Good morning!
India Market Recap
The Nifty 50 declined 120.90 points or 0.47% to settle at 25,839.65. Intraday, it dropped 0.90% to a low of 25,728. The Sensex declined 0.51% to close at 84,666.28.
Sectorally, IT, auto, and metal declined, while Nifty PSU Bank gained 1.2% at close, and Nifty Realty recorded gains of 0.9%.
FPIs net sold stocks worth Rs 3,760 crore, according to provisional data from the National Stock Exchange. On the other hand, domestic institutions mopped up shares worth Rs 6,225 crore, extending their buying streak to the 33rd session.
US Market Wrap
Globally, traders are bracing for a third consecutive Fed rate cut on Wednesday, with focus on the central bank’s dot plot, updated economic projections, and remarks from Chair Jerome Powell. Market volatility around Fed decisions has dominated equity trading over the past six weeks, overshadowing concerns about a potential AI bubble and the impact of President Donald Trump’s trade policies.
Asian Market Wrap
Asian equities edged higher on Wednesday after a muted Wall Street session, as investors awaited signals on the Federal Reserve’s policy stance ahead of its final interest-rate decision of the year.
Benchmark indexes in Japan and South Korea posted gains, while attention in Asia turned to the yen following comments from Bank of Japan Governor Kazuo Ueda, who said the central bank is nearing its inflation target — reinforcing expectations of a possible rate hike at next week’s policy meeting.
Commodity Check
In commodities, silver extended its rally after breaching $60 an ounce for the first time on Tuesday, driven by bets on further Fed easing and persistent supply tightness. The metal climbed to a record $60.9213 an ounce on Wednesday, building on a 4.3% surge in the previous session.
Gold also edged higher as traders awaited the Fed’s near-certain rate cut and guidance on monetary policy for 2026.
Meanwhile, oil prices held near their biggest two-day drop in a month, pressured by concerns over global oversupply. Brent crude hovered around $62 a barrel after losing 3% over the past two sessions, while West Texas Intermediate traded above $58.
Stocks In News
Swiggy: The company opened its Qualified Institutions Placement (QIP) and approves a floor price of Rs 390.51 per share also to raise up to Rs 10,000 crore.
NTPC Green: The company’s arm declares commercial operations of 6.6 MW out of the 100 MW hybrid project in Bhuj, Gujarat; total installed capacity of NTPC Green Energy Group rises to 7,645.675 MW.
Grasim Industries: The company approved proposal for infusion of funds in its arm Aditya Birla Renewables via preferential issue of up to Rs 500 crore and Global Infrastructure Partners (part of BlackRock) to invest up to Rs 3,000 crore in Aditya Birla Renewables (subsidiary of Grasim)
AU Small Finance Bank: The received approval from Finance Ministry to increase FDI limit to 74% from 49%.
InterGlobe Aviation: The company announced operations have normalised; operating over 1,800 flights today connecting all 138 stations, and will operate over 1,900 flights Wednesday. The government ordered a 10% curtailment of flights.
GPT Infraprojects: The company secures an order worth Rs 199 crore from North Eastern Railway in Gorakhpur to construct bridge substructure.
Godrej Industries and Godrej Agro: The group to invest Rs 10,000 crore in Telangana; Godrej Jersey signs MoU with Telangana government to invest Rs 150 crore for setting up a dairy processing unit.
Authum Investment: The company raised Rs 300 crore through non-cumulative, non-convertible, redeemable preference shares.
ICICI Bank: The company informed shareholders about reservation of up to 24 lakh equity shares of ICICI Prudential Asset Management Company for subscription by eligible ICICI Bank shareholders as per the Red Herring Prospectus filed on Dec 5, 2025.
Tata Power: The company commissioned the 400 kV Koteshwar–Rishikesh transmission line.
Easy Trip Planners: The company will be the official travel partner for World Tennis League 2025.
Highway Infra: The company received a letter of acceptance worth Rs 329 crore for operation and collection of user fee at Kaza Fee Plaza.
Sri Adhikari Brothers: The company executed a Rs 4,000 crore MoU with the Telangana government to develop an AI and hyperscale green data centre campus.
Sammaan Capital: The CCI approved the acquisition Abu Dhabi's International Holding Company.
HG Infra: The Ghaziabad GST authority dismisses a tax demand of Rs 220 Cr and closes the show cause notice.
