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Nifty Breaks Below 25,800, Midcaps Continue To Struggle But Meesho Hits New High| Closing Bell Live

India’s alternative investment fund (AIF) industry has expanded rapidly over the past decade, with assets rising to Rs 13.5 lakh crore. Yet, the IVCA-Crisil-360One  report’s latest study highlights a structural imbalance. While foreign capital, family offices and high-net-worth investors have driven growth, participation from large domestic institutions and balance-sheet allocators remains limited. In a conversation with Moneycontrol, IVCA president, Rajat Tandon explains what the data reveals about this imbalance, where capital is actually flowing, and what could shape the next phase of growth.

The expansion reflects broader acceptance of alternatives, not speculative excess. AIF commitments have grown nearly 16x over the last eight years, reaching about Rs 13.5 lakh crore. What is important is that this growth is largely allocation-led, not driven by money exiting mutual funds. Investors are using AIFs to access strategies that are not available in traditional products — private markets, private credit, structured strategies and market-linked approaches. Alternatives have become a permanent allocation bucket rather than a tactical trade.

Edited excerpts:

If alternatives have scaled so much, where does the imbalance lie?

The imbalance is in who the capital is coming from. Growth so far has been driven largely by foreign investors, family offices and high-net-worth individuals. Large domestic institutional and balance-sheet allocators (such as insurers, retirement pools and corporate capital) remain underrepresented. This matters because these pools bring long-duration, stable capital, which is critical as the market matures.

There is frequent reference to a 5% allocation limit for institutions. Why is this relevant now?

Domestic institutions are permitted to allocate up to 5% of their assets to AIFs. The relevance of this limit today is not regulatory change (the rule has existed) but the fact that actual utilisation remains negligible, well below 0.1% by industry estimates. As AIFs move from being niche products to mainstream investment vehicles, this unused headroom becomes a meaningful constraint on scale rather than a theoretical number.

At this stage of market development, institutional behaviour becomes a signal of maturity. These allocators typically enter only when governance standards, reporting quality and outcome visibility are sufficiently robust. Understanding their hesitation helps identify what still needs strengthening — whether that is track record depth, predictability of distributions, or operational comfort. Their participation is less about immediate flows and more about setting benchmarks for the ecosystem.

How would higher institutional participation change the structure of AIFs?

It would change both fund stability and capital planning. Foreign capital will continue to play an important role, but it is often more sensitive to global cycles. Domestic institutional capital tends to be longer-term and less volatile. Its presence can reduce vintage risk, smooth fundraising cycles and allow managers to deploy capital more strategically rather than opportunistically.

Category III AIFs are often cited as underpenetrated. What does the data show?

Category III AIFs currently manage about Rs 1.5 lakh crore, compared to total AIF commitments of around Rs 13.5 lakh crore. This is a relatively small share for strategies that globally form a much larger part of the alternatives universe. These funds run market-linked strategies such as long-only and long–short approaches. From this base, growth potential is significant, particularly if regulatory and taxation clarity improves.

Is performance a limiting factor for Category III and other alternative strategies?

Performance needs to be evaluated by strategy type. Some approaches have longer gestation periods than others. That said, there have been cases where returns from alternative strategies, including unlisted exposure, have compared favourably with mutual fund returns. The conversation has gradually shifted from headline IRRs to consistency, risk management and realised outcomes.

The report flags private credit as a fast-growing segment. What is driving this trend?

Private credit has expanded after banks and NBFCs turned more cautious following the NBFC stress period. This created demand for alternative sources of capital. Today, private credit funds are active in infrastructure, real estate, and growth-stage companies between Series B and Series D. These are areas where capital demand remains strong but traditional lending is constrained. The report also points to growing dry powder in this segment.

How are family offices positioning themselves within this evolving market?

Family offices have become more selective and institutional in their approach. Capital is increasingly concentrated with established managers, particularly those on their fourth fund or later. Roughly one-third of IVCA members are on Fund IV or beyond, reflecting growing maturity within the ecosystem. First-time managers, especially in deep-tech strategies, continue to face higher scrutiny until outcomes become visible.

