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Trendlyne Marketwatch
17 Dec 2025
Market closes lower, dragged by media, realty and consumer durables stocks
By Trendlyne Analysis

Nifty 50 closed at 25,818.55 (-41.6, -0.2%), BSE Sensex closed at 84,559.65 (-120.2, -0.1%) while the broader Nifty 500 closed at 23,496.05 (-74.1, -0.3%). Market breadth is highly negative. Of the 2,606 stocks traded today, 817 were in the positive territory and 1,738 were negative.

Indian indices closed in the red, dragged by media, realty and consumer durables stocks. The Indian volatility index, Nifty VIX, fell 2.2% and closed at 9.8 points. Nephrocare Health Services' shares made their debut on the bourses at a 6.5% premium to the issue price of Rs 460. The Rs 871 crore IPO received bids for 14 times the total shares on offer.

Nifty Smallcap 100 and Nifty Midcap 100 closed lower, following the benchmark index. Nifty India Defence and Nifty India Tourism closed in the red. According to Trendlyne’s sector dashboard, Fertilizers emerged as the worst-performing sector of the day, with a fall of 2.5%.

European indices are trading mixed. Major Asian indices closed mixed. US index futures are trading in the green, indicating a positive start to the session, as investors await the release of the CPI inflation print later this week. Amazon is reportedly in talks to invest around $10 billion in OpenAI. Meanwhile, Micron Technology, Jabil, and General Mills are set to report their earnings today.

  • eClerx Services rises after it raises its buyback price to Rs 4,800 per share from Rs 4,500, a 7% premium to Tuesday’s close. The revised plan reduces the buyback size to 6.3 lakh shares, or up to 1.31% equity. The company sets December 17 as the record date to determine shareholder eligibility.

  • Ola Electric Mobility falls as its co-founder, Bhavish Aggarwal, sells 2.6 crore shares (0.6% equity) worth Rs 92 crore in a bulk deal. The sale reduces his holding from 30% as of September 2025.

  • Waaree Renewable Technologies' subsidiary, Sunsational Power, secures a long-term power purchase agreement (PPA) for a 300 MW inter-state transmission system (ISTS) connected solar project.

  • AkzoNobel declines over 12% as 51.9 lakh shares (11.4% equity), amounting to Rs 1,640 crore, reportedly change hands in a block deal. Its promoter entity, Imperial Chemical Industries, is likely the seller in this transaction.

  • Park Medi World's shares debut on the bourses at a 2% discount to the issue price of Rs 162. The Rs 920 crore IPO received bids for 8.1 times the total shares on offer.

  • Nephrocare Health Services' shares debut on the bourses at a 6.5% premium to the issue price of Rs 460. The Rs 871 crore IPO received bids for 14 times the total shares on offer.

  • Indian Overseas Bank is falling sharply as its promoter approves selling 38.5 crore shares (2% stake) worth Rs 1,309 crore at a floor price of Rs 34 per share through an offer for sale (OFS). The promoter also adds an oversubscription option of up to 19.2 crore shares.

  • JM Financial retains its 'Buy' rating on Eternal with a lower target price of Rs 400. The brokerage expects Blinkit’s sequential growth to moderate in Q3FY26 due to intense competition and an unfavourable base. While food delivery trends improve, it expects net order value (NOV) to rise 16% YoY and margins to stay stable. Despite near-term softness at Blinkit, Eternal remains JM’s top pick given its market leadership, strong unit economics, and healthy balance sheet.

  • Sequent Scientific is rising as its board of directors appoints Haribabu Bodepudi as the Managing Director (MD) and Chief Executive Officer (CEO) for two years, effective December 16.

  • Ahluwalia Contracts surges as it secures an order worth Rs 888.4 crore from the Bihar State Tourism Development Corp (BSTDC) for construction and development work at Punauradham in Sitamarhi district, Bihar.

  • Vikram Solar's board of directors approves a capex of Rs 4,371 crore to set up a 5 gigawatt-hour (GWh) battery energy storage system (BESS) facility in Tamil Nadu by FY27. The company will also develop a 7.5 GWh cell manufacturing unit by FY29. Both the facilities will be established by its subsidiary, VSL Powerhive.

  • NBCC is rising as it receives orders worth Rs 345 crore. These include a Rs 333 crore contract from IIT Mandi for constructing academic blocks, housing, and student centres, and a Rs 12 crore contract from Kandla SEZ for annual maintenance and facility management services.

  • Nifty 50 was trading at 25,872.60 (12.5, 0.1%), BSE Sensex was trading at 84,856.26 (176.4, 0.2%) while the broader Nifty 500 was trading at 23,575 (4.9, 0.0%)

  • Market breadth is in the red. Of the 2,053 stocks traded today, 868 were on the uptick, and 1,125 were down.

Riding High:

Largecap and midcap gainers today include Mahindra & Mahindra Financial Services Ltd. (351.70, 3.0%), Canara Bank (150.21, 2.1%) and Punjab National Bank (119.33, 2.0%).

Downers:

Largecap and midcap losers today include Indian Overseas Bank (34.30, -6.2%), Max Healthcare Institute Ltd. (1,031.10, -3.9%) and Polycab India Ltd. (7,079.50, -3.8%).

Crowd Puller Stocks

14 stocks in BSE 500 are trading on high volumes today.

Top high volume gainers on BSE included India Cements Ltd. (441.05, 7.9%), Indraprastha Gas Ltd. (192.74, 5.1%) and Kirloskar Oil Engines Ltd. (1,281.40, 4.4%).

Top high volume losers on BSE were Akzo Nobel India Ltd. (3,132.70, -13.6%), Indian Overseas Bank (34.30, -6.2%) and HBL Engineering Ltd. (762.80, -4.6%).

Polycab India Ltd. (7,079.50, -3.8%) was trading at 9.2 times of weekly average. Aditya Birla Fashion and Retail Ltd. (76.38, 3.0%) and Mahanagar Gas Ltd. (1,120, 0.6%) were trading with volumes 8.8 and 8.7 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

6 stocks hit their 52 week highs, while 26 stocks were underachievers and hit their 52 week lows.

Stocks touching their year highs included - Hindustan Zinc Ltd. (578.30, 1.9%), Shriram Finance Ltd. (864.20, 1.9%) and Vedanta Ltd. (569.80, 0.1%).

Stocks making new 52 weeks lows included - ACC Ltd. (1,758.90, -0.7%) and BASF India Ltd. (3,830.30, -1.7%).

4 stocks climbed above their 200 day SMA including The Bombay Burmah Trading Corporation Ltd. (1,890, 1.3%) and Bharti Hexacom Ltd. (1,761.90, 1.1%). 14 stocks slipped below their 200 SMA including Akzo Nobel India Ltd. (3,132.70, -13.6%) and Data Patterns (India) Ltd. (2,467.70, -4.4%).

 
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The Baseline
16 Dec 2025
Five stocks to buy from analysts this week - December 16, 2025
By Ruchir Sankhla

1. Maruti Suzuki India: 

Axis Direct maintains its ‘Buy’ call on this passenger vehicle manufacturer, with a target price of Rs 18,170 per share, an upside of 11.1%. Analyst Sanchit Karekar expects Maruti Suzuki to grow revenue and profitability, driven by its strong leadership, expanding utility vehicle (UV) portfolio, and improving product mix.

Management is aiming to expand its domestic market share to 50% from 41% currently, supported by the Victorius SUV launch. They expect to exceed their FY26 export guidance of 4 lakh units, having already exported 2.1 lakh in H1FY26. Exports jumped 42% YoY in Q2FY26, offsetting weaker domestic growth and securing Maruti a 45.4% share in India’s passenger vehicle exports.

Karekar adds that reduced GST for small passenger vehicles (PV) – dropping to 18% from 28% – will boost demand in this segment. Growth in the small PV and UV segments, plus presence across all powertrains (internal combustion, hybrid, CNG, and electric vehicles), will drive Maruti’s market share growth. He expects Maruti to deliver a 10% revenue CAGR and an 11% net profit CAGR over FY26-28.

2. Netweb Technologies India: 

ICICI Securities initiates a ‘Buy’ rating on this software company with a target price of Rs 4,110, an upside of 25.3%. This is an AI play – analysts Seema Nayak and Ruchi Mukhija highlight that Netweb is directly benefiting from India’s rising demand for high-end computing in AI, data centres, and advanced research.

Netweb offers an end-to-end stack in India: system design, manufacturing, installation, and software support. Its fastest-growing segments, high-performance computing (HPC), AI systems, and hyper-converged infrastructure, achieved a strong 77% CAGR from FY22-25, now contributing nearly 90% of quarterly revenue.

Demand remains strong, driven by increasing AI infrastructure investments and major government projects. Partnerships with global chip leaders like NVIDIA, AMD, and Intel have given the company early access to next-gen processors. Government demand drives growth, making up about 43% of revenue, including the IndiaAI Mission and National Supercomputing Mission. 

Nayak and Mukhija estimate a Rs 2,180 crore revenue opportunity from IndiaAI projects. They expect revenue and net profit to grow almost 60% annually from FY26-FY28, with stable margins. 

3. Berger Paints (India): 

Geojit BNP Paribas upgrades this paint company to a ‘Buy’ rating, with a target price of Rs 628, an upside of 16.3%. Analyst Antu Eapan Thomas notes Berger Paints shows early signs of demand recovery after a weak first half, where it was impacted by a long monsoon and stiff competition.

Q2FY26 revenue rose 1.9% YoY to Rs 2,827.5 crore. Volumes grew 8.8%, indicating steady ground-level demand, despite weak value growth. Profitability declined as EBITDA fell 18.9% YoY to Rs 352 crore, and margins dropped to 12.5%, mainly due to higher costs. Management expects margins to improve in the coming quarters, driven by soft raw material prices and an improving product mix.

