Third Straight Red Day: Markets Shrug Off Early Bounce
Indian benchmarks extended losses for the third session in a row, erasing intraday gains as caution gripped traders ahead of the US Fed’s rate call. While IPO fireworks lit up the boards, broader selling in heavyweights kept the mood subdued.
Mumbai: The Sensex Nifty Decline played out yet again on Wednesday, December 10, with the BSE Sensex shedding 275.01 points or 0.32% to close at 84,391.27. The NSE Nifty 50 mirrored the slide, down 81.65 points or 0.32% at 25,758. This caps a three-day rout that’s wiped out over ₹8 lakh crore in market value, as investors parked funds on the sidelines amid global policy nerves and foreign outflows.
From my rounds at the BSE floor and chats with floor traders in Dalal Street, the session started with a flicker of hope—Sensex touched 85,020 early on—but profit-booking hit hard post-noon. “It’s all eyes on the Fed now; no one’s chasing highs,” one veteran broker shrugged over a quick coffee break. Out of Sensex’s 30 stocks, 19 ended up, but drags from banking and IT names like IndiGo (down 3.17%) overshadowed the greens.
Global Cues Set a Tepid Tone for Sensex Nifty Decline
Overnight, Wall Street’s mixed bag didn’t help. The Dow Jones tumbled 0.38% to 47,560.29 on Tuesday, while Nasdaq eked out a 0.13% gain and S&P 500 dipped 0.09%. In Asia, it was a split affair: Japan’s Nikkei slipped 0.10% to 50,602, Korea’s Kospi edged up 0.21% to 4,135, Hong Kong’s Hang Seng rose 0.42% to 25,540, and China’s Shanghai Composite fell 0.23% to 3,900. “Weak US handover and Fed wait-and-see kept volumes low,” noted a strategist at a Mumbai brokerage I caught up with.
Back home, broader indices fared worse: Nifty Midcap 100 dropped 1.12%, Smallcap 100 shed 0.90%. Sectors told the tale—banking and IT saw sharp selloffs, with Nifty Bank down 0.45% and IT slipping 0.78%. Consumer durables and midcaps added to the pain, while metals and pharma offered some cushion. Eternal and Trent led Sensex losers at 2.86% and 1.79% off, respectively. On the flip, Tata Steel, Sun Pharma, and ITC bucked the trend with modest gains.
Meesho Steals the Spotlight with Blockbuster Listing
Amid the Sensex Nifty Decline, new listings brought some cheer. E-commerce darling Meesho Ltd made a sizzling debut, listing at Rs 167 on both BSE and NSE—a 50% premium over its Rs 111 issue price. By close, shares settled at Rs 170.09, up 53.23% or Rs 59.09, smashing grey market bets of 40% gains. The Rs 5,421 crore IPO, blending fresh issue and offer for sale, drew 81.76x subscription overall, with retail at 19.89x. “Retail frenzy paid off big,” a happy allottee shared from a Bandra trading desk.
Aerospace firm Aequs (likely the “Axxes” in buzz) followed suit, listing at Rs 145—a 17% pop over Rs 124 upper band—before closing 22.01% higher at Rs 151.29. Its Rs 922 crore issue was subscribed 104.30x, with QIBs at 122.93x. Wires maker Vidya Wires kept it steady, debuting flat at Rs 52 but edging up 2.25% to Rs 53.17 by end-day. The Rs 300 crore IPO saw solid retail interest at over 80x.
What’s Weighing on the Street?
Traders point to a cocktail of factors: The Fed’s looming decision, sticky US inflation data, and ongoing FII selling (net Rs 2,500 crore outflow Tuesday alone). Rupee’s slide past 84.50 adds pressure too. Technicals show Nifty hugging 25,700-25,800 support; a Fed dovish tilt could spark a rebound toward 26,000.
As the dust settles on another choppy day, eyes shift to Fed Chair Powell’s words tonight. Will it steady the ship, or fuel more volatility?
Track our live market feeds, IPO trackers, and expert breakdowns to stay ahead—subscribe now for the edge in tomorrow’s trades.
Disclaimer: This article is for informational purposes only. Stock market investments are subject to risks. Always consult a financial advisor before making decisions. Data based on closing prices as of December 10, 2025.