Sensex, Nifty Open Lower on December 2, 2025 as Rupee Hits Record Low and Profit-Booking Cools Dalal Street Rally

After hitting record highs at the start of the week, the Indian stock market opened in the red on Tuesday, 2 December 2025, with the Sensex and Nifty slipping as investors booked profits and a record-weak rupee weighed on sentiment. Early trade was characterised by pressure in heavyweight financials, even as PSU banks and select defensives tried to cushion the fall. ^[1]

Key takeaways from the India market open today (2 December 2025)

Muted-to-weak open:
Pre-market cues from GIFT Nifty pointed to a flat start, with futures around 26,329 — only a few points below the previous close. ^[2]
Benchmarks in the red from the bell:
Around 9:24 am IST, Nifty 50 was trading near 26,152.25 (-0.09%) and the BSE Sensex around 85,523.64 (-0.14%), indicating a soft open on weak global cues. ^[3]
Early losers and gainers:
HDFC Bank, ICICI Bank and other private lenders dragged the indices, while Asian Paints, Bharti Airtel, Infosys, Bajaj Finance and Hindustan Unilever were among the early gainers. ^[4]
Mid-session pressure intensifies:
By around 1 pm, the Sensex had dropped ~440 points to about 85,199 and Nifty 50 was down ~138 points near 26,037, with declines outnumbering advances roughly 2:1. ^[5]
Rupee at fresh record lows:
The rupee, already at a record closing low on Monday, slid further on Tuesday, briefly hitting around ₹89.9–89.95 per US dollar in early and mid-session trade. ^[6]
Headline indices hovering below record highs:
During the afternoon, NSE data showed Nifty 50 around 26,039.15 (-0.52%), while the Sensex hovered just above 85,200, both well off Monday’s lifetime peaks but still close on a longer-term chart. ^[7]
Sector tone:
PSU banks and autos held up better, but financial services, media, metals and realty lagged. ^[8]
Closing snapshot (provisional / vendor data):
According to one market data provider, the Sensex closed near 85,232.75, down about 409 points (≈0.48%), with both mid-cap and small-cap indices also ending mildly in the red, indicating broad-based caution. ^[9]

How Sensex and Nifty opened today

GIFT Nifty signalled a flat to soft start

Before the opening bell, both domestic and offshore cues hinted that Dalal Street was due for a pause after Monday’s record-setting run:

GIFT Nifty traded near 26,329, a modest discount to Nifty futures, signalling a muted to mildly negative start. ^[10]
NDTV’s pre-market brief flagged subdued global sentiment and pointed out that Nifty December futures were trading around 26,330, at a decent premium to the spot, with option positioning clustered at the 26,000 (Put) and 26,300 (Call) strikes — a neat, narrow range for the day. ^[11]

At the opening bell

When cash market trading began on the NSE and BSE:

Nifty 50 opened just above 26,150 and was down about 0.1% within minutes.
Sensex hovered near 85,500, down roughly 0.14% in early trade. ^[12]

India Today’s opening-bell report noted that as of 9:26 am, the Sensex was at 85,509.62 (-132 points) while Nifty 50 stood at 26,143.85 (-31.9 points), confirming the weak start and signalling early profit-booking after Monday’s spike to lifetime highs. ^[13]

Economic Times’ live blog added that:

Nifty opened with a gap-down of about 200 points from Monday’s record,
Bank Nifty dropped roughly 500 points from its recent peak,
and the rupee was already hovering near record lows in the ₹89.8–89.9 per dollar zone. ^[14]

From record highs to consolidation mode

The cautious tone at the open is best understood in the context of Monday’s session:

On 1 December 2025, both benchmarks notched fresh all-time highs, with the Sensex touching around 86,159 and the Nifty 50 hitting about 26,325.80 before late selling cut gains. ^[15]
Despite those intraday records, both indices closed marginally lower on Monday:
- Sensex at 85,641.90 (-64.77 points, -0.08%)
- Nifty 50 at 26,175.75 (-27.20 points, -0.10%) ^[16]

Analysts widely described this as a “pause near the top” rather than a trend reversal, pointing to:

India’s robust Q2 FY26 GDP growth of 8.2%,
resilient corporate earnings, and
expectations of rate cuts from both the US Federal Reserve and the RBI over the coming quarters. ^[17]

Tuesday’s softer open therefore fits into a familiar pattern: consolidation around newly achieved record zones, with traders reluctant to chase prices higher while the currency wobbles and foreign flows remain patchy. ^[18]

