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EQUITY
Post Session: Quick Review
Dec-01-2025

Despite hitting life-time high points, Indian equity benchmarks ended flat with negative bias on Monday, as persistent FII outflows weighed on traders’ sentiment. Markets made a positive start and touched all time high-points, as traders took support after the Q2FY26 GDP growth surged to a six-quarter high of 8.2 per cent. However, in afternoon session, markets pared their gains and hovered near the neutral lines, as traders were cautious following India's manufacturing industry witnessed a slowdown in the growth during the month of November. 

Some of the important factors in trade:

India's exports to US fall 28.5% due to aggressive tariff hikes: Traders were cautious with the Global Trade Research Initiative (GTRI) stating that India's exports to its largest foreign market, the US, suffered a sharp reversal due to aggressive tariff hikes. It said between May and October 2025, shipments fell 28.5 per cent, from $8.83 billion to $6.31 billion. 

India’s forex reserves decline $4.47 billion: Sentiments remained downbeat as RBI said that India's forex reserves declined $4.472 billion to $688.104 billion during the week ended November 21 due to a steep decrease in the value of gold reserves.

India’s economy grew by 8.2% in July-September quarter: Traders overlooked report that India’s economy grew by 8.2 per cent in July-September quarter (Q2) of the fiscal year 2025-26 against the growth rate of 5.6% during Q2 of FY 2024-25, helped by robust manufacturing and a buoyant services sector, especially financial, real estate and professional services. 

Global front: European markets were trading mostly in red after closing November on a robust note amid optimism surrounding potential U.S. rate cuts. Asian markets ended mostly in green as China's factory activity data disappointed and Bank of Japan Governor Kazuo Ueda gave one of the clearest indications that board might increase interest rates soon. 

The BSE Sensex ended at 85641.90, down by 64.77 points or 0.08% after trading in a range of 85489.65 and 86159.02. There were 14 stocks advancing against 16 stocks declining on the index. (Provisional)

The broader indices ended in mixed; the BSE Mid cap index was down by 0.19%, while Small cap index up by 0.05%. (Provisional)

The top gaining sectoral indices on the BSE were Auto up by 0.80%, Metal up by 0.56%, IT up by 0.28%, Consumer Disc up by 0.20% and Basic Materials up by 0.13%, while Realty down by 1.02%, Healthcare down by 0.62%, Consumer Durables down by 0.56%, Telecom down by 0.27% and FMCG down by 0.23% were the top losing indices on BSE. (Provisional)

The top gainers on the Sensex were Tata Motors Passenger up by 1.86%, Maruti Suzuki up by 1.37%, Bharat Electronics up by 1.32%, Kotak Mahindra Bank up by 1.21% and Adani Ports and Special Economic Zone up by 1.03%. On the flip side, Bajaj Finance down by 1.77%, Sun Pharma down by 1.15%, Trent down by 0.73%, Mahindra & Mahindra down by 0.69% and SBI down by 0.67% were the top losers. (Provisional)

Meanwhile, India's manufacturing industry witnessed a slowdown in the growth during the month of November, as new export orders rose at the weakest pace in over a year. A softer rise in sales also restricted growth of buying volumes and job creation, while positive sentiment towards output prospects slipped to its lowest level since mid-2022. According to the survey report, the seasonally adjusted HSBC India Manufacturing Purchasing Managers’ Index (PMI) eased to 56.6 in November from 59.2 in October, but it was comfortably above the neutral mark of 50.0 and its long-run average of 54.2. 

The report further said that output followed a similar trend to new orders, expanding at a sharp pace that was nonetheless the weakest since February. While new business growth and efficiency gains supported an increase among some firms, others suggested that subdued demand for some of their products constrained output levels at their units. Manufacturers in India adjusted their hiring efforts and purchasing activity in line with a slowdown in new order growth. The latter saw its weakest upturn since February. Meanwhile, employment expanded at the softest pace in the current 21-month period of uninterrupted growth.

On the inflation front, the survey report showed relatively muted cost pressures across India's manufacturing economy. The rate of inflation receded to its weakest since February. Therefore, firms were able to limit hikes to selling prices, with charge inflation retreating to an eight-month low. November data also showed an absence of pressure on the capacity of Indian manufacturers and their suppliers. Outstanding business volumes among goods producers were broadly unchanged from October, whereas vendor performance continued to improve.

The CNX Nifty ended at 26175.75, down by 27.20 points or 0.10% after trading in a range of 26124.20 and 26325.80. There were 24 stocks advancing against 25 stocks declining on the index, while one stock remained unchanged. (Provisional)

The top gainers on Nifty were Tata Motors Passenger up by 1.96%, Bharat Electronics up by 1.34%, Maruti Suzuki up by 1.24%, HCL Technologies up by 1.15% and Kotak Mahindra Bank up by 1.09%. On the flip side, Max Healthcare Inst down by 3.22%, Interglobe Aviation down by 1.82%, Bajaj Finance down by 1.58%, Sun Pharma down by 1.32% and Trent down by 0.81% were the top losers. (Provisional)

European markets were trading mostly in red; Germany’s DAX lost 229.29 points or 0.96% to 23,607.50 and France’s CAC fell 30.41 points or 0.37% to 8,092.30, while UK’s FTSE 100 increased 0.94 points or 0.01% to 9,721.45.

Asian markets settled mostly higher on Monday tracking Wall Street’s gains last Friday as people returned from the Thanksgiving holiday for a shortened session, while renewed optimism about the outlook for interest rates following dovish comments from leading US Fed officials also supported market sentiments. Chinese and Hong Kong shares rose followed by gains in non-ferrous metal and AI shares, as investor optimism over a potential Federal Reserve rate cut later this month outweighed concerns over domestic economic weakness. Data showing that China's official manufacturing PMI improved slightly to 49.2 in November, while the private RatingDog manufacturing PMI fell to 49.9 in November from 50.6 in the previous month. A PMI below 50 indicates a contraction in industrial activity. However, Japanese shares tumbled as government bond yields climbed and the yen strengthened after Bank of Japan Governor Kazuo Ueda said the central bank will consider the pros and cons of raising its policy rate at its December policy meeting.

Asian Indices

Last Trade            

Change in Points

Change in %      

Shanghai Composite

3,914.01

25.41

0.65

Hang Seng

26,033.26

174.37

0.67

Jakarta Composite

8,548.79

40.08

0.47

KLSE Composite

1,624.57

20.10

1.25

Nikkei 225

49,303.28

-950.63

-1.89

Straits Times

4,526.22

2.26

0.05

KOSPI Composite

3,920.37

-6.22

-0.16

Taiwan Weighted

27,342.53

-283.95

-1.03
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