Thomas anticipates a stronger second half, boosted by better weather, festive demand, and the release of postponed re-painting projects. Berger continues expanding its retail reach, opening over 1,600 stores and installing more than 5,500 tinting machines in the first half, targeting 10,000 by year-end. He forecasts an 8.4% revenue CAGR and a 6.3% net profit CAGR over FY26-27.

4. Sandhar Technologies: 

Emkay initiates a ‘Buy’ rating on this small-cap auto parts manufacturer with a target price of Rs 825, an upside of 49.5%. Analysts Chirag Jain and Nandan Pradhan see the company entering a growth phase after completing a multi-year capacity expansion. Peak capital spending is over; capex will drop to 4.5-5% of revenue from FY26-28, down from 9% during FY21-25.

Management expects the long capex cycle to conclude by March 2026, with only three projects remaining: Sandhar Components integration, Pune aluminium die-casting, and Pune cabins. The company also rules out aggressive overseas expansion, planning new capacity only as utilisation improves. Its overseas business should break even by Q4. From FY26 onward, profitability is expected to improve, supported by lower capital spending, regular debt repayments, and disciplined working capital management.

Jain and Pradhan believe smart locks, which generate higher revenue than traditional mechanical locks, will support margin improvement. Sandhar’s EV-related products have already started contributing to revenue in H1FY26 and are expected to grow further. They forecast a 14% revenue CAGR and 20% EBITDA CAGR over FY26-28.

5. Vedanta:

ICICI Direct retains its ‘Buy’ call on this aluminium products manufacturer with a higher target price of Rs 650 per share, an upside of 14.1%. Analysts Shashank Kanodia and Manisha Kesari remain positive on Vedanta, citing surging non-ferrous metal prices and expansion in India’s aluminium and zinc segments.

Management aims for 3.1 million tonnes per annum (MTPA) smelting capacity by FY28, supported by debottlenecking the Jharsuguda plant. It also plans to expand alumina capacity to 6 MTPA, driven by commissioning the 1.5 MTPA Lanjigarh plant and developing captive bauxite and coal mines. Analysts believe the company will benefit from rising non-ferrous metal prices, with aluminium and zinc prices increasing 7% and 13% QoQ, respectively.

Kanodia and Kesari add that its subsidiary, Hindustan Zinc, will benefit from surging silver prices (up 32% QoQ). Hindustan Zinc is India’s largest silver producer, with a refining capacity of 800 MT. Higher silver prices will drive profitability, as silver is a low-cost by-product. Analysts expect Vedanta to deliver a 13.7% revenue CAGR and a 30.7% net profit CAGR over FY26-27.

Note: These recommendations are from various analysts and are not recommendations by Trendlyne.

(You can find all analyst picks here)

 
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Trendlyne Marketwatch
16 Dec 2025
Market closes lower as the rupee hits an all-time low
By Trendlyne Analysis

Nifty 50 closed at 25,860.10 (-167.2, -0.6%), BSE Sensex closed at 84,679.86 (-533.5, -0.6%) while the broader Nifty 500 closed at 23,570.15 (-155.1, -0.7%). Market breadth is moving down. Of the 2,591 stocks traded today, 845 were in the positive territory and 1,692 were negative.

Nifty 50 closed lower after falling in the morning session as the Indian rupee dropped to its all-time low of Rs 91.08 against the US dollar. The Indian volatility index, Nifty VIX, declined 1.7% and closed at 10.1 points. HDFC Bank received RBI approval to acquire up to a 9.5% aggregate stake in IndusInd Bank through its group entities, including HDFC Mutual Fund, HDFC Life Insurance and others. The approval is valid for one year.

Nifty Midcap 100 & Nifty Smallcap 100 closed in the red, following the benchmark index. S&P BSE Telecom and Nifty Consumer Durables were among the top index gainers today. According to Trendlyne’s Sector dashboard, Telecom Services emerged as the best-performing sector of the day, with a rise of 1.4%.

Asian indices closed lower, while European indices are trading mixed. US index futures traded in the red, indicating a cautious start to the trading session. A poll of economists suggests that US nonfarm payrolls likely rose by 50,000 in November. While there was no consensus for October, most expect a decline, with BNP Paribas forecasting a drop of up to 100,000, largely due to more than 150,000 federal employees taking deferred buyouts under Trump’s government downsizing push.

  • Money flow index (MFI) indicates that stocks like Alkyl Amines Chemicals, AWL Agri Business, CreditAccess Grameen and Inox Wind are in the oversold zone.

  • PB Fintech falls sharply as the proposed Insurance Bill 2025 may reportedly allow the regulator to cap agent commissions. The move could impact payouts and disclosures, raising concerns for Policybazaar, which derived over 88% of its Q2FY26 revenue from insurance broking.

  • Axis Direct maintains its 'Buy' call on Maruti Suzuki India, with a target price of Rs 18,170 per share. This indicates a potential upside of 10.9%. The brokerage believes that the company's strong domestic leadership, expanding utility vehicles (UV) portfolio and improving product mix will drive revenue and net profit growth. It expects the firm to deliver a revenue CAGR of 10% over FY26-28.

  • Senores Pharmaceuticals is rising as it plans to acquire a 100% stake in Apnar Pharma for Rs 91 crore to expand its presence in the UK and Canada.

  • Brent crude falls to $60 a barrel, its lowest since May, as surplus supply concerns and optimism over Russia-Ukraine peace talks outweigh disruptions to Venezuelan oil exports. Markets are expected to face oversupply through 2026 as OPEC+ restores idle output and non-OPEC producers, especially in the Americas, continue to ramp up output.

  • Invesco Mutual Fund acquires 16.7 lakh shares in Corona Remedies worth Rs 241.6 crore at an average price of Rs 1,434.2-1,457.4 per share through a bulk deal.

  • BL Kashyap and Sons rises as it receives a Rs 615.7 crore work order from Sattva CKC for structural and civil construction at the Sattva Chennai Knowledge City project in Tamil Nadu. The project is expected to be executed over 31 months.

  • ICICI Securities retains its 'Buy' call on Tata Power with a target price of Rs 465 per share. This indicates a potential upside of 22.8%. The brokerage remains positive on the stock, led by its presence across generation, distribution & trading, solar manufacturing, as well as solar utility-scale and rooftop engineering, procurement & construction (EPC) projects. It expects the firm to deliver a revenue CAGR of 12.4% over FY26-27.

  • The HSBC Flash India Composite Output Index declines to 58.9 in December from 59.7 in November, indicating a moderation in private-sector activity, though growth remains strong. This is the weakest reading since February, due to slower new order growth, even as export demand has risen to a three-month high, supported by orders from the US, the UK, and the Middle East.

  • Power Grid Corp emerges as the successful bidder for an inter-state transmission project. The project involves installing 765 kilovolt (kV) high-capacity power lines across Odisha and Andhra Pradesh, along with related infrastructure at both ends to support power flow between the regions.

  • RailTel receives an order worth Rs 148.4 crore from the Office of the Registrar General & Census Commissioner, India, for comprehensive annual maintenance services for servers, storage, network, and network security devices, along with licence renewals.

  • Zota Healthcare's board of directors approves a qualified institutional placement (QIP) of equity shares worth Rs 400 crore at a floor price of Rs 1,615.3 per share.

  • Axis Bank drops over 4% after revising its outlook, now expecting net interest margins (NIMs) to bottom out in Q4FY26 or Q1FY27 to 3.8%, instead of the earlier Q3 guidance. Citi retains a 'Neutral' rating with a Rs 1,285 target, noting traction in the corporate segment and signs of recovery in retail, though sustained momentum remains uncertain.

  • Intellect Design Arena is falling as it cancels the joint venture (JV) with UK-based ITIXA, citing that the UK government's Autumn Budget has introduced financial pressure on its target client base.

  • HDFC Bank receives RBI approval to acquire up to a 9.5% aggregate stake in IndusInd Bank through its group entities, including HDFC Mutual Fund, HDFC Life Insurance and others. The approval is valid for one year, until December 14, 2026.

  • The Ministry of Coal appoints B Sairam as Coal India's Chairman and Managing Director (CMD), succeeding Sanoj Kumar Jha, effective December 15.

  • Bharti Airtel rises after Morgan Stanley raises its target price to Rs 2,435 while maintaining its 'Overweight' rating. The brokerage expects the Indian telecom sector’s recovery to continue in the near term. It sees several drivers supporting the company's mid-single-digit ARPU growth over the medium term, which should support double-digit EBITDA growth in India. Morgan Stanley also expects Airtel to implement a tariff hike in Q1FY27.

  • Inox Wind secures a repeat order from Jackson Green to supply 3.3 MW wind turbines for a 100 MW project in Gujarat. The company will also provide engineering procurement & construction (EPC) and multi-year operations & maintenance (O&M) services for the project. This order takes the company's order inflow to 600 MW so far in FY26.

  • Arvind SmartSpaces is rising as it acquires a residential high-rise project in Bengaluru, with an estimated saleable area of 4.6 sq. ft. and a revenue potential of Rs 550 crore.

  • BlackBuck invests Rs 100 crore in its subsidiary, Blackbuck Finserv (BFPL), through a rights issue of 66.7 lakh shares.

  • Motilal Oswal maintains a 'Neutral' rating on Bajaj Auto with a target price of Rs 9,070. Management is optimistic that new product launches will help regain domestic motorcycle market share and highlights plans to boost EV leadership. However, the brokerage cautions that the loss of share in domestic motorcycles, particularly in the 125cc+ segment, remains a key concern. The success of the KTM turnaround is also a key factor to watch.

  • GMR Airports' passenger traffic increases 7.4% YoY to 1.1 crore in November, while aircraft movements grow by 7.9% to 65,922.

  • Ion Exchange surges as it receives orders worth Rs 205 crore from Rayzon Energy and INOX Solar for ultra-pure water generation, wastewater treatment, and zero liquid discharge systems for solar projects in Gujarat and Odisha.

