Weekly Musings – Index performance for week ended December 26, 2025

30 Dec 2025 , 06:19 PM

FPIs were equity net sellers of $62 Million this week. The VIX dipped further from 9.68 to 9.15 levels, touching a low of 9.02 during the week. While there is stability in macros, single-digit VIX should ideally be the start of a bull rally in markets.

BSE SENSEX 30 INDEX – FLAT CLOSE FOR THE WEEK

Date	Open	High	Low	Close
26-Dec-25	85,225.28	85,378.51	84,937.82	85,041.45
25-Dec-25	85,533.11	85,738.18	85,342.19	85,408.70
24-Dec-25	85,533.11	85,738.18	85,342.19	85,408.70
23-Dec-25	85,690.10	85,704.93	85,342.99	85,524.84
22-Dec-25	85,145.90	85,601.33	85,145.86	85,567.48
19-Dec-25	84,756.79	85,067.50	84,734.96	84,929.36
		Weekly Returns		+0.13%

Data Source: BSE

For the week, Sensex was up 112 points or +0.13%. Barring a strong start to the week, Sensex stayed under pressure in a truncated week. Sensex touched a weekly high of 85,738 and low of 84,938. It was more of year-end jitters for the equity markets.

NIFTY 50 INDEX – FLAT TO POSITIVE; BUT VIX AT NEW LOWS

Date	Open	High	Low	Close
26-Dec-25	26,121.25	26,144.20	26,008.60	26,042.30
25-Dec-25	26,170.65	26,236.40	26,123.00	26,142.10
24-Dec-25	26,170.65	26,236.40	26,123.00	26,142.10
23-Dec-25	26,205.20	26,233.55	26,119.05	26,177.15
22-Dec-25	26,055.85	26,180.70	26,047.80	26,172.40
19-Dec-25	25,911.50	25,993.35	25,880.45	25,966.40
		Weekly Returns		+0.29%

Data Source: NSE

The only positive was that the Nifty closed just above the psychological 26,000 levels. Nifty gained 76 points or +0.29% for the week. Nifty touched a weekly high of 26,236 and low of 26,009. VIX closed at a low of 9.15, but the low-VIX rally is still elusive.

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

Date	Open	High	Low	Close
26-Dec-25	60,426.90	60,758.15	60,256.90	60,314.45
25-Dec-25	60,876.30	61,029.55	60,406.65	60,451.35
24-Dec-25	60,876.30	61,029.55	60,406.65	60,451.35
23-Dec-25	60,895.25	60,913.65	60,569.30	60,816.10
22-Dec-25	60,490.95	60,866.20	60,368.55	60,815.25
19-Dec-25	59,718.60	60,383.15	59,632.50	60,310.15
		Weekly Returns		+0.01%

Data Source: NSE

The Nifty Mid-Cap 100 closed flat for the second week in a row; as it failed to hold on to the Monday gains. Nifty Mid-cap index touched a weekly high of 61,030 and low of 60,257. Institutional interest in mid-caps is yet to show signs of recovery.

NIFTY SMALL CAP 100 INDEX – TURNS IN A SURPRISE RALLY

Date	Open	High	Low	Close
26-Dec-25	17,739.20	17,784.40	17,668.10	17,695.10
25-Dec-25	17,679.95	17,762.70	17,647.80	17,708.60
24-Dec-25	17,679.95	17,762.70	17,647.80	17,708.60
23-Dec-25	17,633.25	17,679.60	17,575.50	17,658.80
22-Dec-25	17,466.40	17,621.40	17,425.55	17,593.05
19-Dec-25	17,205.25	17,407.70	17,191.15	17,390.35
		Weekly Returns		+1.75%

Data Source: NSE

Nifty Small Cap Index was the surprise package, gaining 1.75% for the week, led by specific stocks in metals and BFSI. Nifty Small-cap touched a weekly high of 17,784 and a low of 17,426. However, this may be more of a specific bottom-up case, than a trend.

