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Market Update

Nifty : 26,177.15 +4.75 (+0.02%)

Sensex : 85,524.84 -42.64 (-0.05%)

*  Equity benchmark Nifty ended on a flat note a choppy trading environment ahead of the Christmas holiday, closing above the 26,150 mark. Market activity reflected a positive undertone, with buying interest shifting toward mid- and small-cap stocks, supported by a stable USD-INR, better-than-expected growth in domestic core sector data for November, and strength in global markets.

*  Railway, metal, and cement stocks emerged as the key gainers of the day. The Nifty closed flat at 26,177 compared with the previous session’s close. The Nifty 500 advancedecline ratio stood at 2.5:1.5, highlighting continued momentum in mid- and small-cap segments.

*  Railway stocks advanced after reports that Indian Railways will roll out a new fare structure effective December 26, 2025, with RailTel and IRFC gaining between 3–6%. Cement stocks also moved higher on the back of robust demand, driven by strong performance across India’s eight core infrastructure industries. Cement production rose 14.5% yearon-year in November 2025, the fastest growth among all core sectors. UltraTech Cement added 1.2% to close at Rs.11,678.

*  The Nifty Metal index gained 0.5%, supported by expectations of stronger global demand amid improved Asia-Pacific GDP forecasts and optimism around potential US Fed rate cuts. Stocks such as NMDC, SAIL, and Hindustan Copper rose between 1–4%. Globally, Asian and European markets traded mixed during the session.

Technical Outlook:

*  Nifty index opened positive and moved in a consolidated band of almost 100 points throughout the session. It went on to touch 26233 marks but sank slightly lower towards the concluding hour and closed flattish after a lackluster session. It formed a doji sort of a candle on the daily frame and has been making higher highs – higher lows from the last three sessions. Now it has to continue to hold above 26150 zones for an up move towards 26250 then 26325 zones while supports can be seen at 26050 then 25950 zones.

*  S&P BSE Sensex index opened on a flattish note and remained confined within its first hour’s range for the entire session. The session turned out to be choppy with momentum missing on both sides as neither bulls nor bears managed to assert clear control. Despite the muted intraday action, the broader view remains unchanged with the index maintaining a positive to sideways bias and the potential to head towards fresh record highs. On the daily chart it formed a small bodied candle reflecting a clear tussle between bulls and bears. Now it has to hold above 85300 zone for an upside move towards 85800 then previous lifetime high of 86159 while supports are shifting higher at 85300 then 85000 zones.

Derivative Outlook:

*  Nifty future closed positive with gains of 0.02% at 26202 levels. Positive setup seen in GMR Airport, Shriram Finance, Hindustan Zinc, Ashok Leyland, UPL, Titan, IRFC, PB Fintech, Paytm and Glenmark while weakness in Mazdock, Kaynes, Indusind Bank, VBL, Cipla, Patanjali, Eternal, Axis Bank and SBI Card.

*  On option front, Maximum Call OI is at 26200 then 26500 strike while Maximum Put OI is at 26000 then 26200 strike. Call writing is seen at 26200 then 26500 strike while Put writing is seen at 26200 then 26000 strike. Option data suggests a broader trading range in between 25800 to 26500 zones while an immediate range between 26000 to 26300 levels.

Global Market Update

*  European Market - European stocks hovered near a record, while Novo Nordisk A/S rallied as it won approval to sell a pill version of its blockbuster obesity shot Wegovy in the US. Both UK and Germany Index marginally gain.

*  Asian Market - Asian stocks were on course to advance for a third day, helped by gains in Japan amid expectations for further interest rate hikes. Equities gained in Vietnam and Taiwan, while those in Indonesia fell.

*  US Data - GDP, Personal Consumption and IIP.

*  Commodity - Oil steadied after a four-day run of gains as the US continued its blockade of shipments of crude from Venezuela. Brent was near $62 a barrel after rising about 5% over the previous four sessions.

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