Indian equity market sees smart rally on last day of 2025, Nifty 50 and Sensex surge almost 1%, led by oil & gas and banking majors. Reliance Industries is the biggest mover, contributing 52.5 points alone. Nifty IT is the only sectoral index trading in the red, while India VIX falls 1.5%. 3 main reasons for the rally: 3-year safeguard duty on steel imports, optimism for Q3 earnings.