Key equity indices closed with minor losses, extending their decline for a second straight session. Both the Sensex and Nifty retreated after touching fresh record highs earlier in the day. The rupee fell to a new all-time low, pressured by weak foreign flows and uncertainty surrounding key trade negotiations with the United States. Caution prevailed ahead of a heavy IPO calendar and the RBI's monetary policy committee meeting later this week. The Nifty slipped below the 26,200 mark, with realty, healthcare and consumer durables stocks under pressure, while auto, metal and IT counters bucked the trend.

The S&P BSE Sensex declined 64.77 points or 0.08% to 85,641.90. The Nifty 50 index lost 27.20 points or 0.10% to 26,175.75. Over the two straight sessions, the Nifty slipped 0.15%, while the Sensex fell 0.09%.

Interglobe Aviation (up 1.90%), Bajaj Finance (up 1.65%) and HDFC Bank (up 0.44%) were major drags today.

The Nifty 50 and the Sensex touched fresh all-time highs in early trade at 26,325.80 and 86,159.02, respectively. The Bank Nifty also hit a record level of 60,114.30, while the Nifty Auto Index reached a new peak of 28,075.65.

In the broader market, the S&P BSE Mid-Cap index shed 0.19% and the S&P BSE Small-Cap index rose 0.05%.

The market breadth was negative. On the BSE, 1,836 shares rose and 2,405 shares fell. A total of 216 shares were unchanged.

Economy:

India's industrial production growth slipped to a 14-month low of 0.4% in October, down sharply from 4.6% in the previous month, reflecting weakness across key sectors. The reduced growth can be attributed to fewer working days due to various festivals including Dussehra, Diwali and Chhath.

The seasonally adjusted HSBC India Manufacturing PMI fell to 56.6 in November from 59.2 in October. While the index remained well above the 50.0 expansion threshold and the long-run average of 54.2, it signalled the slowest improvement in operating conditions since February.

India's gross GST revenue stood at Rs 1,70,276 crore in November 2025, a 0.7% increase over the Rs 1,69,016 crore collected in the same month last year. For the April-November period, gross GST collections climbed to Rs 14,75,488 crore, reflecting a healthy 8.9% year-on-year growth.

India's GDP grew 8.2% in Q2 FY26, the fastest pace in six quarters, driven by strong manufacturing and services performance. This compares with 5.6% in the same period last year and 7.8% in Q1, taking first-half growth for FY26 to 8%.

Numbers to Track:

The yield on India's 10-year benchmark federal paper was advanced 0.57% to 6.565 as compared with the previous close of 6.528.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 89.5450 compared with its close of 89.4500 during the previous trading session.

MCX Gold futures for 5 December 2025 settlement rose 1.10% to Rs 1,28,275.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.18% to 99.38.

The United States 10-year bond yield rose 0.57% to 4.043.

In the commodities market, Brent crude for January 2025 settlement advanced $1.26 or 2.02% to $63.64 a barrel.

Global Markets:

The Dow Jones index futures were down 229 points, indicating a weak opening in the US stocks today.

European shares declined on Monday as investors await updates on Ukraine peace talks, with U.S. envoy Steve Witkoff set to meet President Putin and Kremlin officials this week.

Most Asian markets ended higher despite China's latest manufacturing PMI data declining to 49.9.

China's factory activity unexpectedly contracted in November, according to a private survey released Monday, as soft domestic demand continued to cast a pall over the world's second-largest economy.

The RatingDog China General Manufacturing PMI, conducted by S&P Global, dropped to 49.9 in November, from 50.6 in October and 51.2 in September. A reading above the 50 benchmark level suggests an expansion, while one below that indicates contraction.

However, the official data released on Sunday showed that China's factory activity had improved slightly in November but remained stuck in contraction for the eighth consecutive month, while services weakened as the boost from earlier holidays faded.

The manufacturing purchasing managers' index rose to 49.2, up 0.2 points from October, the National Bureau of Statistics said.

On Friday stateside, Wall Street came back from the Thanksgiving holiday for a shortened trading session. The Nasdaq Composite advanced 0.65% to end the day at 23,365.69, scoring its fifth straight day of gains.

