The BSE Sensex finished 148.14 points lower (–0.18%) at 83,311.01, while the Nifty 50 settled 87.95 points down (–0.34%) at 25,509.70.
Broader indices underperformed: the Nifty Midcap 100 slipped 0.7%, and the Nifty Smallcap 100 lost 1.4%, reflecting greater caution in high-beta pockets.
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Impact on the stock market
Sector-wise performance
Metals tumbled, with the Nifty Metal index down 2.1% (second straight day of losses). Hindalco plunged >5% after its US arm Novelis posted weaker-than-expected numbers and a subdued margin outlook, while Grasim fell ~6%; JSW Steel and Tata Steel also traded lower.
Media and consumer durables led declines alongside metals, mirroring weaker global cues and a post-festive cool-off in discretionary demand.
Defensive and quality pockets provided a buffer: the Nifty FMCG index edged +0.05% and the Nifty IT index added +0.2%, aided by moves in Britannia, Nestlé India, HUL and tech majors Wipro, TCS, Infosys.
In autos, M&M advanced 1.2% to ₹3,625 after a Q2 FY26 beat and upbeat outlook across both auto and farm businesses; the Nifty Auto index closed +0.1%.
| Sector/Index | Performance |
| IT & BPM sector | 0.15% |
| Healthcare sector | -0.49% |
| Oil & Gas sector | -0.20% |
| Real estate sector | -1.51% |
| PSU Bank in India | -0.62% |
Top gainers today
| Company | Share Price (in ₹) | Change % |
| Asian Paints | 2,602.90 | 4.67 |
| Reliance | 1,496.10 | 1.56 |
| Interglobe Aviation | 5,717.00 | 1.42 |
| M&M | 3,625.10 | 1.23 |
| UltraTech Cement | 11,947.00 | 1.08 |
Top losers today
| Company | Share Price (in ₹) | Change % |
| Grasim | 2,714.20 | -5.82 |
| Hindalco | 788.40 | -5.17 |
| Adani Enterprises | 2,336.00 | -3.46 |
| Power Grid | 270.85 | -2.94 |
| Eternal | 306.60 | -2.20 |
Market aftermath: Impact on stocks
Paytm: Gains Momentum with MSCI Inclusion and Earnings Beat
Paytm continued to dominate investor discussions after being included in the MSCI Global Standard Index, a move expected to attract $1.46 billion of inflows into Indian equities, according to Nuvama.
Shares of One 97 Communications Ltd, Paytm’s parent, jumped 4% to ₹1,321, fuelled by strong Q2 results and multiple brokerage upgrades.
Here’s a quick snapshot of the numbers:
- Revenue: ₹2,060 crore (+7% QoQ)
- EBITDA: ₹140–₹180 crore (up 2x QoQ)
- PAT: ₹21 crore (adjusted for exceptional items)
- Contribution margin: 59% (upper end of guidance)
Analysts lauded Paytm’s focus on UPI credit growth, Soundbox adoption, and cost discipline.
- Citi: “Buy” – TP ₹1,500 – cited strong momentum in credit-linked payments.
- Emkay Global: “Buy” – TP ₹1,600 – expects 35% EBITDA growth in FY26.
- JM Financial: “Buy” – TP ₹1,470 – appreciated cost efficiency and margin gains.
- Jefferies: “Buy” – TP ₹1,600 – sees 24% CAGR in revenues over FY25–28.
With improving device economics and low loan penetration offering room for expansion, Paytm seems poised for a more sustainable growth phase.
Ola Electric: Forecast cut triggers a 5% selloff
On the other hand, Ola Electric had a rough day, hitting a 5% lower circuit at ₹47.55, marking a two-month low.
The company trimmed its FY26 revenue forecast sharply — from ₹4,200–₹4,700 crore to ₹3,000–₹3,200 crore, though it reaffirmed its 40% gross margin target.
Financial highlights for Q2:
- Revenue: ₹690 crore (–43% YoY)
- Net loss: ₹418 crore (vs ₹495 crore last year)
- Automotive EBITDA: ₹2 crore — its first-ever positive result
- Expenses: ₹893 crore (–44%)
Ola achieved savings by manufacturing its own battery cells, cutting raw material costs, and slashing operational spending by 46% in its autos unit.
However, sales volumes nearly halved to 52,666 units, largely driven by cheaper entry-level models. While the margin story is improving, the topline contraction spooked investors, pushing the stock down 44% year-to-date.
Apollo Micro Systems (AMS): Defence play delivers strong growth
Apollo Micro Systems (AMS) impressed with stellar Q2 FY26 numbers. The company’s net profit nearly doubled to ₹31.11 crore (+98.2% YoY), while revenue rose 40.2% to ₹225.3 crore.
Operational metrics stood out:
- EBITDA: ₹59.59 crore (+82.7%)
- EBITDA margin: 26.45% (vs 20.29% a year ago)
AMS’s strong order book from DRDO and defence PSUs continues to underpin its performance.
- Recently bagged orders worth ₹18.43 crore.
- Declared L1 bidder for projects worth ₹39.27 crore.
- Secured Transfer of Technology (ToT) approval for the Mechatronic Fuze for Grenade — enhancing its indigenous defence capabilities.
Despite the impressive results, shares slipped 2.73% to ₹270.3, possibly due to short-term profit booking. Still, AMS remains one of the promising midcap names in the defence manufacturing space.
Crude Oil: Tight supply keeps prices supported
Crude oil prices edged higher as US petroleum product inventories declined, signalling tighter global supplies.
- Brent (Jan futures): $63.71 (+0.30%)
- WTI (Dec futures): $59.81 (+0.35%)
- MCX (India Nov futures): ₹5,312 (+0.13%)
According to the US Energy Information Administration (EIA):
- Motor gasoline inventories dropped 4.7 million barrels, now 5% below the five-year average.
- Distillate inventories fell 0.6 million barrels, 9% below seasonal norms.
- Crude inventories rose 5.2 million barrels to 421.2 million, 4% below average.
Analysts from ING Think noted that Ukraine’s drone attacks on Russia’s Norsi refinery (capacity ≈ 340,000 barrels/day) and ongoing sanctions are lifting prices for refined products, especially middle distillates.
Other commodities also saw movement:
- Natural gas (MCX): ₹379.7 (+0.66%)
- Turmeric (NCDEX): ₹14,680 (+0.41%)
- Jeera (NCDEX): ₹20,110 (–0.37%)
Conclusion
The markets closed lower, but the day wasn’t short on action.
- Paytm was the star, climbing on MSCI inclusion and upbeat Q2 earnings.
- Ola Electric hit turbulence after cutting its FY26 forecast.
- AMS shined with defence-led growth and expanding margins.
- Oil prices held firm amid tightening global supply and geopolitical risks.
As investors weigh mixed corporate signals and global macro uncertainty, the coming sessions could see stock-specific action rather than broad market moves.
In short: while the indices cooled off, the stories beneath the surface kept the market buzzing — proving once again, there’s never a dull day on Dalal Street.
For more stock market insights, check out the StockGro blog.
