Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>BSE SENSEX represents the 30 largest stocks listed in the Bombay Stock Exchange (BSE) in India.</li>
<li>In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX index for the December 2026 index rebal event.</li>
<li>As things stand, we see only one ADD/DEL but there are other names lurking close to the border.</li>
</ul>


BSE SENSEX represents the 30 largest stocks listed in the Bombay Stock Exchange (BSE) in India.
In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX index for the December 2026 index rebal event.
As things stand, we see only one ADD/DEL but there are other names lurking close to the border.


Quiddity Leaderboard BSE ​​​​SENSEX Dec26: One Change Likely But Multiple Other Outcomes Possible

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

Equity Bottom-Up

<ul>
<li>Despite the broad-based weakness in Indian equity market, insider buying in November 2025 was strong and broad-based.</li>
<li>We highlight large and small cap companies that experienced significant insider buying during November 2025, as reported on the stock exchanges.</li>
<li>We also present key sectors which saw insider buying during the month along with names which have moved significantly above the insider buying price.</li>
</ul>


Despite the broad-based weakness in Indian equity market, insider buying in November 2025 was strong and broad-based.
We highlight large and small cap companies that experienced significant insider buying during November 2025, as reported on the stock exchanges.
We also present key sectors which saw insider buying during the month along with names which have moved significantly above the insider buying price.


Insider Activity: Who Bought Their Own Stock in November?

Chief Economist & Political Strategist, CrossASEAN Research

Prasenjit K. Basu

Chief Economist & Political Strategist

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Thematic (Sector/Industry)

<ul>
<li>For the sixth consecutive year, China's steel output is declining (-3.9%YoY in Jan-May'26). World steel output is declining for the 5th consecutive year, but India/US/Germany steel output is rising.  </li>
<li>Like 1990-95 (post-USSR's fall), world steel output declined 33mn tonnes in 2020-25 led by China's 104mn decline -- caused by its overcapacity. Other countries' output grows, while China reins-in overcapacity. </li>
<li>Having accounted for 90% of increased world steel output in 2000-2020, China is focused on 'new industries'. FAI in steel will decline. Non-China steel producing countries/companies will continue to benefit. </li>
</ul>


For the sixth consecutive year, China's steel output is declining (-3.9%YoY in Jan-May'26). World steel output is declining for the 5th consecutive year, but India/US/Germany steel output is rising.  
Like 1990-95 (post-USSR's fall), world steel output declined 33mn tonnes in 2020-25 led by China's 104mn decline -- caused by its overcapacity. Other countries' output grows, while China reins-in overcapacity. 
Having accounted for 90% of increased world steel output in 2000-2020, China is focused on 'new industries'. FAI in steel will decline. Non-China steel producing countries/companies will continue to benefit. 


Steel as a Bellwether of Global Industrial Cycles: Climbing Out of China's Shadow

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Kotak Mahindra Bank: Kotak Mahindra Bank’s (KMB) Q4FY26 earnings beat estimates, on account of lower-than-expected provisioning and stable operating performance, alongside steady growth on both sides of the balance sheet</li><li>Healthy loan growth (16% YoY; 3%QoQ) was driven by mortgages, business banking, and SME segments</li><li>Deposit growth at 15% YoY (6% QoQ) was strong with CASA ratio clocking in at 43.3% (+196bps QoQ), driven by seasonality in CA balances</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Kotak Mahindra Bank: Kotak Mahindra Bank’s (KMB) Q4FY26 earnings beat estimates, on account of lower-than-expected provisioning and stable operating performance, alongside steady growth on both sides of the balance sheetHealthy loan growth (16% YoY; 3%QoQ) was driven by mortgages, business banking, and SME segmentsDeposit growth at 15% YoY (6% QoQ) was strong with CASA ratio clocking in at 43.3% (+196bps QoQ), driven by seasonality in CA balancesContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: Kotak Mahindra Bank, Avenue Supermarts, Bajaj FinServ, Jindal Steel

