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BNP Paribas Financial Markets, and Integrated Core Strategies (Asia) have offloaded more than 2 percent equity stake each in Paytm, Fortis Healthcare, and GE Vernova T&amp;D India via open market transactions on November 24.

<a href="https://www.moneycontrol.com/india/stockpricequote/hospitalsmedical-services/fortishealthcare/FH">Fortis Healthcare</a> shares closed the session at Rs 922.2, up 0.13 percent amid significant volumes, which remained rangebound for last four sessions. <a href="https://www.moneycontrol.com/india/stockpricequote/power-transmissionequipment/gevernovatdindia/ATD">GE Vernova T&amp;D India</a> shares fell 1.31 percent to Rs 2,863.9, while <a href="https://www.moneycontrol.com/india/stockpricequote/online-services/one97communicationspaytm/OC03">Paytm</a> shares declined 0.4 percent to Rs 1,260.7 on the NSE.

BNP Paribas Financial Markets sold 1.19 crore equity shares in Fortis Healthcare at Rs 921.85 per share for Rs 1,100.5 crore, and Integrated Core Strategies (Asia) offloaded 52.81 lakh shares in Fortis at Rs 921.93 per share for Rs 486.88 crore, which totalled to 2.28 percent stake.

In GE Vernova T&amp;D India, BNP Paribas Financial Markets sold 38.3 lakh shares at Rs 2,866.23 per share for Rs 1,098 crore, and Integrated Core Strategies (Asia) 14.18 lakh shares at Rs 2,869.13 per share for Rs 406.86 crore, which totalled to 2.05 percent stake.

Further, Integrated Core Strategies (Asia) and BNP Paribas Financial Markets offloaded 32.55 lakh shares in One 97 Communications Paytm at Rs 1,259.85 per share for Rs 410.11 crore, and 1.05 crore shares at Rs 1,260.06 per share for Rs 1,330.7 crore, which in total was 2.16 percent of paid-up equity.

Meanwhile, iShares Core MSCI Emerging Markets ETF sold 12.63 lakh shares in <a href="https://www.moneycontrol.com/india/stockpricequote/consumer-goods-electronic/orientelectriclimited/ORIEN54130">Orient Electric</a> at Rs 164.45 per share for Rs 20.77 crore, and 17.83 lakh shares in <a href="https://www.moneycontrol.com/india/stockpricequote/cement-major/rainindustries/RC12">Rain Industries</a> at Rs 106.13 per share for Rs 18.92 crore, while BNP Paribas Financial Markets offloaded 43.1 lakh shares in <a href="https://www.moneycontrol.com/india/stockpricequote/electric-equipment/siemensenergyindia/SEI11">Siemens Energy India</a> at Rs 3,163.99 per share, valued at Rs 1,363.86 crore.

However, Integrated Core Strategies (Asia) acquired 7.38 lakh shares in <a href="https://www.moneycontrol.com/india/stockpricequote/computers-software/tataelxsi/TE">Tata Elxsi</a> at Rs 5,248.59 per share for Rs 387.84 crore, 15.38 lakh shares in <a href="https://www.moneycontrol.com/india/stockpricequote/plastics/astrallimited/APT02">Astral</a> at Rs 1,473.35 per share valued at Rs 226.7 crore, while BNP Paribas Financial Markets picked up 72.17 lakh shares in <a href="https://www.moneycontrol.com/india/stockpricequote/transportlogistics/containercorporationindia/CCI">Container Corporation of India</a> at Rs 515.3 per share for Rs 371.9 crore.

iShares Core MSCI Emerging Markets ETF bought 9.68 lakh shares in <a href="https://www.moneycontrol.com/india/stockpricequote/engineering-heavy/tdpowersystems/TPS01">TD Power Systems</a> at Rs 759.08 per share for Rs 73.49 crore, 9.82 lakh shares in <a href="https://www.moneycontrol.com/india/stockpricequote/cement-major/acc/ACC06">ACC</a> at Rs 1,911.86 per share for Rs 187.82 crore, and 5.3 lakh shares in <a href="https://www.moneycontrol.com/india/stockpricequote/speciality-chemicals/acutaaschemicals/AO05">Acutaas Chemicals</a> at Rs 1,852.12 per share for Rs 98.2 crore.

The buying interest continued in <a href="https://www.moneycontrol.com/india/stockpricequote/banks-private-sector/karnatakabank/KB04">Karnataka Bank</a> which shares jumped 5.34 percent to Rs 198.84 amid strong volumes. Aditya Kumar Halwasiya bought additional 45 lakh shares in the bank (1.19 percent stake) at Rs 198.87 per share, valued at Rs 89.49 crore.

The brisk action was also seen in <a href="https://www.moneycontrol.com/india/stockpricequote/software/aaatechnologies/ATL">AAA Technologies</a>, which settled the session 0.04 percent higher at Rs 89.25. Promoter Anjay Ratanlal Agarwal sold further 8.85 lakh shares (6.9 percent equity stake) in AAA at Rs 89.35 per share for Rs 7.9 crore, from MGO High Conviction Fund Incorporated VCC Sub-Fund.

Ownership, Material Conflicts of Interest and Disciplinary History

MCD is a wholly owned subsidiary of Network 18 Media & Investments Ltd ("Network18"), in which Independent Media Trust (IMT) holds 56.89% stake. Reliance Industries Limited ("RIL") is the sole beneficiary of IMT. Network18 and RIL and their subsidiaries, joint ventures and associates can be considered as associates of MCD.

Details of Associate

Receipt of Compensation

Third-Party Compensation

Employment History

Market-Making Activities

Use of Artificial Intelligence

BNP Paribas, Integrated Core Strategies offload over 2% stake each in Paytm, Fortis Healthcare, GE Vernova T&D

BNP Paribas Financial Markets, and Integrated Core Strategies (Asia) have offloaded more than 2 percent equity stake each in Paytm, Fortis Healthcare, and GE Vernova T&amp;amp;D India via open market transactions on November 24.

Fortis Healthcare shares closed the session at Rs 922.2, up 0.13 percent amid significant volumes, which remained rangebound for last four sessions. GE Vernova T&amp;amp;D India shares fell 1.31 percent to Rs 2,863.9, while Paytm shares declined 0.4 percent to Rs 1,260.7 on the NSE.

BNP Paribas Financial Markets sold 1.19 crore equity shares in Fortis Healthcare at Rs 921.85 per share for Rs 1,100.5 crore, and Integrated Core Strategies (Asia) offloaded 52.81 lakh shares in Fortis at Rs 921.93 per share for Rs 486.88 crore, which totalled to 2.28 percent stake.

In GE Vernova T&amp;amp;D India, BNP Paribas Financial Markets sold 38.3 lakh shares at Rs 2,866.23 per share for Rs 1,098 crore, and Integrated Core Strategies (Asia) 14.18 lakh shares at Rs 2,869.13 per share for Rs 406.86 crore, which totalled to 2.05 percent stake.

