TLDR
Market Recap: December 01, 2025
On December 01, Indian equities eased from record highs as profit-taking, a record-weak rupee, and RBI policy caution kept benchmarks mildly negative, while small caps outperformed. Sensex closed at 85,641.90 (−64.77, −0.08%), Nifty 50 at 26,175.75 (−27.20, −0.10%). Nifty Midcap 100 was flat near 61,043, Nifty Smallcap 100 gained 0.39% to 17,899. India VIX: ~11.6, slightly higher but still low. Flows: FIIs net sell about ₹1,171 crore, DIIs buy about ₹2,560 crore. Macro backdrop: Q2 FY26 GDP at 8.2% and firm domestic data limited downside despite the rupee near ₹89.5 per US$.
Key Drivers :
RBI watch: Pre-MPC caution: Market consolidated ahead of the 5 December policy, balancing strong GDP with currency pressure and global rate uncertainty.
Flows vs rupee: Continued FII selling and a record-weak rupee capped risk appetite, while steady DII buying cushioned indices.
Broader rotation: Smallcaps and select PSUs outperformed; largecap IT and defensives saw profit booking after recent strength.
Today’s Top Stories:
Adani AI infra: AdaniConneX plans up to $5 billion capex with Google to power India AI data centres, deepening its digital infra footprint.
BoM OFS: Government launches up to 6% stake sale in Bank of Maharashtra via OFS, eyeing about ₹2,600 crore and a higher public float.
Wockhardt trigger: US FDA accepting Zaynich’s NDA sends Wockhardt into a 20% upper circuit on revived pipeline hopes.
Meesho roadmap: Meesho is betting on AI and new verticals to shift from a pure discount marketplace to a more profitable e-commerce platform.
Reliance media tidy-up: Reliance folds Star Television Productions into Jiostar India, cleaning up the media structure around the Disney JV.
TOP STORIES
1. Adani’s $5 billion AI data centre push with Google
Gemini-2.5
Capex commitment: AdaniConneX plans up to $5 billion investment to support Google’s India AI data centre build-out, expanding hyperscale capacity.
Strategic angle: Digital infra pivot: Deepens Adani’s role in cloud and AI infrastructure, tying group growth to India’s data and compute demand.
Market reaction: Adani group stocks traded actively and choppy as investors weighed AI optionality against execution risk and leverage.
AdaniConneX plans up to $5B with Google for AI data centers in India. What is your take on this capex bet?
2. Bank of Maharashtra OFS to raise about ₹2,600 crore
Gemini-2.5
Offer details: Government to sell up to 6% stake via OFS (5% base, 1% green shoe), targeting roughly ₹2,600 crore. Floor price set near ₹54.
Strategic angle: Float and fiscal: Helps move toward 25% minimum public shareholding and supports the PSU bank divestment roadmap.
Market reaction: Stock slipped about 1.5 - 2% as investors priced in near-term supply, but PSU bank sentiment stayed broadly constructive.
Govt is selling up to 6% in Bank of Maharashtra via OFS at a discount. How do you view this move?
3. Wockhardt hits the upper circuit on the US FDA Zaynich step
Gemini-2.5
Regulatory event: US FDA accepted Wockhardt’s NDA filing for Zaynich, a novel antibiotic, clearing a key US regulatory milestone.
Strategic angle: Pipeline boost: Successful launch could materially improve US revenue mix and support the balance-sheet repair story.
Market reaction: Shares locked at 20% upper circuit, with strong volumes signalling renewed optimism on the specialty portfolio.
US FDA accepted Wockhardt’s Zaynich NDA, stock hit upper circuit. How are you reading this trigger?
4. Meesho leans on AI and new verticals for growth
Gemini-2.5
Business update: Meesho is deploying AI across discovery, seller tools, and risk checks while scaling three newer verticals, including branded offerings.
Strategic angle: From ultra-cheap to profitable scale: Goal is better monetisation and progress toward sustainable profitability in Indian e-commerce.
Market reaction: Unlisted, but commentary shapes sentiment for Indian consumer-tech and future IPO candidates in the e-commerce stack.
Meesho is leaning on AI and new verticals to push profitability in ecommerce. What is your stance on this pivot?
5. Reliance streamlines media arm under Jiostar
Gemini-2.5
Transaction details: Reliance completed the merger of Star Television Productions into Star India Pvt Ltd, now Jiostar India Pvt Ltd, effective 30 November 2025.
Strategic angle: Structure clean-up: Simplifies the Star content entity and aligns pieces under the broader Reliance–Disney media JV framework.
Market reaction: Reliance stock was largely flat; the move was seen as governance and structure positive rather than an immediate earnings trigger.
Reliance has merged Star Television Productions into Jiostar India to simplify media structure. How do you see this step?
GYAANI HOT TAKES
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