Tale of the Tape 

Good evening ya’ll!

Markets bounced back in the second half of the day, with the Nifty and Sensex ending up +0.4% each. Investors were happy over the decent Q2 earnings season + Trump’s remarks on an India trade deal. Midcaps (+0.5%) and Smallcaps (-0.2%) traded mixed. The advance-decline ratio was in favour of the bulls (3:2).

Most sectors finished higher. IT (+1.2%) and Auto (+1.1%) were the top gainers. PSU Banks (-0.4%) and Real Estate (-0.2%) saw minor cuts.

In today’s issue of the Daily Rip, we look at why Goldman Sachs is bullish on India, Bharat Forge and Bajaj Finance’s Q2 results, the top newsmakers of the day and more.

Honourable Mentions:

Britannia (-3%) was down after long-time CEO Varun Berry, responsible for turning around the company, abruptly quit. Hindustan Copper jumped +6% after posting strong Q2 numbers.

Check out the NSE 500 heatmap:

Market
Apna Time Aayega!

After a rough 2025, are Indian markets starting to get their mojo back? ICYMI -  both Goldman Sachs & HSBC upgraded India recently, hinting that there may be some light at the end of the tunnel. Here’s a breakdown of why stonks may be set for a better H2-FY26.

1) Valuations & FII interest: The biggest reason behind the 2024-25 corrections was that we needed one. There was froth across midcaps & smallcaps and stuff was too expensive. That’s starting to change. NIfty now trades at a ~20% discount to the S&P 500, the highest gap in nearly 17 years. India’s relative premium to Asia has also normalised (from a peak of 90% to just 45% right now). Historically when it hits this level, Indian markets see a moderate outperformance. FYI - FIIs turned net buyers in October but that was mostly due to IPOs. It’s been a mixed bag in November so far, so keep an eye out.

2) India Inc results: The Q2 earnings season is shaping up to be okay-ish. Most analysts are projecting a far better Q3 on the back of improved demand (GST cuts) + low inflation. Goldman projects MSCI India profits to recover from 10% in 2025 to 14% in 2026. This tracks with a bounceback in GDP growth. The last piece of the puzzle is India solving its tariff headache and with us cutting back on Russian oil, a US trade deal should be in the bag soon.

3) It’s AI dummy: Finally, there’s the narrative issue. US and Asian markets rallied like crazy in 2025 because investors were betting on AI stocks. India has none; which led to a lotta people ignoring us. But if the AI bubble pops up -- which some experts fear will happen soon -- India could be a key hedge according to HSBC. The investment bank says investors who feel uncomfortable with AI could flock to India which may become an “outsized beneficiary”. Not bad!

TL;DR: India is getting cheaper. Earnings & economy are starting to bounce back too.Trump is an overhang, but if the AI rally implodes, we could be back in the FII spotlight.

Specials
Time To Buy Suzlon?

Suzlon is down 33% from its highs, what’s next for the stock? 📉

In our latest video, we break down Suzlon’s fundamentals and technicals, along with the latest analyst ratings.