  • MTNL surges as its board of directors approves the sale of its residential property block in Bandra Kurla Complex (BKC), Mumbai, to the National Bank for Agriculture and Rural Development (NABARD) for Rs 350.7 crore.

  • Hyundai Motor India's board of directors appoints Tarung Garg as its Managing Director (MD) and Chief Executive Officer (CEO), effective January 1.

  • Nifty 50 was trading at 25,943.30 (-84, -0.3%), BSE Sensex was trading at 84,902.32 (-311.0, -0.4%), while the broader Nifty 500 was trading at 23,643.80 (-81.4, -0.3%).

  • Market breadth is in the red. Of the 2,087 stocks traded today, 700 were on the uptick, and 1,327 were down.

Riding High:

Largecap and midcap gainers today include Supreme Industries Ltd. (3,405.80, 4.1%), Vedanta Ltd. (569.50, 3.7%) and Bharti Hexacom Ltd. (1,743.60, 2.6%).

Downers:

Largecap and midcap losers today include PB Fintech Ltd. (1,820.50, -5.5%), Axis Bank Ltd. (1,219.60, -5.1%) and Eternal Ltd. (284.45, -4.7%).

Movers and Shakers

15 stocks in BSE 500 are trading on high volumes today.

Top high volume gainers on BSE included Kirloskar Oil Engines Ltd. (1,227.10, 8.0%), Tata Teleservices (Maharashtra) Ltd. (51.36, 5.5%) and Supreme Industries Ltd. (3,405.80, 4.1%).

Top high volume losers on BSE were Axis Bank Ltd. (1,219.60, -5.1%), Kirloskar Brothers Ltd. (1,647.40, -3.0%) and Jubilant Foodworks Ltd. (560.20, -3.0%).

Lloyds Metals & Energy Ltd. (1,309.50, 1.7%) was trading at 11.6 times of weekly average. Chambal Fertilisers & Chemicals Ltd. (445.80, 2.1%) and Five-Star Business Finance Ltd. (591.55, 2.9%) were trading with volumes 7.7 and 4.7 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

4 stocks hit their 52 week highs, while 14 stocks tanked below their 52 week lows.

Stocks touching their year highs included - Ashok Leyland Ltd. (167.75, 0.6%), Hindustan Zinc Ltd. (567.70, -0.1%) and Vedanta Ltd. (569.50, 3.7%).

Stocks making new 52 weeks lows included - ACC Ltd. (1,771.40, -0.4%) and Jubilant Foodworks Ltd. (560.20, -3.0%).

7 stocks climbed above their 200 day SMA including Aditya Birla Sun Life AMC Ltd. (769.75, 2.8%) and Bharti Hexacom Ltd. (1,743.60, 2.6%). 13 stocks slipped below their 200 SMA including Syngene International Ltd. (644.55, -2.4%) and Cholamandalam Financial Holdings Ltd. (1,858.90, -2.1%).

 
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The Baseline US
16 Dec 2025
‘Jenga tower’ US economy is in danger, as the middle class pulls back

Talk of a “K-shaped” economy is trending again.

The term first gained momentum in 2020, when the pandemic exposed how unevenly American prosperity was distributed. Today, with spending power even more concentrated at the top, economists warn that the US economy is becoming dangerously top-heavy.

For many Americans, the economy looks strong on paper, but feels fragile in daily life. Jobs are less secure, while big ticket items like housing are much more expensive. One image captures the risk well: a Jenga tower. From afar, a Jenga tower economy looks impressive, rising quarter after quarter. But look closely at the base, and you see blocks being pulled out and stacked on top. So the taller the tower grows, the less stable it becomes.

Recent data reflects this. GDP growth in Q2 was the fastest in nearly two years. “The US will finish the year with 3% real GDP growth, despite the lengthy government shutdown,” Treasury Secretary Scott Bessent bragged in an interview with CBS. But the Fed’s latest 25 basis point rate cut, prompted by weakening labor-market data, suggests that things are unstable below the surface. A big chunk of the growth was driven by large tech players like Nvidia, and consumer spending was fuelled by high income consumers. 

Mark Zandi, chief economist at Moody’s Analytics, warns that such concentrated spending power creates a single point of failure. “It makes the economy very vulnerable, if anything goes off the rails for these high-income, high-net-worth households.”

This has now become a political issue. "Affordability" dominated campaign messaging in recent elections, helping Democrats win easily in New York City, New Jersey, and Virginia. Voters are not looking at GDP charts. They are looking at grocery bills, rent hikes and job insecurity.

So how long can a top-heavy economy can keep rising before the tower starts to wobble?

The top 10% now drive consumer spending

Companies have been watching this income divide play out. Krogernoted in September that low and middle-income shoppers are relying more on coupons, switching to store brands, and cutting back on dining out. Procter & Gamble reported a similar pattern in their data: households living paycheck to paycheck are chasing discounts, while affluent consumers continue to buy in bulk without hesitation.

High-income Americans, the top 10%, now account for about half of all US consumer spending. In the early 1990s, that figure was closer to one-third.

This imbalance has been decades in the making. These wealthier households, supported by rising stock portfolios and higher home values, are spending freely. Lower-income consumers are pulling back as inflation eats away at purchasing power, and a cooling job market leaves them exposed.

Over the past year, food prices rose 3.1%. Energy costs increased 2.8%, with natural gas up 11.7% and electricity up 5.1%. Shelter costs climbed 3.6%, and medical care rose 3.3%.

As a result, more Americans are slipping into the lower leg of the “K,” and are struggling to keep up with basic expenses.

As this divide deepens, Gen Z is responding differently. Unlike earlier generations that usually waited until their 30s to invest, many young adults are entering stock markets early. Easy-to-use trading apps, greater access to financial education, and the need to build wealth outside traditional career paths are driving the shift. Surveys showa growing share of Gen Z investing before age 25, as their wages lag behind rising asset prices.

The labor market is flashing warning signs

Fresh labor data reinforces the strain consumers are talking about. ADP data shows that private employers shed 32,000 jobs in November, far below expectations for a gain of 40,000. The losses were broad-based, but small businesses were hit hardest. Firms with fewer than 50 employees cut 120,000 jobs, reflecting limited ability to absorb higher costs tied to inflation, utilities, and tariffs.

Job openings in October remained elevated at about 7.7 million but showed little change from the previous month. Layoffs rose to their highest level in nearly three years, while the share of workers quitting voluntarily declined. The drop in voluntary quits suggests growing uncertainty about finding better opportunities.

Wage trends also point to cooling momentum. Pay and benefits are rising more slowly. While compensation gains still exceed inflation, the gap is becoming smaller, which means that employers now have more power in negotiating wages.

This leaves the Fed in a difficult position. Growth and unemployment look stable on the surface, but policymakers have delivered a third rate cut as signs of weakness accumulate, particularly in white-collar jobs. Fed Chair Jerome Powell has cautioned that employment data may be "overstating the numbers", with internal estimates suggesting monthly job gains could be inflated by as much as 60,000.

Consumer sentiment has held up

Despite these pressures, parts of the economy are showing more strength than expected. High-end spending is strong, and real-time card data says that demand is holding up among wealthier consumers.

US consumer sentiment rose in December for the first time in five months. The University of Michigan’s preliminary sentiment index climbed to 53.3, up from 51 in November, as inflation expectations eased. Surveys conducted later in November captured a rebound in confidence following the end of the government shutdown, which had weighed on household mood.

Corporate earnings tell a similar story. Retailers who focused on shoppers with fat wallets, are outperforming. Macy’s CEO Tony Spring noted that Bloomingdale’s posted 9% year-over-year sales growth in Q3, driven by consumers willing to spend.

The holiday season reinforced this trend. Adobe Analytics data showed record online sales of $11.8 billion on Black Friday, up more than 9% from last year. Cyber Monday sales reached $14.3 billion, a 7.1% increase.

Shoppers gravitated toward electronics, apparel, and home goods. But they were also often using buy-now-pay-later options to stretch budgets. 

Will the tower keep rising? 

Looking ahead, the main risk lies with high-income consumers, who now drive much of the overall demand. Their confidence depends heavily on rising stock prices. Strong gains in the S&P 500 boost household wealth and encourage spending, but that support remains fragile. Economists at Oxford Economics note that moves in stocks and other financial assets now shape how consumers view their own future and how much they spend. If overheated tech stocks cool, or markets turn volatile, spending can slow down fast. 

The economy still looks strong from a distance, and for many at the top, it genuinely is. But strength built on concentration is brittle. As spending power narrows, the tower grows taller and the margin for error shrinks. The end of a Jenga game rarely comes with a warning. A tower can rise for a long time before gravity reasserts itself.

 
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Trendlyne Marketwatch
15 Dec 2025
Market closes flat, dragged by foreign investor outflows
By Trendlyne Analysis

Nifty 50 closed at 26,027.30 (-19.7, -0.1%), BSE Sensex closed at 85,213.36 (-54.3, -0.1%) while the broader Nifty 500 closed at 23,725.20 (-1, 0%). Market breadth is horizontal. Of the 2,615 stocks traded today, 1,311 were on the uptrend, and 1,253 went down.

Indian indices closed flat after erasing losses in the afternoon session, dragged by foreign investor outflows and uncertainty around the India-US trade deal. The Indian volatility index, Nifty VIX, closed 1.4% higher at 10.3 points. Geojit Financial Services closed 8% higher as 4.3 crore shares (15.3% equity), amounting to Rs 290 crore, reportedly changed hands in multiple block deals.

Nifty Smallcap 100 closed in the green, while Nifty Midcap 100 closed lower. Nifty Media and Nifty FMCG were among the best-performing indices of the day. According to Trendlyne’s sector dashboard, Media emerged as the highest-performing sector of the day, with a rise of 2.1%.

