TLDR
Market Recap: November 12, 2025
On November 12, Equities extended gains for a third straight session as IT and auto led; soft October CPI bolstered December rate-cut hopes while primary-market buoyancy aided risk appetite. Sensex closed at 84,466.51 (+595.56, +0.71%) and Nifty 50 at 25,875.80 (+180.90, +0.70%). Nifty Midcap 100 +0.79% to 60,902.30 and Smallcap 100 +0.82% to 18,250.45. India VIX 12.11, down 3.04%, signalling calmer tape. Provisional flows: FII −₹1,750.03 cr, DII +₹5,127.12 cr.
Key Drivers :
Macro relief - October retail inflation printed at a record low, firming up expectations of an RBI-easing cycle into year-end.
Tech tailwind - IT rallied on optimism around US trade talks and a possible Fed cut next month, lifting benchmarks.
Primary-market pulse - Strong debut for a high-profile fintech brokerage kept exchange/broking stocks in focus.
Today’s Top Stories:
Groww premium debut - Parent lists ~12% above issue after ₹6,600+ cr IPO, boosting fintech-broking sentiment.
Asian Paints beats - PAT up 43% on strong decorative volumes; stock hits 52-week high.
BSE shines - Q2 PAT +61% YoY on broad revenue lift; shares gain.
HAL mixed - Profit up, margins lighter; stock down on compression despite order visibility.
SpiceJet weak - Wider loss on FX and capacity constraints; stock ends higher after swings.
TOP STORIES
1. Groww parent lists at a premium after ₹6,632 cr IPO
Gemini-2.5
Listing snapshot - Billionbrains Garage Ventures, parent of online broker Groww, listed ~12% above issue after a $754 mn offer.
Strategic angle - Fresh capital and visibility strengthen its retail investing flywheel across broking, mutual funds, and advisory, with runway for cross-sell.
Market reaction - Stock opened at ₹112 vs ₹100 issue; intraday sentiment buoyed broker/exchange peers.
Groww lists above issue after 6,632 cr IPO. Is the premium justified?
2. Asian Paints beats; shares jump on volume outperformance
Gemini-2.5
Financial performance - Q2 consolidated PAT ₹994 cr, +43% YoY; revenue ₹8,514 cr, +6% on strong decorative volumes and earlier price cuts.
Operational lens - Price actions and mix supported demand recovery; management leaned on decorative segment strength despite a tougher monsoon backdrop.
Market impact - Stock +6% to a fresh 52-week high; interim dividend announced.
Asian Paints Q2: PAT up 43%, stock at high. Is demand momentum durable?
3. BSE Q2 profit soars 61% YoY; stock up on print
Gemini-2.5
Earnings growth - PAT ₹558 cr, +61% YoY; revenue ₹1,068 cr, +44% on derivatives and distribution momentum. ‘
Business drivers - Transaction revenue mix skewed further to index options, with healthy traction in StAR MF and other fee pools.
Market impact - Shares gained 5–7% intraday; broker views mixed post results.
BSE Q2: PAT up 61%, rev up 44% on derivatives. Can momentum sustain?
4. HAL Q2: profit up, margins softer; shares ease
Gemini-2.5
Financial performance - PAT ₹1,669 cr, +10–11% YoY; revenue ₹6,629 cr, +10.9%; EBITDA margin 23.5% vs 27.4% YoY.
Strategic angle - Execution visibility anchored by defence orders, including the recent 113-engine GE deal for the Tejas programme.
Market impact - Stock dipped 2-3% on margin compression despite a robust order book narrative.
HAL profit up, margins softer; GE engines add pipeline. Execution outlook?
5. SpiceJet loss widens on weak traffic and FX hit
Gemini-2.5
Financial performance - Q2 consolidated net loss ₹621–635 cr; revenue −13% YoY; higher FX losses and wet-lease costs weighed.
Operational lens - Fleet re-induction remains slow with several 737 MAX still grounded; management guides for H2 improvement as capacity normalises.
Market impact - Shares closed ~4% higher near ₹35.5 after volatile trade.
SpiceJet loss widens, traffic soft. Is a credible FY26 turnaround likely?
GYAANI HOT TAKES
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