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Markets Brace For More Weakness On Sensex Expiry; SEBI Revamps MF Expense Norms| Opening Bell Live

Domestic equity benchmarks Nifty 50 and Sensex are expected to open on a subdued note on Thursday, December 18, as weak global cues cap early optimism. A sharp overnight selloff on Wall Street, led by technology stocks, has kept risk appetite in check, pointing to a cautious start for Indian markets.

At around 7.45 a.m., the GIFT Nifty was trading at 25,882.5, down 8 points or 0.03 percent, indicating a largely flat to slightly negative opening for the benchmark indices, as investors assess global risk sentiment and await fresh domestic triggers.
<h1>Global cues remain weak</h1>
US stocks ended sharply lower on Wednesday as technology shares bore the brunt of selling. Renewed worries over artificial intelligence related valuations triggered a broad pullback, pushing the Nasdaq Composite down 1.8 percent.

Heavyweights such as Nvidia, Broadcom and Oracle fell more than 3 percent each. Technology stocks dragged the S&amp;P 500 lower by 2.2 percent, marking its fourth consecutive losing session, while the Dow Jones Industrial Average gave up early gains, weighed down 0.47 percent by losses in stocks such as Caterpillar.

Asian markets opened lower in early trade, mirroring the US weakness. Shares in Japan and Australia declined, along with equity futures for Hong Kong, as investors shifted into a risk off mode. The cautious tone also supported demand for shorter maturity US Treasuries and precious metals.
<h1>Key developments to watch</h1>
On the domestic front, <a href="https://www.moneycontrol.com/news/business/markets/mf-regulation-fixing-ipo-lock-in-discount-to-investors-on-debt-issues-sebi-board-clears-key-proposals-13730693.html">regulatory developments will remain in focus</a> after the board of the Securities and Exchange Board of India approved a wide set of reforms spanning mutual fund regulations, stock broker norms, IPO disclosures and lock in rules.

The regulator also cleared measures to incentivise debt securities, eased issuance and conversion of physical shares, and raised the threshold for highly value debt listed entities to Rs 5,000 crore to reduce compliance burden. Amendments allowing credit rating agencies to rate instruments regulated by other authorities were also approved, while proposals of the high level committee on conflict of interest were deferred for further discussion.

In global assets, cryptocurrency prices reflected the cautious mood. Bitcoin fell more than 2 percent on Wednesday before recovering part of its losses in early Thursday trade. Analysts note that Bitcoin has been drifting towards the lower end of its recent trading range, with every bounce attracting selling from investors who bought near the record highs seen in early October.
<h1>Flows and positioning</h1>
Foreign institutional investors remained buyers in the previous session, purchasing Indian equities worth Rs 1,127 crore. Domestic institutional investors also provided support, with net purchases of Rs 769 crore, according to exchange data.
<h1>Technical outlook</h1>
From a technical standpoint, Nifty continues to move within a consolidation phase. The broader trading range is seen between 26,220 on the upside and 25,700 on the downside. The formation of lower highs, however, keeps the 26,200 zone as a critical level for any meaningful shift in trend.

The derivatives data points to growing caution among traders. Call writers have added fresh positions at at the money and nearby strikes, strengthening overhead resistance on rallies. At the same time, put writers have reduced exposure and rolled positions to lower strikes, indicating expectations of a prolonged sideways phase rather than a decisive breakout or breakdown.

A significant build up of nearly 1.68 crore call contracts at the 26,000 strike underscores it as a strong resistance area. On the downside, around 69.36 lakh put contracts at the 25,500 strike are providing a cushion, suggesting limited immediate downside unless global cues deteriorate further, according to analysts at SAMCO Securities.

<strong> </strong><em><strong>Disclaimer:</strong> The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.</em>


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Nifty, Sensex seen opening flat as Wall Street tech selloff dents sentiment

Domestic equity benchmarks Nifty 50 and Sensex are expected to open on a subdued note on Thursday, December 18, as weak global cues cap early optimism. A sharp overnight selloff on Wall Street, led by technology stocks, has kept risk appetite in check, pointing to a cautious start for Indian markets.

