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Key gauges end marginally lower amid volatility
Dec-01-2025

Indian equity benchmarks closed marginally lower after hitting their fresh all-time highs on Monday due to profit-taking at higher levels and foreign fund outflows. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,795.72 crore on Friday, according to exchange data. Rupee slipping to an all-time low also hit the investor sentiment. 

Some of the important factors in trade:

India’s manufacturing PMI eases to 56.6 in November: The seasonally adjusted HSBC India Manufacturing Purchasing Managers' Index (PMI) falling to 56.6 in November from 59.2 in October, highlighted the slowest improvement in operating conditions since February. 

India's exports to US fall 28.5% due to aggressive tariff hikes: The Global Trade Research Initiative (GTRI) has said that India's exports to its largest foreign market, the US, have suffered a sharp reversal due to aggressive tariff hikes. 

India’s fiscal deficit stood at 52.60% of target in first seven months of FY26: The data released by the Controller General of Accounts (CGA) showed that India’s fiscal deficit stood at 52.60% of the full-year budget target at the end of October 2025. The fiscal deficit was 46.5% of the Budget Estimates (BE) of 2024-25 in the first seven months of the previous financial year. 

Crisil raises India's GDP forecast to 7% in FY26: Crisil has raised its forecast for the country's Gross domestic product (GDP) growth to 7 per cent from 6.5 per cent for the current financial year (FY26), following the first-half growth of 8 per cent that exceeded expectations. 

Global front: Asian markets settled mostly higher even as China's factory activity data disappointed and Bank of Japan Governor Kazuo Ueda gave one of his clearest indications that his board might increase interest rates soon. European markets were trading in red with investors largely refraining from making significant moves amid a lack of triggers. 

Finally, the BSE Sensex fell 64.77 points or 0.08% to 85,641.90 and the CNX Nifty was down by 27.20 points or 0.10% to 26,175.75.  

The BSE Sensex touched high and low of 86,159.02 and 85,489.65 respectively. There were 15 stocks advancing against 14 stocks declining, while 1 stock remained unchanged on the index.   

The broader indices ended mixed; the BSE Mid cap index fell 0.19%, while Small cap index was up by 0.05%.

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.

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 &SEZ 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.

Meanwhile, the data released by the Controller General of Accounts (CGA) showed that India’s fiscal deficit stood at 52.60% of the full-year budget target at the end of October 2025. The fiscal deficit was 46.5% of the Budget Estimates (BE) of 2024-25 in the first seven months of the previous financial year. The data showed that gap between the government's expenditure and revenue, was around Rs 8.25 lakh crore in the April-October period of 2025-26.

The government had estimated the fiscal deficit at 4.40% of the GDP, or Rs 15.69 lakh crore, during 2025-26. The CGA data revealed that the total revenue receipts at the end of first seven months of FY26 stood at around Rs 18 lakh crore or 51.50% of budgeted estimate of around Rs 34.96 lakh crore. During the same period, government has reported tax revenue at around Rs 12.74 lakh crore as compared to FY26 budgeted estimate of Rs 28.37 crore.

On the expenditure front, the government has achieved 55.10% of its budgeted capital expenditure of around Rs 11.21 lakh crore for FY26. The capital expenditure stood at around Rs 6.17 lakh crore at the end of first seven months of FY26. In the same period, the government has spent around Rs 26.25 lakh crore, 51.80% of its budgeted expenditure at around Rs 50.65 lakh crore for FY26.

CNX Nifty touched high and low of 26,325.80 and 26,124.20 respectively. There were 25 stocks advancing against 25 stocks declining on the index.    

The top gainers on Nifty were UltraTech Cement up by 3.56%, Tata Motors Passenger up by 1.88%, Maruti Suzuki up by 1.42%, Bharat Electronics up by 1.28% and Eicher Motors up by 1.16%. On the flip side, Max Healthcare down by 2.67%, Interglobe Aviation down by 2.19%, Bajaj Finance down by 1.71%, Sun Pharma down by 1.23% and Adani Enterprises down by 0.89% were the top losers.

European markets were trading in red; UK’s FTSE 100 decreased 9.1 points or 0.09% to 9,711.41, France’s CAC fell 58.41 points or 0.72% to 8,064.30 and Germany’s DAX lost 330.29 points or 1.39% to 23,506.50.

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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