Weekly Musings – Index performance for week ended December 19, 2025

24 Dec 2025 , 01:11 PM

FPIs were equity net buyers of $419 Million this week. The VIX dipped further from 10.11 to 9.68 levels, even touching a low of 8.86 during the week. The fall in VIX can be attributed to the mellowing of FPI selling and late gains in the Indian rupee.

BSE SENSEX 30 INDEX – CLOSES LOWER DESPITE FRIDAY BOUNCE

Date	Open	High	Low	Close
19-Dec-25	84,756.79	85,067.50	84,734.96	84,929.36
18-Dec-25	84,518.33	84,780.19	84,238.43	84,481.81
17-Dec-25	84,856.26	84,889.45	84,415.98	84,559.65
16-Dec-25	85,025.61	85,059.96	84,620.61	84,679.86
15-Dec-25	84,891.75	85,278.63	84,840.32	85,213.36
12-Dec-25	85,051.03	85,320.82	84,956.74	85,267.66
		Weekly Returns		-0.40%

Data Source: BSE

For the week, Sensex fell by -338 points or -0.40%. Sensex staged late recovery on Friday, in sync with the sharp recovery in the Indian rupee. Sensex touched a weekly high of 85,279 and low of 84,238. The Friday recovery only help cover part of the losses.

NIFTY 50 INDEX – DOWN DESPITE NEW LOWS IN VIX

Date	Open	High	Low	Close
19-Dec-25	25,911.50	25,993.35	25,880.45	25,966.40
18-Dec-25	25,764.70	25,902.35	25,726.30	25,815.55
17-Dec-25	25,902.40	25,929.15	25,770.35	25,818.55
16-Dec-25	25,951.50	25,980.75	25,834.35	25,860.10
15-Dec-25	25,930.05	26,047.15	25,904.75	26,027.30
12-Dec-25	25,971.20	26,057.60	25,938.45	26,046.95
		Weekly Returns		-0.31%

Data Source: NSE

It was a flash in the pan, as the Nifty again closed below the psychological 26,000 levels. Nifty fell -81 points or -0.31% for the week. Nifty touched a weekly high of 26,047 and low of 25,726. VIX touched a record low of 8.86, but did not help the Nifty.

NIFTY MID-CAP 100 INDEX – FLAT CLOSE FOR THE WEEK

Date	Open	High	Low	Close
19-Dec-25	59,718.60	60,383.15	59,632.50	60,310.15
18-Dec-25	59,423.25	59,703.65	58,962.45	59,592.15
17-Dec-25	59,698.75	59,889.90	59,242.30	59,388.85
16-Dec-25	60,155.20	60,157.20	59,565.90	59,710.80
15-Dec-25	60,209.85	60,250.25	59,812.65	60,212.80
12-Dec-25	59,769.90	60,331.80	59,718.95	60,283.30
		Weekly Returns		0.04%

Data Source: NSE

The Nifty Mid-Cap 100 closed flat just above 60,000 levels; with a sharp recovery in last 2 days. Nifty Mid-cap index touched a weekly high of 60,383 and low of 58,962. The late recovery does hint at mid-caps gaining from signs of overall stability.

NIFTY SMALL CAP 100 INDEX – RISKS STILL DOMINATE

Date	Open	High	Low	Close
19-Dec-25	17,205.25	17,407.70	17,191.15	17,390.35
18-Dec-25	17,154.15	17,190.45	16,998.60	17,160.20
17-Dec-25	17,293.25	17,326.80	17,103.95	17,138.55
16-Dec-25	17,399.60	17,400.60	17,240.55	17,265.15
15-Dec-25	17,389.15	17,442.15	17,328.05	17,425.85
12-Dec-25	17,298.05	17,401.35	17,277.55	17,389.95
		Weekly Returns		0.00%

Data Source: NSE

Nifty Small Cap Index also closed flat, but the positive news was the recovery in the last two days. Nifty Small-cap touched a weekly high of 17,442 and a low of 16,999. It looks like mid-caps will precede the small caps in terms of alpha hunting priorities.