At around 7.45 a.m., the GIFT Nifty was trading at 25,882.5, down 8 points or 0.03 percent, indicating a largely flat to slightly negative opening for the benchmark indices, as investors assess global risk sentiment and await fresh domestic triggers.
Global cues remain weak
US stocks ended sharply lower on Wednesday as technology shares bore the brunt of selling. Renewed worries over artificial intelligence related valuations triggered a broad pullback, pushing the Nasdaq Composite down 1.8 percent.

Heavyweights such as Nvidia, Broadcom and Oracle fell more than 3 percent each. Technology stocks dragged the S&amp;amp;P 500 lower by 2.2 percent, marking its fourth consecutive losing session, while the Dow Jones Industrial Average gave up early gains, weighed down 0.47 percent by losses in stocks such as Caterpillar.

Asian markets opened lower in early trade, mirroring the US weakness. Shares in Japan and Australia declined, along with equity futures for Hong Kong, as investors shifted into a risk off mode. The cautious tone also supported demand for shorter maturity US Treasuries and precious metals.
Key developments to watch
On the domestic front, regulatory developments will remain in focus after the board of the Securities and Exchange Board of India approved a wide set of reforms spanning mutual fund regulations, stock broker norms, IPO disclosures and lock in rules.

The regulator also cleared measures to incentivise debt securities, eased issuance and conversion of physical shares, and raised the threshold for highly value debt listed entities to Rs 5,000 crore to reduce compliance burden. Amendments allowing credit rating agencies to rate instruments regulated by other authorities were also approved, while proposals of the high level committee on conflict of interest were deferred for further discussion.

In global assets, cryptocurrency prices reflected the cautious mood. Bitcoin fell more than 2 percent on Wednesday before recovering part of its losses in early Thursday trade. Analysts note that Bitcoin has been drifting towards the lower end of its recent trading range, with every bounce attracting selling from investors who bought near the record highs seen in early October.
Flows and positioning
Foreign institutional investors remained buyers in the previous session, purchasing Indian equities worth Rs 1,127 crore. Domestic institutional investors also provided support, with net purchases of Rs 769 crore, according to exchange data.
Technical outlook
From a technical standpoint, Nifty continues to move within a consolidation phase. The broader trading range is seen between 26,220 on the upside and 25,700 on the downside. The formation of lower highs, however, keeps the 26,200 zone as a critical level for any meaningful shift in trend.

The derivatives data points to growing caution among traders. Call writers have added fresh positions at at the money and nearby strikes, strengthening overhead resistance on rallies. At the same time, put writers have reduced exposure and rolled positions to lower strikes, indicating expectations of a prolonged sideways phase rather than a decisive breakout or breakdown.

A significant build up of nearly 1.68 crore call contracts at the 26,000 strike underscores it as a strong resistance area. On the downside, around 69.36 lakh put contracts at the 25,500 strike are providing a cushion, suggesting limited immediate downside unless global cues deteriorate further, according to analysts at SAMCO Securities.

 Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.


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Nilesh Shah, the MD of Kotak Mahindra AMC believes the 2026 should be an exciting year for Indian equities, with earnings likely rebounding to double-digits in FY27, supporting market liquidity.

Market returns could be high single digit or low double-digit over the medium term, he said in an interview to Moneycontrol.

According to him, FII flows are likely to return in 2026 as global rate cycles ease, US growth softens, and doubts grow around overhyped AI trades elsewhere.

Nilesh Shah, who feels the AI-led rally globally may moderate, advised focussing on sectors with structural tailwinds in India for 2026 - financials, consumer discretionary, capital goods and infrastructure, IT, defence, and chemicals.