The report highlights DPI as a key metric. Why has this become important now?

DPI — distributions to paid-in capital — measures how much cash has actually been returned to investors. As the market matures, investors are focusing less on interim valuations and more on realised outcomes. The report shows improving DPI trends across several AIF categories, which is critical for building confidence among more conservative and institutional allocators.

What does all this suggest about the next phase of India’s alternatives market?

The growth phase is already behind us. The next phase is about institutionalisation. As governance standards strengthen, outcomes become more visible and participation broadens beyond early adopters, the alternatives ecosystem can scale in a more stable and sustainable way.

India’s alternatives market has scaled, but remains under-institutionalised, says IVCA President Rajat Tandon

India’s alternative investment fund (AIF) industry has expanded rapidly over the past decade, with assets rising to Rs 13.5 lakh crore. Yet, the IVCA-Crisil-360One  report’s latest study highlights a structural imbalance. While foreign capital, family offices and high-net-worth investors have driven growth, participation from large domestic institutions and balance-sheet allocators remains limited. In a conversation with Moneycontrol, IVCA president, Rajat Tandon explains what the data reveals about this imbalance, where capital is actually flowing, and what could shape the next phase of growth.

The expansion reflects broader acceptance of alternatives, not speculative excess. AIF commitments have grown nearly 16x over the last eight years, reaching about Rs 13.5 lakh crore. What is important is that this growth is largely allocation-led, not driven by money exiting mutual funds. Investors are using AIFs to access strategies that are not available in traditional products — private markets, private credit, structured strategies and market-linked approaches. Alternatives have become a permanent allocation bucket rather than a tactical trade.

Edited excerpts:

If alternatives have scaled so much, where does the imbalance lie?

The imbalance is in who the capital is coming from. Growth so far has been driven largely by foreign investors, family offices and high-net-worth individuals. Large domestic institutional and balance-sheet allocators (such as insurers, retirement pools and corporate capital) remain underrepresented. This matters because these pools bring long-duration, stable capital, which is critical as the market matures.

There is frequent reference to a 5% allocation limit for institutions. Why is this relevant now?

Domestic institutions are permitted to allocate up to 5% of their assets to AIFs. The relevance of this limit today is not regulatory change (the rule has existed) but the fact that actual utilisation remains negligible, well below 0.1% by industry estimates. As AIFs move from being niche products to mainstream investment vehicles, this unused headroom becomes a meaningful constraint on scale rather than a theoretical number.

At this stage of market development, institutional behaviour becomes a signal of maturity. These allocators typically enter only when governance standards, reporting quality and outcome visibility are sufficiently robust. Understanding their hesitation helps identify what still needs strengthening — whether that is track record depth, predictability of distributions, or operational comfort. Their participation is less about immediate flows and more about setting benchmarks for the ecosystem.

How would higher institutional participation change the structure of AIFs?

It would change both fund stability and capital planning. Foreign capital will continue to play an important role, but it is often more sensitive to global cycles. Domestic institutional capital tends to be longer-term and less volatile. Its presence can reduce vintage risk, smooth fundraising cycles and allow managers to deploy capital more strategically rather than opportunistically.

Category III AIFs are often cited as underpenetrated. What does the data show?

Category III AIFs currently manage about Rs 1.5 lakh crore, compared to total AIF commitments of around Rs 13.5 lakh crore. This is a relatively small share for strategies that globally form a much larger part of the alternatives universe. These funds run market-linked strategies such as long-only and long–short approaches. From this base, growth potential is significant, particularly if regulatory and taxation clarity improves.

Is performance a limiting factor for Category III and other alternative strategies?

Performance needs to be evaluated by strategy type. Some approaches have longer gestation periods than others. That said, there have been cases where returns from alternative strategies, including unlisted exposure, have compared favourably with mutual fund returns. The conversation has gradually shifted from headline IRRs to consistency, risk management and realised outcomes.