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>The Indian steel industry faced a highly disappointing 9MFY26 driven by multi-year low prices, persistent Chinese dumping, and severely delayed post-monsoon infrastructure restocking. </li>
<li>A robust Q4FY26 turnaround is now highly expected, driven by a sharp rebound in domestic realisations and condensed pent-up pre-monsoon project execution demand. </li>
<li>However, this bullish outlook faces significant downside risks post Q4FY26 from sequential coking coal inflation threatening margins and escalating geopolitical tensions disrupting global supply chains.</li>
</ul>


The Indian steel industry faced a highly disappointing 9MFY26 driven by multi-year low prices, persistent Chinese dumping, and severely delayed post-monsoon infrastructure restocking. 
A robust Q4FY26 turnaround is now highly expected, driven by a sharp rebound in domestic realisations and condensed pent-up pre-monsoon project execution demand. 
However, this bullish outlook faces significant downside risks post Q4FY26 from sequential coking coal inflation threatening margins and escalating geopolitical tensions disrupting global supply chains.


India Steel Industry: Should We Expect a Turnaround from Q4FY26?

India

Jindal Steel Limited manufactures steel products. The Company offers steel rails, parallel flange beams and columns, angles and channels, plates, and coils, as well as engages in the power, mining, manufacturing, and infrastructure construction businesses. Jindal Steel serves customers worldwide.

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Jindal Steel (JINDALST IN)

Quiddity Leaderboard BSE SENSEX Dec26: One Change Likely But Multiple Other Outcomes Possible

Our expected ADD and DEL could have more than 8x ADV to trade. More importantly, the ranks can still change before the end of the reference period...

Janaghan Jeyakumar, CFA

Insider Activity: Who Bought Their Own Stock in November?

Despite overall market weakness, insider buying in Indian equities was strong and widespread in November 2025, with significant activity in both...

Sreemant Dudhoria

Steel as a Bellwether of Global Industrial Cycles: Climbing Out of China's Shadow

China's steel output is declining for the sixth successive year, while India, US, Germany see growth. China's FAI in old industries will slump...

Prasenjit K. Basu

HSIE Results Daily: Kotak Mahindra Bank, Avenue Supermarts, Bajaj FinServ, Jindal Steel

Deposit growth at 15% YoY (6% QoQ) was strong with CASA ratio clocking in at 43.3% (+196bps QoQ), driven by seasonality in CA balances

HDFC Securities

India Steel Industry: Should We Expect a Turnaround from Q4FY26?

Indian steel industry had a tough 9MFY26 but is expected to see a turnaround in Q4FY26, though risks remain due to coking coal inflation and...

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

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Quiddity Leaderboard BSE ​​​​SENSEX Dec26: One Change Likely But Multiple Other Outcomes Possible

Our expected ADD and DEL could have more than 8x ADV to trade. More importantly, the ranks can still change before the end of the reference period...

Janaghan Jeyakumar, CFA

Insider Activity: Who Bought Their Own Stock in November?

​Despite overall market weakness, insider buying in Indian equities was strong and widespread in November 2025, with significant activity in both...

Sreemant Dudhoria

Steel as a Bellwether of Global Industrial Cycles: Climbing Out of China's Shadow

​China's steel output is declining for the sixth successive year, while India, US, Germany see growth. China's FAI in old industries will slump...

Prasenjit K. Basu

HSIE Results Daily: Kotak Mahindra Bank, Avenue Supermarts, Bajaj FinServ, Jindal Steel

Deposit growth at 15% YoY (6% QoQ) was strong with CASA ratio clocking in at 43.3% (+196bps QoQ), driven by seasonality in CA balances

HDFC Securities

India Steel Industry: Should We Expect a Turnaround from Q4FY26?

​Indian steel industry had a tough 9MFY26 but is expected to see a turnaround in Q4FY26, though risks remain due to coking coal inflation and...

Nimish Maheshwari

Quiddity Leaderboard BSE SENSEX Dec26: One Change Likely But Multiple Other Outcomes Possible

Despite overall market weakness, insider buying in Indian equities was strong and widespread in November 2025, with significant activity in both...

China's steel output is declining for the sixth successive year, while India, US, Germany see growth. China's FAI in old industries will slump...

Indian steel industry had a tough 9MFY26 but is expected to see a turnaround in Q4FY26, though risks remain due to coking coal inflation and...