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Below the Quote on Evening Markets 04th December 2025 by Mr. Vikram Kasat, Head - Advisory, PL Capital

Markets staged a volatile session on Thursday, slipping from early gains as macro pressures and policy uncertainty kept investors on edge. The Sensex, after rising nearly 370 points intraday, settled just 158 points higher at 85,265, while the Nifty closed below 26,050 at 26,033, dragged by late profit-booking.

The mood remained fragile as the rupee hit a fresh low of 90.43 against the dollar, amplifying concerns around imported inflation and foreign fund flows. Weakness in the currency - combined with persistent FII selling worth Rs.3,206 crore on Wednesday - kept risk appetite muted. Traders also stayed cautious ahead of the RBI policy decision, with markets divided on whether the central bank will tweak its tone amid strong growth but currency stress.

Adding to the choppiness, weekly derivatives expiry fuelled short-term volatility, while firm Brent crude near USD 63 further weighed on sentiment.

Overall, domestic equities ended with a defensive undertone, signalling that markets may remain sensitive to global cues and the RBI’s commentary on Friday.

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