Vodafone Idea: The company’s board approves issuance of corporate guarantee in favour of IDBI Trusteeship Services to secure all amounts payable by its arm for fundraise; alert: guarantee relates to Rs 3,300 Cr fundraise via NCDs.
JSW Energy: The company’s board to meet on Dec. 12 to consider raising funds via equity.
IRB Infra: The company reported November gross toll collection up 16% at Rs 716 crore.
Acme Solar: The company’s arm receives a certificate of commissioning from the Gujarat authority for a 16 MW wind power project.
NACL: The company raised up to Rs 2,493 crore on a rights basis.
IPO Listing
Vidya Wires: The company's shares will debut on the stock exchange on Wednesday at an issue price of Rs 52 apiece. The Rs 300 crore IPO The bids were led by Qualified institutional investors (5.12 times), non-institutional investors (51.98 times), retail investors (27.86 times).
Meesho: The company's shares will debut on the stock exchange on Wednesday at an issue price of Rs 111 apiece. The Rs 5421 crore IPO was subscribed to 79.03 times on day 3. The bids were led by Qualified institutional investors (120.18 times), non-institutional investors (38.16 times), retail investors (19.08 times).
Aequs: The company's shares will debut on the stock exchange on Wednesday at an issue price of Rs 124 apiece. The Rs 921 crore IPO was subscribed to 101.63 times on day 3. The bids were led by Qualified institutional investors (120.92 times), non-institutional investors (80.62 times), retail investors (78.05 times), Employees (35.85 times).Corona Remedies
IPO Offerings
Park Medi World: Park Medi World is a hospital chain operating primarily in North India, with a total bed capacity of 3,000 beds as of March 31, 2025. The company will offer shares for bidding on Wednesday. The price band is set from Rs 154 to Rs 162 per share. The Rs 920 crore IPO has a fresh issue component of Rs 770 crore and the remaining Rs 150 crore is an offer for sale.
Nephrocare Health Services: The company provides end-to-end dialysis care through a wide network of clinics across India and select international markets. The company will offer shares for bidding on Wednesday . The price band is set from Rs 438 to Rs 460 per share. The Rs 871 crore IPO has a fresh issue component of Rs 353 crore, and the remaining Rs 517 crore is an offer for sale.
Wakefit Innovation: The Rs 1,289-crore IPO was subscribed 39% on its second day. The bids were led by retail investors (1.8 times), and non-institutional investors (25%).
Corona Remedies: The Rs 655.37-crore IPO was subscribed 9.33 times on its second day. The bids were retail investors (6.37 times), non-institutional investors (26.80 times) and qualified institutional buyers (1.67 times).
Bulk, Block Deals
Anand Rathi Wealth: Amit Rathi sold 20 lakh shares (2.41%) at Rs 2,800.03 per share; SBI Mutual Fund bought 6.02 lakh shares (0.72%) at Rs 2,800 per share; Fahim Sultan Ali purchased 3.54 lakh shares (0.42%) at Rs 2,800 per share.
Ratnaveer Precision: Leading Light Fund VCC sold 17.24 lakh shares (3.25%) at Rs 155.62 per share; Neomile Growth Fund–Series I bought 17 lakh shares (3.20%) at Rs 155.47 per share.
JSW Energy: GQG Partners Emerging Markets Equity Fund sold 1.52 crore shares (0.87%) at Rs 444 per share.
Trading Tweaks
List of securities shortlisted in Short - Term ASM Framework: Kaynes Technology, Kesoram Industries.
Share to exit anchor lock-in : Billionbrains Garage Ventures (2%) and Kronox lab Sciences (21%).
F&O Cues
Nifty Dec futures is down 0.41% to Rs 25958 at a premium of 119 points
Nifty Dec futures open interest up by 3%
Nifty Options Dec Expiry: Maximum Call open interest at 25850 and Maximum Put open interest at 25800.
Securities in the ban period: Bandhan Bank, Sammaan Capital.
Currency/ Bond Market Update
The rupee closed 23 paise stronger at 89.88 against the US Dollar. The appreciation was driven by the unwinding of dollar long positions. Further supporting the rupee was a favourable backdrop of lower global crude oil prices and stronger regional currencies.
The yield on the benchmark 10-government bond ended five basis points higher at 6.62%.
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