Big Surge on Dalal Street: Paytm, JSW Steel, CDSL Among Top Gainers in Mixed Session

The Indian market witnessed a day of mixed sentiment on November 26, with sharp movement across key index constituents, mid-cap names, and high-beta counters. Several stocks posted strong gains driven by volume spikes, sector rotation, and momentum buying, while some others faced selling pressure due to profit-booking, weak earnings sentiment, and valuation concerns.


Top Gainers of the Day

Reliance Power

Reliance Power surged sharply as traders accumulated positions amid improving outlook in select energy counters and renewed interest in turnaround plays. Strong volume participation supported the rally.

GMDC (Gujarat Mineral Development Corporation)

GMDC advanced on the back of firm commodity cues and optimism around mining and mineral demand. The stock has been gaining traction as metal-related sentiment improves.

MCX (Multi Commodity Exchange)

MCX extended gains due to derivatives volume expansion, regulatory clarity developments, and continued optimism in commodity trading activity.

Paytm

The stock saw upside momentum driven by bargain buying and expectations around operational improvement in its payments and financial services ecosystem.

JSW Steel

Steel prices and global cues aided buying interest in JSW Steel, with traders positioning for strength in the metals segment as demand signals firm up.

CDSL (Central Depository Services)

CDSL rose as investor participation in equity markets remains strong, supporting DP account growth and transaction revenue outlook.

Tata Power

Tata Power gained amid sustained interest in renewable energy, distribution reforms, and improving sectoral visibility.


Top Losers of the Day

On the other side, select financials, consumer names, IT midcaps, and overextended stocks witnessed selling pressure as traders opted to book profits following recent rallies. Valuation concerns and weak intraday sentiment contributed to declines in select pockets.


Market Drivers Behind the Moves

Profit-booking in higher-valuation segments

After recent rallies, several stocks saw natural cooling.

Sector rotation

Energy, metals, and infrastructure themes attracted fresh buying, while defensives lagged.

Global cues

Mixed overseas signals kept sentiment cautious.

Derivative positioning

Rollovers and expiry-related adjustments influenced intraday swings.


What Traders Should Monitor Next

  • FPI and DII flow trends
  • Commodity price direction
  • Rupee movement
  • Sector rotation strength
  • Volatility ahead of data releases

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Market Outlook

Analysts expect continued stock-specific movement with heightened focus on earnings direction, macro commentary, and global market behaviour. Broader sentiment may remain range-bound, but selective opportunities are likely to continue in high-volume and sector-favoured counters.

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Macroeconomic Data Suggests There Is Scope for Repo Rate Cut: RBI Governor

The Reserve Bank of India (RBI) Governor has suggested that current macroeconomic indicators indicate room for a potential repo rate cut, renewing discussions across financial markets, lending sectors, and economic observers. With inflation easing and growth stability holding firm, market participants are evaluating how monetary policy may shift in the coming months.


Economic Factors Supporting Possible Rate Easing

Moderating Inflation Levels

Recent inflation data has softened, reducing pressure on restrictive monetary policy and improving policy comfort.

Stable Growth Environment

GDP trends remain resilient, supported by services expansion, investment momentum, and steady consumption patterns.

Strong Banking System Metrics

Credit growth, liquidity buffers, and asset quality data point toward a healthy financial system capable of absorbing policy adjustments.

Supportive Global Policy Climate

International central banks signaling softer stances strengthen the possibility of easing in emerging markets.


What a Repo Rate Cut Could Mean

For Households and Borrowers

A reduction in policy rates may lower EMIs for:

  • Home loans
  • Auto loans
  • Personal financing
  • Business credit

For Businesses

Cheaper borrowing can boost capital expenditure, expansion plans, and demand recovery.

For Financial Markets

Rate cuts often support:

  • Equity valuations
  • Interest-rate sensitive sectors such as real estate, autos, and banking
  • Bond market gains through softer yields

Why the RBI May Still Move Carefully

The Governor also highlighted caution signals, including:

  • Food price risks
  • Global economic uncertainty
  • Currency sensitivity
  • The need to maintain financial stability

This implies any rate reduction will be data-driven and incremental rather than aggressive.