European indices are trading higher, except Russia’s RTSI and MOEX indices, which are trading flat. Major Asian indices closed with varied trends. US index futures are trading in the green, signalling a positive start to the session as investors await the delayed US jobs data, set to come out on Tuesday.

  • Relative strength index (RSI) indicates that stocks like SKF India, BASF India, and NCC are in the oversold zone.

  • ICICI Securities upgrades Siemens to a 'Buy' call from 'Hold', with a higher target price of Rs 3,700 per share. This indicates a potential upside of 17.5%. The brokerage believes its strong order book in smart infrastructure and mobility segments, along with its exit from the low-margin, low-voltage motors segment, will drive revenue and profitability. It expects the firm to deliver a revenue CAGR of 15.8% over FY26-27.

  • GHV Infra Projects secures an order worth Rs 109 crore in Jamshedpur, Jharkhand. The project includes complete civil construction, mechanical, electrical, and plumbing systems, and high-quality finishing for a large building development.

  • Texmaco Rail & Engineering is rising as it secures an order worth Rs 132 crore from Touax Texmaco Railcar Leasing to supply rakes for BLSS (bogie low-platform container flat separate) wagons.

  • India’s trade deficit narrows to $24.5 billion in November from $41.7 billion in October, driven by a decline in gold, oil, and coal imports. Services exports also record growth, rising to $35.9 billion in November 2025 from $32.1 billion a year ago, reflecting continued strength in India’s services-led external sector.

  • State Bank of India rises as the Appointments Committee of Cabinet (ACC) reportedly approves the appointment of Ravi Ranjan as its Managing Director (MD).

  • Dr Reddy's Laboratories receives Form 483 with five observations from the US FDA following a good manufacturing practices (GMP) and pre-approval inspection at its facility in Srikakulam, Andhra Pradesh.

  • US-based Smallcap World Fund acquires 4.5 lakh shares (0.7% equity) of Kaynes Technology India, in a block deal valued at Rs 188 crore. The transaction was executed at an average price of Rs 4,206.4 per share.

  • India’s WPI inflation edges up but remains in negative territory at –0.3% in November, compared with –1.2% in October. The negative inflation in November was mainly driven by declines in prices of food articles, mineral oils, crude petroleum & natural gas, basic metals, and electricity.

  • Wheels India is rising sharply as it enters an agreement with Japan's Topy Industries to develop and manufacture aluminium alloy wheels. The company aims to expand its presence with the Japanese original equipment manufacturers (OEMs) in India's alloy wheels segment. The company also plans to expand its alloy wheel capacity to 10 lakh wheels per annum from 7 lakh by the end of FY27.

  • Elitecon International is rising sharply as it bags an export order worth $97.4 million (~Rs 875 crore) for the long-term supply of tobacco-allied products.

  • One97 Communications (Paytm) makes an additional investment of Rs 2,250 crore in its subsidiary, Paytm Payments Services, through a rights issue of equity shares.

  • Hindustan Zinc touches a new 52-week high of Rs 571.6 on the back of soaring silver prices. Jefferies initiates coverage on the stock with a 'Buy' rating and a target price of Rs 660. The brokerage expects the company to benefit significantly from rising silver and zinc prices. It forecasts strong EPS growth of 22% in FY26, 29% in FY27, and 7% in FY28. With 37% of H2FY26 silver volumes hedged at $37, the full pricing upside is likely to play out in FY27, driving a sharp improvement in EBITDA.

  • SEPC surges as it signs a memorandum of understanding (MoU) for a Rs 3,300 crore mining consortium project at Rampur Batura opencast mine in Madhya Pradesh. The 10-year contract covers excavation, loading, transportation, and surface mining activities with consortium partners.

  • Ashoka Buildcon is rising as its joint venture (JV) with Aakshya Infra Projects bags an order worth Rs 1,041.4 crore from the Brihanmumbai Municipal Corp (BMC) to construct a flyover.

  • Wakefit Innovation’ shares make a flat debut on the bourses at Rs 195. The Rs 1,288.9 crore IPO received bids for 2.5 times the total shares on offer.

  • Geojit Financial Services rises over 7% as 4.3 crore shares (15.3% equity), amounting to Rs 290 crore, reportedly change hands in multiple block deals.

  • Corona Remedies' shares debut on the bourses at a 38.4% premium to the issue price of Rs 1,062. The Rs 655.4 crore IPO received bids for 137 times the total shares on offer.

  • WPIL surges as its subsidiary, PCI Africa Consortium, receives a Rs 1,340 crore order to upgrade and expand the Macassar Wastewater Treatment Works in Cape Town.

  • Brigade Enterprises is falling as the Income Tax (IT) Department conducts search operations at its offices from December 9-13.

  • Morgan Stanley maintains an 'Overweight' rating on KEI Industries with a target price of Rs 4,793. The brokerage points to robust domestic demand for cables and wires, fueled by power transmission and distribution, renewables, infrastructure, real estate, oil & gas, and data centres. It notes data centres as a major growth catalyst, where cables and wires account for 8-10% of capex. KEI stands out as well-positioned, offering a wide range of power cables (excluding optical fibre).

  • Godawari Power & Ispat is rising as its board approves expanding its battery pack and containers capacity to 40 gigawatt-hour (GWh) from 10 GWh at a capex of Rs 1,625 crore. The company will increase capacity to 20 GWh during phase-1 by FY27 for Rs 1,025 crore, while phase-2 will increase the capacity to 40 GWh by FY29 for Rs 600 crore.

  • KEC International is rising sharply as it secures orders worth Rs 1,150 crore in the domestic transmission & distribution (T&D) and civil businesses. The company will supply a 765 kV transmission line, a 765/400 kV substation, and civil & structural works for a 150 MW thermal plant.

  • Aurobindo Pharma is falling as it receives Form 483 with three observations from the US FDA following an inspection at its API manufacturing facility in Telangana.

  • Bharat Electronics secures orders worth Rs 776 crore to supply counter unmanned aerial systems (SAKSHAM), software defined radios, and anti-drone systems, among other defence systems.

  • Nifty 50 was trading at 25,961 (-86.0, -0.3%), BSE Sensex was trading at 84,891.75 (-375.9, -0.4%), while the broader Nifty 500 was trading at 23,650.25 (-76.0, -0.3%).

  • Market breadth is in the red. Of the 2,146 stocks traded today, 791 were in the positive territory and 1,259 were negative.

Riding High:

Largecap and midcap gainers today include Indian Oil Corporation Ltd. (168.55, 3.0%), Dixon Technologies (India) Ltd. (13,737, 2.7%) and Linde India Ltd. (6,151, 2.4%).

Downers:

Largecap and midcap losers today include Aditya Birla Capital Ltd. (351.80, -3.1%), HDFC Asset Management Company Ltd. (2,607, -2.5%) and PI Industries Ltd. (3,245.40, -2.0%).

Volume Rockets

14 stocks in BSE 500 are trading on high volumes today.

Top high volume gainers on BSE included Praj Industries Ltd. (334.35, 10.1%), Action Construction Equipment Ltd. (995.90, 6.7%) and Aarti Industries Ltd. (376.30, 5.4%).

Top high volume losers on BSE were Concord Biotech Ltd. (1,360.60, -0.7%) and Gujarat Gas Ltd. (394.90, -0.2%).

Nuvoco Vistas Corporation Ltd. (360.25, 4.3%) was trading at 25.8 times of weekly average. PVR INOX Ltd. (1,086.60, 3.3%) and KEC International Ltd. (704.90, 2.0%) were trading with volumes 10.1 and 9.6 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

9 stocks took off, crossing 52 week highs, while 4 stocks tanked below their 52 week lows.

Stocks touching their year highs included - Ashok Leyland Ltd. (166.82, 1.8%), Federal Bank Ltd. (265.25, 1.5%) and Hindustan Copper Ltd. (379.95, -0.6%).

Stocks making new 52 weeks lows included - Petronet LNG Ltd. (268.55, -0.2%) and Sheela Foam Ltd. (579.95, 0.4%).

14 stocks climbed above their 200 day SMA including Kajaria Ceramics Ltd. (1,098.30, 4.3%) and Himadri Speciality Chemical Ltd. (476.85, 2.4%). 7 stocks slipped below their 200 SMA including Metro Brands Ltd. (1,134.30, -2.7%) and PNB Housing Finance Ltd. (922.05, -1.6%).

 
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The Baseline
12 Dec 2025
Five Interesting Stocks Today - December 12, 2025
By Trendlyne Analysis

1. Gujarat Fluorochemicals (GFL):

Thisspecialty chemicals company rose 3.2% last week after the International Finance Corp (IFC) invested about Rs 450 crore (~$50 million) in itssubsidiary, GFCL EV Products. GFL operates in chemicals and specialty materials used in sectors such as oil & gas, electronics, EVs, and green energy.

The IFC investment will help GFCL EV set up a fully integrated battery materials unit, covering battery chemicals, cathode materials, and binders. This strengthens GFL’s role in the global battery supply chain and expands its presence in India’s battery materials market.

Deven Chokseyraised GFL’s target price to Rs 3,798, indicating an upside of 9.6%, highlighting the firm’s battery materials business as a key driver. GFL is one of the few non-China integrated producers of LiPF6, a crucial battery ingredient. Plants for these materials have been commissioned, with commercial sales expected from Q4FY26.

GFL’s growth comes from high-margin fluoropolymers (63% of Q2FY26 revenue), fluorochemicals, and rising demand for R32 refrigerant. InQ2FY26, revenue rose 2% YoY, mainly due to fluoropolymers and higher chloromethane prices. EBITDA margin improved by 525 bps to 30% as the company sold more higher-value grades of fluoropolymers.

Some hurdles remain, including temporary volume impacts from US tariffs on certain fluoropolymers and the R125 refrigerant. Fluorochemical revenue slipped 15% due to lower R-22 sales, a widely used refrigerant being phased out globally. The battery chemicals business is still pre-revenue and posted an EBITDA loss of Rs 17 crore.

