Among the 30-stock Sensex, NTPC, Trent, Bajaj Finance, Adani Ports and Axis Bank were among the biggest gainers, rising between 0.6% and 1% in early trade.The broader markets were slightly firmer, with both the midcap and smallcap indices up 0.1% each.
Among individual stocks, Ajanta Pharma rose nearly 4% after announcing a semaglutide-related deal with Biocon, while Vikran Engineering rose 13% after awarding an engineering, procurement and construction order worth Rs 2,035 crore.
Expert views
As 2025 draws to a close, the market appears to be moving into a consolidation phase with an upward trend, says Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Investments. He adds that strong domestic macros and supportive earnings growth expectations in Q3 and Q4 of FY26 and for FY27 will provide fundamental support to the market.
“Continued domestic inflows and consistent DII buying will provide resilience to the market. However, since FIIs can sell the rallies, a sharp breakout is unlikely. Also, the revival of AI trading in the US could impact sentiment in favor of ‘non-AI trading’ in markets like India,” Vijayakumar said.
The RBI’s decision to do an additional OMO worth Rs 2 lakh crores will significantly improve liquidity and lower yields, Vijayakumar said, adding that “this is positive for credit growth and banking stocks. This could be a shot in the arm for banking stocks that are fairly valued.”
FII/DII tracker
On the institutional front, foreign institutional investors (FIIs) sold shares worth nearly Rs 1,795 crore on December 23, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 3,812 crore.
Global markets
Asian markets rose on Wednesday, on track to end a strong year, driven by optimism in artificial intelligence, while gold and silver hit new records as investors closed out 2025.
Wall Street took the lead overnight, with the S&P 500 closing at a record high as the much-anticipated Santa Claus rally took place. US figures show that growth in the third quarter was much stronger than expected, increasing risk appetite even as bond prices came under pressure.
Precious metals remained the star performers in early trading in Asia. Spot gold climbed 0.8% to a record $4,524 an ounce, taking gains for the year to 72%. Silver rose 1.2% to a record high of $72.27 an ounce and is on track for a year-over-year jump of nearly 150%, its best performance ever.
Asian shares were modestly higher. The MSCI Asia-Pacific index excluding Japan rose 0.3% and is up 26% this year, the strongest since 2017. Japan’s Nikkei rose 0.4% and is also up 26% in 2025, while South Korea led the region with a 72% gain.
Futures for the EURO STOXX 50, Nasdaq and S&P 500 were little changed in thin year-end trading.
Rough impact
Oil prices rose slightly on Wednesday, extending gains from the previous session, as strong US economic data supported demand expectations and investors weighed the risk of supply disruptions from Venezuela and Russia.
Brent crude futures rose 4 cents, or 0.06%, to $62.42 a barrel by 0117 GMT. U.S. West Texas Intermediate added 3 cents, or 0.05%, to $58.41 a barrel.
Rupee vs dollar
The Indian rupee opened at 89.56 against the US dollar on Wednesday, up 0.1% from the previous close, supported by a weaker dollar and improving global risk sentiment. The currency found early support as the dollar fell to its lowest level in more than two months, while the market’s focus shifted to forward premia following the Reserve Bank of India’s announcement of a $10 billion dollar-to-rupee swap.
The dollar index fell to 97.75 in Asian trading, marking a two-month low, even as US data showed the economy grew faster than expected in the third quarter.
(with input from agencies)
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