Further, Integrated Core Strategies (Asia) and BNP Paribas Financial Markets offloaded 32.55 lakh shares in One 97 Communications Paytm at Rs 1,259.85 per share for Rs 410.11 crore, and 1.05 crore shares at Rs 1,260.06 per share for Rs 1,330.7 crore, which in total was 2.16 percent of paid-up equity.

Meanwhile, iShares Core MSCI Emerging Markets ETF sold 12.63 lakh shares in Orient Electric at Rs 164.45 per share for Rs 20.77 crore, and 17.83 lakh shares in Rain Industries at Rs 106.13 per share for Rs 18.92 crore, while BNP Paribas Financial Markets offloaded 43.1 lakh shares in Siemens Energy India at Rs 3,163.99 per share, valued at Rs 1,363.86 crore.

However, Integrated Core Strategies (Asia) acquired 7.38 lakh shares in Tata Elxsi at Rs 5,248.59 per share for Rs 387.84 crore, 15.38 lakh shares in Astral at Rs 1,473.35 per share valued at Rs 226.7 crore, while BNP Paribas Financial Markets picked up 72.17 lakh shares in Container Corporation of India at Rs 515.3 per share for Rs 371.9 crore.

iShares Core MSCI Emerging Markets ETF bought 9.68 lakh shares in TD Power Systems at Rs 759.08 per share for Rs 73.49 crore, 9.82 lakh shares in ACC at Rs 1,911.86 per share for Rs 187.82 crore, and 5.3 lakh shares in Acutaas Chemicals at Rs 1,852.12 per share for Rs 98.2 crore.

The buying interest continued in Karnataka Bank which shares jumped 5.34 percent to Rs 198.84 amid strong volumes. Aditya Kumar Halwasiya bought additional 45 lakh shares in the bank (1.19 percent stake) at Rs 198.87 per share, valued at Rs 89.49 crore.

The brisk action was also seen in AAA Technologies, which settled the session 0.04 percent higher at Rs 89.25. Promoter Anjay Ratanlal Agarwal sold further 8.85 lakh shares (6.9 percent equity stake) in AAA at Rs 89.35 per share for Rs 7.9 crore, from MGO High Conviction Fund Incorporated VCC Sub-Fund.

BNP Paribas, Integrated Core Strategies offload over 2% stake each in Paytm, Fortis Healthcare, GE Vernova T&amp;D

The shares of <a href="https://www.moneycontrol.com/india/stockpricequote/computers-software/persistentsystems/PS15">Persistent Systems</a> rose more than 2 percent on November 24 after CLSA reiterated its bullish call for the stock, with a target price implying strong upside potential.

The shares of the IT company hit a day's high at Rs 6,426.50 apiece on Monday, emerging as one of the top gainers on the Nifty IT, Nifty Midcap 50 and Nifty Midsmall IT and telecom indices.
<h3><strong>Here's what CLSA said:</strong></h3>
CLSA reiterated its 'high conviction outperform' rating for the stock, with a target price of Rs 8,270 apiece. This implies an upside potential of more than 31 percent from the stock's previous closing price of Rs 6,296.50 apiece.

The international brokerage cited "proactive" deal wins, stellar execution and focus on artificial intelligence (AI) as key reasons for its bullish call for the stock, Reuters reported. It sees strong demand and pipeline for Persistent Systems in BFSI vertical, followed by hi-tech and healthcare segments.
<h3><strong>Persistent Systems share price history:</strong></h3>
Persistent Systems shares rose more than 4 percent in the past five days, and over 9 percent in the past one month. The stock surged nearly 12 percent in the past six months, but is down more than 1 percent in 2025 so far. Notably, Nifty IT index meanwhile is down over 12 percent in 2025 so far.

The IT stock’s P/E ratio currently stands at 65.40. After hitting a 52-week high of Rs 6,788.90 apiece in December last year, the stock dropped nearly 39 percent in less than four months to hit a 52-week low of Rs 4,148.95 apiece in April this year. The stock has recovered nearly 55 percent in seven months since then.
<h3><strong>IT stocks surge:</strong></h3>
The <a href="https://www.moneycontrol.com/news/business/stocks/nifty-it-index-rises-1-6-today-as-us-fed-cut-bets-strengthen-tech-mahindra-infosys-stocks-lead-gains-13692172.html">IT pack is trading higher</a> on Monday, as investors priced in a higher probability of a December rate cut by the US Federal Reserve. The Nifty IT index rose nearly 2 percent to its day’s high of 37,554.35.

New York Fed President John Williams, a permanent voter on rate policy and vice chair of the rate-setting Federal Open Market Committee, said on Friday that interest rates can fall "in the near term".

"I view monetary policy as being modestly restrictive...Therefore, I still see room for a further adjustment in the near term to the target range for the federal funds rate to move the stance of policy closer to the range of neutral," Williams said. Investors now put a nearly 60 percent chance of a 25 basis point cut at the U.S. central bank's December meeting, reversing what had been strong conviction that the Fed would pause due to concerns about inflation.

A rate cut in the US is expected to increase the discretionary spending limit, which in turn benefits IT companies which derive a significant portion of their revenue from the North American market.

Follow all <a href="https://www.moneycontrol.com/news/business/markets/stock-market-live-sensex-nifty-50-share-price-gift-nifty-latest-updates-24-11-2025-liveblog-13691833.html">LIVE updates</a> from the stock markets here.

<em>(With inputs from Reuters)</em>

<em>Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.</em>

Persistent Systems shares rise 2%, hit 10-month high after CLSA reiterates bullish call

The shares of Persistent Systems rose more than 2 percent on November 24 after CLSA reiterated its bullish call for the stock, with a target price implying strong upside potential.

The shares of the IT company hit a day's high at Rs 6,426.50 apiece on Monday, emerging as one of the top gainers on the Nifty IT, Nifty Midcap 50 and Nifty Midsmall IT and telecom indices.
Here's what CLSA said:
CLSA reiterated its 'high conviction outperform' rating for the stock, with a target price of Rs 8,270 apiece. This implies an upside potential of more than 31 percent from the stock's previous closing price of Rs 6,296.50 apiece.

The international brokerage cited &quot;proactive&quot; deal wins, stellar execution and focus on artificial intelligence (AI) as key reasons for its bullish call for the stock, Reuters reported. It sees strong demand and pipeline for Persistent Systems in BFSI vertical, followed by hi-tech and healthcare segments.
Persistent Systems share price history:
Persistent Systems shares rose more than 4 percent in the past five days, and over 9 percent in the past one month. The stock surged nearly 12 percent in the past six months, but is down more than 1 percent in 2025 so far. Notably, Nifty IT index meanwhile is down over 12 percent in 2025 so far.

The IT stock’s P/E ratio currently stands at 65.40. After hitting a 52-week high of Rs 6,788.90 apiece in December last year, the stock dropped nearly 39 percent in less than four months to hit a 52-week low of Rs 4,148.95 apiece in April this year. The stock has recovered nearly 55 percent in seven months since then.
IT stocks surge:
The IT pack is trading higher on Monday, as investors priced in a higher probability of a December rate cut by the US Federal Reserve. The Nifty IT index rose nearly 2 percent to its day’s high of 37,554.35.

