union Bank gained 2% to a fresh high of ₹295 on expectations of healthy earnings; up 40% in three months.

Adani Ports and SEZ moved on brokerage action after PL Capital raised its target to ₹1,876, citing stronger volumes and margins post NQXT acquisition.

Castrol India jumped 9% after BP agreed to sell a 65% stake at an enterprise value of $10 billion.

Granules India hit a 52-week high of ₹626.85; stock is up 18% in a month and 45% off August lows.

TV Today Network gained 2.6% after promoter Living Media India increased stake; FM radio divestment plan adds focus.

Ajanta Pharma jumped 4% to a five-month high after securing marketing rights for a Type-2 diabetes drug.

Coal India rose 3% after in-principal approval to list subsidiaries SECL and MCL.

Websol Energy Systems zoomed 14% after winning an income-tax appeal, removing a ₹73-crore contingent liability.

Futures & Options
Nifty December 2025 futures closed at 26,164.10, trading at a premium of 22 points over the Nifty 50 cash close of 26,142.10. In the spot market. Volatility continued to ease, with the India VIX falling 1.99% to 9.19, signalling subdued near-term risk expectations. HDFC Bank, TCS and Infosys emerged as the most actively traded stock futures in the F&O segment. All December 2025 derivatives contracts are scheduled to expire on 30 December 2025.

Bonds
Government bond yields declined sharply on Wednesday after the Reserve Bank of India announced a sizeable liquidity infusion, easing concerns over near-term supply and anchoring market expectations. The benchmark 10-year G-Sec yield slid to around 6.55% in early trade, nearly 15 basis points below Tuesday’s intraday high of 6.70% and finally settled at 6.5398% compared with 6.6328% in the previous session. Yields fell after the RBI announced a ₹2.90 trillion liquidity boost via bond purchases and a dollar–rupee swap. Strong Treasury Bill auction demand kept short-term yields steady or slightly lower, adding to downward pressure at the front end.

Forex
The rupee ended slightly weaker on Wednesday, slipping about 0.1% to 89.7850 per US dollar, as dollar demand from local corporates and the unwinding of maturing positions in the non-deliverable forwards market offset supportive cues from gains in most Asian peers. Traders said domestic flow dynamics continued to dictate price action, even as the currency has stabilised after rebounding from record lows hit last week, with broader regional strength offering only limited relief.

Crypto
Crypto markets are consolidating amid thin year-end liquidity, with Bitcoin trading under pressure below the $88,000 mark at around $87,200, down roughly 0.8–1.1% over the past 24 hours as low volumes and continued spot ETF outflows weighed on sentiment, including a sizeable single-day withdrawal from major funds. Ethereum also remained weak, slipping about 1.5% to near $2,920 as it struggled to hold above the key $3,000 psychological level.

US Stock Futures
US stock futures slipped slightly Wednesday after the S&P 500 hit a new high for a fourth session, as investors took profits before the Christmas break. Strong third-quarter GDP growth at 4.3% year-on-year was driven by robust consumer spending, exports, and government outlays. Tech stocks like Nvidia, Broadcom, and Amazon gained, while Tesla pulled back after a record peak.

US Treasury Notes
US Treasury yields edged slightly lower in a holiday-shortened session on Wednesday, with the benchmark 10-year note hovering around 4.16% as investors pared positions ahead of the Christmas break. The pullback followed a recent test of September highs and reflected continued market expectations for further Federal Reserve easing in 2026, with pricing pointing to up to two additional rate cuts next year. The move came despite strong macro data showing the US economy grew at a robust 4.3% annualised pace in Q3, its fastest expansion in two years.

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