Indian stock markets spent Tuesday, December 9, 2025, under heavy selling pressure — but trading activity was frenetic in a clutch of high‑beta names across telecom, renewables, power, banks and mid‑cap tech.
By mid-morning, Nifty 50 had slipped below the 25,800 mark and Sensex was down over 620 points , with broader indices and sectoral indices also deep in the red. [1]Weak global cues, persistent foreign institutional investor (FII) outflows, a sharply weaker rupee (near ₹90 per dollar), and fresh US tariff threats on Indian rice exports all combined to sour sentiment. [2]
Yet, beneath the index‑level gloom, turnover in a handful of stocks exploded, throwing up clear leaders on “most active” lists by volume and value across NSE and BSE.
Market snapshot: Dalal Street under pressure
- Indices: Around 9:40–10:00 am IST, Nifty 50 was trading near 25,760 , down about 0.7–0.8%, while the Sensex hovered around 84,480 , down over 600 points. [3]
- Breadth: Selling was broad‑based, with banking, metal, IT, PSU banks, realty and smallcaps among the worst hit. [4]
- Flows: FIIs sold ₹655–660 crore worth of equities on Monday (8 December), while domestic institutions bought over ₹2,540 crore , cushioning the fall. [5]
- Macro overhangs: Markets are bracing for the US Federal Reserve decision , higher US bond yields, a strong dollar and tariff rhetoric from Washington, even as India digests a recent RBI rate cut . [6]
On the technical side , Nifty has formed a long bear candle and slipped below its short‑term moving averages. Multiple analysts now peg immediate support in the 25,730–25,850 zone and resistance in the 26,000–26,200 band, warning that a decisive break below 25,700–25,800 could open deeper downside towards 25,300–25,500 . [7]
Most active stocks by volume on NSE today
According to ET Money’s “Most Active by Volume” list , updated around 11:14 am IST , the top 5 most traded stocks on the NSE by volume on 9 December 2025 are: [8]
- Vodafone Idea Ltd (IDEA) – ~ 37.9 crore shares traded; price around ₹10.5 , up over 2% intraday, near its 52‑week high of ₹11.08.
- YES Bank Ltd – ~ 4.0 crore shares ; price ~ ₹22 , modestly higher on the day, within a 52‑week range of ₹16.02–₹24.30. [9]
- Suzlon Energy Ltd – ~ 3.25 crore shares ; trading near ₹52–53 , still well below its 52‑week high of ₹74.30. [10]
- Ola Electric Mobility Ltd – ~ 2.68 crore shares ; around ₹33–34 , near a fresh 52‑week low and nearly 80% off its post‑listing peak. [11]
- Jaiprakash Power Ventures Ltd (JP Power) – ~ 2.54 crore shares ; trading around ₹18–18.5 , after a big rally in recent weeks on restructuring hopes. [12]
Rounding out the top 20 by volume are Reliance Power, JSW Energy, Sagility, Canara Bank, Tata Teleservices (Maharashtra), Eternal, Tata Steel, Bharat Electronics, Bank of Maharashtra, GMR Airports, Adani Power, FSN E‑Commerce (Nykaa), Kaynes Technology and Hindustan Copper . [13]
Across many of these counters, today’s volumes are several times their recent averages , underscoring intense short‑term trading interest. [14]
Most active by value: Kaynes Tech, IndiGo, BSE and Reliance in focus
While volume lists are dominated by low‑priced favorites, Moneycontrol’s “Most Active by Value” shows where the big money is flowing. As of late morning, heavy turnover on the NSE was concentrated in: [15]
- Kaynes Technology India Ltd – leading by traded value (over ₹3,100 crore ), with the stock bouncing sharply after a steep month-long correction.
- InterGlobe Aviation (IndiGo) – over ₹2,000 crore in value traded amid increased scrutiny of flight cancellations and regulatory actions.
- BSE Ltd – turnover above ₹1,200 crore as the exchange stock continues to see profit‑booking after a powerful multi‑year rally.