New York Fed President John Williams, a permanent voter on rate policy and vice chair of the rate-setting Federal Open Market Committee, said on Friday that interest rates can fall &quot;in the near term&quot;.

&quot;I view monetary policy as being modestly restrictive...Therefore, I still see room for a further adjustment in the near term to the target range for the federal funds rate to move the stance of policy closer to the range of neutral,&quot; Williams said. Investors now put a nearly 60 percent chance of a 25 basis point cut at the U.S. central bank's December meeting, reversing what had been strong conviction that the Fed would pause due to concerns about inflation.

A rate cut in the US is expected to increase the discretionary spending limit, which in turn benefits IT companies which derive a significant portion of their revenue from the North American market.

Follow all LIVE updates from the stock markets here.

(With inputs from Reuters)

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

The shares of real estate companies extended losses on November 24, pushing the Nifty Realty index down more than 2 percent to close in the red for the fifth consecutive session. Analysts have listed out possible reasons behind the sharp downturn in the sector, and what lies ahead.

The <a href="https://www.moneycontrol.com/indian-indices/nifty-realty-34.html">Nifty Realty</a> ended the session at 887, emerging as one of the top sectoral losers on the stock markets today. The sectoral index fell more than 6 percent over the past five sessions.
<h3><strong>Why are real estate stocks falling?</strong></h3>
Real estate stocks are not falling because the sector has weakened, but because valuations simply ran too far ahead of fundamentals, said Shiv Garg, Director, Forteasia Realty. "Many developers doubled in 12–18 months, and now the market is unwilling to pay premium multiples without fresh triggers. Investors are rotating profits into sectors where earnings visibility is stronger," he said.

<strong>Ongoing correction is a 'healthy reset':</strong>

Garg added that the ongoing correction in the stocks was a "healthy reset" and not a structural reversal. "Demand, bookings, and pricing power remain intact, but stock prices needed to cool. Once Q4 numbers confirm cash-flow strength and pre-sales momentum, selective names will reclaim leadership," he added.

Ravi Singh, Chief Research Officer at Master Capital Services, meanwhile, said that real estate stocks have weakened despite the uptrend in the broader markets due to rising concerns over sector fundamentals. "Operationally, the pace of construction has dropped significantly, widening the gap between new launches and actual delivery, which directly increases the risk of project delays, weaker cash flows and margin pressure if the scenario continues over quarters," he said.

<strong>'Long-term outlook remains intact':</strong>

However, the long-term outlook remains intact, according to the analyst. "Supported by urbanisation, infrastructure growth and evolving consumer base, the realty sector continues to be a vital economic pillar," he said.

Yash Chauhan, Research Analyst at INVasset PMS, said that the fall in real estate stocks despite uptrend in broader markets "reflects more caution than capitulation". "The sector entered earnings season with elevated expectations after two strong years of launches, pre-sales and pricing momentum. But with input costs stabilising rather than easing, and mortgage rates still sticky at the upper end of the cycle, investors are reassessing how much of the next leg of growth is already priced in. In several pockets, valuations had expanded meaningfully ahead of fundamentals, so even a mild moderation in booking velocity or collections can trigger profit-taking," he said.

The recent correction also mirrors concerns around stretched affordability in key micro-markets and a slower pick-up in premium housing, which had driven much of the sector's rerating, the analyst added, who also noted that this does not indicate a structural reversal as underlying demand indicators such as urban incomes, job additions and rental yields remain supportive.

<strong>'Near-term consolidation looks healthy':</strong>

"But with the sector trading at a premium to its long-term averages, it is natural for the market to pause and digest data. Near-term consolidation looks healthy, and stock performance will increasingly depend on delivery, balance-sheet quality and execution rather than sentiment alone," Chauhan said.

Shravan Shetty, Managing Director at Primus Partners, attributed the correction to margin pressure due to declining sales and input cost escalation. He further called the current correction timely after the sharp rise following COVID-19 pandemic.

<strong>'Stocks to gain if budget and government reforms help increase economic growth':</strong>

"We expect there to be a breakout and stocks to gain if budget and government reforms help increase economic growth and sales pick up. There still remains a risk with the affordable segment not seeing a pickup and household debt rising," he concluded.

Pravesh Gour, Senior Technical Analyst at Swastika Investmart, concluded that real estate stocks have been falling for the past few sessions to a combination of valuation concerns, demand-side worries, and sector-specific pressures. "After a strong multi-year rally, many realty counters had become overstretched and were trading at rich valuations, making them vulnerable to profit-booking. Even minor negative cues can trigger selling when valuations are high," he said.

<strong>'Weaker-than-expected quarterly earnings':</strong>

"Some major developers have reported weaker-than-expected quarterly earnings, with pressure on profitability and slower pre-sales growth, raising questions about whether current valuations are justified. Additionally, uncertainty around the pace of future rate cuts is weighing on the sector since real estate is highly sensitive to interest rates affecting both homebuyer EMIs and developer borrowing costs," he added.

While near-term volatility persists, structural demand in metros and positive financial discipline among developers indicate a positive outlook into FY26, despite recent corrections and affordability concerns, said Khushi Mistry, Research Analyst at Bonanza. This suggests caution but underlying resilience in the sector, she added.
<h3><strong>Nifty Realty: Technical view</strong></h3>
The Nifty Realty index is showing clear short-term weakness, with price action slipping below key moving averages and momentum indicators turning decisively bearish, Gour said. The index has broken below the 20-day, 50-day, and 100-day SMAs, and is now testing the 200-day SMA zone, indicating a shift from a previously sideways-to-positive structure into a corrective trend, he said, adding that recent candles show strong red bodies, reflecting persistent selling pressure. Volume has picked up slightly on down-moves.

"Overall, the index has shifted into a short-term downtrend, with the loss of multiple moving averages and weakening momentum indicating vulnerability to further declines. Any recovery attempt is likely to face resistance near the 920–940 zone, where several moving averages converge. Unless the index reclaims these levels with strong buying, the bias remains negative, and the real estate sector may stay under pressure in the coming sessions," the analyst said.
<h3><strong>Top losers on Nifty Realty index today:</strong></h3>
<a href="https://www.moneycontrol.com/india/stockpricequote/construction-real-estate/anantraj/ARI">Anant Raj</a> shares were the top losers on the Nifty Realty index in the afternoon, falling nearly 7 percent to trade at Rs 568.10 apiece. Brigade Enterprises and Prestige Estates shares fell more than 3 percent each, while Oberoi Realty was down over 2.5 percent

<a href="https://www.moneycontrol.com/india/stockpricequote/constructioncontracting-real-estate/godrejproperties/GP11">Godrej Properties</a> shares fell more than 2 percent, while Phoenix Mills and Macrotech Developers (Lodha) shares well over 1.5 percent each. Sobha and Heavyweight <a href="https://www.moneycontrol.com/india/stockpricequote/constructioncontracting-real-estate/dlf/D04">DLF</a> shares were down around 1 percent each.

