NIFTY TRADES BELOW 26,200 LEVEL; EUROPEAN MRKT DECLINE

The key equity barometers traded with minor cuts in early-afternoon trade. The Nifty traded below the 26,200 level. Auto shares declined for the second consecutive trading session. Realty, consumer durables, and pharma shares declined, while auto, metal and PSU bank shares advanced.

At 1:30 ST, the barometer index, the S&P BSE Sensex, declined 99.13 points or 0.12% to 85,607.54. The Nifty 50 index slipped 33.30 points or 0.13% to 26,169.65.

In the broader market, the S&P BSE Mid-Cap index shed 0.27% and the S&P BSE Small-Cap index added 0.11%.

The market breadth was negative. On the BSE, 1,796 shares rose and 2,294 shares fell. A total of 237 shares were unchanged.

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, rose 1.89% to 11.84.

Economy:

The seasonally adjusted HSBC India Manufacturing Purchasing Managers� Index (PMI) stood at 56.6 in November, comfortably above the neutral mark of 50.0 and its long-run average of 54.2. Falling from 59.2 in October, however, the latest figure highlighted the slowest improvement in operating conditions since February. A softer rise in sales restricted growth of buying volumes and job creation, while positive sentiment towards output prospects slipped to its lowest level since mid-2022.

Gainers & Losers:

Kotak Mahindra Bank (up 1.26%), Tata Motors Passenger Vehicles (up 1.05%), Eicher Motors (up 1.10%), HCL Technologies (up 0.83%) and Bharat Electronics (up 0.90%) were the major Nifty50 gainers.

InterGlobe Aviation (down 1.75%), Sun Pharmaceutical Industries (down 1.36%), Bajaj Finance (down 1.27%), Titan Company (down 0.89%) and Tata Consumer Products (down 0.82%) were the major Nifty50 losers.

Stocks in Spotlight:

SML Mahindra hit the 5% upper circuit at Rs 3198.20 after the company reported a robust 102% year-on-year (YoY) increase in total sales to 1,087 units in November 2025, compared with 539 units sold in the same month last year.

Steel Strips Wheels (SSWL) advanced 3.40% after the company reported a net turnover of Rs 438.13 crore for November 2025, marking a 17.93% year-on-year (YoY) increase compared to Rs 371.52 crore recorded in November 2024.

Ashok Leyland rose 0.44%. The company reported a 29% increase in total commercial vehicle sales to 18,272 units in November 2025, up from 14,137 units sold in November 2024.

Mahindra & Mahindra shed 0.32%. The company said that its overall auto sales for the month of November 2025 stood at 92,670 vehicles, a growth of 19% including exports.

Escorts Kubota advanced 0.61%. The company�s agri-machinery business division in November 2025 sold 10,580 tractors, registering a growth of 17.9% as against 8,974 tractors sold in November 2024.

Global Markets:

European shares start the last trading month of the year in negative territory.

Most of the Asian market advanced on Monday despite China�s latest manufacturing PMI data declining to 49.9.

China�s factory activity unexpectedly contracted in November, according to a private survey released Monday, as soft domestic demand continued to cast a pall over the world�s second-largest economy.

The RatingDog China General Manufacturing PMI, conducted by S&P Global, dropped to 49.9 in November, from 50.6 in October and 51.2 in September. A reading above the 50 benchmark level suggests an expansion, while one below that indicates contraction.

However, the official data released on Sunday showed that China�s factory activity had improved slightly in November but remained stuck in contraction for the eighth consecutive month, while services weakened as the boost from earlier holidays faded.

The manufacturing purchasing managers� index rose to 49.2, up 0.2 points from October, the National Bureau of Statistics said.

On Friday stateside, Wall Street came back from the Thanksgiving holiday for a shortened trading session. The Nasdaq Composite advanced 0.65% to end the day at 23,365.69, scoring its fifth straight day of gains.

Meanwhile, the S&P 500 gained 0.54% to settle at 6,849.09. The Dow Jones Industrial Average grew 289.30 points, or 0.61%, to finish at 47,716.42.

Traders have begun raising their expectations for lower rates since New York Fed President John Williams said last week that there was room for �a further adjustment in the near term to the target range for the federal funds rate.�

A quarter percentage point cut from the Fed in December would mark the central bank�s third in a row after its September and October meetings.

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