CEO Bir Kapoor expects the battery chemicals business to break even in FY27. He says, “FY28 should be a major scale-up year as new capacity comes online and customers approve the products”. Business Head Rajiv Rao added that the initial focus will be on exports outside China, leveraging India’s cost advantage in building lithium iron phosphate (LFP) plants.

2. Suzlon Energy:

Thiswind energy company jumped 5.7% in three trading sessions after unveiling on December 4plans for three AI-powered wind blade factories to meet surging domestic demand.

Co-Founder Girish Tantisaid the new units will be strategically placed near project sites to slash logistics costs. Two plants are planned for Gujarat and Karnataka; a third location is being scouted. The facilities will be funded internally, falling within the company’s annual capital expenditure of Rs 500–550 crore. These additions will expand the company’s network to 18 factories, creating India's largest smart wind manufacturing setup. 

InQ2FY26, its net profit jumped 6.4x YoY to Rs 1,279.4 crore, boosted by a Rs 718.2 crore deferred tax credit. Excluding the tax credit, net profit still soared 179%. Record wind turbine deliveries drove revenue 83.7% higher to Rs 3,897.3 crore. 

The company entered the second half with a massive 6.2-gigawatt (GW) order book, securing two years of revenue visibility. It aims for a 50:50 split between engineering, procurement and construction (EPC) contracts and equipment-supply (non-EPC) deals by FY28. 

Group CEO JP Chalasanisaid, "You will start seeing us announcing more and more EPC contracts starting from maybe the Q4." Management projects India will add 6 GW of new wind capacity in FY26 and is confident Suzlon can capture 25% of that market, or 1,500 MW.

Despite a positive long-term outlook, Suzlon’s stock hasfallen by 21.6% over the past six months. The decline followed the promoter group’s Junesale of around a 1.5% stake, whichadded selling pressure and prompted profit-booking after a 1,277% rally over the past five years. Investors also grewcautious as a large deferred tax credit boosted recent profit growth, while project execution fell short of market expectations.

Following the announcement, ICICI Securitiesreiterated its ‘Buy’ rating, projecting a 43.3% upside. It cited Suzlon’s strong pipeline, an expected surge in wind installations, and the new blade plants. The brokerage noted these factors provide multi-year execution visibility and justify its Rs 76 target price.

3. Kalpataru Projects International:

This construction and engineering company has risen by over 49% from its 52-week low of Rs 786.3. On December 10, it won new orders worth Rs 2,003 crore across its buildings & factories and transmission & distribution segments from clients both in India and overseas.

With these new orders, the company's YTD order intake stands at around Rs 17,000 crore. The company stated that this large backlog will provide good visibility for sales growth in the coming quarters.

Kalpataru Projects reported strong results during the second quarter. Profit surged 91% YoY to Rs 240 crore, driven by higher execution and its healthy order book. Revenue grew 32% to Rs 6,528.6 crore during the quarter, thanks to growth across its major business segments.

Over 40% of Kalpataru's order book is in its transmission & distribution business. Management notes they have a tender pipeline of over Rs 1.5 lakh crore over the next 12 to 18 months. However, its water infrastructure business, which accounts for about 14% of the order book, saw a 6% revenue decline in Q2 due to delayed payments from states such as Uttar Pradesh and Jharkhand.

Meanwhile, the management expects the buildings business to grow by around 20% in FY26, given the healthy outlook for residential and commercial construction, as well as other civil projects.

Commenting on the outlook, MD & CEO Manish Manod said, “We are on track to achieve revenue growth of over 25%, compared to our earlier guidance of 20% to 25%.” He also projects an order intake of more than Rs 25,000 crore for FY26, considering the strong opportunities in both India and international markets.

Axis Direct has a ‘Buy’ rating on Kalpataru with a higher target price of Rs 1,475. The brokerage believes the company is well positioned to benefit from its strong order book, favourable trends in the domestic and international transmission and buildings segments, improved performance from its overseas subsidiaries, and supportive government policies.

4. Whirlpool of India:

The stock of this consumer electronics company declined by more than 5% over the past week following reports that a major deal had fallen through. Global private equity firm Advent International was in talks to acquire a controlling stake in the company for up to $1 billion, but negotiations reportedly collapsed due to disagreements over valuation.

Advent had been the frontrunner to buy a 31% stake from the company's US parent, Whirlpool Corporation, a move that would have triggered a mandatory takeover offer. The parent company, looking to pay down debt by restructuring its global assets, planned to reduce its 51% holding to roughly 20% and raise between $550 million and $600 million. However, the deal stalled as Advent reportedly pushed for a lower price, citing headwinds in the Indian market, including stricter product standards and energy-efficiency rules.

The company's recent financial performance has also been under pressure. Second-quarter net profit dropped 35% YoY to Rs 27.1 crore, missing Trendlyne’s Forecaster estimates by 30.6% as sales of summer products like refrigerators and air conditioners slumped. Consequently, the stock appears on a screener highlighting companies where mutual funds have cut their stakes over the last quarter.

Highlighting financial pressures, Whirlpool Corporation CFO James W. Peters said, “We experienced incremental costs of tariffs of approximately 250 basis points. While marketing and technology was flat versus the prior year, we have continued to invest in our products and brands. Lastly, currency depreciation associated with the Argentinian peso and Indian rupee resulted in an unfavourable margin impact of 25 basis points.”

Brokerage firm Axis Capital remains bearish, assigning a ‘Sell’ rating with a target price of Rs 897. The brokerage points out that Whirlpool Corp carries a massive gross debt of Rs 57,000 crore. Even if the 31% stake sale goes through, it would cover less than 10% of this debt pile, which is equivalent to just 1.5 years of interest payments. Axis warns that the lingering uncertainty over future ownership could hurt Whirlpool India’s market share and business direction.

5. Lloyds Metals & Energy:

This coal & mining stock climbed 7.7% over the past week after its board approved the acquisition of a 50% stake in Nexus Holdco FZCO for $55 million (approximately Rs 495.7 crore). The company will carry out this acquisition through its subsidiary, Lloyds Global Resources FZCO. 

Nexus holds significant stakes in Surya Mines SARL and eight other companies in the Democratic Republic of Congo. These companies collectively control various mining concessions, including copper, cobalt, lead, and zinc, as well as a copper processing plant in the country.

The company also signed a memorandum of understanding (MoU) with Tata Steel to collaborate on raw material mining, logistics, pellet, and steel-making. The partnership will focus on greenfield steel-making projects, iron ore mining, slurry pipeline infrastructure, pellet-making in iron ore-rich Indian states, and exporting low-carbon iron & steel products. Initially, they will operate mining concessions and associated infrastructure to boost iron ore production in Gadchiroli, Maharashtra.

In Q2FY26, Lloyds Metals’ revenue surged 152.2% YoY to Rs 3,706.8 crore, driven by higher iron-ore dispatches and the commencement of pellet sales. Revenue also beat Forecaster estimates by 27.9%. Net profit jumped 90%, driven by the commercialisation of the slurry pipeline and improved fixed-cost management. However, the company’s debt surged 75% to Rs 8,000 crore due to delays in capacity expansion in its arm, Thriveni Earthmovers.

Following the results, Riyaz Shaikh, CFO of Lloyds Metals, noted, “We have lowered our FY26 EBITDA guidance for Thriveni to ~Rs 2,100 crore from Rs 2,800 crore due to delayed capacity ramp-up, with confidence in catching up in H2.”

FundsIndia maintains its ‘Buy’ call on Lloyds Metals, setting a target price of Rs 1,468 per share, a 14% upside. The brokerage believes the company is poised for long-term growth as its capacity expansions commercialise over the next 2-3 years. It expects Lloyds Metals’ capex to rise to Rs 6,000-6,500 crore from FY27 onwards, supporting its shift from ore sales to an integrated pellet, direct-reduced iron, and steel model.

Trendlyne's analysts identify stocks that are seeing interesting price movements, analyst calls, or new developments. These are not buy recommendations

 
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Trendlyne Marketwatch
12 Dec 2025
Market closes higher, supported by a rise in Defence stocks
By Trendlyne Analysis

Nifty 50 closed at 26,046.95 (148.4, 0.6%), BSE Sensex closed at 85,267.66 (449.5, 0.5%) while the broader Nifty 500 closed at 23,726.20 (175.4, 0.7%). Market breadth is in the green. Of the 2,586 stocks traded today, 1,620 were on the uptick, and 921 were down.

Indian indices closed higher, driven by a rise in the defence sector. The Indian volatility index, Nifty VIX, closed 2.8% lower at 10.1 points. GMDC closed 5.3% in the green after expanding into the coal sector by acquiring three coal blocks in Odisha, including the 15 MTPA Baitarni-West coal mine.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, tracking the benchmark index. Nifty Metal and S&P BSE Basic Materials were among the best-performing indices of the day. According to Trendlyne’s sector dashboard, Metals & Mining emerged as the highest-performing sector of the day, with a rise of 2.7%.

European indices are trading flat or higher. Major Asian indices closed in the green, except Thailand’s SET index, which closed flat. US index futures are trading mixed, signalling a muted start to the session. Costco is rising in the pre-opening session as its Q3 EPS of $5.9 beats Forecaster estimates by 1.1%.

  • Money flow index (MFI) indicates that SKF India is in the oversold zone.

  • Lloyds Engineering Works is rising as its subsidiary, Lloyds Advance Defence Systems, enters an agreement with Poland's Flyfocus to develop advanced first-person view (FPV) drones.

  • Geojit BNP Paribas downgrades FSN E-Commerce Ventures (Nykaa) to an 'Accumulate' call from 'Buy', with a target price of Rs 277 per share. This indicates a potential upside of 9.6%. The brokerage believes that the stock is over valued, but notes that the company is well-positioned for growth, driven by its focus on beauty-tech investments, curated fashion expansion, experiential retail and brand-led differentiation. It expects Nykaa to deliver a revenue CAGR of 26.7% over FY26-27.