Follow all <a href="https://www.moneycontrol.com/news/business/markets/stock-market-live-sensex-nifty-50-share-price-gift-nifty-latest-updates-24-11-2025-liveblog-13691833.html">LIVE updates</a> from the stock markets here.

<em>Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.</em>

Real estate shares fall for 5th day, extend losses to 6%; analysts say 'valuations far ahead of fundamentals'

The shares of real estate companies extended losses on November 24, pushing the Nifty Realty index down more than 2 percent to close in the red for the fifth consecutive session. Analysts have listed out possible reasons behind the sharp downturn in the sector, and what lies ahead.

The Nifty Realty ended the session at 887, emerging as one of the top sectoral losers on the stock markets today. The sectoral index fell more than 6 percent over the past five sessions.
Why are real estate stocks falling?
Real estate stocks are not falling because the sector has weakened, but because valuations simply ran too far ahead of fundamentals, said Shiv Garg, Director, Forteasia Realty. &quot;Many developers doubled in 12–18 months, and now the market is unwilling to pay premium multiples without fresh triggers. Investors are rotating profits into sectors where earnings visibility is stronger,&quot; he said.

Ongoing correction is a 'healthy reset':

Garg added that the ongoing correction in the stocks was a &quot;healthy reset&quot; and not a structural reversal. &quot;Demand, bookings, and pricing power remain intact, but stock prices needed to cool. Once Q4 numbers confirm cash-flow strength and pre-sales momentum, selective names will reclaim leadership,&quot; he added.

Ravi Singh, Chief Research Officer at Master Capital Services, meanwhile, said that real estate stocks have weakened despite the uptrend in the broader markets due to rising concerns over sector fundamentals. &quot;Operationally, the pace of construction has dropped significantly, widening the gap between new launches and actual delivery, which directly increases the risk of project delays, weaker cash flows and margin pressure if the scenario continues over quarters,&quot; he said.

'Long-term outlook remains intact':

However, the long-term outlook remains intact, according to the analyst. &quot;Supported by urbanisation, infrastructure growth and evolving consumer base, the realty sector continues to be a vital economic pillar,&quot; he said.

Yash Chauhan, Research Analyst at INVasset PMS, said that the fall in real estate stocks despite uptrend in broader markets &quot;reflects more caution than capitulation&quot;. &quot;The sector entered earnings season with elevated expectations after two strong years of launches, pre-sales and pricing momentum. But with input costs stabilising rather than easing, and mortgage rates still sticky at the upper end of the cycle, investors are reassessing how much of the next leg of growth is already priced in. In several pockets, valuations had expanded meaningfully ahead of fundamentals, so even a mild moderation in booking velocity or collections can trigger profit-taking,&quot; he said.

The recent correction also mirrors concerns around stretched affordability in key micro-markets and a slower pick-up in premium housing, which had driven much of the sector's rerating, the analyst added, who also noted that this does not indicate a structural reversal as underlying demand indicators such as urban incomes, job additions and rental yields remain supportive.

'Near-term consolidation looks healthy':

&quot;But with the sector trading at a premium to its long-term averages, it is natural for the market to pause and digest data. Near-term consolidation looks healthy, and stock performance will increasingly depend on delivery, balance-sheet quality and execution rather than sentiment alone,&quot; Chauhan said.

Shravan Shetty, Managing Director at Primus Partners, attributed the correction to margin pressure due to declining sales and input cost escalation. He further called the current correction timely after the sharp rise following COVID-19 pandemic.

'Stocks to gain if budget and government reforms help increase economic growth':

&quot;We expect there to be a breakout and stocks to gain if budget and government reforms help increase economic growth and sales pick up. There still remains a risk with the affordable segment not seeing a pickup and household debt rising,&quot; he concluded.

Pravesh Gour, Senior Technical Analyst at Swastika Investmart, concluded that real estate stocks have been falling for the past few sessions to a combination of valuation concerns, demand-side worries, and sector-specific pressures. &quot;After a strong multi-year rally, many realty counters had become overstretched and were trading at rich valuations, making them vulnerable to profit-booking. Even minor negative cues can trigger selling when valuations are high,&quot; he said.

'Weaker-than-expected quarterly earnings':

&quot;Some major developers have reported weaker-than-expected quarterly earnings, with pressure on profitability and slower pre-sales growth, raising questions about whether current valuations are justified. Additionally, uncertainty around the pace of future rate cuts is weighing on the sector since real estate is highly sensitive to interest rates affecting both homebuyer EMIs and developer borrowing costs,&quot; he added.

While near-term volatility persists, structural demand in metros and positive financial discipline among developers indicate a positive outlook into FY26, despite recent corrections and affordability concerns, said Khushi Mistry, Research Analyst at Bonanza. This suggests caution but underlying resilience in the sector, she added.
Nifty Realty: Technical view
The Nifty Realty index is showing clear short-term weakness, with price action slipping below key moving averages and momentum indicators turning decisively bearish, Gour said. The index has broken below the 20-day, 50-day, and 100-day SMAs, and is now testing the 200-day SMA zone, indicating a shift from a previously sideways-to-positive structure into a corrective trend, he said, adding that recent candles show strong red bodies, reflecting persistent selling pressure. Volume has picked up slightly on down-moves.

&quot;Overall, the index has shifted into a short-term downtrend, with the loss of multiple moving averages and weakening momentum indicating vulnerability to further declines. Any recovery attempt is likely to face resistance near the 920–940 zone, where several moving averages converge. Unless the index reclaims these levels with strong buying, the bias remains negative, and the real estate sector may stay under pressure in the coming sessions,&quot; the analyst said.
Top losers on Nifty Realty index today:
Anant Raj shares were the top losers on the Nifty Realty index in the afternoon, falling nearly 7 percent to trade at Rs 568.10 apiece. Brigade Enterprises and Prestige Estates shares fell more than 3 percent each, while Oberoi Realty was down over 2.5 percent

Godrej Properties shares fell more than 2 percent, while Phoenix Mills and Macrotech Developers (Lodha) shares well over 1.5 percent each. Sobha and Heavyweight DLF shares were down around 1 percent each.

Follow all LIVE updates from the stock markets here.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

Defence stocks dropped in trade on November 24, pushing the Nifty India Defence index down more than 2.5 percent. This comes after Tejas fighter jet crash in Dubai last week and Russia-Ukraine’s tentative peace plan dampened investor sentiment.

The defence index closed at 7,912.80 in the morning, the lowest level seen by the sectoral index in more than two weeks. The index has now extended losses for the second consecutive session.
<h3><strong>HAL shares fall after Tejas fighter jet crash:</strong></h3>
The shares of Hindustan Aeronautics (HAL) <a href="https://www.moneycontrol.com/news/business/markets/hal-shares-drop-4-after-tejas-fighter-jet-crashes-in-dubai-here-s-what-analysts-say-13692106.html">dropped nearly 9 percent to intraday low</a> on BSE after a Tejas fighter jet manufactured by the Indian PSU company crashed during a Dubai Air Show on Friday, causing the death of IAF officer, Wing Commander Namansh Syal.

