Sensex, Nifty Slip From Highs; Rupee Hits Fresh Record Low

An end-of-day recap of all that transpired in the Indian markets, highlighting the major price movements and the factors driving them

By Dehuti Jani

December 2, 2025 at 11:36 AM IST

Indian equities retreated on Tuesday as the Sensex fell 503.63 points to 85,138.27 and the Nifty50 slipped 143.55 points to 26,032.20, reversing from record highs hit in the previous session amid profit-booking and persistent foreign investor selling. The weakness broadened across the market, with the Nifty MidCap down 0.22% and the Nifty SmallCap lower by 0.55%, while most sectoral indices traded in the red, led by sharp declines in media, metals and chemicals. PSU banks were the lone bright spot, with Union Bank, Canara Bank and PNB rallying even as broader sentiment softened.

The rupee extended Monday’s losses and hit a fresh record low of 90.00 per US dollar, underscoring mounting currency pressure as all broader indices ended weaker.

Top Movers of the Day
Bank of Baroda hit an all-time high of ₹302.90, gaining 2% in an otherwise subdued market. With a global loan book of ₹12.3 trillion, the PSB remains one of the strongest performers in the sector, though its H1FY26 growth was softer than expected due to muted corporate loan demand and borrowers shifting to bond markets.

Wipro edged higher after announcing the completion of its $375 million acquisition of HARMAN’s Digital Transformation Solutions (DTS) business. DTS will now integrate into Wipro’s engineering global business line, enhancing its AI and R&D-driven offerings.

Asian Paints gained 2% to ₹2,920.50, bucking the weak market as management reiterated expectations of double-digit volume growth in H2FY26, supported by stronger festive demand, real estate activity and industrial paint momentum.

Sun Pharma Advanced Research Company hit a 20% upper circuit at ₹161.10 after the US District Court ruled in its favour regarding the Priority Review Voucher tied to the approval of Sezaby, declaring the FDA’s earlier withholding “contrary to law.”

Bajaj Housing Finance plunged 9.1% to ₹94.90, hovering near its lower circuit, amid heavy block trades totalling nearly 336 million shares on the NSE and 39.9 million on the BSE. The selloff followed promoter Bajaj Finance’s proposal to offload 2% equity via open-market transactions.

Hitachi Energy India rose 3% to a new lifetime high of ₹22,758.10, pushing its market capitalisation past the ₹1 trillion mark, supported by a robust business outlook and sustained investor confidence.

Apollo Micro Systems gained 2.9% to ₹276.35 after receiving a defence manufacturing licence covering unmanned helicopters, inertial navigation systems and radar equipment—significantly expanding its defence and aerospace capabilities.

Ashok Leyland hit a new high of ₹164.50, rising 3% as the commercial vehicle major posted strong November sales, extending a 4% rally over the past two sessions.

Futures & Options
Nifty December 2025 futures closed at 26,228.90, trading at a 196.70-point premium to the Nifty’s cash close of 26,032.20, which fell 0.55% on the day. Volatility eased further, with India VIX slipping 3.41% to 11.23, indicating a softer near-term risk environment. HDFC Bank, Reliance Industries and SBI were the most actively traded stock futures as the market continued through the December 2025 series ahead of its 30 December 2025 expiry.

Bonds
Indian government bond yields eased on likely bond purchased by the RBI in secondary market. Traders turned cautious amid a tumbling rupee and a larger-than-expected state borrowing calendar ahead of the RBI’s policy decision. The 10-year benchmark yield fell to 6.5155%, retreating from Monday’s 6.5732%, its highest level since September 30.

State governments collectively raised ₹297.25 billion in the latest State Development Loan auction today, with Andhra Pradesh, Madhya Pradesh, Maharashtra, Tamil Nadu and Telangana fully accepting planned borrowings across new issuances and re-issues.

Forex
The rupee slumped to a fresh record low on Tuesday, touching 89.9475 per US dollar before closing at 89.87, down 0.4% and marking its fifth straight daily decline, as the absence of an India–US trade deal continued to weigh on trade and portfolio flows. After market close, the currency briefly weakened further to 90.00 on the inter-bank order matching system before recovering slightly.

Crypto
Bitcoin staged a mild recovery on Tuesday, rebounding from intraday lows below $84,000 to reclaim the $87,000 level, though it remains more than 33% below its October peak of $126,198. Ethereum hovered around $2,807, slipping slightly over the past 24 hours. Among major altcoins, XRP and Dogecoin were marginally lower, whereas BNB, Solana, Tron, Cardano and Hyperliquid gained over 2%, signalling selective resilience.

US Stock Futures
US stock futures edged higher on Tuesday as investors navigated a fragile start to December, with S&P 500 futures up 0.1%, Nasdaq 100 futures gaining 0.2%, and Dow futures holding just above the flatline. The cautious uptick followed a weak Wall Street session that broke a five-day winning streak across major indices, as concerns over sticky inflation, stretched valuations and uncertain returns from Big Tech’s heavy AI investments reignited risk-off sentiment.

US Treasury Notes
US Treasury yields were steady near a two-week high on Tuesday, with the 10-year holding around 4.093%, as weakness in Japanese and European government bonds pushed global yields higher and reduced demand for safe-haven assets. The uptick came amid expectations that the Bank of Japan may move toward a rate hike, coupled with heavy US corporate bond issuance that added upward pressure on yields.

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