TLDR
Market Recap: November 27, 2025
On November 27, Indian equities closed at fresh highs but off the day’s best levels as profit booking in broader markets offset strength in large caps. The Sensex ended at 85,720.38, up 110.87 points (0.13%), while the Nifty 50 settled at 26,215.55, up 10.25 points (0.04%). Midcaps were marginally positive with the Nifty Midcap 100 up about 0.1%, but the Nifty Smallcap 100 slipped roughly 0.5%, highlighting ongoing caution in high-beta names. Volatility stayed benign, with India VIX hovering near 11.8, down around 1-2%, underscoring complacent risk sentiment despite record benchmarks.
Key Drivers :
Domestic liquidity offsets FII selling: FIIs were net sellers of roughly ₹1,250 crore in the cash market, but DIIs absorbed supply with net buying of nearly ₹3,900 crore, keeping indices afloat near all-time highs.
Autos and select FMCG lead, SMIDs lag: Autos outperformed on robust wholesale expectations, while names like Emami drew broker upgrades. Mid and small caps, especially recent high-flyers, saw continued profit-taking.
Regulatory and IPO pipeline support sentiment: SEBI’s fresh MF distributor incentives and a busy December IPO calendar, including large AMC and tech names, reinforced medium-term domestic flows and primary-market optimism.
Today’s Top Stories:
Excelsoft IPO: Lists at 12.5 percent premium, then slips as early gains are booked in the SME edtech stock.
Emami upgrade: Goldman Sachs lifts Emami target to ₹825, betting on a growth recovery and brand scaling from here.
Autos at peak: Nifty Auto hits record high as Tata Motors, Ashok Leyland, and key two-wheelers rise on strong volume expectations.
CarTrade deal off: CarTrade drops its plan to buy CarDekho parent Girnar, cooling the immediate consolidation story in online auto classifieds.
GMDC and MOIL rally: Industrial mineral PSUs surge after a ₹7,280 crore rare earth magnet incentive scheme boosts long-term demand visibility.
TOP STORIES
1. Excelsoft Tech lists at a premium, then cools off
Gemini-2.5
Financials: Excelsoft Technologies debuted at ₹135 vs IPO price ₹120, a 12.5 percent premium, after a well-subscribed SME issue.
Business angle: The Mysuru-based edtech SaaS firm plans to use proceeds for working capital and platform expansion in global learning solutions.
Market reaction: After the strong start, the stock slipped up to about 7 percent below the listing level as early gains were booked.
Excelsoft listed at a premium after a 43x subscribed IPO. How are you positioning now?
2. Emami gets a big Goldman Sachs upgrade
Gemini-2.5
Financials: Goldman Sachs raised its target on Emami to ₹825, implying roughly 60 percent upside from the prior close near ₹513.
Business angle: The brokerage expects 10 percent growth in H2 FY26 and sees new brands scaling up meaningfully over the next 2 to 3 years.
Market reaction: Emami is down around 16 percent year to date and trades well below its record high, leaving room if the recovery plays out.
Emami got a big target upgrade and double digit FY26 growth call. What is your stance on the stock?
3. Nifty Auto hits new high as CV and 2W names rally
Gemini-2.5
Financials: Nifty Auto touched a new high of 27,832.60, beating its September peak, helped by expectations of strong November wholesale numbers.
Business angle: Nuvama sees double-digit volume growth across CVs, PVs, and two-wheelers, driven by improved affordability, rural demand, and easier financing.
Market reaction: Tata Motors and Ashok Leyland climbed about 5 percent each, while Hero MotoCorp, TVS, and Bajaj Auto rose around 1 percent.
Nifty Auto hit a fresh high led by Tata Motors and Ashok Leyland. How are you playing autos now?
4. CarTrade calls off CarDekho acquisition plan
Gemini-2.5
Financials: CarTrade Tech terminated its non-binding term sheet to acquire competitor Girnar Software, the parent of CarDekho, citing evolving commercial considerations.
Business angle: Management indicated it will continue to explore other strategic options while focusing on profitability in existing platforms like CarWale and BikeWale.
Market reaction: The stock slipped intraday as investors marked down the near-term consolidation and scale-up narratives for used-car platforms.
CarTrade scrapped its plan to acquire CarDekho parent Girnar. How does that change your view?
5. GMDC and MOIL jump on rare earth magnet scheme
Gemini-2.5
Financials: GMDC rallied up to 9 percent and MOIL about 6 percent on heavy volumes in intraday trade.
Policy angle: The government approved a ₹7,280 crore incentive scheme to build 6,000 tonnes of annual rare earth magnet capacity in India.
Market reaction: GMDC gained on its planned TREO processing facility, while MOIL benefited from the broader critical minerals and steel demand narrative.
GMDC and MOIL rallied on the rare earth and critical minerals push. How do you see this theme?
GYAANI HOT TAKES
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