The fighter jet crashed while performing manoeuvres in front of a large audience in the afternoon of November 21. Videos circulating online show the jet, which was a single-seat light combat aircraft (LCA), plunging down to the ground and flames erupting immediately at the site.

A plume of black smoke rose above Al Maktoum International Airport at Dubai World Central, drawing the attention of onlookers as sirens rang out in the aftermath of the crash. The IAF, in a statement, confirmed the <a href="https://www.moneycontrol.com/world/tejas-fighter-jet-crashes-at-dubai-air-show-iaf-aircraft-bursts-into-flames-pilot-s-status-unknown-what-we-know-so-far-article-13690346.html">death of pilot in the crash</a>.

Tejas is single-engine, 4.5-generation multirole combat aircraft with a delta wing design. It is developed by the Aeronautical Development Agency (ADA) and manufactured by Hindustan Aeronautics Limited (HAL) for the Indian Air Force (IAF).

The incident marks the second case involving a Tejas aircraft in less than two years. Earlier in March 2024, a Tejas fighter jet crashed in Rajasthan's Jaisalmer while returning from a tri-services military exercise in Pokhran desert in the first accident involving the indigenously-built single-engine jet since it began flying in 2001.
<h3><strong>Tentative Russia-Ukraine peace deal:</strong></h3>
US and Ukraine are set to continue work on a <a href="https://www.moneycontrol.com/world/inside-trump-s-ukraine-peace-plan-and-why-kyiv-is-pushing-back-article-13691062.html">plan to end the war with Russia</a> after agreeing to modify an earlier proposal that was widely seen as too favorable to the Vladimir Putin-led country.

The two sides said in a joint statement they had drafted a "refined peace framework" after talks in Geneva on Sunday, although they did not provide specifics. The White House separately said the Ukrainian delegation had told them it "reflects their national interests" and "addresses their core strategic requirements”.

The initial 28-point proposal put forth by US last week called on Ukraine to cede territory, accept limits on its military and abandon its plans to join NATO. Those terms would amount to capitulation for many Ukrainians after nearly four years of fighting in Europe's deadliest conflict since World War II.

European allies said they were not involved in developing the original plan, and they released a counter-proposal on Sunday that would ease some of the proposed territorial concessions and include a NATO-style security guarantee from the United States for Ukraine if it is attacked. Notably, Europe's defence stocks extended their fall Monday. Shares of German defence company Rheinmettal fell 4 percent, and Renk and Hensoldt fell 3 percent each. Shares of Swedish company Saab AB dropped over 2 percent. Overall, the Stoxx 600 Aerospace and Defense Index was about 1 percent lower.

The latest developments increased hopes for Russia and Ukraine concluding its much-awaited peace deal, putting an end to the war. These would likely act as a negative for defence stocks.
<h3><strong>What analysts say:</strong></h3>
Defence stocks are likely to consolidate given the recent Tejas crash and headlines around the Russia–Ukraine peace framework, said Jickson Sajee, Research Analyst at INVasset PMS.

"India's defence cycle is structurally driven—order books across major manufacturers remain robust, with multi-year visibility backed by indigenous procurement, rising exports, and the government’s push for self-reliance,” Sajee said, adding that a single accident does not materially alter long-term demand for fighter platforms, especially when HAL’s broader pipeline, including upgrades and export opportunities, remains intact.

“The proposed peace plan may ease global supply pressures, but it does not diminish India’s capex commitments, which continue to rise across aerospace, missiles, naval systems, and electronics. In the near term, defence stocks may see downward pressure, but the medium-term outlook stays strong, supported by execution visibility and policy continuity,” the analyst concluded.

Following the Tejas fighter plane crash at the Dubai Air Show, Indian defense equities suffered a significant setback that resulted in a strong sell-off across important sector names, said Nitin Jain, Senior Research Analyst at Bonanza, who noted that the fall in defence stocks indicates a general apprehension over possible harm to India's domestic defense capabilities.

"This sentiment-driven action emphasizes that there is currently no proof of a systemic design problem in the Tejas program. To ascertain if the setback is an isolated incident or reveals more serious problems, the market's immediate attention is still on the crash investigation's findings. Longer-term support is provided by India's policy push for defense indigenization and HAL's strong order book, which includes recent significant Tejas contracts, notwithstanding the volatility. The impact on the basics of the defense sector is anticipated to be transient unless the investigation uncovers serious issues. However, until technical clarity is achieved, short-term risk perception and export prospects will continue to be closely examined," he said.

India is an emerging defence exporter, with exports reaching a record high of Rs 23,622 crore (approximately $2.8 billion) in the financial year 2024-2025. India now exports to over 85 countries, including Russia.

"A peace deal between Russia and Ukraine would probably cause a short-term drop in Indian defence stocks as investors shift their focus away from conflict-driven industries and the war premium diminishes. Due to rising international defense spending and the perceived requirement for military readiness, Indian defense equities like Bharat Dynamics Ltd., Hindustan Aeronautics Ltd., and Bharat Electronics Ltd. have historically outperformed the market during times of elevated geopolitical tension. However, as peace chances improve, these companies usually experience a 3% decline as profit booking and risk-off attitude take hold," he added.

Jain however noted that India's ambitious goals for defence indigenization and exports, strong policy support from 'Atmanirbhar Bharat' initiatives and healthy order pipelines will contribute to the positive prognosis for Indian defense equities. "The negative consequences of lowering international tensions are probably going to be countered by domestic demand and ongoing government emphasis on military modernization. Therefore, it is anticipated that the long-term development trajectory of Indian defense stocks, which is fueled by localization and structural reforms, will remain intact even though a peace agreement would limit speculative upside and maybe curb short-term gains," he said.

"The Tejas crash and headlines around a potential Russia–Ukraine peace deal are clearly weighing on investor sentiment, triggering short-term volatility in defence stocks. But structurally, the narrative hasn’t changed — India’s defence manufacturers continue to benefit from strong order books, indigenisation policies, and export ambitions. While risk perception is elevated now, these are strategic, long-duration plays. If HAL and peers deliver on execution and communicate clearly, this phase may end up being a buying opportunity rather than a lasting drag on valuations," said Siddharth Maurya, Founder &amp; Managing Director, Vibhavangal Anukulakara.
<h3><strong>Top defence losers:</strong></h3>
<a href="https://www.moneycontrol.com/india/stockpricequote/ironsteel/mishradhatunigam/MDN">Mishra Dhatu Nigam</a> (Midhani) shares were the top loser on the index, falling more than 5 percent to close at 328 apiece. Notably, the PSU company is a key domestic producer of superalloys, titanium, special purpose steel and other special metals, and is a supplier to HAL.

BEML, GRSE and Astra Microwave Products shares fell around 4 percent each, while Bharat Electronics (<a href="https://www.moneycontrol.com/india/stockpricequote/aerospacedefence/bharatelectronics/BE03">BEL</a>) shares closed more than 3 percent lower to emerge as the top Nifty 50 loser.

