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Indices decline for 4th day; Nifty settles below 26,000 level

(03-Dec-25   15:54)

The key equity benchmarks closed slightly lower, continuing their fourth session of decline as the rupee depreciated against the US dollar. Market participants remained focused on ongoing IPO activity and the RBI's monetary policy decision scheduled this week. The Nifty settled below the 26,000 level.

PSU bank, consumer durables and auto shares tumbled while IT, private bank and media shares advanced.

As per provisional closing data, the barometer index, the S&P BSE Sensex declined 31.46 points or 0.04% to 85,106.81. The Nifty 50 index fell 46.20 points or 0.18% to 25,986 In the past four trading sessions, the Nifty and Sensex declined 0.88% and 0.72%, respectively..

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index declined 0.95% and the S&P BSE Small-Cap index fell 0.43%.

The market breadth was weak. On the BSE, 1,486 shares rose and 2,673 shares fell. A total of 162 shares were unchanged.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 90.1975 compared with its close of 89.9650 during the previous trading session. The currency slipped to a fresh record low after breaching the 90-mark.

Economy:

The seasonally adjusted HSBC India Services PMI Business Activity Index rose from 58.9 in October to 59.8 in November, indicating a historically strong expansion in output and a faster pace of growth than the previous month.

Meanwhile, the HSBC India Composite PMI Output Index stood at 59.7 in November, pointing to robust growth. However, the decline from October's 60.4 reading signalled the slowest expansion since May

Buzzing Index:

The Nifty PSU Bank index declined 3.07% to 8,253.20, extending its losses to 3.31% over the past two trading sessions. The weakness triggered after the government ruled out any proposal to raise the foreign direct investment limit in public sector banks.

The Finance Ministry said no such proposal is under consideration. It reiterated that the existing framework under the Banking Companies Acquisition and Transfer of Undertakings Act of 1970 and 1980 and the Foreign Exchange Management Non-Debt Instruments Rules of 2019 sets the FDI limit at 20% for public sector banks and 74% for private lenders. Of this, FDI up to 49% in private banks is permitted through the automatic route, while investments between 49% and 74% require government approval.

Indian Bank (down 5.43%), Punjab National Bank (down 4.48%), Canara Bank (down 3.91%), Bank of India (down 3.68%), Punjab & Sind Bank (down 3.58%), Bank of Baroda (down 3.33%), Union Bank of India (down 2.82%), Central Bank of India (down 2.28%), UCO Bank (down 2.12%) and State Bank of India (down 1.71%) declined.

IPO Update:

Meesho received bids for 42,91,30,575 shares as against 27,79,38,446 shares on offer, according to stock exchange data at 15:27 IST on Wednesday (3 December 2025). The issue was subscribed 1.54 times. The issue opened for bidding on 3 December 2025 and it will close on 5 December 2025. The price band of the IPO is fixed between Rs 105 and 111 per share.

Aequs received bids for 11,50,77,240 shares as against 4,20,26,913 shares on offer, according to stock exchange data at 15:27 IST on Wednesday (3 December 2025). The issue was subscribed 2.74 times. The issue opened for bidding on 3 December 2025 and it will close on 5 December 2025. The price band of the IPO is fixed between Rs 118 and 124 per share.

Vidya Wires received bids for 10,43,87,328 shares as against 4,33,34,009 shares on offer, according to stock exchange data at 15:27 IST on Wednesday (3 December 2025). The issue was subscribed 2.41 times. The issue opened for bidding on 3 December 2025 and it will close on 5 December 2025. The price band of the IPO is fixed between Rs 48 and 52 per share.

Stocks in Spotlight:

Blue Cloud Softech Solutions (BCSSL) added 2.71% after the company said that it has received a major data annotation and AI training services order from USA-based Stratos Forge Inc. Based on this performance, Stratos Forge Inc has now awarded BCSSL the full scale project rollout with a commercial value of Rs 110.08 crore.

Angel One slipped 5.42% after the company reported that its gross client acquisition declined 16.6% year-on-year (YoY) to 0.50 million in November 2025 from 0.60 million in November 2024.

Indian Railway Finance Corporation (IRFC) declined 1.37%. The company announced that it has signed a loan agreement with Sumitomo Mitsui Banking Corporation (SMBC) to raise an External Commercial Borrowing (ECB) loan valued at the Japanese Yen (JPY) equivalent of $300 million.

Mahindra Lifespace Developers shed 0.51%. The company said that it has been selected as the preferred development partner for a major residential redevelopment project in Matunga, Mumbai. The project spans approximately 1.53 acres, with a gross development value of around Rs 1,010 crore.

Quality Power Electrical Equipment added 1.58% after the company announced that it has secured an order worth Rs 13.90 crore for the supply of coil products.

Gujarat Pipavav Port advanced 1.40% after the firm signed a non-binding memorandum of understanding (MoU) with NYK India to upgrade RoRo infrastructure at Pipavav Port.

MOIL rose 0.39%. The company said that it has recorded 1.65 lakh metric tonnes (LMT) of manganese ore production in November 2025, showing a 1% year-on-year (YoY) increase.

Global Market:

The Dow Jones index futures were up 102 points, indicating a positive opening in the US stocks today.

Most European markets advanced on Wednesday as investors awaited the Federal Reserve's decision, which is scheduled on 10 December 2025.

Asia-Pacific markets ended mixed on Wednesday, after Wall Street saw a tech-fueled recovery and a cryptocurrency rally.

South Korea's revised third-quarter GDP numbers indicated that country's economy grew at 1.8% year on year, compared to 1.7% in the initial estimate, data from the central bank showed Wednesday.

Australia's GDP expanded 2.1% year on year, marking its strongest expansion since the third quarter of 2023, but fell short of the widely reported 2.2% expected growth rate.

Overnight in the U.S., the Dow Jones Industrial Average gained 0.39%, while the S&P 500 climbed 0.25% and the Nasdaq Composite advanced 0.59%.

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