BANK NIFTY INDEX – PRIVATE BANKS STILL TENTATIVE

Date	Open	High	Low	Close
26-Dec-25	59,092.85	59,180.65	58,947.05	59,011.35
25-Dec-25	59,322.95	59,478.15	59,118.25	59,183.60
24-Dec-25	59,322.95	59,478.15	59,118.25	59,183.60
23-Dec-25	59,334.35	59,402.35	59,216.75	59,299.55
22-Dec-25	59,224.75	59,371.20	59,155.50	59,304.00
19-Dec-25	59,047.40	59,140.55	58,897.50	59,069.20
		Weekly Returns		-0.10%

Data Source: NSE

Private banks continue to be tentative as markets are unsure of the extent of impact on NIMs due to rate cuts. Bank Nifty touched a weekly high of 59,478 and low of 58,947. However, banks are still seen as reflective of the domestic India story.

NIFTY IT INDEX – UNDER MARGINAL PRESSURE THIS WEEK

Date	Open	High	Low	Close
26-Dec-25	38,921.65	39,019.95	38,495.40	38,572.30
25-Dec-25	39,084.90	39,098.90	38,901.05	38,974.80
24-Dec-25	39,084.90	39,098.90	38,901.05	38,974.80
23-Dec-25	39,395.80	39,398.15	38,942.35	39,173.70
22-Dec-25	39,023.25	39,530.25	39,006.40	39,488.00
19-Dec-25	38,991.30	39,054.35	38,590.25	38,691.60
		Weekly Returns		-0.31%

Data Source: NSE

After several weeks of gains, the IT index tapered on year-end uncertainty. IT index tapered by -0.31% this week; as the future outlook of US tariffs and the new visa regime continue to be very hazy. Weekly high was 39,530 and low was 38,495 levels.

NIFTY OIL & GAS INDEX – COMPLETES A LACKLUSTRE WEEK

Date	Open	High	Low	Close
26-Dec-25	11,953.60	11,988.75	11,921.95	11,958.15
25-Dec-25	12,065.90	12,081.35	11,941.35	11,959.40
24-Dec-25	12,065.90	12,081.35	11,941.35	11,959.40
23-Dec-25	12,070.00	12,108.90	12,033.20	12,050.70
22-Dec-25	12,004.45	12,056.60	11,965.05	12,049.00
19-Dec-25	11,877.30	11,971.30	11,868.70	11,959.25
		Weekly Returns		-0.01%

Data Source: NSE

For the week, the oil & gas index closed absolutely flat. Reliance just got a valuation upgrade from brokerages; and OMCs continue to gain from low crude prices, despite supply uncertainty. The index touched a weekly high of 12,109, and low of 11,941.

NIFTY AUTO INDEX – CLOSES WITH MARGINAL GAINS

Date	Open	High	Low	Close
26-Dec-25	27,881.00	27,959.25	27,683.30	27,739.85
25-Dec-25	27,915.00	27,992.05	27,814.40	27,885.65
24-Dec-25	27,915.00	27,992.05	27,814.40	27,885.65
23-Dec-25	27,962.60	27,962.60	27,778.25	27,892.05
22-Dec-25	27,722.90	27,896.40	27,661.90	27,885.30
19-Dec-25	27,280.40	27,691.80	27,280.40	27,657.25
		Weekly Returns		+0.30%

Data Source: NSE

The auto index continued to attract buying interest during the week. With the GST and festive demand triggers done, it is back to regular business. Nifty Auto Index touched a weekly high of 27,992 and low of 27,662 levels. It is now back to monthly sales!

NIFTY FMCG INDEX – CONTINUES TO FLATTER THE STREET

Date	Open	High	Low	Close
26-Dec-25	55,083.85	55,233.35	54,957.25	55,132.05
25-Dec-25	55,363.15	55,383.40	55,019.95	55,113.75
24-Dec-25	55,363.15	55,383.40	55,019.95	55,113.75
23-Dec-25	55,103.60	55,431.00	54,912.50	55,348.65
22-Dec-25	54,885.05	55,133.80	54,821.00	55,062.65
19-Dec-25	54,507.00	54,854.85	54,507.00	54,781.35
		Weekly Returns		+0.64%

Data Source: NSE

Nifty FMCG index made the best of low inflation and liquidity infusion. Investors are confident that GST-ITC impact will get neutralized by higher sales. Nifty FMCG Index touched a weekly high of 55,431 and low of 54,821 levels this week.