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Below the Quote on Daily Market Commentary for 01st December  2025 By Siddhartha Khemka - Head of Research, Wealth Management, Motilal Oswal Financial Services Ltd

Indian equities ended flat on Monday after the Nifty briefly hit a fresh record high of 26,325 before witnessing profit-booking. The benchmark closed marginally lower at -0.1% (-27 pts) as investors weighed strong macro data against a softer manufacturing print, which fell to a 9-month low in November amid moderation in sales, output and currency-led cost pressures. Broader markets were largely muted, with the Nifty Midcap100 closing unchanged and the Smallcap100 rising 0.25%. Sectoral performance was mixed. Banking stocks were the key highlight as the Nifty Bank index crossed the historic 60,000 mark for the first time, supported by strong traction in PSU banks and optimism around synchronized rate cuts in India and the U.S. Autos (+0.8%) extended gains on robust November wholesales driven by favourable GST rates, easing financing costs and improving rural sentiment. Metals (+0.6%) found support from firm commodity prices and resilient global manufacturing trends. IT continued its uptrend (+0.4%) on improving demand visibility and a weaker rupee. Indian rupee depreciated to a new record low as muted trade flows and limited progress on the U.S.–India trade discussions weighed on sentiment. Investors now look ahead to key global macro triggers, including manufacturing PMI prints from the Eurozone, U.S., and U.K. today, followed by Eurozone CPI and U.S. JOLTS data tomorrow. In the near term, markets may remain range-bound as participants await clarity on the potential rate-cut trajectory and developments on the trade deal front.

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