The BSE Sensex closed at 85,720.38, up 110.87 points (0.13%), after touching an intraday record high of 86,055.86. The NSE Nifty50 finished at 26,215.55, adding 10.25 points (0.04%), having earlier scaled a new peak at 26,310.45.
The mid- and small-cap universe didn’t fully participate. The Nifty Midcap 100 ended flat with a positive bias, while the Nifty Smallcap 100 slipped 0.53%.
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Impact on the stock market
Sector-wise performance
Sector performance added more nuance to the day.
- Nifty IT gained 0.22% — a modest rise, but notable given global tech’s wobbly cues.
- Nifty Private Bank rose 0.34%, supported by ICICI Bank’s strong showing.
- Nifty PSU Bank declined 0.58%, continuing its recent underperformance.
- Nifty Realty fell 0.72% amid weak demand indicators.
- Nifty Oil & Gas slipped 0.73%, tracking weakness in global crude.
| Sector/Index | Performance |
| IT & BPM sector | 0.22% |
| Healthcare sector | -0.12% |
| Oil & Gas sector | -0.73% |
| Real estate sector | -0.72% |
| PSU Bank in India | -0.58% |
Top gainers today
| Company | Share Price (in ₹) | Change % |
| Bajaj Finance | 1,033.80 | 2.29% |
| Shriram Finance | 867.65 | 1.29% |
| ICICI Bank | 1,392.20 | 1.25% |
| HUL | 2,451.70 | 1.09% |
| Bajaj Finserv | 2,103.20 | 0.87% |
Top losers today
| Company | Share Price (in ₹) | Change % |
| Eicher Motors | 6,999.00 | -2.77% |
| Adani Enterprise | 2,255.00 | –2.59% |
| Maruti Suzuki | 15,903.00 | -1.57% |
| Bajaj Auto | 9,022.50 | -1.54% |
| ONGC | 244.00 | -1.49% |
Market aftermath: Impact on stocks
Emami: A 5% jump backed by bold analyst calls
Emami’s stock climbed nearly 5% to ₹538.45, marking its highest level in 14 sessions. The rally was triggered by a bullish note from Goldman Sachs, which maintained its Buy rating and set a striking price target of ₹825 per share.
That’s an upside potential of 60.5% from the previous close of ₹514.05.
Goldman expects Emami to clock a strong earnings recovery over the next four quarters, supported by a favourable winter season and a smoother demand cycle. It noted that the company’s current valuation doesn’t match its long-term growth potential due to temporary earnings volatility.
However, the brokerage also listed four downside risks:
- overexposure to niche categories
- unexpected leadership changes
- rising competition
- unfavourable weather conditions
The optimism wasn’t limited to global firms. Elara Capital had also upgraded Emami to Buy, with a ₹700 price target (36% potential upside), citing recovery in rural demand, portfolio relaunches, and improved loading for winter products.
Still, the company’s short-term numbers weren’t pretty. In Q2 FY26, Emami’s net profit fell 30% YoY to ₹148 crore, while revenue declined 10% YoY to ₹798.51 crore. Analysts, however, expect the comeback to begin from Q3 onwards.
Patel Engineering: A 14% surge on major project wins
In one of the day’s biggest moves, Patel Engineering jumped 14% to ₹37.89 after securing ₹798 crore worth of new orders from Hyderabad-based Saidax Engineers and Infrastructures.
The orders include:
- major coal excavation work at the Jhiria West OCP project in Chhattisgarh
- additional work for South Eastern Coalfields Ltd
But the real highlight was the trading activity—99 million shares were traded against the 30-day average of 1.9 million. That’s a 52x jump.
Despite today’s excitement, the stock is still down 29% in 2025, making the rally a welcome breather for investors.
MD Kavita Shirvaikar struck a confident tone, pointing to:
- a ₹34,000 crore tender pipeline already under evaluation
- ₹18,000 crore worth of new opportunities expected in the rest of the financial year
- nearly ₹1 lakh crore in projects expected to open for bidding over the next one to two years
With more than 85 dams, 40 hydroelectric projects, and 300+ km of tunnelling completed since 1949, the company’s order book growth story aligns with its core strengths.
Ashok Leyland: New record high on merger news
Ashok Leyland surged 6.39% to a record high of ₹158.47, driven by strong trading volumes and a promising corporate update.
Its financial arm, Hinduja Leyland Finance Ltd (HLFL), approved a merger with NDL Ventures. Under the proposed structure, NDL shareholders will receive 25 shares for every 10 shares of HLFL.
Volumes surged to 48.1 million shares, far above the 30-day average of 13.9 million, reflecting heightened investor interest.
Analyst sentiment is also firmly positive: 36 analysts rate the stock a Buy, with a median target of ₹160, per Reuters.
Broker commentary suggests this rally is built on strong fundamentals. Motilal Oswal highlighted:
- Profitability beating expectations
- margin expansion to 12.1%
- strong contributions from spare parts, defence, and power solutions
- a 35% YoY jump in exports
- the company shifting to a net cash position
Demand conditions look favourable too. LCV volumes are bouncing back, MHCV demand is expected to improve in coming quarters, and new launches—including MHCV tippers and buses—are lined up for the second half of the year.
Crude oil: Prices cool as US inventories rise
Oil prices softened on Thursday after the US Energy Information Administration reported a rise in inventory levels:
- US crude oil inventories: up 2.8 million barrels
- Gasoline inventories: up 2.5 million barrels
- Distillate inventories: up 1.1 million barrels
Prices responded accordingly:
- Brent (Feb): $62.17, down 0.59%
- WTI (Jan): $58.33, down 0.55%
- MCX Dec crude: ₹5,217, up 0.46%
- MCX Jan crude: ₹5,216, up 0.42%
Analysts at ING Think said the market is stuck between two major forces:
1. Hopes of progress in Russia–Ukraine peace talks, which would remove supply risks
2. Rising expectations of a US Fed rate cut in December, lifting broader risk appetite
With the OPEC+ meeting this weekend, the group is expected to keep production steady, especially after pausing planned supply hikes for Q1 2026.
Elsewhere in commodities:
- MCX December natural gas rose 1% to ₹412.40
- NCDEX Dhaniya (Dec) gained 1.62% to ₹9,900
- NCDEX Turmeric (Dec) slipped 0.64% to ₹14,000
Conclusion
Even on a day of record highs, the markets sent mixed signals. The indices touched new peaks, but the closing numbers showed clear hesitation. Sectoral rotation favoured defensives, while smallcaps and PSU banks lost momentum.
Individual stock stories added flavour—Emami on bullish analyst outlooks, Patel Engineering on large project wins, and Ashok Leyland on corporate restructuring and improving fundamentals.
Global cues played their part too. Rising US crude inventories softened oil prices, while uncertainty around OPEC+, geopolitical shifts, and a possible US rate cut kept traders cautious.
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