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Below the Quote on Weekly Market Round-Up 19th December 2025 by by Shrikant Chouhan, Head Equity Research, Kotak Securities

Domestic equity markets remained largely range-bound on a weekly basis, with no major indices or sectors showing significant outperformance or underperformance. The Nifty 50 and Sensex 30 declined marginally, while the BSE Midcap and Smallcap indices delivered near-flat performance. On the sectoral front, BSE IT and FMCG recorded modest gains, while most other sectors ended the week in the red. The Indian rupee touched a new high against the US dollar before retracing back to some extent. On the domestic macro front, November 2025 CPI inflation remained benign and the goods trade deficit moderated, offering some support to the economic outlook.

Globally, equity markets were mostly weak during the week, driven by concerns around AI data center investments, softer-than-expected US inflation data, and rising Japanese government bond yields. Globally, central banks delivered mixed signals. The ECB and Sweden’s Riksbank kept policy rates unchanged as inflation moderated, while the Bank of England cut rates by 25 bps. In contrast, the Bank of Japan raised benchmark rates by 25 bps to 0.75%—its highest level since 1995—with the 10-year JGB yield crossing 2% for the first time since 1999. In the near term, Indian equity markets are expected to remain sensitive to global macro developments in the absence of major domestic triggers.

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