The report flags private credit as a fast-growing segment. What is driving this trend?

Private credit has expanded after banks and NBFCs turned more cautious following the NBFC stress period. This created demand for alternative sources of capital. Today, private credit funds are active in infrastructure, real estate, and growth-stage companies between Series B and Series D. These are areas where capital demand remains strong but traditional lending is constrained. The report also points to growing dry powder in this segment.

How are family offices positioning themselves within this evolving market?

Family offices have become more selective and institutional in their approach. Capital is increasingly concentrated with established managers, particularly those on their fourth fund or later. Roughly one-third of IVCA members are on Fund IV or beyond, reflecting growing maturity within the ecosystem. First-time managers, especially in deep-tech strategies, continue to face higher scrutiny until outcomes become visible.

The report highlights DPI as a key metric. Why has this become important now?

DPI — distributions to paid-in capital — measures how much cash has actually been returned to investors. As the market matures, investors are focusing less on interim valuations and more on realised outcomes. The report shows improving DPI trends across several AIF categories, which is critical for building confidence among more conservative and institutional allocators.

What does all this suggest about the next phase of India’s alternatives market?

The growth phase is already behind us. The next phase is about institutionalisation. As governance standards strengthen, outcomes become more visible and participation broadens beyond early adopters, the alternatives ecosystem can scale in a more stable and sustainable way.

Indian equity benchmarks <a href="https://www.moneycontrol.com/news/business/markets/stock-market-live-updates-gift-nifty-indicates-a-flat-opening-us-asian-markets-mixed-liveblog-13728846.html">Sensex and Nifty</a> fell significantly from day's high on December 17 amid volatility and are on course for decline for third straight day.

At 12:15 pm, the Sensex was down 224.47 points or 0.27% at 84,455.39, and the Nifty was down 63 points or 0.24% at 25,797.10. About 1,346 shares advanced, 2,222 shares declined, and 183 shares were unchanged. Sensex fell 450 points from day's high. Sensex's day high was 84,889 while that of Nifty was 25,929.

Eleven of the 16 major sectors were down and mid-cap and small-cap indices fell 0.46% and 0.66%, respectively.

The Nifty PSU Bank index rose 1.3% and the Nifty Metal index was up 0.4%, while the Nifty Consumer Durables and the Nifty Media index dropped around 1% each.

HDFC Life Insurance, SBI Life Insurance, and Max Healthcare were the worst hit constituents of the Nifty 50 index, down 1-3%.

Most defence stocks were down and the Nifty India Defence index fell for the third consecutive session. Shares of MTAR Technologies, Paras Defence and Space Technologies, and Data Patterns (India) fell 2–3%. Akzo Nobel India, Indian Overseas Bank, HBL Engineering were the biggest decliners among Nifty 500 constituents and were down 4–12%.

Here are various factors behind market decline:
<ol>
	<li>Uncertain Fed outlook</li>
</ol>
Mixed signals from US jobs data kept the Federal Reserve's rate trajectory outlook uncertain following which Wall Street ended on a mixed note and Asian markets were also muted as mixed US jobs data reading left investors awaiting further cues.

The S&amp;P 500 slipped 0.24%, marking its third straight decline, as investors assessed the delayed release of the November jobs report. The Nasdaq Composite gained 0.23%, while the Dow Jones Industrial Average fell 0.62%.

US jobs growth rebounded more than expected in November, but the unemployment rate rose to a four-year high of 4.6%. Investors are now waiting for the U.S. consumer price inflation data for November due on Thursday.

Fed funds futures suggest markets are still pricing in roughly two U.S. rate cuts next year, with the latest labour market reading doing little to shift expectations.

"For now, our base case remains two 25-bps rate cuts in the first half of next year at the March and June FOMC meetings, with the risks skewed toward more rather than fewer cuts in 2026," economists at Wells Fargo said in a note.

