Indian stock market: The Indian stock market pulled back sharply after touching record highs, as pressure at higher levels brought the frontline indices to settle with only modest gains. Both indices began the session on a firm note, taking cues from Wall Street, and registered fresh record highs for the first time in 14 months.
The Nifty 50 touched a peak of 26,310 before closing with a marginal gain of 0.04% at 26,215. The S&P BSE Sensex also hit a record high of 86,055, but profit booking in banking stocks trimmed the gains, and the index settled with a mild rise of 0.13% at 85,720.
Sentiment remained in favor of bulls amid rising expectations of a US Federal Reserve rate cut in December, the return of overseas investors, improving domestic macros, and anticipated earnings recovery, all driving the Indian stock market to catch up with its Asian peers.
Despite higher US tariffs on Indian imports, investors shrugged off these near-term concerns, focusing instead on the economy’s solid long-term fundamentals.
In terms of sector-wise performance, Nifty Media led the gains, rallying 0.6%, followed by Nifty Private Bank, Nifty IT, and Nifty FMCG, which all surged in a range of 0.17% to 0.40%. On the flip side, Nifty Realty was hit hard, declining 0.78%, while Nifty Consumer Durables and Nifty Oil & Gas indices also closed with losses of over 0.60%.
Auto, Infra and Energy stocks lead the charge
Extending its winning streak to a third straight session, Ashok Leyland surged 7.25% to ₹159.75 apiece, emerging as the top gainer in the Nifty 500. The rally came after its subsidiary, Hinduja Leyland Finance Ltd (HLFL), approved a merger with real estate firm NDL Ventures.
Reliance Infrastructure also remained strong, with shares locked in a 5% upper circuit for the second consecutive session, reaching ₹165.85 apiece.
Gujarat Mineral Development Corporation witnessed another bullish session, rising 5% to ₹553.15 after the government approved a ₹7,280 crore incentive programme for rare earth magnets, boosting India’s push to build domestic manufacturing capacity and reduce reliance on China.
After recent weakness, Tejas Networks joined the uptrend, gaining 4.6% to ₹503.80, though the stock remains down 58% year-to-date. Another Tata Group company, Tata Teleservices, advanced 3.5% to ₹52.60 apiece.
Ather Energy continued its positive momentum for the third straight day, rising 2.6% to ₹710.40, while its peer Ola Electric Mobility ended its eight-day losing streak with a 1.8% gain to ₹41.70 apiece.
Other key movers such as Escorts Kubota, Saregama India, Gillette India, Sun TV Network, Emami, Poly Medicure, Bajaj Finance, Linde India, and LTIMindtree also gained between 2% and 4.4%.
Whirlpool, Natco Pharma and Radico Khaitan among worst hits
Whirlpool of India emerged as the top laggard in the Nifty 500, tumbling 11.42% to ₹1,063 apiece, its lowest level since April 2025. The sharp decline was triggered by a large block deal in which 1.5 crore shares, or 11.8% equity of the company, changed hands.
Natco Pharma also came under pressure, slipping 5% to ₹882.75 apiece as the recent uptrend prompted investors to book profits. Radico Khaitan shed 4% to ₹3,160 apiece.
EMS stocks such as Kaynes Technology, Amber Enterprises and PG Electroplast, which had shown strength in recent sessions, failed to sustain their momentum and declined over 3% each.
Following a brief rebound, Brainbees Solutions fell 3% to ₹306 per share, bringing its year-to-date loss to 30%, making it one of 2025’s worst wealth destroyers.
Anant Raj and Transformers & Rectifiers, which had shown signs of recovery, faced renewed selling pressure, with the former dropping 3% and the latter slipping 2.6%.
Eicher Motors also lost steam after recent sharp moves, falling 2.77% to ₹6,999 apiece. Despite the dip, the stock remains on track to post its strongest annual gain since 2014, delivering a 45% return so far in 2025.
Other notable losers included Adani Enterprises, DCM Shriram, Indian Bank, Jaiprakash Power Ventures and HEG, all declining between 2% and 3%
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