Indian markets are set for a crucial trading session today. The GIFT Nifty is trading nearly 70 points lower, signalling a weak start ahead of the weekly Sensex expiry, the start of Russian President Vladimir Putin’s India visit, and the RBI monetary policy announcement on Friday.
Despite closing lower for the fourth straight session on Wednesday, markets staged a 100-point late recovery, led by private banks and IT stocks. The Nifty reclaimed the 26,000 level, while Wednesday’s low of 25,891 now acts as a key support.
The rupee also bounced off its record low of 90.29.
Traders should watch PSU banks, Vodafone Idea, defence stocks, and HUL, which sees its final day of trade as a merged entity before the Kwality Wall’s demerger on Friday.
Commodity Corner
Crude Oil
Brent crude firm; geopolitical risks rise
Ukraine targets Russian energy assets
Russia warns of retaliation
No progress in US–Russia talks on Ukraine
US increases pressure on Venezuela
Russian oil-at-sea volumes up 20% in 3 months
Higher output from US, Canada, Brazil
Silver
Silver trades near record highs at $58.98/oz
Up 103% YTD
Markets price in 90% probability of a December Fed rate cut
US private payrolls down 32,000 in November
Silver ETFs add 200 tons; holdings at 2022 highs
Copper
LME copper hits all-time high: $11,400/ton
Up 34% YTD
Global inventory concerns persist
Mine outages in Chile, Indonesia, Congo
Brokerage Calls
Petronet LNG | Nomura
Buy | TP ₹360
Signs 15-year ethane contract at Dahej
Revenue addition: ₹5,000 crore over 15 years
EBITDA: ₹140 crore in Year 1 → ₹275 crore by Year 15
Oil & Gas | Nomura
Middle distillate spreads soften
Henry Hub spikes to 1-year high → pressure on MGL, IGL
Saudi LPG up 3–5% → OMCs, Gujarat Gas most impacted
Weak INR negative for OMCs & CGDs
GAIL also likely to see margin pressure
Aurobindo Pharma | MOSL
Buy | TP ₹1430
Broad-based momentum visible
Domestic Pen-G/6-APA production positive
Diversification via biosimilars, biologics CMO
FY26–28 CAGR: Revenue 9%, EBITDA 14%, PAT 21%
JSW Steel: Major Deal With JFE – Mixed Brokerage Reactions
Strategic 50:50 JV for BPSL business; JSW to receive ₹320 billion, with significant balance-sheet deleveraging.
MOSL
Buy | TP ₹1350
Debt reduction: ₹350 billion
JV to raise ₹210 billion to pay JSW
JPMorgan
Overweight | TP ₹1250
EV: ₹530 billion; attractive multiples
Leverage to drop by 0.8x
Promoter stake rises to 46.74%
BoFA
Buy | TP ₹1290
Valuations at 12–14x FY28E EV/EBITDA
Strong deleveraging ahead of expansion cycle
CITI
Sell | TP ₹915
Implies 10x EV/EBITDA vs JSW’s 9x
ND/EBITDA improves from 3.0x → 1.7x
CLSA
Underperform | TP ₹890
Value accretion estimated at ₹30–₹70/share
Positive for long-term strategy
Nuvama
Reduce | TP ₹1050
JV EV higher than street expectations
11% EBITDA cut for FY28E, but value accretive
Tata Consumer Products | HSBC
Initiate Buy | TP ₹1340
Strong distribution & acquisition strategy
Growth portfolio contribution to rise to 37% by FY28
Premium valuation justified (55x PE).