Market Expectations Going Forward

Analysts expect:

  • A possible rate cut in an upcoming policy review
  • Clearer signals after future inflation readings
  • Gradual adjustment in bond yields
  • Selective sectoral movements in equities

What Traders and Investors Should Track

  • Inflation trajectory
  • Crude oil movement
  • Rupee direction
  • FPI inflows and outflows
  • Central bank guidance tone

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Taking Stock: Nifty Slips Below 25,900 on Late Selling; Sensex Falls 314 Points

Indian equity benchmarks ended lower after a volatile session, dragged by sharp selling in the final hour of trade. The Nifty 50 slipped below 25,900, while the Sensex shed 314 points, signalling cautious sentiment across broader market segments.


Market Overview

The markets opened with mild optimism supported by selective buying in IT and private banking stocks. However, sentiment weakened as global cues softened and intraday profit-booking intensified. Concerns around inflationary pressure, currency weakness, and foreign portfolio flows added to the downward bias.

  • Sensex: down 314 points
  • Nifty: below 25,900
  • Market breadth: negative, with declines outweighing advances

Sector Movement

Sectors Under Pressure:

  • Banking and financials
  • Metals and commodities
  • Auto and consumer stocks

Sectors Showing Resilience:

  • IT services
  • Pharma
  • Select FMCG names

Midcap and smallcap indices also cooled off, indicating broad-based caution.


Key Reasons Behind the Drop

1. Final-Hour Institutional Selling

Late-session volumes pointed toward possible foreign investor outflows.

2. Rupee Weakness

The declining rupee raised worries about import costs and inflation.

3. Global Market Cues

Muted global sentiments weighed on domestic confidence.

4. Valuation Concerns

Elevated market levels triggered quick profit-taking.


What Traders Should Track Next

  • FPI buying and selling patterns
  • Crude oil price behaviour
  • Rupee trajectory
  • Central bank commentary
  • Sector rotation trends

Short-term volatility is expected to stay elevated as markets digest data and global signals.

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Market Outlook Ahead

Despite today’s decline, analysts note that the broader trend will depend on upcoming macro indicators. Stabilizing global markets, easing inflation prints, and supportive flows could help markets recover, while persistent volatility may extend consolidation.

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IndiGo to Replace Tata Motors Passenger Vehicles in 30-Share Sensex from December 22

In a significant development for India’s benchmark stock index, InterGlobe Aviation — the parent company of IndiGo — will officially join the 30-share Sensex from December 22. The move comes as part of the Bombay Stock Exchange’s periodic index reshuffle, aimed at keeping the benchmark aligned with evolving market dynamics. As IndiGo enters the index, Tata Motors Passenger Vehicles (TMPV) will be removed.


Why the Change is Happening

The reshuffle follows BSE’s standard review process, which evaluates companies based on factors such as:

  • Free-float market capitalization
  • Liquidity and trading volumes
  • Sector representation
  • Overall investability

IndiGo’s parent company has seen a strong rise in market value and consistent liquidity, making it eligible for inclusion. On the other hand, Tata Motors’ corporate restructuring — involving a split between passenger vehicles and commercial vehicles — has altered the standalone passenger vehicle unit’s index eligibility.


What This Means for IndiGo (InterGlobe Aviation)

Joining the Sensex is a major milestone for any company. For IndiGo, this change brings several advantages:

Increased Visibility

Being part of the benchmark index boosts the company’s visibility among global and domestic investors.

Higher Passive Fund Inflows

Many index funds and exchange-traded funds track the Sensex. Inclusion means these funds will automatically allocate capital to IndiGo.

Improved Market Perception

Sensex inclusion is often seen as a stamp of stability, financial strength, and market leadership.


What This Means for Tata Motors Passenger Vehicles

Tata Motors Passenger Vehicles (TMPV) will exit the Sensex on the same day. The impact includes:

Reduced Index-Linked Buying

Removal may lead to selling pressure from index-tracking funds.

