After hitting a record high in the last week of November, the Indian market started December on a muted note with benchmark indices testing their crucial support levels in the week ended December 6.

The Nifty closed in the red in four of the five trading sessions for the week ended December 6, but the big carnage was seen in the small and mid-cap stocks.

The S&P BSE Sensex fell 0.85 percent while the Nifty was down by 1.1 percent compared to the 2.76 percent fall seen in the S&P BSE Mid-cap index, and 1.6 percent drop in the S&P BSE Small-cap index for the week ended December 6.

As many as 48 stocks in the S&P BSE Small-cap index fell 10-60 percent which include names such as Indiabulls Real Estate, Mirc Electronics, GVK Power, DB Realty, NBCC, Jain Irrigations, Unitech, PC Jeweler, ZEE Entertainment, DHFL, Omaxe, and Thomas Cook among others.

Indian market witnessed a kneejerk reaction post the RBI policy meeting but experts feel that the trend still remains on the upside. Kotak Securities expects BSE Sensex to touch 45,500 and Nifty-50 to touch 13,400 by December 2020.

On December 6, Sensex and Nifty both fell 0.82 percent to close at 40,445 and 11,921, respectively. From January to November 2019, Sensex rose 13 percent while Nifty was up 11 percent.