- Anand Rathi Wealth, Reliance Industries, HDFC Bank, ICICI Bank and Vodafone Idea – all featuring prominently on value‑traded leaderboards.
This split — retail‑heavy volumes in penny and mid‑caps, and institutional‑driven value in large caps and high‑priced midcaps — is a defining feature of today’s trade.
Stock‑wise deep dive: What’s driving the most active names?
1. Vodafone Idea: Massive volumes on AGR‑relief and tariff‑hike debate
Vodafone Idea (VI) is today’s single most active stock by volume , with nearly 38 crore shares changing hands by 11:14 am IST. [16]
Key drivers:
- AGR relief expectations: Reports over the past week suggest the government is working on a relief package for Vodafone Idea’s AGR due , with the intention of preserving a “3+1” telecom market structure . [17]
- Tariff hike timing: Motilal Oswal expects around a 15% smartphone tariff hike in December 2025 , but also notes that a large AGR relief for VI could actually delay hikes, as the government and operators balance affordability with sector returns. [18]
- Pricing & sentiment: Kotak Securities data shows VI trading a little above ₹10 on both NSE and BSE today, close to its 52‑week high, after a strong run in 2025 on hopes of balance‑sheet repair and ARPU expansion. [19]
Outlook & risk:
Broker commentary broadly agrees that tariff repair is not over , given India’s very low data prices and high consumption. [20]However, VI remains highly leveraged and sensitive to policy; any disappointment on AGR relief or delays in tariff hikes could quickly reverse sentiment. Today’s spike in volume reflects both speculative long interest and profit‑booking after a big rally.
2. YES Bank: High liquidity, valuation gap and December “seasonality”
YES Bank routinely features among India’s most liquid stocks, and today is no exception, with about 4 crore shares traded and the stock hovering in the ₹21–22 band. [21]
What’s in play:
- Price action: Business Standard quotes YES Bank around ₹22.0 at 11:04 am, modestly higher than Monday’s close of ₹21.88. [22]
- Valuation debate: An independent screen from Smart‑Investing pegs intrinsic value near ₹29 , implying a discount at current levels, though fair‑value estimates vary widely across models. [23]
- Seasonality: Moneycontrol’s seasonality analysis shows December has historically been a slightly positive month for YES Bank, though past patterns are no guarantee of future performance. [24]
Despite the liquidity, analysts still flag legacy asset‑quality and capital‑raising risks , so today’s high turnover likely reflects a mix of short‑term trading and mean‑reversion bets rather than a clean, long‑term fundamental re‑rating.
3. Suzlon Energy: High volume meets bullish brokerage calls
Suzlon Energy is one of the standout names today, sitting in the top three by volume and heavily traded across both NSE and BSE. [25]
Recent catalysts:
- Multiple ‘Buy’ calls:
- ICICI Securities and Motilal Oswal reiterated Buy ratings with price targets around ₹74–76 , implying 40–45% upside from recent levels, citing a strong order book and improving execution. [26]
- Nuvama today upgraded Suzlon to ‘Buy’ with a ₹60 target , seeing renewed visibility after the company’s manufacturing-day interactions. [27]
- Capex and smart factories: Suzlon announced plans to build three AI‑enabled smart blade factories (two in Gujarat and Karnataka, a third location pending), taking its manufacturing footprint to 20 plants and aligning all facilities with advanced automation and digital monitoring. [28]
Why it’s so active:
The combination of fresh bullish targets , structural tailwinds in wind power , and tangible capex announcements has made Suzlon a high‑conviction renewable‑energy play for many traders, even as the stock remains volatile and vulnerable to execution delays.