Meanwhile, the S&P 500 gained 0.54% to settle at 6,849.09. The Dow Jones Industrial Average grew 289.30 points, or 0.61%, to finish at 47,716.42.

Traders have begun raising their expectations for lower rates since New York Fed President John Williams said last week that there was room for a further adjustment in the near term to the target range for the federal funds rate.

A quarter percentage point cut from the Fed in December would mark the central bank's third in a row after its September and October meetings.

Auto Sales Numbers:

Maruti Suzuki India rose 1.37%. The car major reported a 26% year-on-year increase in total sales to 2,29,021 units in November.

Mahindra & Mahindra shed 0.47%. The company said that its overall auto sales for the month of November 2025 stood at 92,670 vehicles, a growth of 19% including exports.

TVS Motor Company advanced 3.67% after the company registered sales of 519,508 units in November 2025, which is 30% higher as compared with the 401,250 units sold in November 2024.

Hyundai Motor India added 2.90% after reporting total sales of 66,840 units in November 2025, up 9.1% year-on-year. Domestic sales stood at 50,340 units last month, a growth of 4.3% from a year earlier, while exports increased 26.9% YoY to 16,500 units. The company said the all-new Hyundai Venue supported its SUV momentum, securing over 32,000 bookings within a month of launch.

V.S.T Tillers Tractors rallied 2.58% after the company reported total Power Tiller and Tractor sales of 5,166 units in November 2025, a sharp 129% YoY jump from the 2,251 units sold in November 2024.

Ashok Leyland rose 1.30%. The company reported a 29% increase in total commercial vehicle sales to 18,272 units in November 2025, up from 14,137 units sold in November 2024.

SML Mahindra hit the 5% upper circuit after the company reported a robust 102% year-on-year (YoY) increase in total sales to 1,087 units in November 2025, compared with 539 units sold in the same month last year.

Bajaj Auto added 0.20%. The company reported 8% increase in total auto sales for November 2025, selling 4.53 lakh units as against 4.21 lakh units sold in November 2024.

Atul Auto declined 1.97%. The company reported a 20.26% rise in total sales to 3,401 units in November 2025 as against 2,828 units sold in November 2024

Escorts Kubota advanced 0.74% after the company's agri-machinery business division in November 2025 sold 10,580 tractors, registering a growth of 17.9% as against 8,974 tractors sold in November 2024.

Stocks in Spotlight:

Wockhardt zoomed 19.24% after the company said that the United States Food and Drug Administration (US FDA) has formally accepted the new drug application (NDA) for its novel, first-in-class antibiotic Zaynich.

Lenskart Solutions jumped 4.73% after posting strong Q2 numbers. On a consolidated basis, revenue for the quarter stood at Rs 2,096.1 crore, rising 20.8% year-on-year (YoY). Profit after tax (PAT) came in at Rs 103.5 crore, up 19.9% YoY, while the PAT margin moderated slightly by 4 bps to 4.94%.

One97 Communications, the parent of Paytm, rose 3.46% to Rs 1,366.90, extending its rally to a fourth straight session. The stock hit a fresh 52-week high of Rs 1,370.95 intraday and has gained 9.96% over the four consecutive sessions.

Glenmark Pharmaceuticals shed 0.21%. The company announced that the U.S. Food and Drug Administration (USFDA) has successfully concluded its pre-approval inspection at the company's formulations manufacturing facility in Chhatrapati Sambhajinagar with zero 483 observations.

R P P Infra Projects rallied 3.12% after the company announced that it has received a Letter of Acceptance worth Rs 69.36 crore from the Office of the Superintending Engineer, Chennai Circle, Anna Salai, for a new road development project.

Arvind Smartspaces added 2.65% after the company has acquired a new residential high-rise project in Vastrapur, Ahmedabad with a total estimated saleable area of approximately 3.6 lakh sq. ft. The said project has top line potential of Rs 400 crore.

DreamFolks Services gained 2.53% after the company's board approved an investment of about Rs 36 crore to acquire a majority stake in ETT Solutions DMCC.

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