  • Kotak Institutional Equities upgrades Thermax to a 'Buy' rating and gives a target price of Rs 3,575. The brokerage says the company is a standout among diversified capex plays thanks to robust order inflows, given it does not depend on large, one-off orders. A major contract secured in the third quarter has lifted its year-end order backlog by 15% YoY, strengthening revenue visibility.

  • PNB Housing Finance's board of directors appoints Ajai Kumar Shukla as the Chief Executive Officer (CEO) and Managing Director (MD) for five years, effective December 18.

  • Shilpa Medicare is rising as it receives marketing authorisation in Europe for its Rotigotine transdermal patch. The drug is used to treat restless legs syndrome and Parkinson’s disease. The total addressable European market for Rotigotine is estimated at around $222 million.

  • JSW Energy rises as its subsidiary, JSW Energy (Utkal), signs a 25-year agreement with Karnataka DISCOMs to supply 400 MW of power from April 1, 2026, at Rs 5.8/kWh. The deal lowers its unsold power capacity to about 5% of its operating portfolio, from roughly 8% earlier.

  • Sanjay Sharma, MD & CEO of Orkla India, says the company is planning acquisitions to expand its portfolio and is counting on quick-delivery platforms and growing demand for ready-to-eat meals to keep revenue rising in double digits in FY26. He adds that Orkla has sufficient cash to fund deals, and targets brands that strongly reflect local food culture.

  • Motilal Oswal retains its 'Buy' call on Siemens Energy, with a target price of Rs 3,800 per share. This indicates a potential upside of 29.7%. The brokerage believes the company will benefit from the planned doubling of its transformation capacity by 2032, driving demand for transformers and grid?stabilisation solutions. Exports will provide an additional growth lever. It expects the firm to deliver a revenue CAGR of 26.9% over FY26-28.

  • Kirloskar Ferrous Industries is falling as it extends the shutdown of its Hiriyur plant for additional maintenance and repair activities.

  • Gujarat Mineral Development Corp is rising sharply as it expands into the coal sector after acquiring three coal blocks in Odisha, including the 15 million tonnes per annum (MTPA) Baitarni-West coal mine.

  • JM Financial reports that promoter selling dominated Q2FY26, with only a few exceptions. Among large caps, only Adani Green Energy and Indus Towers saw increases. The brokerage notes that promoter stake cuts, unless regulatory or fundraising-driven, are usually viewed negatively, while increases signal confidence. Most recent changes were in small caps, with several seeing cuts of over 0.5%, including Navin Fluorine following its July QIP and Dr Lal PathLabs, where promoter holding fell by 0.6%.

  • GAIL (India) receives a GST demand order worth Rs 143.1 crore from the CGST Delhi South office. The order alleges non-payment of GST on corporate guarantees issued to banks for its subsidiaries and joint ventures, even though no fee was charged.

  • KPI Green Energy is rising as its board of directors schedules a meeting on December 17 to raise funds by issuing equity or securities to the promoter.

  • Firstsource Solutions is rising as it acquires Pastdue Credit Solutions (PDC) for GBP 22 million (around Rs 266 crore) to expand in the UK debt collection services market.

  • The Society of Indian Automobile Manufacturers (SIAM) data reports a 21.2% YoY growth in domestic two-wheeler sales at 19.4 lakh units in November. Passenger vehicle sales rise 18.7% to 4.1 lakh units. Three-wheeler sales increase by 21% to 71,999 units.

  • Vedanta is rising as it emerges as the preferred bidder for the Genjana nickel, chromium and platinum group elements (PGE) block under the Critical Mineral Auctions Tranche III.

  • Piramal Pharma receives Form 483 with four observations from the US FDA following a good manufacturing practices (GMP) inspection at its facility in Lexington, US.

  • GMR Power and Urban Infra rises as its board of directors schedules a meeting on December 17 to consider a fundraising proposal worth Rs 1,200 crore by issuing equity or warrants via a preferential issue or other modes.

  • Goldman Sachs has upgraded L&T to ‘Buy’ with a target price of Rs 5,000. It expects the company’s strong order backlog, low working-capital needs, and better capital allocation to drive solid earnings growth in FY26–28, with margins improving through FY28–30. The firm also sees defence, green hydrogen, and nuclear power rising to 15% of order inflows by FY35 from 4% currently, supported by a healthy backlog and growing confidence in a domestic capex recovery.

  • Tata Power secures a Rs 155.8 crore per annum order from REC Power Development & Consultancy to provide transmission services for 35 years. The company will set up a 400 kV transmission line from Jejuri to Hinjewadi and 400 kV bays at substations at both locations.

  • Honasa Consumer is rising as its board of directors approves acquiring a 95% stake in BTM Ventures, owner of Reginald Men, for Rs 195 crore to expand in the men's personal care segment. The company will acquire the remaining 5% stake in BTM 12 months after the completion of the acquisition.

  • Astra Microwave Products is rising as it receives an order worth Rs 171.4 crore from the Indian Meteorological Department (IMD). The order includes six S-band Doppler Weather Radars and related equipment such as weather stations and rain-measurement devices.

  • NBCC is rising as it receives two orders worth Rs 289 crore, including civil, construction, and repair works at NALCO’s office and township and another from SAIL Bokaro for desilting of the cooling pond.

  • Nifty 50 was trading at 25,992.80 (94.3, 0.4%), BSE Sensex was trading at 85,051.03 (232.9, 0.3%), while the broader Nifty 500 was trading at 23,643.35 (92.5, 0.4%).

  • Market breadth is ticking up strongly. Of the 2,062 stocks traded today, 1,509 showed gains, and 487 showed losses.

Riding High:

Largecap and midcap gainers today include Hindustan Zinc Ltd. (561.65, 7.5%), GMR Airports Ltd. (104.34, 6.3%) and JSW Energy Ltd. (482.20, 5.3%).

Downers:

Largecap and midcap losers today include Jubilant Foodworks Ltd. (583.55, -2.4%), Hindustan Unilever Ltd. (2,260.60, -2.0%) and PI Industries Ltd. (3,311.10, -1.9%).

Volume Shockers

18 stocks in BSE 500 are trading on high volumes today.

Top high volume gainers on BSE included Anant Raj Ltd. (550.45, 9.0%), Hindustan Zinc Ltd. (561.65, 7.5%) and GMR Airports Ltd. (104.34, 6.3%).

Top high volume losers on BSE were PI Industries Ltd. (3,311.10, -1.9%), Sheela Foam Ltd. (577.55, -1.8%) and Siemens Ltd. (3,144.60, -1.6%).

Tejas Networks Ltd. (479.35, 2.9%) was trading at 7.6 times of weekly average. Thermax Ltd. (2,870.40, 2.6%) and The New India Assurance Company Ltd. (171.92, 5.9%) were trading with volumes 6.4 and 6.1 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

12 stocks hit their 52 week highs, while 5 stocks tanked below their 52 week lows.

Stocks touching their year highs included - Ashok Leyland Ltd. (163.86, 2.2%), Cummins India Ltd. (4,600.20, 1.5%) and Federal Bank Ltd. (261.35, 0.2%).

Stocks making new 52 weeks lows included - ACC Ltd. (1,771.70, -0.4%) and BASF India Ltd. (3,901.40, -0.2%).

19 stocks climbed above their 200 day SMA including Sarda Energy & Minerals Ltd. (511.40, 5.1%) and Inventurus Knowledge Solutions Ltd. (1,646, 5.0%). 4 stocks slipped below their 200 SMA including Eris Lifesciences Ltd. (1,571, -1.2%) and Campus Activewear Ltd. (261.65, -0.7%).

 
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The Baseline
11 Dec 2025
Five stocks to buy from analysts this week - December 11, 2025
By Abdullah Shah

1. Coforge: 

Motilal Oswal maintains its ‘Buy’ call on this digital services provider, with a target price of Rs 3,000 per share, an upside of 63.7%. Analysts Abhishek Pathak and Keval Bhagat view Coforge as a strong mid-tier player, well-positioned to benefit from vendor consolidation and rising demand for cost-optimisation deals.

Management highlighted increased client budgets for compliance and risk management due to tightening financial regulations, data protection & privacy laws, and AI governance & ethics. Analysts believe this offers Coforge a resilient, non-discretionary revenue stream. They add that AI-led legacy modernisation and cloud transformation are accelerating enterprise-wide automation. Analysts also note a pivot in the travel technology vertical (23% of revenue), with airlines expected to invest approximately $50 billion in modernisation over the next decade. Coforge’s Aeronova.AI platform enhances its competitive standing in this segment.

The company plans expansion into the West and Midwest of North America, focusing on hi-tech, retail, consumer packaged goods, and manufacturing verticals. Pathak and Bhagat see Coforge’s strong executable order book and resilient client spending driving long-term growth. They expect a revenue CAGR of 30.2% and a net profit CAGR of 38.7% over FY26-28.

2. Healthcare Global Enterprises:

Axis Direct retains its ‘Buy’ call on this healthcare services provider with a target price of Rs 850 per share, an upside of 20.1%. The company’s stock price has shown weakness recently, falling 7.7% over the past month. Analyst Aman Goyal is positive on the stock, owing to strong growth in oncology, management’s confidence in sustaining revenue and profitability, and Rs 290 crore in capex for FY27 expansion.

Management anticipates 9-10% growth in patient volume and a 4-5% increase in average revenue per patient (ARPP). They expect deeper clinical specialisations, scaling key programs like bone marrow transplant and robotic surgery, better patient journeys, and stronger sales efforts to drive this growth. Analyst notes the company will benefit from improved operating leverage, a better case mix, and a shift from lower-yield institutional business, supporting management’s EBITDA margin guidance of 21-22% over the next 4-5 years. 