4. Ola Electric Mobility: Steady slide to new lows, but huge retail interest
Ola Electric Mobility is among the top‑five most traded stocks by volume , but for all the wrong reasons. [29]
Key developments:
- New 52‑week lows: The stock is now trading around ₹33–34 , marking a fresh 52‑week low and a decline of about 80% from its post‑listing peak, according to multiple reports. [30]
- Fundamental news: The company has begun mass deliveries of EVs powered by its in‑house 4680 “Bharat Cell” , a key milestone in its vertical‑integration strategy. [31]
- Why the stock is falling: Despite the product news, sentiment has been hit by weak guidance, heavy selling pressure and a breakdown in technical support levels , pushing the stock below its IPO price and deep into value-trap territory for many investors. [32]
Trading read‑through:
Today’s huge volume likely reflects forced selling, stop‑loss triggers and bottom‑fishing attempts. Analysts broadly warn that until the stock finds a base and the company demonstrates sustained profitability, volatility is likely to remain extreme.
5. Jaiprakash Power Ventures: High volume on Jaypee–Adani restructuring story
Jaiprakash Power Ventures (JP Power) is another top‑five volume name today. [33]
Why it’s buzzing:
- Jaypee resolution: The stock has been in focus after the Adani Group received Committee of Creditors (CoC) approval to acquire Jaiprakash Associates , a key step in the long‑running insolvency process of the Jaypee group. [34]
- Price & volatility: JP Power is trading around ₹18–18.5 , well off its 52‑week low but below the highs seen when the Adani news first broke. Independent technical forecasters note rising volumes on days when the stock has corrected, indicating high speculative churn . [35]
- Today’s narrative: MarketsMojo flags JP Power as one of the most actively traded counters on December 9, 2025, highlighting the tug‑of‑war between profit‑booking after recent sharp gains and fresh positioning on the restructuring story. [36]
6. Reliance Power & power pack: Volume spike amid downtrend
Reliance Power remains a staple of most‑active lists, with over 2.1 crore shares changing hands and the stock hovering in the mid‑₹30s, down from its 52‑week high above ₹75. [37]
MarketsMojo notes that this high volume is materializing against a backdrop of continued price pressure and sector underperformance , suggesting that traders are actively rotating positions rather than building long-term positions . [38]
Within the broader power and renewables complex , Adani Power, JSW Energy and Hindustan Copper are also seeing strong activity, reflecting investor interest in energy transition and metal themes , even on a risk-off day. [39]
7. JSW Energy: Volume “explodes” as brokers turn constructive
JSW Energy has recorded a 93x jump in BSE volumes versus its two-week average, with over 1.5 crore shares traded by 10:46 am IST and the stock around ₹452 . [40]
Key points:
- Brokerage support: A recent Jefferies note adds JSW Energy to its preferred list, projecting ~42% EBITDA CAGR for FY25–28 , driven by capacity additions and rising power demand. [41]
- Price action: Despite the positive long‑term thesis, the stock is slightly down intraday , pointing to profit‑booking and short‑term volatility even as long‑only investors may be accumulating.
8. Sagility, Canara Bank & GMR Airports: Mid‑cap IT, PSU bank and infra in the spotlight
Sagility Ltd , Canara Bank and GMR Airports are all in today’s top‑20 volume list. [42]
- Sagility: A fast‑growing IT mid‑cap, Sagility is trading around ₹48–49 , with mutual funds holding nearly 9% of the company and daily volumes in multi‑crore territory this week. Jefferies has previously highlighted the stock as a value pick , with later reports flagging a bullish shift in technical momentum . [43]
- Canara Bank: The PSU lender is changing hands around ₹143–144 , close to its 52‑week high of ₹154.21, with the share up about 24% over six months , even though it is marginally down over the last year. [44]
- GMR Airports: Quotes near ₹99–100 today, up around 0.7–0.9% , with a 52‑week range of ₹67.75–₹110.30. High trading volumes reflect ongoing interest in airport‑infra plays amid steady traffic growth and improving balance sheets. [45]
All three counters are liquid mid‑caps where relatively small institutional flows can drive noticeable price and volume spikes.