2. Persistent FII selling

On the institutional front, foreign institutional investors (FIIs) were net sellers of equities worth Rs 2,060.76 crore, while domestic institutional investors (DIIs) bought shares worth Rs 770.76 crore on Tuesday, December 16.

Foreign investors have sold Indian equities for eight consecutive sessions till Tuesday.

"Persistent FPI selling and weakness in the rupee remain key near-term headwinds, compounded by delays in the conclusion of India-US trade negotiations," said Ponmudi R, chief executive officer at Enrich Money.

"With the ongoing weakening of the AI trade, FIIs are likely to turn buyers in India sometime in 2026. If, along with this, a US-India trade deal happens, FIIs will turn buyers in India. There is a likelihood of rupee strengthening in H1 2026. Therefore, while FII selling is depressing stock prices now, investors should buy in anticipation of a 2026 rally," said VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited.

3. Selling in banking heavyweights

A 1.5% rise in shares of State Bank of India lent support to the Nifty 50, while index heavyweights such as ICICI Bank and HDFC Bank fell 1.5% and 0.6%, respectively, dragging down the index. Shares of Axis Bank were up over 1% after a sharp decline in the previous session.

The two stocks have a cumulative weightage of over 20% on the index. Bharti Airtel, which has a near 5% weightage, fell marginally after rising earlier.

4. Oil prices jump

Oil prices climbed after US President Donald Trump ordered "a total and complete" blockade of all sanctioned oil tankers entering and leaving Venezuela, raising fresh geopolitical tensions at a time of concerns over demand.

US crude futures advanced 1.3% to $55.97 per barrel, while Brent crude futures rose 1.15% to $59.60 a barrel, cutting into steep losses from Tuesday. Oil prices slid as the prospect of a Russia-Ukraine peace deal appeared to strengthen, raising expectations sanctions could be eased.

The move is a major escalation and follows the seizure of an oil tanker last week by US forces off Venezuela. The regime of President Nicolas Maduro said the latest action was intended to steal the country’s resources.

Venezuela’s oil production has increased since hitting a low in 2020, but is far from where it was decades ago. Tankers loaded almost 590,000 barrels a day for export last month, compared with global consumption of more than 100 million barrels a day. Most of the country’s crude goes to China.

The OPEC producer’s flagship Merey crude is often used to make bitumen to pave roads in China. Bitumen futures in Shanghai surged as much as 2.8% on Wednesday, the biggest increase since late October, reported Bloomberg.

Technical View

"For the Nifty 50, the index continues to trade under pressure after failing to reclaim higher levels in recent sessions. The near-term trend remains sideways to negative as the index is trading below key short-term moving averages. Immediate support is placed around 25,700, and a breakdown below this level could lead to further consolidation toward 25,600–25,550. On the upside, resistance is seen at 26,000–26,050, which remains a crucial hurdle. A sustained close above this zone is required to stabilise sentiment and revive short-term bullish momentum. Until then, the index is likely to remain range-bound with a cautious bias," said Aakash Shah, Technical Research Analyst at Choice Equity Broking Private Limited.

With inputs from Reuters

Sensex falls 450 pts from day's high, Nifty below 25,800: Mixed US jobs data among key factors behind market decline

Sensex news today: Sensex falls 450 pts from day's high, Nifty below 25,800 - Mixed US jobs data among key factors behind market decline

Indian equity benchmarks Sensex and Nifty fell significantly from day's high on December 17 amid volatility and are on course for decline for third straight day.

At 12:15 pm, the Sensex was down 224.47 points or 0.27% at 84,455.39, and the Nifty was down 63 points or 0.24% at 25,797.10. About 1,346 shares advanced, 2,222 shares declined, and 183 shares were unchanged. Sensex fell 450 points from day's high. Sensex's day high was 84,889 while that of Nifty was 25,929.

Eleven of the 16 major sectors were down and mid-cap and small-cap indices fell 0.46% and 0.66%, respectively.

The Nifty PSU Bank index rose 1.3% and the Nifty Metal index was up 0.4%, while the Nifty Consumer Durables and the Nifty Media index dropped around 1% each.