Goyal highlights that Healthcare Global’s Rs 600-700 crore capex over the next 2-3 years will fund brownfield expansions and greenfield acquisitions in key markets. He expects the company to deliver a revenue CAGR of 15.7% and a net profit CAGR of 80.5% over FY26-28.

3. Union Bank of India: 

Geojit BNP Paribas reiterates its ‘Buy’ call on this public sector bank, with a target price of Rs 188 per share, an upside of 25.1%. The bank’s Q2FY26 net profit rose 3.3% sequentially to Rs 4,249.1 crore. Analyst Sheen G points to an 8.3% drop in gross slippages, along with improved credit underwriting and recovery, as key catalysts for net profit growth.

The analyst notes that the bank improved its asset quality, with net non-performing assets falling 43 bps YoY to 0.6%, supported by strong provisioning. However, net interest income (NII) declined 2.6% due to slower loan growth and higher deposit costs. Net interest margin also contracted 23 basis points to 2.7%, reflecting deposit repricing and cautious lending in lower-yield segments. 

Management expects to achieve 9-10% loan growth going forward, driven by an improving loan mix. Sheen highlights that the bank’s 5% loan growth came from strong increases in the retail, agriculture, and MSME segments. The analyst projects a NII CAGR of 7.4% over FY26-27.

4. SRF: 

ICICI Securities upgrades this chemical company to a ‘Buy’ rating, with a target price of Rs 3,450, an upside of 17.2%. Over the last six months, the stock has corrected by 4.8%. Analysts Sanjesh Jain and Mohit Mishra expect a broad recovery across SRF’s chemicals portfolio and see a 15–20% upside to current revenue forecasts for refrigerant gases, supported by stronger volumes and stable global prices.

Management reports strong demand for SRF’s main gas product, R32 (a hydrofluorocarbon), even as the world transitions from older gases. They expect long-term demand to grow as new US rules mandate air conditioners to use newer gases like R454B, which contains R32. Growing data centres in the US and China also add demand. For its R134a gas product, which is used mainly in automobile air-conditioning, analysts cite strong domestic car sales and India’s mandate for air-conditioned cabins in commercial vehicles as key demand drivers. Management also expects the speciality chemicals business to improve in the second half of FY26 with new product production. 

Jain and Mishra believe SRF will benefit from steady demand, limited competition, and growth in the fluoropolymer market. They project stronger revenue and net profit led by refrigerant gases, and note that demand for hydrofluorocarbon gases remains favourable amid improving industry conditions.

5. Voltamp Transformers: 

Emkay maintains its ‘Buy’ rating on this transformer manufacturer with a target price of Rs 10,000, an upside of 25.3%. Its share price has fallen 10.9% over the last six months and 29.4% over the past year. Analysts Ashwani Sharma and Abhishek Taparia note that the company holds about a 15% share in the industrial transformer market, supported by a strong presence among private-sector clients. With nearly 85% of its revenue coming from this segment, they view the company’s customer base as both stable and well diversified. 

Management reports strong inquiries from industrial customers and power utilities as grid expansion accelerates. Order inflows have been robust, growing 37% in FY24, 12% in FY25, and another 37% in the first half of FY26. Demand comes from sectors like metals, mining, infrastructure, and renewable energy. Voltamp currently operates at full capacity of 14,000 megavolt ampere (MVA) and adds another 6,000 MVA in Vadodara by FY27 to support future growth.

Sharma and Taparia see good opportunities in solar, railways, EV charging, and data centres. While competition might soften margins, they maintain a positive long-term view, backed by strong demand, a Rs 1,400 crore order book, and planned expansion. They expect strong revenue growth but slightly reduced margin expectations due to new industry capacity and potential price pressure.

Note: These recommendations are from various analysts and are not recommendations by Trendlyne.

(You can find all analyst picks here)

 
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Trendlyne Marketwatch
11 Dec 2025
Market closes higher as the US Fed cuts interest rate by 25 bps
By Trendlyne Analysis

Nifty 50 closed at 25,898.55 (140.6, 0.6%), BSE Sensex closed at 84,818.13 (426.9, 0.5%) while the broader Nifty 500 closed at 23,550.85 (142.1, 0.6%). Market breadth is in the green. Of the 2,583 stocks traded today, 1,482 were on the uptick, and 1,037 were down.

Indian indices closed higher after rising in the afternoon session, as the US Federal Reserve delivered a widely anticipated 25-bps rate cut. The Indian volatility index, Nifty VIX, fell 4.7% and closed at 10.4 points. Tata Steel closed 2.6% higher as its board approved the acquisition of a 50% stake in Thriveni Pellets for Rs 636 crore.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, following the benchmark index. Nifty Capital Markets and BSE Metal closed higher. According to Trendlyne’s sector dashboard, Hardware Technology & Equipment emerged as the best-performing sector of the day, with a rise of 2.3%.

European indices are trading higher, except for the Netherlands’ AEX and Portugal’s PSI indices. Major Asian indices closed mixed. US index futures are trading in the red, indicating a cautious start to the session. Oracle fell in premarket trading as its Q3 revenue of $16.1 billion missed estimates by 0.6%. The company also projected FY26 capex to rise by $15 billion, adding to concerns that heavy AI investments may not deliver immediate returns.

  • Relative strength index (RSI) indicates that stocks like Dixon Technologies, Inox Wind, Ola Electric Mobility, and Jupiter Wagons are in the oversold zone.

  • Centum Electronics is rising sharply as it enters a partnership with Indra Air Traffic to manufacture air navigation systems for the Indian Navy.

  • Petronet LNG receives a secured loan worth Rs 12,000 crore from a consortium of banks, including State Bank of India and Bank of Baroda. The proceeds from the loan will be used for the 750 kilo tonnes per annum (KTPA) Propane Dehydrogenation (PDH), and 500 KTPA of Polypropylene (PP) projects, including propane and ethane handling facilities at Dahej.

  • Alembic Pharmaceutical is rising as it receives final approval from the US FDA for its abbreviated new drug application (ANDA) for Loteprednol Etabonate and Tobramycin Ophthalmic Suspension. The drug is used to treat inflammatory eye conditions. It has an estimated market size of $36.6 billion as of 2024.

  • Aditya Saraogi, CFO of Birla Corp, highlights that demand remained weak in October and November, but early signs of improvement are visible in December. He forecasts FY26 volume growth of over 4% and outlines plans to expand capacity from 20 MTPA to 27.6 MTPA by FY29. Saraogi expects EBITDA per tonne to improve in H2 versus the first half, and anticipates that debt will stay below Rs 3,000 crore.

  • GK Energy is rising as it secures a Rs 366.6 crore award from Maharashtra’s power utility to supply and install 13,239 off-grid solar pump systems. The project includes multiple pump capacities and must be completed within 60 days of order issuance.

  • ICICI Direct downgrades Boicon to a 'Reduce' call from 'Buy', with a target price of Rs 350 per share. This indicates a potential upside of 8.1%. The brokerage believes that any adverse regulatory event or prolonged slowdown in Syngene could affect debt repayment in FY30. It expects the firm to deliver a revenue CAGR of 14.9% over FY26-28.

  • DCM Shriram rises sharply as it signs an memorandum of understanding (MoU) with Bayer CropScience to work on sustainable, farmer-focused agricultural initiatives. The partnership covers agri-inputs, digital tools, sustainable models, value-chain efforts and potential collaborations in crop protection and chemicals.

  • InterGlobe Aviation (IndiGo) cuts its Q3FY26 guidance, reducing capacity growth to 8–12% from 17–18% after more than 4,500 flight cancellations and a 10% winter schedule reduction ordered by the Civil Aviation Ministry. It also lowers the yield outlook to –4% to –5% from the earlier flat-to+2 % range, weighing on unit revenues amid pilot shortages and fog-related disruptions. EBITDA margins are now estimated at 0–3%, down from the earlier 13–17% range.

  • Shakti Pumps surges more than 10% as it secures an order worth Rs 443.8 crore from the Maharashtra State Electricity Distribution Co (MSEDCL) to supply 16,025 off-grid DC solar photovoltaic water pumping systems (SPWPS).

  • HG Infra Engineering's joint venture with Kalpataru Projects secures a letter of acceptance (LoA) to build a 20.5 km elevated stretch for the Thane Metro project. The work also includes the depot link and three key bridge sections.

  • Seamec is rising as it signs an agreement worth $16.7 million (about Rs 150 crore) with GR Infraprojects to deploy its SEAMEC III for subsea installation and diving works across key ONGC projects.

  • According to data released by the Association of Mutual Funds in India (AMFI), equity mutual fund inflows rise by 21.2% to Rs 29,911 crore in November, up from Rs 24,690 crore in October. Meanwhile, total assets under management (AUM) increase to 80.5 lakh crore from Rs 79.9 lakh crore in the previous month.

  • Tejas Networks is rising as it secures a contract for Internet Protocol (IP) routing equipment under the BharatNet program, Phase-III. As per the contract, Tejas will supply over 50,000 TJ1400 routers across nine states and five union territories.

  • Action Construction Equipment (ACE) signs a memorandum of understanding (MoU) with Sanghvi Motors to supply heavy cranes manufactured by ACE. The company will also provide Sanghvi with product support, customisation, and technical solutions.

  • Bank of Baroda cuts its marginal cost of lending rate (MCLR) by up to 5 bps on select tenures, effective December 12. The overnight MCLR now stands at 7.8%, while the three-month rate is revised to 8.15%.

  • Manish Tiwary, Chairman and MD of Nestlé India, says 2026 is shaping up to be a strong year, with the next Rs 20,000 crore in revenue expected to come much faster. He aims to maintain margins at 22–24% and notes that ad spending will outpace sales growth, though there are no plans for a new brand launch. Tiwary also expects Nespresso, Petcare, and B2B to grow two to three times faster than the core business.

  • Life Insurance Corp of India receives a demand order worth Rs 2,370.3 crore from the GST Authority of Mumbai for FY22-24.