<strong>Do you expect rupee stabilisation from January onward?</strong>

As we look ahead to 2026, the Indian economy appears poised for a steady innings after a challenging 2025, much like a Test match where patience and solid fundamentals pay off in the longer run.

Our productivity and inflation is poorer than our trade partners and hence the destiny of the rupee is to depreciate. Fundamentally, the rupee with large foreign exchange reserves, manageable gap in balance of payment should stabilise with low single-digit depreciation annually. In the recent time, the rupee is facing pressure due to market expectations that large short forward position will result into sharp depreciation.

<strong>Do you expect immediate and significant foreign investments in the insurance sector after the Bill allowing 100% FDI in insurance is passed?</strong>

The recent passage of the bill allowing 100% FDI in insurance is positive. However, immediate and significant foreign investments may not flood in right away—global players will take time to set up partnerships and navigate regulations. That said, over the medium term, this opens doors for deeper capital, better products, and enhanced competition, strengthening the sector gradually.

<strong>Do you still expect further stimulus from the government in the Union Budget 2026?</strong>

Regarding further stimulus in the Union Budget 2026, the government has already provided support through income tax and GST rate cuts, interest rate cut and gaming ban and other reforms this year. I don’t anticipate major new fiscal impulses, as prudence remains key amid global uncertainties.

I really wish this budget provides for 8th pay commission implementations and funds the same through out of box ideas like gold monetisation or strategic divestment.

<strong>Which sectors should investors focus on in the year 2026?</strong>

For investors in 2026, focus on sectors with structural tailwinds: financials (especially large banks and NBFC), consumer discretionary (autos, travel, hospitality), capital goods and infrastructure, IT (leveraging AI for efficiency), defence, and select manufacturing plays like chemicals. Midcaps could outperform marginally, but stock selection is crucial in this valuation-conscious environment.

<strong>Do you believe 2026 is likely to be an exciting year for Indian equities? Do you expect the market to deliver returns in the 10–15% range next year?</strong>

Yes, 2026 should be an exciting year for Indian equities, with earnings likely rebounding to double-digits in FY27, supporting market liquidity. We could see returns in high single digit or low double-digit over the medium term, driven by domestic flows and improving corporate profitability, though volatility from global events remains a factor.

<strong>Do you see the AI-led rally continuing into 2026, even though India has relatively few pure-play AI companies?</strong>

The AI-led rally globally may moderate, but in India, even without many pure-play AI companies, sectors like IT are increasingly adopting AI to deliver better solutions—cheaper, faster, and smarter. This enterprise AI adoption should sustain momentum for related stocks.

<strong>Do you expect FII flows to return in 2026 only if doubts emerge around the AI trade and corporate earnings begin to improve?</strong>

FII flows are likely to return in 2026 as global rate cycles ease, US growth softens, and doubts grow around overhyped AI trades elsewhere. Improving Indian earnings and reasonable valuations will attract them back, rather than waiting solely for those triggers.

<strong>Do you see the RBI and US Federal Reserve continuing interest rate cut cycle in 2026 as well?</strong>

Both the RBI and US Fed are in easing mode, but the cycle may be shallow. The Fed could cut more aggressively, while RBI remains data-dependent, with room for measured reductions if inflation stays comfortable. Continued cuts into 2026 seem probable, supporting growth without overheating.

Overall, like building a strong partnership in cricket, India’s structural story—demographics, digitalisation, and reforms—remains intact. Stay invested with discipline, focus on quality, and 2026 could deliver rewarding runs.

<em>Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.</em>

Daily Voice: 2026 should be exciting for Indian equities, earnings likely to rebound to double-digits in FY27, says Kotak's Nilesh Shah

Nilesh Shah, the MD of Kotak Mahindra AMC believes the 2026 should be an exciting year for Indian equities, with earnings likely rebounding to double-digits in FY27, supporting market liquidity.

Market returns could be high single digit or low double-digit over the medium term, he said in an interview to Moneycontrol.

