Stock Market LIVE: Sensex Slips 340 Points, Nifty Below 26,050;

Mumbai, December 26:
Indian equity markets remained under pressure during Friday’s afternoon session, with benchmark indices trading lower amid selling in financials, IT, and select pharma stocks. However, the broader market showed resilience, as midcap and smallcap indices continued to trade in the green.

The BSE Sensex slipped over 340 points to hover near 85,050, while the Nifty 50 declined around 0.35 per cent, slipping below the 26,050 mark. The fall came amid sustained weakness in heavyweight stocks, even as overall market breadth stayed positive.

Key Market Levels and Technical View

The Nifty faced resistance near the 26,200 level and traded with a deficit of over 50 points during the session. However, analysts noted that key support levels remain intact, with the index still forming a higher high and higher low on the charts. The next crucial support for the Nifty lies near 26,015, which corresponds to its 20-day moving average (20-DMA).

The Nifty Bank index also traded under pressure, slipping around 70 points to trade near 59,100, dragged by select private banking stocks.

Sectoral Performance

Sectoral trends remained mixed. Metal stocks outperformed, with the Nifty Metal index rising about 0.65 per cent during the session and gaining over 25 per cent year-to-date. FMCG stocks also traded marginally higher.

On the other hand, IT stocks continued to lag, falling nearly 1 per cent and remaining the worst-performing sector of the year with an 11 per cent-plus decline. Pharma and auto indices traded marginally lower, while PSU bank stocks saw muted movement despite strong year-to-date gains. Media stocks continued to underperform.

Ola Electric Shares Jump

Shares of Ola Electric surged nearly 5 per cent to a 10-day high of Rs 37.25. The stock has risen for five consecutive sessions, gaining about 19 per cent during the period. The rally came after the government directed the sanctioning of Rs 367 crore to the company under the Production-Linked Incentive (PLI) scheme for automobiles and auto components.

Expert View on Capex Themes

Amit Gupta of Motilal Oswal Private Wealth highlighted auto ancillaries and electronics manufacturing services (EMS) as key growth themes. Speaking to CNBC-TV18, Gupta said expectations of a pickup in private capital expenditure are supporting sectors such as auto ancillaries, digital, renewables, EMS, and mining. He also said the firm is tracking Syrma SGS Technology following the recent correction in its stock.

Sun Pharma FY26 Outlook

Sun Pharmaceutical Industries Ltd said it expects mid-to-high single-digit growth in consolidated revenue for FY26. Despite the outlook, Sun Pharma shares traded nearly 1 per cent lower at around Rs 1,720 on the NSE during afternoon trade.

Top Sensex Losers Today

Among the major laggards on the Sensex were Asian Paints, Sun Pharma, TCS, Tech Mahindra, and Bajaj Finance, all trading lower during the session.

Most Active Bank Stocks

In the banking space, HDFC Bank, ICICI Bank, SBI, IndusInd Bank, and Axis Bank remained the most active stocks by volume on the Nifty Bank index.

Market Outlook

Market participants said sentiment remains cautious due to resistance near key levels and sector-specific selling. However, stability in the broader market suggests selective buying interest continues, with stock-specific action likely to dominate in the near term.