:::LALKAR GROUP::::

The key equity indices traded with moderate losses in mid-morning trade as the rupee weakened against US dollar. Investors' focus now shifts to ongoing IPO activity and the RBI's monetary policy meeting scheduled later this week. The Nifty traded below the 25,950 mark.

IT shares rebounded after declining in the past trading session.

At 10:25 IST, the barometer index, the S&P BSE Sensex declined 343.36 points or 0.40% to 84,8794.91. The Nifty 50 index fell 130.80 points or 0.50% to 25,901.55.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index declined 1.16% and the S&P BSE Small-Cap index fell 0.79%.

The market breadth was weak. On the BSE, 1,182 shares rose and 2,583 shares fell. A total of 213 shares were unchanged.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 90.1800 compared with its close of 89.9650 during the previous trading session. The currency slipped to a fresh record low after breaching the 90-mark.

Economy:

The seasonally adjusted HSBC India Services PMI Business Activity Index rose from 58.9 in October to 59.8 in November, indicating a historically strong expansion in output and a faster pace of growth than the previous month.

Meanwhile, the HSBC India Composite PMI Output Index stood at 59.7 in November, pointing to robust growth. However, the decline from October's 60.4 reading signalled the slowest expansion since May

IPO Update:

Meesho received bids for 10,06,89,210 shares as against 27,79,38,446 shares on offer, according to stock exchange data at 11:18 IST on Wednesday (3 December 2025). The issue was subscribed 0.36 times. The issue opened for bidding on 3 December 2025 and it will close on 5 December 2025. The price band of the IPO is fixed between Rs 105 and 111 per share.

Aequs received bids for 3,63,87,480 shares as against 4,20,26,913 shares on offer, according to stock exchange data at 11:20 IST on Wednesday (3 December 2025). The issue was subscribed 0.87 times. The issue opened for bidding on 3 December 2025 and it will close on 5 December 2025. The price band of the IPO is fixed between Rs 118 and 124 per share.

Vidya Wires received bids for 3,50,48,448 shares as against 4,33,34,009 shares on offer, according to stock exchange data at 11:18 IST on Wednesday (3 December 2025). The issue was subscribed 0.81 times. The issue opened for bidding on 3 December 2025 and it will close on 5 December 2025. The price band of the IPO is fixed between Rs 48 and 52 per share.

Buzzing Index:

The Nifty IT index advanced 0.85% to 37,859.25. The index fell 0.02% in the past trading session.

Wipro (up 2.36%), Tata Consultancy Services (up 1.73%), Infosys (up 0.95%), Mphasis (up 0.75%) and Tech Mahindra (up 0.72%), LTIMindtree (up 0.24%), HCL Technologies (up 0.02%) advanced.

Stock in Spotlight:

Indian Railway Finance Corporation (IRFC) declined 1.29%. The company announced that it has signed a loan agreement with Sumitomo Mitsui Banking Corporation (SMBC) to raise an External Commercial Borrowing (ECB) loan valued at the Japanese Yen (JPY) equivalent of $300 million.

Global Market:

Asia-Pacific markets were mostly higher Wednesday, after Wall Street saw a tech-fueled recovery and a cryptocurrency rally.

South Korea's revised third-quarter GDP numbers indicated that country's economy grew at 1.8% year on year, compared to 1.7% in the initial estimate, data from the central bank showed Wednesday.

Australia's GDP expanded 2.1% year on year, marking its strongest expansion since the third quarter of 2023, but fell short of the widely reported 2.2% expected growth rate.

Overnight in the U.S., the Dow Jones Industrial Average gained 0.39%, while the S&P 500 climbed 0.25% and the Nasdaq Composite advanced 0.59%.