Indian equities are trying to stabilise on Wednesday, 10 December 2025, after a two‑day slide wiped out around ₹6 lakh crore in investor wealth and knocked the Sensex more than 1,000 points off its recent record high. With US Federal Reserve jitters, Donald Trump’s fresh tariff threat on Indian rice and persistent FII selling in the backdrop, traders are now watching a packed stock‑specific calendar led by Meesho’s listing, Swiggy’s QIP and a clutch of infrastructure and specialty‑chemicals deals. [1]
A quick snapshot: market today, 10 December 2025
- Early trade in green: Around 9:21 am IST, the BSE Sensex was up about 135 points (0.16%) at 84,801.85, while the NSE Nifty 50 added roughly 23 points (0.09%) to trade near 25,862.40, opening slightly higher after Tuesday’s selloff. [2]
- Context: On Tuesday, the Sensex had closed at 84,666.28, down 436.41 points, and the Nifty at 25,839.65, down 120.90 points, marking the second straight day of declines ahead of the Fed decision. [3]
- Key theme: Global central‑bank moves, US–India trade tensions and heavy foreign outflows are driving volatility, while stock‑specific news is creating sharp moves in infra, energy, specialty chemicals and new‑age tech names. [4]
Two days of pain: over ₹6 lakh crore wealth erased
From Monday to Tuesday (8–9 December), Indian markets saw a sharp reset:
- Index damage:
- Wealth destruction:
- The BSE market capitalisation fell from about ₹470.96 lakh crore to ₹464.91 lakh crore over the two sessions – a hit of close to ₹6 lakh crore to investors’ paper wealth. [7]
- Breadth & stress under the hood:
- Sector & stock pressure:
Put simply, the selloff has been broad enough to scare retail investors, but still looks more like a macro‑driven shake‑out than the start of a deep bear market.
Why the market fell: Fed jitters, Trump’s rice tariff threat and FII selling
Multiple global and domestic triggers converged to hit sentiment over the last two sessions:
1. US Federal Reserve decision in focus
- The US Fed’s policy committee is meeting over 9–10 December, with markets widely expecting a 25 bps rate cut but uncertain about the pace of easing in 2026. [12]
- Analysts point out that the cut itself is largely priced in; what matters now is the Fed’s guidance on future rate paths and its updated projections on growth and inflation. [13]
For Indian equities, any hint that the Fed might turn less dovish in 2026 could prolong FII selling and keep risk assets under pressure.
2. Trump’s fresh tariff threat on Indian rice
- US President Donald Trump has signalled potential additional tariffs on rice imports, specifically criticising India for “dumping” rice in the US market. [14]
- Moneycontrol notes that fears of new tariffs on Indian rice exports to the US hit rice‑linked stocks, with names like KRBL, LT Foods, GRM Overseas and Mishtann Foods slipping after the comments. [15]
The US is a key destination for Indian basmati rice; traders fear that any escalation could spill over into broader US–India trade negotiations, adding a new overhang for export‑oriented sectors.
3. Persistent FII outflows and rupee weakness
- Foreign portfolio investors (FPIs) have sold over ₹11,900 crore in Indian equities so far in December and around ₹1.56 lakh crore year‑to‑date, according to NSDL data cited by The Week. [16]
- On Tuesday, FPIs dumped another ₹655 crore worth of shares, while domestic institutions absorbed part of the selling by buying more than ₹2,500 crore, Amar Ujala reported. [17]
- The rupee briefly traded around 90 to the US dollar before recovering to roughly 89.88, underlining currency pressures even as falling Brent crude prices provided some relief. [18]
Sustained FII outflows plus a weak rupee are a classic cocktail for short‑term volatility, especially in import‑heavy sectors and globally exposed IT names.
4. Weak global cues and BoJ uncertainty
- Asian markets like Hang Seng, KOSPI and Shanghai Composite have been under pressure, while expectations of the Bank of Japan tightening policy in an upcoming meeting have added another layer of uncertainty to global risk sentiment. [19]
5. Valuations and profit‑booking
- After hitting all‑time highs this month, the Sensex is still up nearly 8% year‑to‑date, but mid‑caps and small‑caps remain negative, reflecting narrow leadership and stretched valuations at the large‑cap end. [20]
- Analysts see the recent fall as profit‑booking ahead of the Fed and year‑end, not yet a structural trend reversal.