According to him, FII flows are likely to return in 2026 as global rate cycles ease, US growth softens, and doubts grow around overhyped AI trades elsewhere.

Nilesh Shah, who feels the AI-led rally globally may moderate, advised focussing on sectors with structural tailwinds in India for 2026 - financials, consumer discretionary, capital goods and infrastructure, IT, defence, and chemicals.

Do you expect rupee stabilisation from January onward?

As we look ahead to 2026, the Indian economy appears poised for a steady innings after a challenging 2025, much like a Test match where patience and solid fundamentals pay off in the longer run.

Our productivity and inflation is poorer than our trade partners and hence the destiny of the rupee is to depreciate. Fundamentally, the rupee with large foreign exchange reserves, manageable gap in balance of payment should stabilise with low single-digit depreciation annually. In the recent time, the rupee is facing pressure due to market expectations that large short forward position will result into sharp depreciation.

Do you expect immediate and significant foreign investments in the insurance sector after the Bill allowing 100% FDI in insurance is passed?

The recent passage of the bill allowing 100% FDI in insurance is positive. However, immediate and significant foreign investments may not flood in right away—global players will take time to set up partnerships and navigate regulations. That said, over the medium term, this opens doors for deeper capital, better products, and enhanced competition, strengthening the sector gradually.

Do you still expect further stimulus from the government in the Union Budget 2026?

Regarding further stimulus in the Union Budget 2026, the government has already provided support through income tax and GST rate cuts, interest rate cut and gaming ban and other reforms this year. I don’t anticipate major new fiscal impulses, as prudence remains key amid global uncertainties.

I really wish this budget provides for 8th pay commission implementations and funds the same through out of box ideas like gold monetisation or strategic divestment.

Which sectors should investors focus on in the year 2026?

For investors in 2026, focus on sectors with structural tailwinds: financials (especially large banks and NBFC), consumer discretionary (autos, travel, hospitality), capital goods and infrastructure, IT (leveraging AI for efficiency), defence, and select manufacturing plays like chemicals. Midcaps could outperform marginally, but stock selection is crucial in this valuation-conscious environment.

Do you believe 2026 is likely to be an exciting year for Indian equities? Do you expect the market to deliver returns in the 10–15% range next year?

Yes, 2026 should be an exciting year for Indian equities, with earnings likely rebounding to double-digits in FY27, supporting market liquidity. We could see returns in high single digit or low double-digit over the medium term, driven by domestic flows and improving corporate profitability, though volatility from global events remains a factor.

Do you see the AI-led rally continuing into 2026, even though India has relatively few pure-play AI companies?

The AI-led rally globally may moderate, but in India, even without many pure-play AI companies, sectors like IT are increasingly adopting AI to deliver better solutions—cheaper, faster, and smarter. This enterprise AI adoption should sustain momentum for related stocks.

Do you expect FII flows to return in 2026 only if doubts emerge around the AI trade and corporate earnings begin to improve?

FII flows are likely to return in 2026 as global rate cycles ease, US growth softens, and doubts grow around overhyped AI trades elsewhere. Improving Indian earnings and reasonable valuations will attract them back, rather than waiting solely for those triggers.

Do you see the RBI and US Federal Reserve continuing interest rate cut cycle in 2026 as well?

Both the RBI and US Fed are in easing mode, but the cycle may be shallow. The Fed could cut more aggressively, while RBI remains data-dependent, with room for measured reductions if inflation stays comfortable. Continued cuts into 2026 seem probable, supporting growth without overheating.