HDFC Life Insurance, SBI Life Insurance, and Max Healthcare were the worst hit constituents of the Nifty 50 index, down 1-3%.

Most defence stocks were down and the Nifty India Defence index fell for the third consecutive session. Shares of MTAR Technologies, Paras Defence and Space Technologies, and Data Patterns (India) fell 2–3%. Akzo Nobel India, Indian Overseas Bank, HBL Engineering were the biggest decliners among Nifty 500 constituents and were down 4–12%.

Here are various factors behind market decline:

	Uncertain Fed outlook

Mixed signals from US jobs data kept the Federal Reserve's rate trajectory outlook uncertain following which Wall Street ended on a mixed note and Asian markets were also muted as mixed US jobs data reading left investors awaiting further cues.

The S&amp;amp;P 500 slipped 0.24%, marking its third straight decline, as investors assessed the delayed release of the November jobs report. The Nasdaq Composite gained 0.23%, while the Dow Jones Industrial Average fell 0.62%.

US jobs growth rebounded more than expected in November, but the unemployment rate rose to a four-year high of 4.6%. Investors are now waiting for the U.S. consumer price inflation data for November due on Thursday.

Fed funds futures suggest markets are still pricing in roughly two U.S. rate cuts next year, with the latest labour market reading doing little to shift expectations.

&quot;For now, our base case remains two 25-bps rate cuts in the first half of next year at the March and June FOMC meetings, with the risks skewed toward more rather than fewer cuts in 2026,&quot; economists at Wells Fargo said in a note.

2. Persistent FII selling

On the institutional front, foreign institutional investors (FIIs) were net sellers of equities worth Rs 2,060.76 crore, while domestic institutional investors (DIIs) bought shares worth Rs 770.76 crore on Tuesday, December 16.

Foreign investors have sold Indian equities for eight consecutive sessions till Tuesday.

&quot;Persistent FPI selling and weakness in the rupee remain key near-term headwinds, compounded by delays in the conclusion of India-US trade negotiations,&quot; said Ponmudi R, chief executive officer at Enrich Money.

&quot;With the ongoing weakening of the AI trade, FIIs are likely to turn buyers in India sometime in 2026. If, along with this, a US-India trade deal happens, FIIs will turn buyers in India. There is a likelihood of rupee strengthening in H1 2026. Therefore, while FII selling is depressing stock prices now, investors should buy in anticipation of a 2026 rally,&quot; said VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited.

3. Selling in banking heavyweights

A 1.5% rise in shares of State Bank of India lent support to the Nifty 50, while index heavyweights such as ICICI Bank and HDFC Bank fell 1.5% and 0.6%, respectively, dragging down the index. Shares of Axis Bank were up over 1% after a sharp decline in the previous session.

The two stocks have a cumulative weightage of over 20% on the index. Bharti Airtel, which has a near 5% weightage, fell marginally after rising earlier.

4. Oil prices jump

Oil prices climbed after US President Donald Trump ordered &quot;a total and complete&quot; blockade of all sanctioned oil tankers entering and leaving Venezuela, raising fresh geopolitical tensions at a time of concerns over demand.

US crude futures advanced 1.3% to $55.97 per barrel, while Brent crude futures rose 1.15% to $59.60 a barrel, cutting into steep losses from Tuesday. Oil prices slid as the prospect of a Russia-Ukraine peace deal appeared to strengthen, raising expectations sanctions could be eased.

The move is a major escalation and follows the seizure of an oil tanker last week by US forces off Venezuela. The regime of President Nicolas Maduro said the latest action was intended to steal the country’s resources.

Venezuela’s oil production has increased since hitting a low in 2020, but is far from where it was decades ago. Tankers loaded almost 590,000 barrels a day for export last month, compared with global consumption of more than 100 million barrels a day. Most of the country’s crude goes to China.

The OPEC producer’s flagship Merey crude is often used to make bitumen to pave roads in China. Bitumen futures in Shanghai surged as much as 2.8% on Wednesday, the biggest increase since late October, reported Bloomberg.

