Bears continued to dominate Dalal Street, as the front-line indices ended Wednesday’s session in losses, marking their third consecutive day of declines.
Investors remained cautious ahead of the key US Federal Reserve policy decision later tonight. Persistent weakness in the rupee against the US dollar, along with continued selling by overseas investors, is also weighing on the markets, keeping short-term sentiment unfavorable.
After losing 0.47% on Tuesday, the Nifty 50 fell another 0.34% to 25,751, bringing the month-to-date decline to nearly 2%. The S&P BSE Sensex also dropped 0.26%, settling at 84,445 points.
The mid- and small-cap stocks, which had rebounded strongly in the previous session, saw the gains prove short-lived, as the Nifty Midcap 100 and Nifty Smallcap 100 indices fell nearly 1%.
Most sectoral indices closed lower, with Nifty Consumer Durables leading the losses, down 1.68%. Nifty IT, Nifty PSU Bank, Nifty Realty, and Nifty Auto also ended in the red, falling between 0.20% and 0.90%. On the upside, Nifty Media and Nifty Metal stood out, gaining 0.60% and 0.43%, respectively.
The US central bank is widely expected to cut rates by another 25 basis points at its final meeting of the year, bringing the Federal Funds rate to 3.5%-3.75%. However, experts said the Fed will then take a more data-dependent stance.
Amid ongoing trade talks, the US trade negotiators, led by the newly appointed Deputy US Trade Representative (USTR) Rick Switzer and the chief negotiator for the India deal, Brendan Lynch, are set to land in India today for two-day talks starting Wednesday.
Kaynes Technology share price leads Nifty 500 laggards with 10% drop
Kaynes Technology share price resumed its losing streak after just a one-day pause, with the stock plunging another 10% to ₹3,893, emerging as the top laggard among Nifty 500 stocks. Its peers, Dixon Technologies, PG Electroplast, Syrma SGS Technology and Amber Enterprises, also closed with losses ranging from 2% to 9%.
Capital market-related stocks also witnessed a sharp sell-off in today’s session, with BSE and MCX each falling around 5%, while Central Depository Services and Motilal Oswal Financial Services posted losses of about 2%.
Eris Lifesciences shares turned bearish, dropping 6.4% to ₹1,592, following a sharp 11% fall in Tuesday’s session.
Midcap tech stocks were also under pressure, with Persistent Systems, Hexaware Technologies, Coforge, and Oracle Financial Services closing lower by up to 4%.
Meanwhile, the sell-off extended to new-age tech stocks such as Paytm, Eternal, Nykaa, and Delhivery, dropping 3.6%, 2.9%, 2.3%, and 2.5%, respectively.
Shares of IndiGo also continued to slide, falling 3.26% to ₹4,805, the lowest level since March 2025.