<a href="https://www.moneycontrol.com/india/stockpricequote/aerospacedefence/hindustanaeronautics/HAL">Hindustan Aeronautics</a> (HAL) shares closed more than 3 percent lower at Rs 4,443 apiece. Earlier during the day, the stock tumbled as low as 9 percent to its day’s low on BSE. Analysts however say that the shares of Hindustan Aeronautics (HAL) still hold strong upside potential despite seeing some short-term volatility after the Tejas fighter crash in Dubai last week.

Solar Industries and Zen Technologies shares fell nearly 3 percent each, while Bharat Dynamics (BDL), <a href="https://www.moneycontrol.com/india/stockpricequote/defence/parasdefencespacetechnologies/PDS01">Paras Defence </a>and Mazagon Dock Shipbuilders shares fell more than 2 percent each. <a href="https://www.moneycontrol.com/india/stockpricequote/ship-building/cochinshipyard/CS">Cochin Shipyard</a> shares were down over 1 percent.

Follow all <a href="https://www.moneycontrol.com/news/business/markets/stock-market-live-sensex-nifty-50-share-price-gift-nifty-latest-updates-24-11-2025-liveblog-13691833.html">LIVE updates</a> from the stock markets here.

<em>Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.</em>

Defence index falls 2.5% on Tejas crash, Russia-Ukraine peace talks; Mishra Dhatu Nigam, BEML lead losses

Defence stocks dropped in trade on November 24, pushing the Nifty India Defence index down more than 2.5 percent. This comes after Tejas fighter jet crash in Dubai last week and Russia-Ukraine’s tentative peace plan dampened investor sentiment.

The defence index closed at 7,912.80 in the morning, the lowest level seen by the sectoral index in more than two weeks. The index has now extended losses for the second consecutive session.
HAL shares fall after Tejas fighter jet crash:
The shares of Hindustan Aeronautics (HAL) dropped nearly 9 percent to intraday low on BSE after a Tejas fighter jet manufactured by the Indian PSU company crashed during a Dubai Air Show on Friday, causing the death of IAF officer, Wing Commander Namansh Syal.

The fighter jet crashed while performing manoeuvres in front of a large audience in the afternoon of November 21. Videos circulating online show the jet, which was a single-seat light combat aircraft (LCA), plunging down to the ground and flames erupting immediately at the site.

A plume of black smoke rose above Al Maktoum International Airport at Dubai World Central, drawing the attention of onlookers as sirens rang out in the aftermath of the crash. The IAF, in a statement, confirmed the death of pilot in the crash.

Tejas is single-engine, 4.5-generation multirole combat aircraft with a delta wing design. It is developed by the Aeronautical Development Agency (ADA) and manufactured by Hindustan Aeronautics Limited (HAL) for the Indian Air Force (IAF).

The incident marks the second case involving a Tejas aircraft in less than two years. Earlier in March 2024, a Tejas fighter jet crashed in Rajasthan's Jaisalmer while returning from a tri-services military exercise in Pokhran desert in the first accident involving the indigenously-built single-engine jet since it began flying in 2001.
Tentative Russia-Ukraine peace deal:
US and Ukraine are set to continue work on a plan to end the war with Russia after agreeing to modify an earlier proposal that was widely seen as too favorable to the Vladimir Putin-led country.

The two sides said in a joint statement they had drafted a &quot;refined peace framework&quot; after talks in Geneva on Sunday, although they did not provide specifics. The White House separately said the Ukrainian delegation had told them it &quot;reflects their national interests&quot; and &quot;addresses their core strategic requirements”.

The initial 28-point proposal put forth by US last week called on Ukraine to cede territory, accept limits on its military and abandon its plans to join NATO. Those terms would amount to capitulation for many Ukrainians after nearly four years of fighting in Europe's deadliest conflict since World War II.

European allies said they were not involved in developing the original plan, and they released a counter-proposal on Sunday that would ease some of the proposed territorial concessions and include a NATO-style security guarantee from the United States for Ukraine if it is attacked. Notably, Europe's defence stocks extended their fall Monday. Shares of German defence company Rheinmettal fell 4 percent, and Renk and Hensoldt fell 3 percent each. Shares of Swedish company Saab AB dropped over 2 percent. Overall, the Stoxx 600 Aerospace and Defense Index was about 1 percent lower.

The latest developments increased hopes for Russia and Ukraine concluding its much-awaited peace deal, putting an end to the war. These would likely act as a negative for defence stocks.
What analysts say:
Defence stocks are likely to consolidate given the recent Tejas crash and headlines around the Russia–Ukraine peace framework, said Jickson Sajee, Research Analyst at INVasset PMS.

&quot;India's defence cycle is structurally driven—order books across major manufacturers remain robust, with multi-year visibility backed by indigenous procurement, rising exports, and the government’s push for self-reliance,” Sajee said, adding that a single accident does not materially alter long-term demand for fighter platforms, especially when HAL’s broader pipeline, including upgrades and export opportunities, remains intact.

“The proposed peace plan may ease global supply pressures, but it does not diminish India’s capex commitments, which continue to rise across aerospace, missiles, naval systems, and electronics. In the near term, defence stocks may see downward pressure, but the medium-term outlook stays strong, supported by execution visibility and policy continuity,” the analyst concluded.

Following the Tejas fighter plane crash at the Dubai Air Show, Indian defense equities suffered a significant setback that resulted in a strong sell-off across important sector names, said Nitin Jain, Senior Research Analyst at Bonanza, who noted that the fall in defence stocks indicates a general apprehension over possible harm to India's domestic defense capabilities.

&quot;This sentiment-driven action emphasizes that there is currently no proof of a systemic design problem in the Tejas program. To ascertain if the setback is an isolated incident or reveals more serious problems, the market's immediate attention is still on the crash investigation's findings. Longer-term support is provided by India's policy push for defense indigenization and HAL's strong order book, which includes recent significant Tejas contracts, notwithstanding the volatility. The impact on the basics of the defense sector is anticipated to be transient unless the investigation uncovers serious issues. However, until technical clarity is achieved, short-term risk perception and export prospects will continue to be closely examined,&quot; he said.

India is an emerging defence exporter, with exports reaching a record high of Rs 23,622 crore (approximately $2.8 billion) in the financial year 2024-2025. India now exports to over 85 countries, including Russia.

&quot;A peace deal between Russia and Ukraine would probably cause a short-term drop in Indian defence stocks as investors shift their focus away from conflict-driven industries and the war premium diminishes. Due to rising international defense spending and the perceived requirement for military readiness, Indian defense equities like Bharat Dynamics Ltd., Hindustan Aeronautics Ltd., and Bharat Electronics Ltd. have historically outperformed the market during times of elevated geopolitical tension. However, as peace chances improve, these companies usually experience a 3% decline as profit booking and risk-off attitude take hold,&quot; he added.

Jain however noted that India's ambitious goals for defence indigenization and exports, strong policy support from 'Atmanirbhar Bharat' initiatives and healthy order pipelines will contribute to the positive prognosis for Indian defense equities. &quot;The negative consequences of lowering international tensions are probably going to be countered by domestic demand and ongoing government emphasis on military modernization. Therefore, it is anticipated that the long-term development trajectory of Indian defense stocks, which is fueled by localization and structural reforms, will remain intact even though a peace agreement would limit speculative upside and maybe curb short-term gains,&quot; he said.