Wednesday’s opening trade: cautious bounce, not a clean reversal
Despite the gloom of the last two days, early trade on 10 December suggests some stabilisation:
- The Sensex opened in the green and was up around 135 points at 84,801.85 by 9:21 am, while the Nifty 50 gained about 23 points to 25,862.40. [21]
- The rebound is modest compared to the 610‑point fall on Monday and 436‑point drop on Tuesday, underlining that this is, at best, a technical pullback ahead of the Fed outcome. [22]
Intraday, traders should be prepared for sharp swings as algorithmic flows, global headlines and Fed‑related commentary hit the tape.
Stocks to watch today: Meesho, Swiggy, infra, power, chemicals and more
Both Moneycontrol’s English and Hindi editions have flagged a long list of stocks likely to see outsized moves on 10 December, thanks to fresh deals, QIPs, order wins, M&A and regulatory developments. [23]
1. New‑age tech & consumption: Meesho, Swiggy, Pine Labs
- Meesho, Aequs, Vidya Wires, Shri Kanha Stainless
- These companies are listing today – Meesho, Aequs and Vidya Wires on the main board (BSE & NSE) and Shri Kanha Stainless on the NSE SME platform.
- With sentiment already fragile, debut trades in these counters could be highly volatile as investors test valuations for new‑age and manufacturing stories. [24]
- Swiggy (QIP)
- The food‑delivery major opened a qualified institutions placement (QIP) on 9 December with a floor price of ₹390.51 per share, seeking to raise up to ₹10,000 crore, as approved by its board and shareholders. [25]
- The issue is being closely tracked as a sentiment barometer for large consumer‑tech names after recent volatility in new‑age listings.
- Pine Labs / Setu
- Pine Labs’ API platform Setu has launched what it calls India’s first “agentic” bill‑payments experience, using AI agents on platforms like ChatGPT and Claude to help users avoid wrong charges and missed due dates. [26]
- While not a listed entity itself, this development could add buzz to the broader fintech theme.
2. Infra & construction: Highway Infrastructure, IRB, GPT Infra, Dilip Buildcon, HG Infra
- Highway Infrastructure
- Has received a Letter of Acceptance worth ₹328.8 crore from the NHAI to operate the Kaza Fee Plaza in Andhra Pradesh, a steady cash‑flow toll project that typically attracts infra‑focused investors. [27]
- IRB Infrastructure Developers
- Reported a 15.8% year‑on‑year rise in gross toll collections to ₹716.1 crore in November, signalling healthy traffic and pricing across its road assets. [28]
- GPT Infraprojects
- Declared L1 (lowest bidder) for a ₹199.17 crore contract from North Eastern Railway, Uttar Pradesh, for a bridge substructure project – a potential trigger for re‑rating in this niche rail‑infra play. [29]
- Dilip Buildcon / NALCO
- National Aluminium Company (NALCO) has chosen Dilip Buildcon as the mine‑developer and operator for the Pottangi Bauxite Mines and associated conveyor corridor, with base mining charges set at ₹423 per ton for 25 years, giving DBL a long‑duration revenue stream. [30]
- HG Infra Engineering
- The Ghaziabad GST department has closed a show‑cause notice for FY 2022–23 with nil tax, interest or penalty, removing a significant overhang; the original notice had indicated a potential GST liability of over ₹220 crore. [31]
3. Power & utilities: Tata Power, JSW Energy, HUDCO
- Tata Power
- Announced commissioning of the 400 kV Koteshwar–Rishikesh transmission line, enabling evacuation of 1,000 MW of hydropower from Uttarakhand’s Tehri–Koteshwar complex to multiple northern states and UTs – a boost to its regulated transmission business. [32]
- JSW Energy (Bulk deal)
- GQG Partners Emerging Markets Equity Fund sold about 1.52 crore shares (0.87% of equity) in JSW Energy for roughly ₹676.7 crore at ₹444 per share, trimming its stake from around 1.79% as of September 2025. [33]
- Large block deals can create near‑term supply, but often draw in new institutional buyers at attractive levels.