  • Prestige Estates Projects is rising as its subsidiaries, Prestige Falcon Realty and Prestige Projects, acquire a partnership interest in Bharatnagar Buildcon for Rs 938.8 crore, taking the company’s indirect stake to 66.9%.

  • Lloyds Metals & Energy's board of directors approves acquiring a 50% stake in Nexus Holdco FZCO for $55 million (~Rs 495.7 crore) through its subsidiary, Lloyds Global Resources FZCO (LGRF).

  • Morgan Stanley maintains an 'Overweight' rating on Polycab India with a target price of Rs 8,672. The brokerage notes that volume growth remains strong despite higher commodity prices, supported by demand from power T&D, renewables, infrastructure, and data centres. It believes the company is well-positioned in power and optical fibre cables and is diversifying its exports to the Middle East, Latin America, and Africa. Margins are expected to remain at the upper end of the 12–14% guidance in the near term.

  • Tata Consultancy Services' board of directors approves acquiring a 100% stake in Coastal Cloud Holdings and its subsidiaries for $700 million (~Rs 6,308.3 crore).

  • Ashoka Buildcon is rising as its joint venture (JV), Adani-Ashoka-Aakshaya, secures an order worth Rs 1,815.8 crore from the Brihanmumbai Municipal Corp (BMC) for the Mithi River Development and Pollution Control project.

  • Puravankara is rising as its subsidiary, Starworth Infrastructure & Construction (SICL), receives an order worth Rs 509.5 crore from One Bangalore Luxury Projects. The contract includes civil works, finishing, mechanical, electrical, and plumbing works, and external development for Varnam Phase 1 at the One Bangalore Luxury Project in Devanahalli.

  • Tata Steel is rising as its board of directors approves acquiring a 50% stake in Thriveni Pellets from Thriveni Earthmovers for Rs 636 crore. The board also approves the capacity expansion of 4.8 million tonnes per annum (MTPA) at Neelachal Ispat Nigam and the setup of a 2.5 MTPA thin slab caster & rolling facilities at Tata Steel Meramandali. The company will also build a 0.7 MTPA hot rolled pickling and galvanising line (HRPGL) at its Cold Rolling Complex in Maharashtra.

  • Nifty 50 was trading at 25,757.10 (-0.9, 0%), BSE Sensex was trading at 84,336.31 (-55.0, -0.1%), while the broader Nifty 500 was trading at 23,383.15 (-25.7, -0.1%).

  • Market breadth is in the red. Of the 2,070 stocks traded today, 749 showed gains, and 1,256 showed losses.

Riding High:

Largecap and midcap gainers today include Dixon Technologies (India) Ltd. (12,988, 5.2%), Persistent Systems Ltd. (6,225.50, 3.2%) and Tata Elxsi Ltd. (5,016.50, 3.2%).

Downers:

Largecap and midcap losers today include Au Small Finance Bank Ltd. (973, -2.1%), Mahindra & Mahindra Financial Services Ltd. (340.30, -2.0%) and Supreme Industries Ltd. (3,234.20, -1.9%).

Volume Shockers

9 stocks in BSE 500 are trading on high volumes today.

Top high volume gainers on BSE included Natco Pharma Ltd. (917.55, 5.8%), Ircon International Ltd. (157.76, 5.4%) and Dixon Technologies (India) Ltd. (12,988, 5.2%).

DCM Shriram Ltd. (1,260, 4.4%) was trading at 184.9 times of weekly average. Kama Holdings Ltd. (2,861, 5.0%) and Rainbow Childrens Medicare Ltd. (1,379.70, 1.2%) were trading with volumes 17.6 and 5.2 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

5 stocks overperformed with 52 week highs, while 13 stocks hit their 52 week lows.

Stocks touching their year highs included - Cummins India Ltd. (4,520, -0.4%), Eicher Motors Ltd. (7,256, 0.4%) and Esab India Ltd. (6,298, 2.2%).

Stocks making new 52 weeks lows included - BASF India Ltd. (3,909.60, -2.4%) and Blue Dart Express Ltd. (5,400, 0.2%).

10 stocks climbed above their 200 day SMA including Kama Holdings Ltd. (2,861, 5.0%) and Angel One Ltd. (2,577.40, 4%). 13 stocks slipped below their 200 SMA including Sobha Ltd. (1,413.50, -2.4%) and Campus Activewear Ltd. (263.60, -1.9%).

 
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The Baseline
11 Dec 2025
By Divyansh Pokharna

If 2024 was the year foreign investors cheered India’s rise, 2025 has been the year they reviewed their portfolios and rebalanced them with far more caution. Think of it like reorganising a crowded bookshelf: moving some books out, bringing a few important ones forward, and adding only those that deserve attention.

The headline number stands out: FIIs pulled out more than Rs 2.8 lakh crore in 2025. This wasn’t panic selling. It was a considered reset.

A weaker rupee, stretched valuations, and higher global bond yields kept the overall flows negative. Under the surface, though, FIIs became selective. They shifted money toward banks, rural-linked businesses, and niche lenders where growth visibility looked clearer.  

Across sectors, one pattern dominates, where investors reduced exposure to expensive urban consumption names and moved toward companies that still had valuation room and better long-term prospects.

VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, noted, “FIIs are selling now primarily because of the sharp depreciation of the rupee this year. It is normal for them to take money out during currency volatility. However, this sell-off has been completely eclipsed by sustained buying by DIIs.”

In this edition of Chart of the Week, we track the reshuffle inside FII portfolios over the last year. The data shows renewed interest in banks and rural-linked businesses, alongside steady exits from companies facing softer demand or uneven earnings visibility.

Banks regain trust as rules turn clearer

One of the biggest shifts of 2025 was the return of FIIs to banks they had long avoided. YES Bank and IDFC First Bank saw some of the sharpest increases in foreign ownership, signalling a change in sentiment.

A turning point came when SBI sold part of its YES Bank stake to Sumitomo Mitsui Banking Corp. SMBC’s investment acted as a clear governance signal, showing confidence in the bank’s cleaner balance sheet, stronger oversight, and progress in moving past its legacy issues.

Regulatory tailwinds have helped. The RBI’s revised rules that could allow banks to fund mergers and acquisitions, along with discussions on raising foreign investment limits in select private banks, improved long-term visibility. Together, these steps created an environment that looked stable and transparent, making FIIs more comfortable increasing their exposure.

FIIs also increased their holding in Authum Investment, reflecting interest in lenders that rely on secured loans rather than riskier unsecured credit. Authum has reduced its legacy exposures and strengthened asset quality, matching investor preference for cleaner books and lower-risk business models in 2025.

FIIs position for early rural recovery

Another shift was toward India’s rural and agri-linked economy. After two years of patchy monsoons and elevated food prices, early signs of stability returned. Inflation cooled, and government policies leaned more toward income support rather than short-term subsidies.

These improvements tend to show up quickly in agri-linked sectors such as fertilizers, agri-inputs, and edible oil. As indicators strengthened, FIIs added exposure to companies tied directly to rural recovery.

One example was AWL Agri Business (formerly Adani Wilmar), where foreign interest picked up after a major restructuring. With the Adani Group stepping out as promoter and Wilmar International becoming the sole promoter, governance became simpler, and simpler structures usually reduce uncertainty and increase comfort for FIIs.

A similar pattern played out in Coromandel International. As one of the largest fertilizer and crop protection companies, its sales volumes and demand cycles closely track rural spending trends. FIIs adding to their stakes signalled confidence that rural demand had bottomed out and was in an early recovery phase.

Food-tech divergence: Profit-taking vs pre-profit positioning

The food-tech space saw an interesting split. FIIs trimmed their holding in Eternal (formerly Zomato) by around 14% points over the past year, while increasing their stake in Swiggy by about 5% points in the last quarter. At first glance, it seems odd. Why step away from a profitable market leader and move into a company still working toward profitability?

The key here is valuation and timing.

Eternal had delivered a major turnaround over the past two years. It turned profitable and saw its stock re-rate sharply. Much of the easy upside is now behind it. For FIIs, entering after a big rally leaves limited room for future gains. So, trimming the stake was more about booking profits than doubt about the business.

Swiggy, meanwhile, is at the stage Eternal was two years ago. Losses have narrowed, unit economics have improved, and quick-commerce growth remains strong. FIIs prefer entering just before profitability arrives, a phase historically associated with steep valuation upgrades—making Swiggy a timely bet.

FIIs are backing fast-growing, affordable lenders

FIIs were very selective in the housing finance segment. They added to Home First Finance and Aptus Value Housing but cut positions in PNB Housing Finance, Sammaan Capital, and Aavas Financiers.

Home First and Aptus continued to benefit due to steady demand in affordable housing and strong traction in smaller towns. Their focused operating models also kept growth consistent even when trends elsewhere turned uneven.

On the other hand, PNB Housing delivered strong profit numbers but faced stock volatility as competition intensified and funding costs edged up. Aavas and Sammaan saw slower traction in some regions, prompting FIIs to shift capital toward lenders offering more predictable growth in the near term.

Soft demand drives FII selling in key names

FIIs cut holdings through the year in India Cements, Mahanagar Gas, Cyient, and Crompton Greaves Consumer Electricals, a mix of names facing sector-specific pressures or company-level challenges.

In India Cements, a Mauritius-based FII pared its stake in early 2025 after Q3FY25 results showed a wider loss and continued demand softness in key southern markets. Elevated costs kept margins under strain, making a quick turnaround unlikely.

Mahanagar Gas saw selling as the city-gas sector navigated unpredictable input costs and policy-dependent changes in allocation and pricing. Volumes held up, but margin swings made investors cautious.

In mid-cap names like Cyient and Crompton Greaves, FIIs reassessed earlier optimism. Cyient faced normalising growth and patchy order momentum after a strong multi-year run, leading some investors to take profits. Crompton continued to face weak demand in premium appliances, which kept earnings recovery uneven.