&quot;The Tejas crash and headlines around a potential Russia–Ukraine peace deal are clearly weighing on investor sentiment, triggering short-term volatility in defence stocks. But structurally, the narrative hasn’t changed — India’s defence manufacturers continue to benefit from strong order books, indigenisation policies, and export ambitions. While risk perception is elevated now, these are strategic, long-duration plays. If HAL and peers deliver on execution and communicate clearly, this phase may end up being a buying opportunity rather than a lasting drag on valuations,&quot; said Siddharth Maurya, Founder &amp;amp; Managing Director, Vibhavangal Anukulakara.
Top defence losers:
Mishra Dhatu Nigam (Midhani) shares were the top loser on the index, falling more than 5 percent to close at 328 apiece. Notably, the PSU company is a key domestic producer of superalloys, titanium, special purpose steel and other special metals, and is a supplier to HAL.

BEML, GRSE and Astra Microwave Products shares fell around 4 percent each, while Bharat Electronics (BEL) shares closed more than 3 percent lower to emerge as the top Nifty 50 loser.

Hindustan Aeronautics (HAL) shares closed more than 3 percent lower at Rs 4,443 apiece. Earlier during the day, the stock tumbled as low as 9 percent to its day’s low on BSE. Analysts however say that the shares of Hindustan Aeronautics (HAL) still hold strong upside potential despite seeing some short-term volatility after the Tejas fighter crash in Dubai last week.

Solar Industries and Zen Technologies shares fell nearly 3 percent each, while Bharat Dynamics (BDL), Paras Defence and Mazagon Dock Shipbuilders shares fell more than 2 percent each. Cochin Shipyard shares were down over 1 percent.

Follow all LIVE updates from the stock markets here.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

The shares of <a href="https://www.moneycontrol.com/india/stockpricequote/aerospacedefence/hindustanaeronautics/HAL">Hindustan Aeronautics</a> (HAL) still hold strong upside potential despite seeing some short-term volatility after the Tejas fighter crash in Dubai last week, said analysts. This comes as shares of the Indian PSU company sank up to 9 percent on BSE Monday.

HAL shares fell to an intraday-low of Rs 4,205.25 apiece on BSE in the morning trading hours of November 24, the lowest level seen by the stock in more than 7 months. The stock then recovered some losses to close more than 3 percent lower at Rs 4,443 apiece.
<h3><strong>Tejas fighter jet crash:</strong></h3>
The fighter jet <a href="https://www.moneycontrol.com/world/tejas-fighter-jet-crashes-at-dubai-air-show-iaf-aircraft-bursts-into-flames-pilot-s-status-unknown-what-we-know-so-far-article-13690346.html">crashed while performing manoeuvres</a> in front of a large audience in the afternoon of November 21, causing the death of IAF pilot Wing Commander Namansh Syal. Videos circulating online show the jet, which was a single-seat light combat aircraft (LCA), plunging down to the ground and flames erupting immediately at the site.

A plume of black smoke rose above Al Maktoum International Airport at Dubai World Central, drawing the attention of onlookers as sirens rang out in the aftermath of the crash. The IAF, in a statement, confirmed the death of pilot in the crash.

The incident marks the second case involving a Tejas aircraft in less than two years.
<h3><strong>HAL share price: Should you buy, sell or hold?</strong></h3>
Elara Capital kept a 'Buy' call on HAL shares, with a target price of Rs 5,680 per share. This implies an upside potential of nearly 24 percent from the stock's previous closing price. The domestic brokerage noted that the accident is expected to have no major financial impact is on company orders or deliveries.

It, however, added that Tejas Mk 1A exports may be delayed despite stable domestic orders.

Target markets included Asia, Africa, and Latin America, and HAL also opened an office in Malaysia in 2023.

CLSA kept an 'Outperform' call on the stock, with a target price of Rs 5,436. This implies an upside potential of more than 18 percent from the stock's previous closing price. Citing experts, the international brokerage said that the possible causes of the incident include General Electric's GE engine thrust loss, aerodynamic stall effects, or human error.

CLSA sees volatility as a chance to accumulate due to HAL's $54 billion pipeline.

Choice Institutional Equities kept a 'Buy' call on the stock, with a target price of Rs 5,570 apiece. This implies an upside potential of more than 21 percent from the stock's previous closing price.

The domestic brokerage noted that the tragic incident was caused by a Negative-G manoeuvre, according to initial experts' assessment, while Court of Inquiry by the IAF has been constituted to determine the exact cause of the accident.
<h3><strong>'Accidents are a recognised operational risk'</strong></h3>
"The Tejas programme is highly advanced; very few countries have successfully developed an indigenous light combat aircraft of this complexity. During training periods or high-intensity demonstration flights, accidents, though rare, are a recognised operational risk. This event, we believe, should be viewed in the broader context of the programme’s overall safety record, steady progress and continued delivery momentum,” Choice said.

It added that HAL’s Tejas mishap falls within the normal risk envelope, and its accident ratio remains among the lowest in modern fighters. “We believe that the impact on short-term sentiment is not indicative of systemic programme failure,” it concluded.

Such a public loss will inevitably overshadow India's efforts to establish the jet abroad after a painstaking development over four decades, experts quoted by Reuters said.

"A crash sends quite the opposite signal: a dramatic failure," Douglas A. Birkey, executive director of the U.S.-based Mitchell Institute for Aerospace Studies told Reuters, adding however that while the Tejas would suffer negative publicity, it would most likely regain momentum.

A former HAL executive who left the company recently was quoted by Reuters as saying that the crash in Dubai "rules out exports for now". "The focus for the coming years would be on boosting production of the fighter for domestic use," the former executive said.

"The Tejas crash and headlines around a potential Russia–Ukraine peace deal are clearly weighing on investor sentiment, triggering short-term volatility in defence stocks. But structurally, the narrative hasn’t changed — India’s defence manufacturers continue to benefit from strong order books, indigenisation policies, and export ambitions. While risk perception is elevated now, these are strategic, long-duration plays. If HAL and peers deliver on execution and communicate clearly, this phase may end up being a buying opportunity rather than a lasting drag on valuations," said Siddharth Maurya, Founder &amp; Managing Director, Vibhavangal Anukulakara.
<h3><strong>HAL share price: Technical view</strong></h3>
HAL is currently trading in a consolidative structure, moving within a broad descending channel marked by falling trendline resistance on the upside, said Pravesh Gour, Senior Technical Analyst at Swastika Investmart.

The analyst noted that the stock continues to struggle near the Rs 4,900–4,850 zone, which remains a strong supply area as visible from repeated rejections. On the downside, the Rs 4,500–4,450 zone is acting as a crucial support band, aligned with horizontal support and the 200-day moving average, making it an important level for traders to watch. Price action shows short-term weakness as HAL trades below key short-term moving averages (20-DMA and 50-DMA), signalling loss of momentum, he added.

