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WEEKLY REPORT
The Indian equity indices ended on a flat note in the volatile week ended December 5 amid a sharp surge seen in the Friday’s session on the back of an unexpected interest rate cut by the Reserve Bank of India (RBI), with FY26 GDP forecast upgradation to 7.3% and downward revision of inflation.
BSE Sensex index ended flat at 85,712.37, hitting an all-time high of 86,159.02, while Nifty50 index also ended with little change at 26,186.45, after touching a fresh record high of 26325.8, during the week.
During the week, Reliance Industries lost the most in terms of market value, followed by Hindustan Unilever, Titan Company, and State Bank of India. On the other hand, Tata Consultancy Services, Infosys, and HCL Technologies added the most of their market capitalisation.
On the sectoral front, Nifty Consumer Durables, Nifty Defence, Nifty Media, and Nifty Capital Markets shed 2 percent each, while Nifty PSU Bank, Nifty Healthcare, Nifty Realty, and Nifty Oil & Gas were down between 1-1.5 percent. On the other hand, the Nifty IT index added 3.5 percent, and the Nifty Metal and Auto indices rose 0.5 percent each.
Among the broader market indices, all the indices, the BSE Large-cap, BSE Mid-cap index and the Small-cap indices fell -0.38, -1.36 and -2.26 percent respectively this week.
The Foreign Institutional Investors (FIIs) extended their selling as they sold equities worth Rs 10403.62 crore, while Domestic Institutional Investors (DIIs) continued their buying as they bought equities worth Rs 19785.5 crore.
Indian rupee continued the depreciation against the US dollar as it crossed the 90 mark for the first time, touching a new record low of 90.42 on December 4. However, the domestic unit made some recovery but ended lower by 55 paise at 89.99 per dollar against the previous week’s close of 89.45. During the week, the Indian rupee traded in the range of 89.42-90.42.
ECONOMY
Growth forecast to Rate cut: RBI MPC Updates
The RBI MPC delivered its outcomes yesterday, raising the FY26 GDP forecast to 7.3 percent from 6.8 percent projected in October. The RBI also announced a 25-basis-point reduction in the repo rate, bringing it to 5.25%. The December revisions typically reflect fresh data from the first half of the fiscal year and shifts in domestic demand, government expenditure, and global conditions.
AirAsia CEO Criticizes Airbus Over Delivery Delays Due to Software Issue
Tony Fernandes, CEO of AirAsia, has expressed concerns over delays in Airbus deliveries resulting from a software oversight affecting the A321neo aircraft. Air Asia is among Airbus’s largest customers for single-aisle jets. The issue has led to a backlog in aircraft deliveries, impacting AirAsia’s expansion plans. The CEO emphasized that these delays are frustrating. Airbus has acknowledged the issue and is working to resolve the software glitch to ensure timely deliveries.
STOCKS TODAY
HCL Tech
The shares of HCL Tech went up almost 3 percent over the week amid rising expectations of a rate cut by the US Federal Reserve. The company has also announced a partnership with Strategy& to accelerate large-scale data analytics through AI-driven solutions. The collaboration aims to expand the deployment of Strategy Mosaic, an AI-powered universal semantic layer, for global enterprise clients.
Interglobe Aviation
The shares of InterGlobe Aviation, the parent company of IndiGo, went down 8.76 percent this week, extending significant losses as the airline continued to see a massive number of flight cancellations across the country. Some of the losses were erased after DGCA eased some norms related to pilots’ rest, which was seen as one of the key reasons behind the airline’s massive cancellations.
HCC
The shares of Hindustan Construction Company (HCC) have dropped over 8 percent this week, after the company announced that its board of directors has considered and approved the issuance of fully paid-up equity shares with a face value of Rs 1 each for an amount not exceeding Rs 1,000 crore via rights issue to eligible shareholders as on the record date.
Kaynes Technologies
Shares of Kaynes Technologies slipped over 20 percent this week after Kotak Institutional Equities raised concerns over inconsistencies in the company’s related-party disclosures across its standalone entity and key subsidiaries. Kotak said it had identified multiple mismatches between the disclosures made by Kaynes Technology, Kaynes Electronics Manufacturing, and its subsidiary Iskraemeco for FY2025.
Swiggy
Shares of food and grocery delivery platform Swiggy rose over 3 percent over the week after the firm is said to be preparing to raise as much as Rs 10,000 crore from institutional investors. The board approved plans on November 7 to raise the money through a qualified institutional placement, subject to shareholder and regulatory approval.
Source – Moneycontrol, Economic Times