Mid-session: losses deepen as rupee slides to new lows

Through the late morning and early afternoon, selling pressure intensified:

Economic Times’ live blog highlighted that the Sensex fell over 400 points, hitting a day’s low near 85,194, while Nifty slipped below 26,100, with media, metal and chemical stocks among the worst-hit sectors. ^[19]
NSE’s tick data showed Nifty 50 around 26,039.15 (-0.52%) at 1:22 pm, underscoring the broad-based softness. ^[20]
Moneycontrol’s 1 pm update pegged the Sensex at 85,198.55 (-443 points, -0.52%) and Nifty at 26,037.45 (-0.53%), with 2,318 stocks declining vs 1,329 advancing — a clearly weak breadth signal. ^[21]

Rupee at the centre of the worry

Currency moves were a big part of the story:

NDTV noted that the rupee closed at a record low of 89.56 against the dollar on Monday after briefly hitting 89.90 intraday. ^[22]
On Tuesday, ET’s live blog recorded fresh intraday lows near ₹89.92–89.95 per dollar, before the currency stabilised slightly, effectively marking another record trough for the INR. ^[23]

Weakness in the rupee tends to:

Deter foreign portfolio investors (FPIs) worried about currency losses, and
Raise questions about imported inflation if the slide persists.

Several commentators, including Geojit’s Dr. V.K. Vijayakumar, flagged rupee weakness as a key dampener for FII flows, even as domestic data and earnings remain supportive. ^[24]

Sector and stock movers: PSU banks shine, private lenders drag

Sector snapshot

Early and mid-session data across multiple feeds showed a clear divergence within financials and cyclicals:

Gaining sectors (modestly):
- PSU banks – Nifty PSU Bank was up over 1% in the morning. ^[25]
- Autos, FMCG, IT, Pharma, Oil & Gas, Healthcare – mostly in the green with small gains, indicating selective buying in defensives and quality cyclicals. ^[26]
Lagging sectors:
- Nifty Financial Services 25/50
- Nifty Media, Metal, Private Bank, Realty, Consumer Durables — all in the red, with media and financials especially weak. ^[27]

Moneycontrol’s midday snapshot reinforced that picture, noting media down around 0.8%, modest declines in mid- and small-cap indices, and PSU banks as rare outperformers. ^[28]

Index heavyweights: who moved the needle?

From the opening bell:

Top early gainers on Nifty/Sensex included
- Asian Paints (benefitting from strong consumption and block-trade interest),
- Bharti Airtel,
- Infosys,
- Bajaj Finance, and
- Hindustan Unilever,
  helping cushion the downside in benchmarks. ^[29]
Key early losers were financial heavyweights:
- HDFC Bank, ICICI Bank, Axis Bank,
- UltraTech Cement,
- Tata Steel,
  as profit-booking hit private banks and rate-sensitive names. ^[30]

Meanwhile, stock-specific news continued to generate pockets of outperformance:

Bharat Dynamics jumped over 2% after announcing fresh defence orders worth around ₹2,461 crore from the Indian Army. ^[31]
Vodafone Idea spiked nearly 4% on optimism about potential relief on AGR dues. ^[32]
Ashok Leyland scaled a new 52-week high, extending a multi-day rally driven by strong November sales. ^[33]

F&O and technical setup: range-bound with a positive undertone

Nifty 50 derivatives positioning

Derivatives and options data signal a tightly defined near-term range for Nifty 50:

Mint cited noticeable call writing at the 26,250–26,300 strikes and heavy put interest around 26,000–26,150, suggesting traders are selling volatility and expecting consolidation between 26,000 and 26,300 in the very near term. ^[34]
NDTV’s F&O summary also highlighted maximum Call OI at 26,300 and maximum Put OI at 26,000 for today’s session — classic range-bound signals. ^[35]

Technical analysts quoted by Mint emphasised:

Immediate support for Nifty 50 near 26,000–26,050.
Key resistance / trigger zone around 26,300–26,350; a sustained close above this band could open up 26,450–26,600 or even higher levels. ^[36]

Sensex and Bank Nifty levels

For the Sensex, Kotak Securities’ Shrikant Chouhan and other analysts outlined a similar story:

Short-term structure is still positive, but
Support zones reside around 85,500 and 85,000,
with resistance expected near 86,000–86,200; a decisive break below 85,000 would be the first serious warning sign for bulls. ^[37]

For Bank Nifty:

