This week has indeed been a good one for Indian Equity Markets as global markets remained supportive following optimism over a potential India-US trade agreement and strong quarterly earnings that is likely to lift investors sentiment. Record low inflation, consistent SIP inflows of more than Rs 25,000 crore on a MoM basis, and expectation of a cut rate by the Fed in its December meeting are seen as positive signs for the market.
Recently we have seen an IMF report raise India’s FY26 GDP growth forecast from 6.4% to 6.6%, despite the U.S. imposing a 50% tariff, while domestic inflation falling to record low of 0.25%. reflects positive momentum. We have seen US Markets climbing more than 25-30% from April lows and against that our market has underperformed emerging as well developed markets which reflects strong turnaround on cards supported by attractive valuation, strong earnings and return of FIIs.
The year 2025 saw the entire global market partying on Artificial Intelligence theme and now the investors are concerned about putting in money due to uncertainty and potential overvaluation in the sector, which spooked the global markets.
However, for the Indian Markets, no AI should not be seen as a worry because if we look at the performance of our market in the month of November then it has outperformed but all through the year we have been underperforming because we missed the AI theme while all the other markets did well but now as we are seeing signs of fear and over valuation, it could be positive for us.
On Thursday, the Indian benchmark indices touched new record highs with Nifty closing at 26192 pts and Bank Nifty crossing 59,000 for the first time at 59347 pts as investors see earnings pressure from the interest rate cut cycle to bottom out and reasonable valuations.
File Image |
However investors don't feel excited because the portfolios are not doing that well because the recent rally was only in selective blue chip stocks while the broader market i.e. your small and mid cap stock didn’t participate in the ongoing rally but outlook remains positive on the back of revival in earnings, demand and policy stability. As long as Nifty holds above 25700/25800 levels, buy on dips strategy can’t be ruled out. With this let me present to you our weekly portfolio review.
File Image |
How Did the Markets Fare Last Week?
On a weekly basis ending on Friday, the Indian benchmark indices ended in green. Sensex and Nifty were up 0.7% each while Midcaps underperformed and were down 1.1 % during the week.
What Might Keep the Markets Busy Into the Next Week?
After finishing the earnings season, typically there are limited triggers that affect the market performance as major big events seem to be out of the way now. Having said that, the global market will likely drive market direction as we head into a brand new week. We still have some limited data releases our way and it will surely keep markets busy.
On the domestic front, we have the key important Q2FY26 data that will be released on 28th November. In Q1FY26 India’s economy grew 7.8% - its fastest pace in five quarters and numbers were ahead of expectations as well. For Q2FY26 now the expectation is that growth will be moderated but is still likely to be above the 7% mark which is positive. Apart from this, other data releases like HSBC Composite/Manufacturing/Services PMI, FX Reserves, Cumulative Industrial Output, Bank Loan Growth, and Infrastructure Output will be monitored closely.
When we look at the global point of view; we have the important Q3CY25 GDP growth coming form the US. We also have Fed Official Speech, S&P Global Composite/Manufacturing PMI, Retail Sales, Producer Price Index, Housing Price Index, Personal Consumption Expenditure, Initial Jobless Claims etc.
Lastly, any fresh comments on the India-US trade will also keep markets busy as during the week we have seen during the week Commerce and Industry Minister Piyush Goyal hinting at positive developments on the same stating good news is imminent once the deal proves fair, equitable and balanced approach which have so far completed six rounds of negotiations since March.
Crude and FII Flows
Brent Crude Oil had their biggest declines in a week and traded near $63/bbl as Ukrainian President Volodymyr Zelenskyy agreed to work on a peace plan with Russia, which might lead to potential relief from US sanctions on Russia. On the other hand, FIIs continue to remain Net Sellers for the week.
Sector in Focus
PSU Bank, IT & Financials remained in focus during the week.
Stocks That Remained In Focus During The Week
Tata Consultancy Services (TCS):
The company said it has signed agreements with TPG Terabyte Bidco for an investment of up to Rs 18,000 crore in its AI-focused data centre unit, HyperVault. The funding—via equity and convertible preference shares—will be made in a 51:49 ratio, with TPG investing up to ₹8,820 crore and eventually holding 27.5–49% in the subsidiary.
Zaggle Prepaid:
Zaggle Prepaid Ocean Services Limited (Zaggle), has entered into an agreement with BIBA Fashion Limited. Under this agreement, Zaggle would provide Zaggle Zoyer Platform to BIBA Fashion Limited. The time period for completion of this agreement is 36 months.
Reliance Industries:
Reliance said it has fully stopped importing Russian crude oil into its SEZ refinery, completing a shift to non-Russian feedstock ahead of upcoming product-import restrictions. The transition took effect on 20th November 2025, ensuring all exports from 1st December 2025 will be based solely on non-Russian crude.
UFO Moviez:
UFO Moviez, India’s largest in-cinema advertising network, has formed a strategic alliance with Miraj Cinemas, the country’s third-largest exhibitor. The deal grants UFO exclusive advertising rights across Miraj’s 239 screens. With this addition, UFO’s multiplex network expands to over 2,500 screens, strengthening its position as India’s leading on-screen advertising network.
NBCC:
The company has received work orders amounting to Rs 2,966.10 crore from Nagpur Metropolitan Region Development Authority (NMRDA) as a Project Management Consultancy for Development of Naveen Nagpur for NMRDA –Phase-1.
Meghmani Organics:
Meghmani Organics Limited (MOL) has set up a wholly owned subsidiary in Brazil named Meghmani Organics Biodefensivos E Agricolas Do Brazil Ltd. The move aims to tap business opportunities in the Brazilian market and support smoother operational management. Initial share capital was remitted on 18th November 2025. The new entity will focus on the commercialization, import, export, storage, and distribution of chemical products and agricultural pesticides.
GE Shipping:
The Great Eastern Shipping Company (G E Shipping) delivered its 2005 built Medium Range Product Tanker “Jag Pooja” to the buyers. The vessel was contracted for sale in October 2025. After this transaction, the company’s current owned fleet stands at 40 vessels, comprising 26 tankers (6 crude tankers, 16 product tankers, 4 LPG carriers) and 14 dry bulk carriers (2 Capesize, 10 Kamsarmax, 2 Supramax), aggregating 3.32 mn dwt.
Azad Engineering:
The company signed a Master Terms Agreement & Purchase Agreement with Pratt and Whitney Canada Corp., Canada, for development and manufacturing of aircraft engine components. This agreement establishes a framework for long-term collaboration aimed at strengthening Azad’s manufacturing capabilities in the aerospace sector, in alignment with national strategic priorities.
Hindustan Unilever:
Hindustan Unilever Ltd (HUL) has fixed 5th December 2025, as the record date for issuing shares of Kwality Wall’s (India) Ltd (KWIL) under its ice-cream business spin-off. The NCLT-approved Scheme of Arrangement provides a 1:1 share entitlement for HUL shareholders. The demerger, sanctioned on 30th October 2025, aligns with Unilever’s global plan to separate its ice-cream business. The move aims to enhance strategic focus, capital efficiency, and long-term shareholder value, creating a standalone listed entity housing brands like Kwality Wall’s, Cornetto, and Magnum.
Aayush Wellness:
Aayush Wellness Limited has entered into a strategic partnership with Blinkit, one of India’s leading quick-commerce platforms, to strengthen its distribution network and accelerate its omnichannel expansion strategy. This collaboration will enable rapid and reliable delivery of Aayush Wellness’s products through Blinkit’s extensive urban delivery network and advanced logistics infrastructure, thereby enhancing consumer accessibility and experience.