Technical View

&quot;For the Nifty 50, the index continues to trade under pressure after failing to reclaim higher levels in recent sessions. The near-term trend remains sideways to negative as the index is trading below key short-term moving averages. Immediate support is placed around 25,700, and a breakdown below this level could lead to further consolidation toward 25,600–25,550. On the upside, resistance is seen at 26,000–26,050, which remains a crucial hurdle. A sustained close above this zone is required to stabilise sentiment and revive short-term bullish momentum. Until then, the index is likely to remain range-bound with a cautious bias,&quot; said Aakash Shah, Technical Research Analyst at Choice Equity Broking Private Limited.

With inputs from Reuters

Nifty At Risk Of Deeper Correction Below 25,900? | Opening Bell Live

Indian benchmark indices, Sensex and Nifty, are likely to see a flat to positive start today, December 17, with cues coming from GIFT Nifty, which was trading lower at around 25,937.

Track the latest updates on GIFT Nifty right here on Moneycontrol.

In yet another volatile session, the Indian equity markets ended lower for the second consecutive day on December 16 amid continued depreciation in rupee, and uncertainty over India-US trade deal.

At close, the Sensex was down 533.50 points or 0.63 percent at 84,679.86, and the Nifty was down 167.20 points or 0.64 percent at 25,860.10. BSE Midcap and Smallcap indices were down nearly 1 percent each.

Here is how financial markets across the globe fared overnight:

GIFT Nifty (Up)

The GIFT Nifty is trading marginally higher at around 25,937, indicating a flat to positive start for the day.

Asian Equities (Down)

Asian shares tracked Wall Street at the open to post a modest decline after sluggish US jobs data did little to boost bets on further interest-rate cuts from the Federal Reserve.



US Equities (Mixed)

The Nasdaq recovered on Tuesday to close higher while the S&amp;amp;P 500 and the Dow closed lower, impacted by declines in healthcare and energy stocks. Investors evaluated delayed economic data to gauge the Federal Reserve's monetary policy outlook for next year.

The Dow Jones Industrial Average fell 302.30 points, or 0.62%, to 48,114.26, the S&amp;amp;P 500 lost 16.25 points, or 0.24%, to 6,800.26 and the Nasdaq Composite gained 54.05 points, or 0.23%, to 23,111.46.



US Bond Yield (Flat)

The yield on 10-year Treasuries was little changed at 4.15%, while 0-year Treasury yield was up marginally at 3.49%.



Dollar Index (Flat)

The U.S. dollar was little changed against the other major currencies in the early Wednesday trade.



Asian Currencies (Mixed)

Among Asian currencies except Indonesian Rupiah, Thai Baht, South Korean Won, all other currencies were trading higher in the early Wednesday trade.



Crude (Up)

West Texas Intermediate crude oil rose 1% after President Donald Trump said he was ordering a “total and complete blockade of all sanctioned oil tankers” going into and leaving Venezuela.



Gold (Up)

Gold was steady, after sluggish US jobs data on Tuesday didn’t move the needle on expectations for more interest-rate cuts.



Fund Flow Action

The Foreign Institutional Investors (FIIs) extended their selling on December 16 as they sold equities of Rs 2381 crore, while Domestic Institutional Investors (DIIs) purchased equities of Rs 1077 crore on the same day.



Hope you're all set for today's trade. We wish you a profitable day ahead.

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First Tick: Top global cues to watch in today’s trade

12 out of 17 years BSE MIDCAP has given positive returns in December.

Type	R1	R2	R3	PP	S1	S2	S3
Classic	46,424.43	46,657.28	46,821.60	46,260.11	46,027.26	45,862.94	45,630.09
Fibonacci	46,411.83	46,505.56	46,657.28	46,260.11	46,108.39	46,014.66	45,862.94
Camarilla	46,228.00	46,264.40	46,300.81	46,260.11	46,155.18	46,118.78	46,082.37

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