The BSE Sensex closed at 84,900.71, slipping 331 points (0.39%), while the NSE Nifty50 ended at 25,959.50, down 108.65 points (0.42%).
Broader markets added to the pressure — Nifty Midcap 100 fell 0.32%, while Nifty Smallcap 100 dropped 0.85%, showing risk appetite was weak across segments.
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Impact on the stock market
Sector-wise performance
The biggest drag was Nifty Realty, slipping 2.05% as investors booked profits after recent rallies. Nifty Metal also fell 1.23%, hurt by global cues and softer commodity expectations. Nifty Chemicals lost 1.31%, continuing its recent subdued run.
But one sector stood out — Nifty IT, which managed to climb 0.41%, driven largely by hopes of a US Federal Reserve rate cut in December. IT stocks tend to benefit when the US softens rates because a major chunk of their revenue comes from North America. Today’s sentiment worked in their favour.
| Sector/Index | Performance |
| IT & BPM sector | 0.41% |
| Healthcare sector | -0.53% |
| Oil & Gas sector | -0.84% |
| Real estate sector | -2.05% |
| PSU Bank in India | -0.15% |
Top gainers today
| Company | Share Price (in ₹) | Change % |
| Tech Mahindra | 1,494.00 | 2.22 |
| Eicher Motors | 7,279.50 | 2.03 |
| Bajaj Auto | 9,012.00 | 1.35 |
| Wipro | 247.30 | 1.15 |
| Shriram Finance | 828.30 | 0.61 |
Top losers today
| Company | Share Price (in ₹) | Change % |
| JSW Steel | 1,106.10 | -3.00 |
| Bharat Electronics | 404.50 | -2.85 |
| Max Healthcare | 1,156.10 | -2.12 |
| Dr Reddys Labs | 1,220.10 | -1.91 |
| Grasim | 2,686.20 | -1.78 |
Market aftermath: Impact on stocks
Persistent Systems: A quiet outperformer in an anxious market
One of the strongest stories of the day came from the IT midcap space. Persistent Systems jumped over 2% and hit a 10-month high, touching ₹6,426.50.
What triggered the rally?
Brokerage giant CLSA reiterated its ‘high conviction outperform’ rating, setting a target price of ₹8,270. That’s an impressive 31% upside from its previous close of ₹6,296.50.
The bullish call is backed by:
- Strong deal wins
- Consistent execution
- Heavy focus on AI
- A healthy pipeline across BFSI, hi-tech and healthcare
The stock has also seen a steady recovery — up over 9% in a month and nearly 55% from its April lows. While Nifty IT is still down 12% YTD, Persistent is proving to be an exception in a tough year for tech.
Bajaj Electricals: A 9% intraday jump on divestment buzz
Bajaj Electricals stole attention early in the session, rising nearly 9% before settling with a gain of around 2.6%.
The trigger?
Reports suggested the company is planning to sell its loss-making Nirlep cookware unit, which it had acquired in 2018 for ₹80 crore.
Why does this matter?
- Nirlep hasn’t scaled up
- Competition is intense
- Margins have been low
- The segment hasn’t benefited from broader consumer demand
The sale aligns with Bajaj’s strategy to focus on higher-margin categories, strengthen the Bajaj and Morphy Richards brands, and clean up its product portfolio.
Despite today’s bounce, the stock is down 33% over the past year, so investors treated the divestment news as a welcome development.
Defence stocks: A rough day triggered by Tejas crash + peace talk optimism
The sharpest reactions of the day were seen in defence counters. The Nifty India Defence index fell nearly 2%, hitting a two-week low.
Two major global events shaped sentiment:
1. Tejas fighter jet crash at Dubai Air Show
HAL’s Tejas LCA crashed during a manoeuvre, leading to the unfortunate death of an IAF officer.
Impact on stocks:
- HAL fell 9% intraday, later trading 3.5% lower
- Mishra Dhatu Nigam (Midhani) was the top loser, falling ~4%
- Astra Microwave, BEML, Solar Industries, Zen Tech, GRSE, Paras Defence and Cochin Shipyard dropped between 2–3%
- BEL and BDL also slipped around 2%
Analysts were quick to note that while the tragedy is significant, it does not change the structural trajectory of India’s defence sector. Order books remain strong, export demand is rising and government spending continues to grow.
2. Russia–Ukraine peace talk progress
Global defence stocks fell after news of revised peace proposals between Russia, Ukraine and the US.
For India, this means:
- Short-term pressure on defence stocks
- Profit-booking as the “war premium” cools
- Sentiment-led selling rather than fundamental shifts
India’s defence exports touched ₹23,622 crore in FY25, and long-term pipelines for companies like HAL, BEL, BDL and MDN remain intact. The consensus is clear: the sell-off is temporary unless investigation reports reveal deeper concerns.
Crude oil: Quiet but influenced by geopolitics
Oil markets remained relatively flat on Monday morning.
- Brent crude: $61.96 (+0.03%)
- WTI crude: $58.05 (+0.42%)
- MCX crude (Dec): ₹5,198 (+0.02%)
What’s driving the quietness?
Talks of a US-brokered Russia–Ukraine peace deal are softening supply concerns. If tensions ease:
- Sanctions on Russia may be relaxed
- Middle distillate supply worries cool
- Diesel and refined product markets stabilise
Adding to the mix, Kuwait’s Al-Zour refinery (615,000 bpd) is expected to increase output in December, helping plug supply gaps caused by Russian refinery disruptions.
Natural gas was volatile though — MCX December gas futures fell 3.8% to ₹412, driven by mild weather and weak demand cues.
Conclusion
Today’s market was a reminder that even when global cues look supportive, domestic sentiment can swing based on sector-specific news and stock-level triggers.
- IT outperformed thanks to Fed rate cut hopes.
- Realty, metal and chemical stocks dragged the indices.
- Persistent Systems and Bajaj Electricals were rare bright spots.
- Defence stocks took a beating due to an unfortunate accident and geopolitical shifts.
- Crude oil stayed flat but remains sensitive to peace talk developments.
Overall, it was a day where caution outweighed optimism — but under the surface, there were enough interesting stock-specific stories to keep investors on their toes.
For more stock market insights, check out the StockGro blog.