Monday’s session left behind an “Opening Marubozu” red candle, reflecting selling pressure at higher levels.
As long as the index stays below ~60,114, upside is seen as limited in the short term.
Supports are placed near 59,400 and 59,000, while resistance is pegged around 60,000–60,100; above 60,100, analysts look for a possible rally towards 60,600. ^[38]

Separate short-term forecasts from another brokerage also pointed to a sideways-to-bullish bias, with today’s Sensex range projected between roughly 85,100 and 86,200 and Bank Nifty between 59,350 and 60,000, aligning well with the broader technical consensus. ^[39]

Institutional view: Nomura’s Nifty 2026 target and what it means

Even as the market cools off from record highs, medium-term strategists remain optimistic:

Nomura expects Nifty 50 to reach 29,300 by end-2026, implying roughly 12% upside from the current 26,100 area. ^[40]
The global brokerage cites:
- Cyclical recovery in growth,
- Improving earnings trajectory,
- and supportive policy backdrop as key drivers of this view. ^[41]

In other words, today’s consolidation is being framed by many foreign houses as a “healthy pause” rather than a sign of macro stress — provided the rupee stabilises and global risk sentiment doesn’t deteriorate sharply.

IPO pipeline, events and other catalysts traders are watching

Busy December for primary markets

Despite the wobble in indices, the IPO market remains hot:

Multiple reports suggest nearly ₹30,000 crore worth of IPOs are lined up for December, continuing 2025’s record-breaking year for primary issuance. ^[42]
Meesho’s IPO is drawing significant attention, with grey market premiums reportedly signalling strong listing expectations ahead of its 3 December opening. ^[43]
Aequs is another closely watched issue, with commentary swirling around its order book and long-term earnings potential. ^[44]

Mint’s “stocks to watch” list for today specifically flagged names like Bajaj Housing Finance, HUL, Bharat Dynamics and several others as counters where newsflow or technical setups could drive outsized moves. ^[45]

Macro and event risk: RBI and the Fed

On the macro side, traders are juggling several big themes:

The RBI’s Monetary Policy Committee (MPC) meets later this week, with markets watching for any hints of a shift in stance after a long pause on rates. ^[46]
US Federal Reserve policy guidance, along with upcoming economic data and comments from Fed Chair Jerome Powell, continues to drive global risk sentiment — and by extension, flows into emerging market equities like India. ^[47]
Meanwhile, geopolitical events (from Ukraine-related energy disruptions to US–Venezuela tensions) are keeping crude oil on edge, with prices up for a second session in a row — a lingering risk for India’s inflation outlook if the uptrend persists. ^[48]

Is the Indian stock market open on 2 December 2025?

Yes. Both NSE and BSE are open for normal trading today, 2 December 2025.

The regular equity session runs from 9:15 am to 3:30 pm IST, preceded by a pre-open window. ^[49]
December does have a couple of scheduled exchange holidays later in the month, but 2 December is not one of them, according to the official holiday list and recent coverage. ^[50]

What this environment means for different types of market participants

This is general market commentary, not investment advice. Always consult a qualified advisor before making trading or investment decisions.

For short-term traders

Expect range-bound moves between the 26,000–26,300 band on Nifty and 85,000–86,200 on Sensex, as indicated by both price action and F&O positioning. ^[51]
Intraday strategies may favour “buy near support, sell near resistance”, especially in Bank Nifty where technical setups still show selling at higher levels. ^[52]
Watch the rupee and FII flow data closely — sharp moves there can quickly change intraday sentiment.

For medium- and long-term investors

Despite near-term volatility, global houses like Nomura still see double-digit upside in Nifty by 2026. ^[53]
Several analysts advise using consolidation phases like today’s to gradually accumulate high-quality largecaps and growth-oriented midcaps, while remaining cautious on overvalued smallcaps. ^[54]
The IPO pipeline offers fresh opportunities, but rich pricing in popular names means careful selection is key.

Quick FAQ

Why is the Indian stock market down today (2 December 2025)?
Mainly because of profit-booking after record highs, weakness in the rupee, and cautious global cues. Heavyweights in financials and select cyclicals saw selling pressure, even as some defensives and PSU banks outperformed. ^[55]

Which sectors are holding up better?
Autos, FMCG, pharma, IT and PSU banks have generally been more resilient today, while media, private banks, metals, realty and consumer durables lag. ^[56]

Is this the start of a bigger correction?
So far, most institutional commentary frames the move as short-term consolidation near record highs. As long as Nifty holds 26,000 and Sensex stays above 85,000 on a closing basis, the broader uptrend is viewed as intact — though a prolonged rupee slide or negative surprise from RBI/Fed could change that assessment. ^[57]

References