Increased Reliance on Fundamentals

With index visibility gone, long-term investor interest will depend more on financial performance, product pipeline, and market share.

Reflects Changes from Corporate Restructuring

The demerger and separation of business units contributed to the recalibration of its index eligibility.


Market and Investor Impact

Portfolio Rebalancing

Institutional portfolios that mirror the Sensex will adjust their holdings by buying IndiGo and paring exposure to TMPV. This may create short-term price movements in both stocks.

Sector Shift in the Benchmark

The update reflects a shift from traditional auto manufacturing to the fast-growing aviation sector. As air travel demand in India continues to rise, IndiGo’s inclusion signals the growing weight of aviation in the broader economy.

Increased Volatility Around the Effective Date

Both stocks may experience higher trading activity as investors respond to the reshuffle.


What to Watch Ahead

  • Official rebalancing activity around December 22
  • Stock price movement of IndiGo and TMPV leading up to the change
  • Possible shifts in sector representation in future index reviews
  • How IndiGo leverages this milestone to expand operations, improve market share, and attract new investors

Conclusion

IndiGo’s entry into the Sensex marks a significant milestone for India’s aviation sector and reflects the company’s strong market performance and investor confidence. The exit of Tata Motors Passenger Vehicles underscores how corporate restructuring and evolving market metrics influence index decisions. As the reshuffle takes effect, both companies are expected to remain in focus for investors, analysts, and market participants.

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S&P Global Projects India’s GDP Growth at 6.7% for the Next Fiscal Year

Global analytics and ratings agency S&P Global has projected that India’s economy will grow by 6.7 percent in the next fiscal year. The updated outlook reflects both India’s continued economic resilience and the challenges emerging from global and domestic conditions.

According to S&P Global, India will remain one of the fastest-growing major economies, even though growth momentum is expected to moderate slightly from previous expectations. The agency earlier projected growth closer to 6.9 percent but revised it downward owing to a mix of financial, structural, and global factors.


Why S&P Global Lowered the Growth Forecast

Higher Interest Rates

Elevated borrowing costs are slowing investment activity and tempering consumer spending, especially in urban markets. Tight financial conditions are making companies more cautious.

Reduced Fiscal Impulse

Government spending, while steady, is not expanding at the pace needed to offset softer private-sector demand. This has lowered expectations for growth acceleration in the coming year.

Weakness in Construction and Related Sectors

High-frequency economic indicators show signs of slowing in construction and infrastructure-linked activities. These areas typically have strong multiplier effects on industry and employment.

Global Uncertainty

A challenging global environment, slower export demand, and volatility in financial markets have added downside pressure to India’s external sector.


What This Means for the Indian Economy

Despite the downward revision, a 6.7 percent GDP growth rate keeps India firmly ahead of most major economies. Domestic demand, services activity, and the government’s focus on manufacturing and capital expenditure continue to support the growth cycle.

However, the economy faces risks from imported inflation, global slowdowns, and volatile commodity prices. If inflation remains sticky, monetary policy easing may be delayed, which could keep interest rates higher for longer.


Impact on Sectors and Markets

Sectors Likely to Face Pressure

  • Construction and real estate
  • Consumer discretionary segments tied to urban spending
  • Import-dependent industries affected by higher input costs

Sectors That May Hold Steady or Improve

  • Information Technology and global service providers
  • Pharmaceuticals
  • Export-oriented manufacturing
  • Companies with strong balance sheets and steady cash flows

Investors may need to adopt a selective approach as valuation gaps widen between strong and weak sectors.


Looking Ahead

While the 6.7 percent forecast shows a slight moderation in India’s economic trajectory, the broader outlook remains stable. S&P Global expects India’s medium-term growth to stay supported by structural reforms, digitalization, manufacturing investments, and demographic advantages.

As the global environment continues to shift, India’s ability to navigate external pressures will play a crucial role in sustaining its growth path. Policymakers and markets will watch upcoming inflation data, interest rate trends, and fiscal signals closely as the next fiscal year approaches.

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