BANK NIFTY INDEX – PRIVATE BANKS APPLY THE PRESSURE

Date	Open	High	Low	Close
19-Dec-25	59,047.40	59,140.55	58,897.50	59,069.20
18-Dec-25	58,712.70	59,211.00	58,712.70	58,912.85
17-Dec-25	59,072.80	59,127.20	58,801.40	58,926.75
16-Dec-25	59,288.75	59,335.25	58,966.35	59,034.60
15-Dec-25	59,053.70	59,533.00	59,044.65	59,461.80
12-Dec-25	59,401.50	59,545.70	59,224.85	59,389.95
		Weekly Returns		-0.54%

Data Source: NSE

In a week when PSU banks were the top gainers and Private Banks were the top losers; the Bank Nifty was set to face pressure. Bank Nifty touched a weekly high of 59,533 and low of 58,713. Private banks are seen as more vulnerable to NIM pressure and valuation froth.

NIFTY IT INDEX – HAPPY DAYS ARE HERE AGAIN

Date	Open	High	Low	Close
19-Dec-25	38,991.30	39,054.35	38,590.25	38,691.60
18-Dec-25	38,273.60	38,667.35	38,248.75	38,633.35
17-Dec-25	37,996.95	38,367.85	37,969.45	38,172.05
16-Dec-25	38,262.30	38,293.40	37,946.75	38,062.50
15-Dec-25	38,125.95	38,410.70	38,042.95	38,386.25
12-Dec-25	38,203.85	38,300.30	37,901.75	38,274.75
		Weekly Returns		+1.09%

Data Source: NSE

Amidst the uncertainty in global trade and IT spending, Indian IT stocks continued to show solid performance. IT index gained 1.09% this week; on hopes that size and robust margins will allow Indian IT to sustain growth. Weekly high was 39,054 and low was 37,947 levels.

NIFTY OIL & GAS INDEX – HOLDING UP WITH OMC SUPPORT

Date	Open	High	Low	Close
19-Dec-25	11,877.30	11,971.30	11,868.70	11,959.25
18-Dec-25	11,852.20	11,906.55	11,792.65	11,845.95
17-Dec-25	11,900.35	11,940.20	11,855.95	11,884.65
16-Dec-25	11,911.85	11,932.50	11,817.85	11,856.80
15-Dec-25	11,920.90	11,956.45	11,808.60	11,948.65
12-Dec-25	11,833.15	11,937.25	11,819.15	11,927.00
		Weekly Returns		+0.27%

Data Source: NSE

For the week in a row, the oil & gas index managed to hold in the positive. With Reliance getting a rating upgrade; and OMCs benefitting from low crude prices, oil had a relatively better week. The index touched a weekly high of 11,971, and low of 11,792.

NIFTY AUTO INDEX – CORRECTS FOR SECOND CONSECUTIVE WEEK

Date	Open	High	Low	Close
19-Dec-25	27,280.40	27,691.80	27,280.40	27,657.25
18-Dec-25	27,459.20	27,475.75	27,013.75	27,321.90
17-Dec-25	27,620.00	27,689.40	27,438.30	27,489.25
16-Dec-25	27,500.30	27,605.30	27,447.80	27,542.20
15-Dec-25	27,706.05	27,771.80	27,477.85	27,568.10
12-Dec-25	27,687.85	27,852.45	27,683.95	27,820.85
		Weekly Returns		-0.59%

Data Source: NSE

Last week, the auto index slowed after a rapid rally; and this week the trend continued. The short-term triggers are done and dusted. Nifty Auto Index touched a weekly high of 27,772 and low of 27,014 levels. It remains to be seen; how monthly sales numbers pan out.

NIFTY FMCG INDEX – CONSUMER STOCKS SEE REVIVAL OF INTEREST

Date	Open	High	Low	Close
19-Dec-25	54,507.00	54,854.85	54,507.00	54,781.35
18-Dec-25	54,623.00	54,683.80	54,323.90	54,546.45
17-Dec-25	54,772.20	54,938.90	54,515.75	54,603.40
16-Dec-25	54,799.45	55,324.90	54,699.95	54,863.45
15-Dec-25	54,473.45	54,930.80	54,264.75	54,868.40
12-Dec-25	54,671.05	54,744.70	54,236.05	54,490.80
		Weekly Returns		+0.53%

Data Source: NSE

Nifty FMCG index joined other consumer stocks in the rally, amid falling inflation. Investors are now more confident that the GST impact should get neutralized by higher sales. Nifty FMCG Index touched a weekly high of 55,325 and low of 54,265 levels this week.