Overall, like building a strong partnership in cricket, India’s structural story—demographics, digitalisation, and reforms—remains intact. Stay invested with discipline, focus on quality, and 2026 could deliver rewarding runs.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

<strong>Sensex Today | Stock Market LIVE Updates: TCS, Shriram Finance, SBI, Tech Mahindra, Max Healthcare were among major gainers on the Nifty, while losers were Tata Steel, NTPC, Maruti Suzuki, Kotak Mahindra Bank, SBI Life Insurance. Except IT, all other sectoral indices are trading in the red. BSE Midcap and smallcap indices are trading lower.
</strong>

Stock Market LIVE Updates: Nifty at 25,750, Sensex down 240 pts; NTPC, Tata Steel, Maruti Suzuki top losers

Live Blog

Sensex Today | Stock Market LIVE Updates: TCS, Shriram Finance, SBI, Tech Mahindra, Max Healthcare were among major gainers on the Nifty, while losers were Tata Steel, NTPC, Maruti Suzuki, Kotak Mahindra Bank, SBI Life Insurance. Except IT, all other sectoral indices are trading in the red. BSE Midcap and smallcap indices are trading lower.

Indian benchmark indices, Sensex and Nifty, are likely to see a flat to negative start on December 18, with cues coming from GIFT Nifty, which was trading lower at around 25,863.50.

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

Market failed to build on the opening gains and ended on a negative note for the third straight session on December 17 amid mixed global markets post sluggish US jobs data, persistent FII outflow and falling rupee amid delay in ‍potential India-US trade deal.

At close, the Sensex was down 120.21 points or 0.14 percent at 84,559.65, and the Nifty was down 41.55 points or 0.16 percent at 25,818.55. BSE Midcap index fell 0.6%, while smallcap index shed nearly 1%.

Here is how financial markets across the globe fared overnight:

GIFT Nifty (Down)

The GIFT Nifty is trading lower at around 25,863.50, indicating a flat to negative opening for the day.

Asian Equities (Down)

Asian stocks opened lower following US losses as global markets fell into a familiar, risk-off pattern with tech concerns weighing on stocks, and supporting shorter- maturity Treasuries and precious metals.



US Equities (Slip)

Wall Street's main indexes closed lower on Wednesday, with the S&amp;amp;P 500 and the tech-heavy Nasdaq sinking to three-week lows as nagging worries about the artificial intelligence trade weighed on technology stocks.

The Dow Jones Industrial Average fell 228.29 points, or 0.47%, to 47,885.97. The S&amp;amp;P 500 lost 78.83 points, or 1.16%, to 6,721.43. The Nasdaq Composite lost 418.14 points, or 1.81%, to 22,693.32.



US Bond Yield (Down)

The yield on 10-year Treasuries and 2-year Treasuries were down 1 basis point to 4.14% and 3.47%, respectively.



Dollar Index (Flat)

The dollar held gains against its major counterparts on Thursday as markets positioned for central bank decisions in Britain, Europe and Japan.



Asian Currencies (Down)

Asian currencies were trading mostly lower with South Korean Won leading the losers followed by Thai Baht, Taiwan Dollar, China Renminbi, Malaysian Ringgit, Singapore Dollar



Crude (Jumps)

Oil bounced off a recent low against the backdrop of escalating geopolitical risk involving Russia and Venezuela



Gold (Rises)

Gold rose, approaching record levels, as investors looked ahead to US inflation data and monitored
escalating tensions in Venezuela. Silver climbed to a fresh peak, and platinum jumped to the highest since 2008.



Fund Flow Action

After remaining net sellers for the last 14 sessions, the Foreign Institutional Investors (FIIs) turned net buyers on December 17 as they bought equities of Rs 1171 crore, while Domestic Institutional Investors (DIIs) bought equities of Rs 768 crore on the same day.



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

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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

<b>11</b> out of <b>17</b> years <b>NIFTY 500</b> has given positive returns in <b>December</b>.

Type	R1	R2	R3	PP	S1	S2	S3
Classic	23,604.23	23,712.42	23,789.78	23,526.87	23,418.68	23,341.32	23,233.13
Fibonacci	23,597.75	23,641.54	23,712.42	23,526.87	23,455.99	23,412.20	23,341.32
Camarilla	23,513.06	23,530.07	23,547.08	23,526.87	23,479.04	23,462.03	23,445.02

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