- HUDCO
- The board of Housing & Urban Development Corporation (HUDCO) is set to meet on 12 December to consider issuing non‑convertible debentures (NCDs) up to ₹2,500 crore, a move that could lower funding costs for its housing and infrastructure lending book. [34]
4. Pharma & specialty chemicals: Zydus Lifesciences, Anupam Rasayan
- Zydus Lifesciences
- Its UAE subsidiary has entered a strategic partnership with Formycon AG for exclusive licensing and supply of FYB206, a biosimilar of cancer drug Keytruda (pembrolizumab), for the US and Canadian markets – expanding Zydus’s oncology and regulated‑market pipeline. [35]
- Anupam Rasayan India
- Signed a definitive agreement to acquire 100% of US‑based Jayhawk Fine Chemicals Corporation for $150 million, an EPS‑accretive deal that deepens its global footprint in high‑margin specialty chemicals. [36]
5. Metals, materials & industrials: Graphite India, National Aluminium, Godrej Industries
- Graphite India
- Entered an exclusive distribution and commercial partnership with Kivoro to bring graphene‑based heat‑transfer additive (HTA) technology to India’s corrugated paperboard industry – potentially opening a new, higher‑margin application segment. [37]
- National Aluminium Company (NALCO)
- Beyond the Pottangi MDO contract awarded to Dilip Buildcon, the bauxite mine development is critical for NALCO’s long‑term raw‑material security and cost curve. [38]
- Godrej Industries / Godrej Agrovet
- Creamline Dairy Products, a subsidiary of Godrej Agrovet, has signed an MoU with the Telangana government to invest ₹150 crore in a new dairy processing facility on 40 acres, taking the Godrej group’s planned investments in the state to over ₹10,000 crore. [39]
6. Financials & governance moves: NRB Bearings, Bandhan Bank, Sammaan Capital, Anand Rathi Wealth
- NRB Bearings
- CFO Raman Malhotra has resigned effective 13 December; Dhara Dhedhi, currently the financial controller, will step in as interim CFO from 14 December until a permanent replacement is appointed. [40]
- Bandhan Bank & Samman Capital (F&O ban)
- Both counters are in the F&O ban list today, meaning traders cannot open new derivative positions; existing positions can still be squared off. Kaynes Technology has come out of the ban. [41]
- Anand Rathi Wealth (Bulk deals)
- SBI Mutual Fund has increased its stake by buying about 6.02 lakh shares (0.7%) for roughly ₹168.8 crore, while promoter Amit Rathi sold 20 lakh shares (2.4%) for around ₹560 crore; another investor, Fahim Sultan Ali, picked up 3.54 lakh shares worth about ₹196 crore. [42]
These transactions will be closely analysed for ownership changes, governance comfort and institutional conviction in the broader financial‑services theme.
How should investors read today’s moves?
Even with a green open, the message from the last 48 hours is clear: this is still a macro‑driven, headline‑sensitive market. A few practical takeaways:
- Volatility is not over yet
- Until the Fed statement and press conference are out, markets could swing sharply on any hint about 2026 rate‑cut trajectories or US growth fears. [43]
- Stock‑specific stories still matter
- Order wins, QIPs, listings, M&A and regulatory clearances are clearly moving individual counters, even against a weak index tape – as seen in infra, specialty chemicals and financials today. [44]
- Large‑caps vs mid‑caps & small‑caps
- The Sensex remains up for the year, but mid‑caps and small‑caps have underperformed, showing that risk appetite outside the top names is more fragile and stock‑selection matters more than ever. [45]
- Risk management over hero trades
- With FPIs still net sellers and the rupee flirting with 90 per dollar, leverage and aggressive intraday bets can backfire quickly. Conservative position sizing and clear stop‑losses are crucial in such tape. [46]
References
1. www.aajtak.in, 2. www.amarujala.com, 3. timesofindia.indiatimes.com, 4. www.moneycontrol.com, 5. www.aajtak.in, 6. www.theweek.in, 7. www.aajtak.in, 8. www.aajtak.in, 9. www.aajtak.in, 10. www.aajtak.in, 11. www.moneycontrol.com, 12. www.moneycontrol.com, 13. www.moneycontrol.com, 14. www.moneycontrol.com, 15. www.moneycontrol.com, 16. www.theweek.in, 17. www.amarujala.com, 18. www.amarujala.com, 19. www.amarujala.com, 20. www.theweek.in, 21. www.amarujala.com, 22. www.amarujala.com, 23. hindi.moneycontrol.com, 24. www.moneycontrol.com, 25. hindi.moneycontrol.com, 26. hindi.moneycontrol.com, 27. hindi.moneycontrol.com, 28. hindi.moneycontrol.com, 29. hindi.moneycontrol.com, 30. www.moneycontrol.com, 31. hindi.moneycontrol.com, 32. hindi.moneycontrol.com, 33. hindi.moneycontrol.com, 34. hindi.moneycontrol.com, 35. hindi.moneycontrol.com, 36. hindi.moneycontrol.com, 37. hindi.moneycontrol.com, 38. www.moneycontrol.com, 39. hindi.moneycontrol.com, 40. hindi.moneycontrol.com, 41. hindi.moneycontrol.com, 42. hindi.moneycontrol.com, 43. www.moneycontrol.com, 44. www.moneycontrol.com, 45. www.theweek.in, 46. www.amarujala.com
