Mumbai | December 12, 2025: Indian equity markets are set for a positive start on Friday, with GIFT Nifty signalling a gap-up open of over 130 points. The Nifty is expected to hover around the 26,000 mark amid firm global cues, easing US yields, and strength in precious metals.
Market Outlook
After reclaiming momentum on Thursday, the Nifty closed near the day’s high, supported by a rebound in broader markets. The index now faces immediate resistance at 25,922, while 25,700 is expected to act as a strong support zone.
Concerns over the depreciating rupee remain in focus, with the currency touching a fresh low on Thursday.
Key Global Triggers
Wall Street ended mixed as tech stocks recovered late in the session.
Dollar Index slipped to an eight-week low, down 9 percent year-to-date.
Gold and silver surged sharply, with both hitting record highs in international and Indian markets.
Crude oil cooled to a seven-week low amid rising OPEC+ and US output.
Brokerage Calls & Stock-Specific Updates
Larsen & Toubro
Goldman Sachs upgraded L&T to Buy from Neutral and raised the target price to ₹5,000.
The brokerage expects strong growth led by defence, green hydrogen, nuclear power, and a rising domestic capex cycle.
Aviation – IndiGo / InterGlobe Aviation
Nuvama cut InterGlobe’s target by 5% to ₹5,069, maintaining a Hold.
Morgan Stanley remains Overweight on IndiGo with a TP of ₹6,359, noting near-term earnings weakness but a resilient long-term outlook.
Honasa Consumer
HSBC maintained Reduce with a TP of ₹242 after the company entered the men’s grooming category through the acquisition of Reginald Men.
Suzlon Energy
Morgan Stanley retained Overweight with a TP of ₹78, citing improving export pipelines and stronger margins in the O&M business.
Adani Power
Morgan Stanley remains Overweight with a target of ₹181, projecting full tie-up of 23.7GW upcoming capacity by next year and efficient capex execution.
Tata Steel
Nuvama kept a Hold with a TP of ₹175, highlighting phased expansion towards 37 mtpa domestic capacity by FY32.
Piramal Pharma
Shares will be watched after US FDA completed a general GMP inspection at its Lexington (Kentucky) facility.
Commodities Snapshot
Gold: Up 1.5% to above $4,270; India prices at an all-time high.
Silver: Surged 4% overnight, hitting $64.32/oz; up 120% YTD.
Copper: New record at $11,800/ton (+36% YTD).
Crude Oil: Down 2% overnight, headed for a weekly drop of 3%.
Corporate & Policy Developments
ICICI Prudential AMC IPO opens today after raising ₹3,027 crore from anchor investors.
HCC’s ₹1,000 crore rights issue opens for subscription.
Modi–Trump telephonic conversation reviewed progress on trade, defence, tech and energy.
Cabinet may clear the Insurance Amendment Bill today.
Key Levels to Watch
Nifty resistance: 25,922
Nifty support: 25,700 / 25,320
Bank Nifty support: 58,600.
