Sensex, Nifty scale fresh peaks; banks lead the upmove

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The key equity indices ended with modest gains, extending their advance for a second straight session. The Sensex and Nifty touched fresh record highs during the day before easing off toward the close. A large part of the mid-cap and small-cap universe remained in a corrective or fragile zone. Investors are focused on tomorrows domestic GDP data and key events such as the US-India trade discussions and the upcoming RBI policy meeting, all of which could influence near-term market direction. The Nifty closed above 26,200, supported by strength in banking and financial stocks.

The S&P BSE Sensex jumped 110.87 points or 0.13% to 85,720.38. The Nifty 50 index rose 10.25 points or 0.04% to 26,215.55.

The Nifty 50 and the Sensex hit fresh all-time highs in morning trade at 26,310.45 and 86,055.86, respectively, while the Bank Nifty also scaled a new record high of 59,866.60.

Bajaj Finance (up 2.27%), ICICI Bank (up 1.24%) and HDFC Bank (up 0.54%) boosted the indices today.

In the broader market, the S&P BSE Mid-Cap index shed 0.01% and the S&P BSE Small-Cap index fell 0.38%.

The market breadth was negative. On the BSE, 1989 shares rose and 2159 shares fell. A total of 193 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, tumbled 1.52% to 11.79.

IMF pegs India's FY26 growth at 6.6%:

The International Monetary Fund (IMF) said Indias economy is expected to grow 6.6% in 2025-26, noting that strong GST reforms should help soften the impact of recent US tariff hikes. It highlighted that growth remained solid, with real GDP rising 7.8% in the first quarter after expanding 6.5% in 2024-25. The Fund added that Indias goal of becoming an advanced economy will depend on pushing forward broader structural reforms to lift long-term growth potential.

Numbers to Track:

The yield on India's 10-year benchmark federal paper advanced 0.42% to 6.513 from the previous close of 6.486.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 89.3150 compared with its close of 89.2275 during the previous trading session.

MCX Gold futures for 5 December 2025 settlement shed 0.26% to Rs 124,605.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.09% to 99.68.

The United States 10-year bond yield advanced 0.40% to 4.012.

In the commodities market, Brent crude for January 2025 was unchanged at $63.13 a barrel.

Global Markets:

Most European market advanced on Thursday as investors looking forward for Germanys GfK consumer confidence survey and EU economic sentiment data.

Asian shares ended higher after Wall Street gained overnight as Fed rate-cut hopes rose and tech stocks rebounded.

The Bank of Korea kept its benchmark interest rate unchanged at 2.5% for a fourth consecutive policy meeting, amid a weakened local currency and overheated housing market. The Korean won has weakened against the greenback in recent months to its lowest level since April.

Chinas industrial profits in October plunged 5.5% from a year earlier, government data showed Thursday. Profits for the first 10 months of the year rose 1.9% year-on-year, compared to the 3.2% rise in the January-to-September period.

Overnight, the key indexes in the U.S. logged four straight days of gains on rising hopes for a Federal Reserve interest rate cut in December. Investors reportedly expect an 85% chance of a quarter-percentage-point rate cut in December, up from 30% last week.

In yesterdays session, the Dow Jones Industrial Average gained 314.67 points, or 0.67%, to finish at 47,427.12. The S&P 500 climbed 0.69% to settle at 6,812.61, while the Nasdaq Composite increased 0.82% to close at 23,214.69.

Stocks in Spotlight:

Whirlpool of India slumped 11.32% to Rs 1063.85 after a large block deal hit the market. While the buyers and sellers were not disclosed, media reports suggest that the company's promoter Whirlpool Mauritius may have offloaded a 7.5% stake. The deal is believed to have been executed at a floor price of Rs 1,030 per share, about 14.14% lower than Wednesdays BSE close of Rs 1199.60.

Patel Engineering surged 14.32% to Rs 38.05 after securing two letters of intent for major excavation and coal-handling work at the Jhiria West OCP project in the Hasdeo area of Bilaspur, Chhattisgarh.

Gujarat Mineral Development Corporation (GMDC) rose 4.76% after the Union Cabinet approved a major incentive scheme for rare earth permanent magnet manufacturing. The government cleared the scheme to promote manufacturing of sintered Rare Earth Permanent Magnets (REPM) on 26 November 2025. The programme carries an outlay of Rs 7,280 crore and aims to set up 6,000 MTPA of integrated REPM capacity in India.

Sterling and Wilson Renewable Energy rose 1.06% after the company secured its second international project in South Africa this fiscal year, winning a turnkey EPC contract for a 240 MW AC Solar PV project worth $147 million (Rs 1,313 crore).

Pidilite Industries shed 0.83%. The company said that its wholly owned subsidiary Pidilite Ventures has announced a strategic investment in Printpanda India (MagicDecor), marking the companys latest foray into Indias rapidly growing home improvement sector.

Salasar Techno Engineering fell 1.80%. The company has secured domestic contracts from Rail Vikas Nigam (RVNL) for distribution infrastructure development under the RDSS in HPSEBLs central zone, covering Mandi, Bilaspur, Kullu, and Hamirpur.

Glenmark Pharmaceuticals rose 1.20% after the U.S. FDA issued a positive establishment inspection report (EIR) with voluntary action indicated (VAI) status for its formulations manufacturing facility in Monroe, North Carolina.

Mini Diamonds India rose 0.75%. The company secured a fresh export order worth $2 million (around Rs 17.8 crore) from a Singapore-based customer for lab-grown cut & polished diamonds.

Brigade Enterprises fell 1.75%. The company said that it has signed a lease deed for 4.859 acres of land for a period of 90 years with Electronics Technology Parks for the development of IT infrastructure in Technopark Phase-I, Thiruvananthapuram, Kerala.

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