9. Kaynes Technology: “Cheapest in JPMorgan coverage” after 40% fall, but most active by value
Kaynes Technology is arguably the story stock of the day on the institutional side:
- Brutal correction: The stock has fallen about 40% over the past month , even as Nifty gained nearly 2%, amid concerns flagged by a critical Kotak note on working‑capital stretch and related‑party disclosures. [46]
- JPMorgan’s stance: A fresh Asia-Pacific research note from JPMorgan (9 December) calls Kaynes “the cheapest stock” in its coverage , noting that the company now trades at roughly 0.7x PEG , well below the ~1x peer average, and at about 41x one-year forward P/E versus 72x a month ago . The brokerage reiterates an Overweight rating and holds a price target of ₹7,550 (September 2026) , implying hefty upside from today’s ~₹4,050 levels. [47]
- Working‑capital concerns: JPMorgan acknowledges that net working capital has stretched to 116 days in H1 FY26 (vs 87 days in FY25), largely due to the smart‑meter business, but argues that fundamentals — revenue growth and margins — remain intact and should improve over the next few quarters as receivables normalizes. [48]
With Kaynes topping the “most active by value” list and seeing heavy two-way trade, today’s session reflects a classic “value vs governance risk” tug-of-war between long-only investors and short-term traders.
Nifty technicals: Support, resistance and what comes next
Technical experts tracking Nifty 50 see today’s action as part of a short‑term corrective phase after the index struggled to hold the 26,000 mark:
- Support zones: Analysts from multiple brokerages (LKP Securities, Choice Broking, Religare Broking, HDFC Securities) broadly identify 25,730–25,850 as immediate support, with a deeper demand zone around 25,300–25,500 if that fails. [49]
- Resistance: On the upside, 26,000–26,200 remains a strong resistance band. A sustained move above this range would be required for bulls to regain control . [50]
- Indicators: Sell signals on MACD, bearish divergences on RSI and a close below key short‑term moving averages all point to a consolidation or corrective phase , with experts advising a stock‑specific and defensive approach rather than aggressive index bets. [51]
Key themes from today’s most active stocks
Putting all the data together, a few clear themes emerge from the 9 December 2025 session:
- Retail‑heavy, high‑beta favorites dominate volumes
Vodafone Idea, YES Bank, Suzlon, Ola Electric and JP Power continue to be the go‑to trading vehicles for retail and intraday traders, especially on volatile days. - Energy transition and infra remain structural stories
High activity in Suzlon, JSW Energy, Adani Power, Hindustan Copper, GMR Airports underlines persistent interest in renewables, power and infrastructure , even when the broader market is under pressure. - Mid‑cap tech and financials are in price‑discovery mode
Names like Kaynes Tech, Sagility, BSE, Anand Rathi are seeing elevated churn as investors reassess valuations after sharp rallies and new governance or growth concerns. - Banks are central to both volume and value
Canara Bank, HDFC Bank, ICICI Bank, SBI and YES Bank all feature across volume/value lists , reflecting the sector’s central role in index performance and in FII positioning. [52] - Macro headwinds still matter
FII outflows, a weak rupee, US rate uncertainty and tariff risks are amplifying volatility in these already high-beta counters. [53]
What traders and investors can watch next
Without offering any stock‑specific recommendation, here are broad watch‑points over the next few sessions:
- Fed decision and global yields: A dovish or hawkish surprise from the US Fed could shift risk appetite sharply for high-beta Indian names.
- Rupee trajectory: Continued weakness beyond ₹90 per dollar could pressure import‑heavy sectors and keep FIIs cautious. [54]
- Telecom policy outcomes: Any concrete announcement on Vodafone Idea’s AGR relief or clarity on the timing and structure of tariff hikes could re‑price the entire telecom basket. [55]
- Order inflow and capex updates in renewables and power: Execution on Suzlon’s factory expansion and JSW Energy’s capacity additions will be tracked closely by the market. [56]
- Corporate governance and working‑capital trends in mid‑caps: For stocks like Kaynes Tech and Sagility , upcoming quarterly updates on receivables, cash flows and disclosures will be crucial in determining whether today’s high activity leads to bottom‑fishing or further de‑rating . [57]
References
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