Taking Stock: Market fails to hold record high; auto, metal, PSU banks shine

Market Today

The Indian markets started the week on a strong note, hitting fresh all-time high in the opening trade following positive global markets and above estimates GDP at 8.2% (six-quarter high) in Q2FY26 added to the positive sentiments.

However, a 9-month low manufacturing growth rate of 56.6 in November and rupee depreciation erased all the intraday gains in the fist half, and remained rangebound in a second half ahead of US and India central bank's interest rate decision later this week.

At close, the Sensex was down 64.77 points or 0.08 percent at 85,641.90, and the Nifty was down 27.20 points or 0.10 percent at 26,175.75. BSE Midcap and smallcap indices ended flat.

Nifty Bank index touched fresh record high, crossing 60,000 for the first time, however, closing marginally lower at 59,681.35.

Nifty Midcap 100 indices also jumped to fresh record high of 61,311.25, intraday, closing flat at 61,043.40.

Also Read: July-September quarter GDP affirmation of India's strong economic resilience: Experts

Interglobe Aviation, Bajaj Finance, Max Healthcare, Sun Pharma, Trent were among top losers on the Nifty, while gainers were Adani Ports, Tata Motors PV, Kotak Mahindra Bank, Eicher Motors.

Among sectors auto, IT, PSU Bank, metal rose 0.3-0.5% each, while realty index was down 1% and consumer durables, pharma indices were down 0.5% each.

Index	Prices	Change	Change%
Sensex	73,583.22	-1,690.23	-2.25%
Nifty 50	22,819.60	-486.85	-2.09%
Nifty Bank	52,274.60	-1,433.50	-2.67%

Nifty 50 22,819.60 -486.85 (-2.09%)

Fri, Mar 27, 2026

• 1D
• 5D
• 1M
• 3M
• 6M
• 1Y
• 2Y

Biggest Gainer	Prices	Change	Change%
ONGC	281.95	11.75	+4.35%

Biggest Loser	Prices	Change	Change%
Shriram Finance	903.80	-52.20	-5.46%

Best Sector	Prices	Change	Change%
Nifty IT	29541.65	-129.65	-0.44%

Worst Sector	Prices	Change	Change%
Nifty PSU Bank	8249.45	-331.60	-3.86%

Also Read: Govt likely to draw up mega PSB merger plan to trim state-owned banks to 4 in FY27

In stock-specific action, Wockhardt shares added 20% post USFDA nod for ANDA Antibiotic Zaynich, Sterling and Wilson Renewable Energy shares gained 1% on winning order of Rs 1,381 crore from Adani Green Energy, Lenskart Solutions shares price rose 4% on strong Q2 earnings, South West Pinnacle share price rose 6% after company to explore it’s own coal block in Jharkhand, VST Tillers share price added 2.5% on better November sales data, TVS Motor Company share rice added 3.5% as November sales increased by 30%,

In today's session, the Indian rupee has touched fresh record low of 89.78 per dollar, finishing at 89.55 per dollar against Friday's close of 89.45.

Also Read - Global brokers turn bullish on India on strong earnings, easing valuation concerns

Nearly 150 stocks hit 52-week high, including Paytm, Bank of Baroda, IIFL Finance, Hero MotoCorp, Vedanta, Muthoot Finance, Adani Ports, BHEL, Cummins India, M&M, Canara Bank, GMR Airports, Federal Bank, Laurus Labs, M&M Financial, among others. Click to View More

Outlook for December 2

Ajit Mishra – SVP, Research, Religare Broking

Markets stayed in consolidation mode and ended almost unchanged, pausing near record-high territory. On the benchmark front, the Nifty 50 opened firmly around 26,325—marking a fresh lifetime high amid buoyant sentiment—but experienced intraday volatility before closing near 26,175, down 0.10%. Sectoral trends were mixed, with auto, metal and IT edging higher, while realty and pharma closed in the red. Broader indices moved largely in line with the benchmark, though market breadth indicated underlying weakness.

Sentiment drew support from strong GDP data reinforcing India’s economic momentum, positive global cues—particularly from US markets—and steady DII buying which offset FII outflows. Robust wholesale auto numbers and renewed optimism around rate cuts amid moderating inflation also aided the mood, even as caution persisted ahead of the RBI policy and key US data releases.

The recent pause reflects a healthy consolidation phase, and traders should continue to maintain a positive bias. In case of extended consolidation, the Nifty is expected to find support near the 26,100 zone, with major support around the 20-DEMA, currently near 25,950.

On the upside, a decisive break above 26,300 could open the gates for a move towards the 26,500+ zone. Meanwhile, we advise a stock-specific trading approach, with preference for banking, auto, and metal names, while being selective in other sectors.

Osho Krishan, Chief Manager -Technical and Derivative research at Angel One

The Indian equity markets commenced the month of December on a positive trajectory, bolstered by robust economic growth and favorable global indicators. The benchmark index scaled to record highs but, in the absence of sustained buying interest, gradually corrected, eroding its initial gains and eventually sending it into negative territory. Amidst a modest stability at lower levels, the Nifty50 index concluded the session on a subdued note, slightly below the 26200 zone.

The formation of an open-high candlestick pattern for the benchmark index at its all-time highs presents a challenging situation, indicating a potential pause in momentum. Nevertheless, from a technical standpoint, the primary perspective remains favorable, as any subsequent market dips are likely to be interpreted positively by market participants.

On the levels front, the support levels for the index seem to be firmly anchored within the range of 26100-26000, indicating a robust foundation for potential upward movement. Additionally, the pivotal support level identified from the previous week, situated at 25850, serves as a critical structural base that reinforces investor confidence. On the flipside, 26300-26325 is likely to act as a sturdy hurdle, presenting a significant challenge to upward momentum.

Should the index manage to sustain its trajectory beyond this resistance zone, it could pave the way for an exciting new phase of rally, venturing into uncharted territory in the near future.

Going forward, we remain optimistic about the domestic market and expect any dips to benefit the Bulls. Additionally, sectoral rotation is evident, and traders should be vigilant on thematic movers to gain an edge in the markets.

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