HAL's RSI is hovering around mid-range without showing strong directional bias, while MACD remains in a negative crossover, indicating continued bearish undertone. "Unless HAL breaks above the falling trendline and sustains beyond Rs 4,900, upside will likely remain capped. A breakdown below Rs 4,450 may trigger further weakness toward Rs 4,300," Gour added.

Follow all <a href="https://www.moneycontrol.com/news/business/markets/stock-market-live-sensex-nifty-50-share-price-gift-nifty-latest-updates-24-11-2025-liveblog-13691833.html">LIVE updates</a> from the stock markets here.

<em>(With inputs from agencies)</em>

<em>Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.</em>

Brokerages see up to 24% upside for HAL shares despite Tejas fighter jet crash in Dubai: Here's why

The shares of Hindustan Aeronautics (HAL) still hold strong upside potential despite seeing some short-term volatility after the Tejas fighter crash in Dubai last week, said analysts. This comes as shares of the Indian PSU company sank up to 9 percent on BSE Monday.

HAL shares fell to an intraday-low of Rs 4,205.25 apiece on BSE in the morning trading hours of November 24, the lowest level seen by the stock in more than 7 months. The stock then recovered some losses to close more than 3 percent lower at Rs 4,443 apiece.
Tejas fighter jet crash:
The fighter jet crashed while performing manoeuvres in front of a large audience in the afternoon of November 21, causing the death of IAF pilot Wing Commander Namansh Syal. Videos circulating online show the jet, which was a single-seat light combat aircraft (LCA), plunging down to the ground and flames erupting immediately at the site.

A plume of black smoke rose above Al Maktoum International Airport at Dubai World Central, drawing the attention of onlookers as sirens rang out in the aftermath of the crash. The IAF, in a statement, confirmed the death of pilot in the crash.

The incident marks the second case involving a Tejas aircraft in less than two years.
HAL share price: Should you buy, sell or hold?
Elara Capital kept a 'Buy' call on HAL shares, with a target price of Rs 5,680 per share. This implies an upside potential of nearly 24 percent from the stock's previous closing price. The domestic brokerage noted that the accident is expected to have no major financial impact is on company orders or deliveries.

It, however, added that Tejas Mk 1A exports may be delayed despite stable domestic orders.

Target markets included Asia, Africa, and Latin America, and HAL also opened an office in Malaysia in 2023.

CLSA kept an 'Outperform' call on the stock, with a target price of Rs 5,436. This implies an upside potential of more than 18 percent from the stock's previous closing price. Citing experts, the international brokerage said that the possible causes of the incident include General Electric's GE engine thrust loss, aerodynamic stall effects, or human error.

CLSA sees volatility as a chance to accumulate due to HAL's $54 billion pipeline.

Choice Institutional Equities kept a 'Buy' call on the stock, with a target price of Rs 5,570 apiece. This implies an upside potential of more than 21 percent from the stock's previous closing price.

The domestic brokerage noted that the tragic incident was caused by a Negative-G manoeuvre, according to initial experts' assessment, while Court of Inquiry by the IAF has been constituted to determine the exact cause of the accident.
'Accidents are a recognised operational risk'
&quot;The Tejas programme is highly advanced; very few countries have successfully developed an indigenous light combat aircraft of this complexity. During training periods or high-intensity demonstration flights, accidents, though rare, are a recognised operational risk. This event, we believe, should be viewed in the broader context of the programme’s overall safety record, steady progress and continued delivery momentum,” Choice said.

It added that HAL’s Tejas mishap falls within the normal risk envelope, and its accident ratio remains among the lowest in modern fighters. “We believe that the impact on short-term sentiment is not indicative of systemic programme failure,” it concluded.

Such a public loss will inevitably overshadow India's efforts to establish the jet abroad after a painstaking development over four decades, experts quoted by Reuters said.

&quot;A crash sends quite the opposite signal: a dramatic failure,&quot; Douglas A. Birkey, executive director of the U.S.-based Mitchell Institute for Aerospace Studies told Reuters, adding however that while the Tejas would suffer negative publicity, it would most likely regain momentum.

A former HAL executive who left the company recently was quoted by Reuters as saying that the crash in Dubai &quot;rules out exports for now&quot;. &quot;The focus for the coming years would be on boosting production of the fighter for domestic use,&quot; the former executive said.

&quot;The Tejas crash and headlines around a potential Russia–Ukraine peace deal are clearly weighing on investor sentiment, triggering short-term volatility in defence stocks. But structurally, the narrative hasn’t changed — India’s defence manufacturers continue to benefit from strong order books, indigenisation policies, and export ambitions. While risk perception is elevated now, these are strategic, long-duration plays. If HAL and peers deliver on execution and communicate clearly, this phase may end up being a buying opportunity rather than a lasting drag on valuations,&quot; said Siddharth Maurya, Founder &amp;amp; Managing Director, Vibhavangal Anukulakara.
HAL share price: Technical view
HAL is currently trading in a consolidative structure, moving within a broad descending channel marked by falling trendline resistance on the upside, said Pravesh Gour, Senior Technical Analyst at Swastika Investmart.

The analyst noted that the stock continues to struggle near the Rs 4,900–4,850 zone, which remains a strong supply area as visible from repeated rejections. On the downside, the Rs 4,500–4,450 zone is acting as a crucial support band, aligned with horizontal support and the 200-day moving average, making it an important level for traders to watch. Price action shows short-term weakness as HAL trades below key short-term moving averages (20-DMA and 50-DMA), signalling loss of momentum, he added.

HAL's RSI is hovering around mid-range without showing strong directional bias, while MACD remains in a negative crossover, indicating continued bearish undertone. &quot;Unless HAL breaks above the falling trendline and sustains beyond Rs 4,900, upside will likely remain capped. A breakdown below Rs 4,450 may trigger further weakness toward Rs 4,300,&quot; Gour added.

Follow all LIVE updates from the stock markets here.

(With inputs from agencies)

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

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Defence index falls 2.5% on Tejas crash, Russia-Ukraine peace talks; Mishra Dhatu Nigam, BEML lead losses

Brokerages see up to 24% upside for HAL shares despite Tejas fighter jet crash in Dubai: Here's why

Multiline Insurance & Brokers Industry StocksCheck latest stock performance, list of stocks, earnings review & more details about the Multiline Insurance & Brokers industry stocks.

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Industry Market Map

Earnings Review-Q2 FY25-26

Stock News

BNP Paribas, Integrated Core Strategies offload over 2% stake each in Paytm, Fortis Healthcare, GE Vernova T&amp;D

Persistent Systems shares rise 2%, hit 10-month high after CLSA reiterates bullish call

Real estate shares fall for 5th day, extend losses to 6%; analysts say 'valuations far ahead of fundamentals'

Defence index falls 2.5% on Tejas crash, Russia-Ukraine peace talks; Mishra Dhatu Nigam, BEML lead losses

Brokerages see up to 24% upside for HAL shares despite Tejas fighter jet crash in Dubai: Here's why

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BNP Paribas, Integrated Core Strategies offload over 2% stake each in Paytm, Fortis Healthcare, GE Vernova T&D