On the final trading day of 2025, the Indian equity markets began on a triumphant note as the benchmark Nifty 50 reclaimed the psychologically significant 26,000 level. This early morning surge was primarily propelled by a robust rally in domestic steel giants JSW Steel and Tata Steel, both of which responded enthusiastically to a strategic policy intervention by the government.
As of 9:19 AM IST on December 31, 2025, the NIFTY 50 was trading at 26,012.50, gaining 73.65 points (0.28%). Simultaneously, the BSE SENSEX climbed to 84,883.34, marking an increase of 208.27 points (0.25%). Despite mixed global cues and a slight dip in the domestic currency, investor sentiment remained positive, particularly within the metals and commodities segments.
(Source: NSE, BSE)
Steel Sector Ignites on Anti-Dumping Protection
The standout performers of the morning session were undoubtedly the heavyweights of the steel industry. Shares of JSW Steel and Tata Steel advanced significantly after the Union Government announced the implementation of an anti-dumping duty on imports of non-alloy and alloy steel flat products.
This protective measure is scheduled to span three years, commencing April 21, 2025. The government has structured the tariff to provide immediate relief, with the duty set at 12% for the first year (April 21, 2025 to April 20, 2026). The levy will then gradually taper to 11.5% for the second year (April 21, 2026 to April 20, 2027) and finally to 11% for the third year (April 21, 2027 to April 20, 2028).
By imposing these levies on imports from nations such as China, Vietnam, and Nepal, the government aims to shield local manufacturers from underpriced foreign shipments. The immediate impact of this policy boost was visible on live trading screens as JSW Steel surged over 4.6%, while Tata Steel emerged as the top gainer with a nearly 5% jump.
(Source: CNBC TV-18)
Top Nifty Gainers in Early Trade
| Stock Name | Open (₹) | High (₹) | LTP (₹) | % Change |
|---|---|---|---|---|
| Tata Steel | 180.00 | 181.40 | 179.74 | +4.99% |
| JSW Steel | 1,156.00 | 1,159.10 | 1,152.80 | +4.64% |
| Bajaj Auto | 9,320.00 | 9,348.00 | 9,360.00 | +2.70% |
| Axis Bank | 1,246.00 | 1,258.80 | 1,252.70 | +1.75% |
| Bharat Electronics (BEL) | 395.90 | 395.90 | 397.70 | +1.14% |
(LTP as of 9:20 AM IST, December 31, 2025; BEL as of 9:51 AM IST)
(Source: NSE)
Currency Watch
The Indian Rupee started the day on a slightly weaker note. It opened marginally lower at ₹89.86 per dollar on Wednesday, down from the previous close of ₹89.78. This marginal slide reflects the broader currency market fluctuations typically seen during year-end adjustments.
(Source: Xe)
Major Corporate Headlines and Order Wins
The morning session was packed with significant corporate disclosures:
- Bharat Forge: The company secured a massive contract worth ₹1,661.9 crore from the Ministry of Defence. They will supply 2,55,128 CQB carbines to the Indian Army over the next 5 years.
- RITES: The firm received a Letter of Award for a $3.6 million project to supply diesel-electric locomotives to Zimbabwe.
- Power Grid Corporation: Declared the successful bidder for a battery energy storage project in Andhra Pradesh with a capacity of 2,000 MWh. This includes a dedicated 150 MW/300 MWh system in Chittoor.
- Muthoot Finance: The company infused ₹500 crore into its subsidiary, Muthoot Money, via a rights issue to fund business growth and repay existing debts.
- IFCI: Successfully monetised its 10% stake in North Eastern Development Finance Corporation for ₹121.77 crore.
(Source: Moneycontrol, CNBC TV-18)
Mergers, Acquisitions, and Board Changes
- Lupin: Its subsidiary, Nanomi BV, is proceeding with the acquisition of VISUfarma BV. While originally expected by the end of 2025, the completion date is now projected for February 28, 2026.
- Titan Company: The Board has appointed Sandhya Venugopal Sharma, IAS, as Chairperson and Additional Director, effective January 4, 2026.
- Taj GVK Hotels: Promoter Shalini Bhupal acquired a 25.52% stake (1.6 crore shares) from Indian Hotels Company Limited at ₹370 per-share, leading to a termination of the previous inter se agreement.
(Source: Moneycontrol, CNBC TV-18)
Key Institutional Developments and Stock Updates
Institutional investors were active in Ramkrishna Forgings, where Morgan Stanley Asia Singapore purchased 18.75 lakh shares at ₹506.7 per-share. Conversely, Societe Generale offloaded 14.75 lakh shares at a similar price point.
In other news, Privi Speciality Chemicals is under the scanner as a block deal involving a 6.32% stake (valued at ₹700 crore) is likely at a floor price of ₹2,835 to ₹2,850.
(Source: Moneycontrol)
SME Listings and Market Expansion
Five companies made their debut on the SME platform on Wednesday, including Apollo Techno Industries, Bai Kakaji Polymers, Nanta Tech, Admach Systems, and Dhara Rail Projects, highlighting continued depth in the primary market.
Additionally, Premier Energies Ltd made its debut in the F&O segment today, offering new hedging and speculative opportunities for the January series.
(Source: NDTV Profit)
The Bottomline
The synergy of strong domestic policy, massive defence contracts, and strategic corporate restructuring has allowed the Indian markets to start their final lap of the year with confidence. With JSW Steel and Tata Steel acting as the anchors for today’s gains, the outlook for the metal sector remains exceptionally bright heading into 2026.
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