The domestic equity market started the December F&O series on a strong note, with the Nifty posting a 300-point rally that reversed a three-session decline. The index is now just about 70 points short of its all-time high of 26,277, marking its second-highest close ever.
Today also marks the monthly expiry for Sensex contracts, adding to market activity.
The Nifty Bank continues to lead sentiment, scaling a fresh peak and ending above 59,500, inching closer to the 60,000 mark — a level that many analysts identified as the next resistance. The banking index is now over 11% higher compared to September 27 last year, when the Nifty last touched record levels. For today’s trade, market watchers will track the 26,246 and 26,277 zones as key resistance points for the benchmark index.
Broader indices also bounced back, though dealing rooms suggest that participation remained thin. According to market chatter, the rebound largely reflected a technical recovery from oversold conditions. Stocks to keep on the radar include Asian Paints, Whirlpool, Salasar Tech, and Patel Engineering.
Stay tuned for continuous live market coverage.
Market Cues – Global Snapshot
(8:21 AM)
Key global indicators are mixed this morning.
Brigade Group Signs Lease Pact
(8:06 AM)
Brigade Group has executed a lease agreement for 4.859 acres with Electronics Tech Parks in Thiruvananthapuram, Kerala.
Jefferies on Axis Bank
(7:55 AM)
Rating: Buy
Target Price: ₹1,430
Key insights:
Loan growth expected to stay above the industry average
Improving asset quality; NIMs may bottom out in 3Q
Enhanced collections infrastructure through people + technology
Rate cuts may weigh on NIMs as deposit rates are harder to reduce
At 12x FY27 PE, Jefferies sees a favourable risk-reward setup
HSBC on Bayer CropScience
(7:53 AM)
Rating upgraded to: Buy
Target Price: ₹5,200
Highlights:
Stronger outlook for 2HFY26 on improving industry trends and a revival in the corn seeds segment
New product introductions and tighter distribution/sourcing strategies to aid margin recovery
HSBC believes the worst phase is over; valuations attractive at 29x FY27 EPS, below the 10-year historical average of 32x
RoIC expected above 27%; implied FY27 dividend yield at 2.9%
Commodity Check
(7:51 AM)
Currencies & Macro
Dollar index dips below 99.5, hitting a 2-week low
Markets now factor in an 85% probability of a 25-bps rate cut in December
US jobless claims decline; durable goods orders exceed expectations
Gold
Holds near a 2-week high
Set for a 4th straight monthly gain
Up 60% in 2025, pacing for its best annual performance since 1979
Silver
Tops $52.5, touching 2-week highs
Supported by weak US macro data (retail sales, confidence, labour market softening)
Crude Oil
Slips as markets track Russia–Ukraine peace efforts
OPEC+ meeting scheduled for the weekend
On course for a 4th monthly decline in November, the longest losing streak since 2023
Sugar
Futures jump past 15.1, an 11-month high
India plans to export 1.5 million tonnes in 2025–26
International Sugar Organisation estimates:
2025–26 global surplus: 1.63 million tonnes
2024–25 global deficit: 2.916 million tonnes
JP Morgan on India — 2026 Outlook
(7:46 AM)
Rajiv Batra of JP Morgan says that Indian equities faced pressure last year due to muted earnings growth, lower beta and minimal direct AI exposure. However, he expects a turnaround with supportive policy, firmer domestic demand and broad-based expansion.
MSCI India earnings growth projection: 13% in 2026, 14% in 2027
Nifty 50 base-case target raised to 30,000 for end-2026
Maintains preference for domestic-oriented sectors over exporters
Goldman Sachs on Tata Consumer
(7:43 AM)
Rating: Buy
Target Price: ₹1,350
Key points:
Strong presence in fast-growing categories and channels
Large headroom for growth in the salt segment via premiumisation and market share gains
Multiple new initiatives in growth verticals
Margins improving due to lower input costs; medium-term aspiration: 17–20% margins
JPMorgan on Premier Energies
(7:42 AM)
Rating: Neutral
Target Price: ₹1,100
Company visit takeaways:
Oversupply of solar cells may be lower than feared due to execution and funding constraints among manufacturers
Slowdown in solar tendering and risk of cancellations continue to be monitored.
