It was a profitable week for global markets driven by expectation of a possible Federal Reserve Cut in the December meeting and a potential Russia-Ukraine peace agreement easing geopolitical tensions that lifted investors sentiment. If we look at Indian Market performance then the markets continued to be volatile but remained net positive after recovering from Tuesday’s low of 25860 levels.
What drove this positive momentum is of course the global market rally but this was also supported by optimism that the Reserve Bank of India may also reduce its rates in the December meeting scheduled from 3rd to 5th supported by multiyear low inflation and impressive quarterly earnings. Also, Brent Crude Oil Prices heading for the longest run of monthly losses in more than two years around $62/bbl is positive for emerging markets like India. Interestingly Foreign Institutional Investors (FIIs) turning net buyers on selective days also boosted the sentiment reflecting that they may not sell as aggressively.
During the week on Monthly Expiry of Sensex, the benchmark indices both Nifty and Sensex touched new all-time high levels. Nifty has taken roughly 289 sessions to surpass its previous highs of 26277 points while Sensex surpassed its previous high of 85978 points after almost 60 weeks. This suggests continued strength in our domestic market supported by positive global cues and favourable macroeconomic indicators, but at the same time we have also seen profit booking taking place at higher levels.
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While everyone is reading in the news that Indian Markets have scaled new highs, though investors community are not happy as portfolios are not doing that great because broader markets i.e., your small and midcap index are down 6-8% from their previous highs and the recent rally overserved was particularly driven by large/blue chip stocks. Over here as well on the stock specific front, Trent Ltd is down 43% from its peak, TCS is down close to 30% while Infosys is down 22% and there are only 4 Nifty stocks that have climbed to new 52-week high levels.
With December starting from next week, markets are likely to move at slow and steady pace as we have important cues from both the RBI as well as the US FOMC coming in. Historical trends also reflect the same trajectory when important events line up. Having said that, Indian Markets remain at a sweet spot and believe that earnings to improve from here on supported by FII inflows and clear global trade signals that will overall support the portfolios. With this let me present to you our weekly market review.
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 0.5% each while Midcaps outperformed and were up 1.2 % during the week.
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What Might Keep the Markets Busy Into the Next Week?
The coming week will be very busy for Indian markets with a combination of both domestic and global data releases. On the domestic front we have the key domestic data like the Q2FY26 GDP release on 28th November with consensus expecting some moderation from Q1FY26 numbers of 7.8% but still above the 7%+ mark. However the actual number that came post market hours has beaten the expectation with growth coming at 8.2% vs 5.4% YoY and 7.8% in Q1FY26. This is likely to influence the upcoming December RBI MPC meeting with respect to growth and inflation forecast. Further the data focusing on exports, consumption, capex will also be important to track as it will drive sector rotation. The meeting is scheduled from 3rd to 5th December.
Market is expecting a 25bps rate cut in this meeting followed by RBI Governor commentary where he mentioned that macroeconomic indicators are looking good and there is scope of further rate cut. Interestingly, the Governor's commentary around inflation, stance, and liquidity will be very closely watched.
Apart from this monthly auto sales for the month of November, Primary market activity, stock-specific news in the form of order wins, regulatory actions will keep markets busy.
On the global front, there is a buzz around a potential rate cut for the third consecutive time by the US Fed Reserve in its upcoming meeting scheduled for 9-10th December, hence markets will like to position themselves before the key event. Other data releases like Core Personal Consumption, Personal Spending, Initial Jobless Claims, ISM Services PMI, S&P Global Composite & Manufacturing PMI, President Trump’s take on Trade negotiations and geo-political developments in Russia-Ukraine will drive market movement.
Crude and FII Flows
Brent Crude Oil Prices headed for the longest run of losses on monthly bases in more than two. It was trading around $63/bbl on expectation of Ukraine Russia ceasefire which could pave the way for unwinding of Western sanctions against Russia, though trading remained thin due to Thanksgiving day in the US. On the other hand, FIIs were Net Buyers for the week.
Sector in Focus
PSU Bank, Metals, & Pharma remained in focus during the week.
