Indian equities staged a Santa rally, with Nifty fifty closing near twenty-six thousand one hundred seventy-two, Sensex around eighty-five thousand five hundred sixty-seven, and Bank Nifty near fifty-nine thousand three hundred four, while the rupee stayed broadly steady around eighty-nine point six versus the dollar.​

Market breadth was strong as BSE Midcap rose about zero point eight percent and Smallcap gained around one point one percent, indicating broad participation from both retail and institutional investors ahead of year-end.​

Trent, Shriram Finance, Wipro, Infosys, and Bharti Airtel led the gainers on stock-specific triggers such as consumer demand, a strategic MUFG partnership, and supportive global tech sentiment, while HDFC Life and select financial and consumer names saw mild profit-taking.

Mid- and small-cap names like Garden Reach Shipbuilders and Engineers, Devyani International, and Poonawalla Fincorp rallied sharply, and National Aluminium hit a fresh fifty-two week high alongside record aluminium futures on MCX, underscoring strength in industrial metals and railway-related themes.​

Technically, Nifty fifty stayed above key moving averages and trendline supports with bullish RSI, stochastic RSI, and MACD signals, while Bank Nifty consolidated in a tight range above support, forming a Doji-type pattern that hints at indecision but with a positive bias.​

Metals, IT, and capital goods sectors outperformed on strong global commodity trends and positive earnings expectations, whereas consumer durables lagged as traders booked profits after prior gains.

The macro backdrop remained supportive, with the RBI signaling an extended pause on rate cuts, upgrading GDP growth to about seven point three percent, and cutting its CPI forecast to roughly two percent, alongside progress on an India–New Zealand free trade agreement aimed at diversifying trade and cushioning tariff risks.​

Commodities saw fireworks as MCX gold hit a new record near one lakh thirty-five thousand six hundred ninety-eight rupees per ten grams and MCX silver a lifetime high around two lakh thirteen thousand four hundred twelve rupees per kilogram, even as crude oil held near sixty dollars a barrel amid mixed signals from Russia-Ukraine talks and evolving sanctions on Venezuelan oil.​

For the near term, traders are watching Nifty support around twenty-five thousand nine hundred to twenty-five thousand eight hundred and resistance near twenty-six thousand one hundred to twenty-six thousand two hundred fifty, with Bank Nifty support around fifty-eight thousand nine hundred to fifty-eight thousand seven hundred and resistance toward fifty-nine thousand eight hundred to sixty thousand two hundred.​

The key takeaway is to treat any near-term dips, especially around identified support zones, as potential buying opportunities in structurally strong themes like metals and quality mid caps, while maintaining strict risk management and avoiding chasing extended moves in thin year-end volumes.