Stocks That Remained In Focus During The Week
Adani Enterprises:
The company said its subsidiary Adani Defence Systems & Technologies, along with Prime Aero Services LLP, will acquire a 72.8% stake in Flight Simulation Technique Centre (FSTC) for ₹820 crore. The deal, signed on November 27, makes ADSTL a major stakeholder in India’s largest independent flight training and simulation provider.
Tata Consultancy Services:
The IT company announced a five-year deal with SAP to drive enterprise-wide Cloud and Generative AI transformation. Under the partnership, TCS will streamline SAP’s IT landscape, enable smoother operations, and strengthen AI-led capabilities—aiming for faster development cycles, lower costs, and better alignment between IT and business goals.
Sona BLW:
Sona Comstar MD Vivek Singh said the company plans to apply for the government’s rare earth scheme as a primary or secondary applicant. He noted that Sona Comstar is India’s largest user of rare earth magnets, but domestic makers still rely on foreign technology, mainly from Japan and Germany. Singh stressed China’s dominance in rare earths, pointing out that even the US has had to negotiate with it. Only four Indian firms currently have Chinese licences to import rare earth magnets, with very small quotas that haven’t yet been supplied.
Voltamp Transformers:
The company has received Letter of Intent from Gujarat Energy Transmission Corporation Limited, for Rs 85.05 crore Approx. (inclusive of GST) for supply of various ratings of Power Transformers and is to be executed within 6 months. The nature of the order includes designing, manufacture, test and supply of various ratings of Power Transformers as per tender specification.
Medanta:
Medanta has inaugurated its new 550-bed super speciality hospital in Noida, significantly expanding its footprint in the NCR and Uttar Pradesh. Located in Sector 50 with direct Metro access, the facility will cater to patients across Delhi-NCR and Western UP. It offers tertiary and quaternary care across 25+ super specialities, supported by 130+ ICU beds and 16 operating theatres. Over 200 doctors have already joined, and the hospital is expected to generate 5,000–7,000 jobs.
Bombay Dyeing:
Bombay Dyeing told exchanges it will temporarily shut its Patalganga plant for planned maintenance from 28 Nov to 18 Dec 2025. The shutdown will lead to a production shortfall of about 7,500 MT, but the company has adequate PSF reserve stock. It said there will be no impact on customer supply commitments during this period.
Asian Paints:
Berger Paints Emirates Ltd Co (L.L.C), UAE, a step-down subsidiary of Asian Paints International Pvt Ltd, Singapore, a wholly owned subsidiary of Asian Paints Ltd, proposes to set up its second paint manufacturing facility in UAE with an investment of AED 140 million (approx Rs 340 crore), having an initial capacity of 55,800 KL per annum. The facility will be spread across 100,000 sqm within Khalifa Economic Zones Abu Dhabi (‘KEZAD’), Abu Dhabi, UAE.
Patel Engineering:
Patel Engineering Ltd has received two Letter of Intents from Saidax Engineers and Infrastructures Pvt Ltd for the execution of excavation and associated works and transportation of coal at a project located at Jhiria West OCP of Hasdeo Area, Bilaspur, Chhattisgarh, for South Eastern Coalfields Limited (SECL). The total project value for both letter of intents combined is Rs 798.19 crore (excluding taxes).
Oberoi Realty:
The company has entered into a Development Agreement for redevelopment of land admeasuring 4,706 square meters, situated at Nepean Sea Road, Mumbai. Oberoi Realty’s entitlement of free sale component from the project is presently estimated to be around 1.18 lakh square feet (RERA Carpet area), subject to the provisions of Development Control & Promotion Regulations for Greater Mumbai, 2034 and applicable law.
Indraprastha Gas:
Indraprastha Gas Limited (IGL) has entered into a Joint Venture Agreement with CEID Consultants & Engineering Private Limited (CEID) for setting up of Compressed Bio Gas PlanUSiofuel Projects. Joint Venture between IGL and CEID shall have the equity participation from both the partners in the ratio of 50:50 respectively.
