Indian stock market is expected to witness a busy session on Wednesday, November 12, 2025, with several major shares in focus following fresh brokerage calls and quarterly earnings announcements. Sectors such as oil and gas, power, financials, industrials, and pharmaceuticals are likely to see action, with top brokerages including CLSA, Jefferies, Nomura, Goldman Sachs, Elara, Citi, and HSBC issuing updates on key companies.
ONGC share in focus as brokerages issue multiple calls
The ONGC share remains one of the most actively tracked in today’s session after several brokerages issued updated calls and target prices. CLSA retained a High Conviction Outperform call with a target price of ₹330 per share, noting that QFY26 EBIT and PAT came in 2–4 percent ahead of estimates. The brokerage said ONGC expects gas output from the KG-98/2 field to ramp up from Q1FY27 and additional gains from the Daman offshore field in 2026.
Jefferies maintained a Buy call but trimmed its target price to ₹310 per share, saying consolidated results were broadly in line and that the company continues to optimise operating costs to defend profitability in a soft crude environment. Nomura also maintained a Buy call with a lower target of ₹270, highlighting a 4 percent volume CAGR expectation through FY25–28, supported by output from new wells and a planned opex reduction of ₹5,000 crore.
On the cautious side, Goldman Sachs reiterated its Sell call with a target of ₹220, flagging weaker production growth visibility and subdued crude price assumptions.
Tata Power share and other energy stocks to watch today
The Tata Power stock is under watch after CLSA maintained a Hold call with a revised target of ₹369 per share, citing that the September quarter was affected by the Mundra IPP shutdown and weak Indonesian mine performance. The brokerage, however, noted steady performance in the Odisha Discom and solar EPC businesses, which partially offset the weakness.
Torrent Power share also remains in focus after the company reported a 25 percent rise in EBITDA and margin expansion to 19 percent from 17 percent YoY, driven by stronger distribution and generation operations. In renewables, Waaree Energies share will be tracked after the company received a large order for 360 MW of solar modules, signalling strong momentum in the solar space.
Financial and Telecom shares in focus: Max Financial, BSE, Aavas, Vodafone Idea
The financial sector is likely to stay active with multiple updates from brokerages. Max Financial Services share drew attention after Jefferies maintained a Buy call with a target of ₹1,900, highlighting a 25 percent rise in VNB and 16 percent APE growth, aided by margin expansion to 25 percent.
The BSE Ltd share remains in focus as Jefferies and Goldman Sachs released new notes. Jefferies maintained a Hold with a target of ₹2,930, pointing to strong option revenue growth and lower SGF charge benefit, while Goldman Sachs held a Neutral stance with a target of ₹2,460, after a 12 percent QoQ revenue rise.
Aavas Financiers stock gained interest after Citi reiterated a Buy with a target price of ₹2,350, citing strong AUM growth and robust profitability. In telecom, Vodafone Idea share was under mixed views — BoFA kept an Underperform rating with a ₹6.5 target citing high leverage, while Nuvama maintained Hold, calling the performance stable with moderate subscriber losses and ARPU growth.
Shriram Finance stock is also in focus after Morgan Stanley reaffirmed its Overweight rating with a target of ₹925, expecting improved margins and a 16 percent return on equity.
Industrial and infrastructure shares to watch today
Among industrials, Bharat Forge share continues to attract attention after two brokerage updates. Nomura maintained a Neutral call with a target of ₹1,553, citing that defence growth offset weakness in exports, while InCred maintained a Hold with a target of ₹1,209, highlighting pressure in the US commercial vehicle market.
KEC International stock remains on Elara Capital’s positive list, with a Buy and target of ₹930, supported by a 19 percent YoY revenue rise and strong 70 percent jump in order inflows. Schneider Electric Infrastructure share also saw momentum after Goldman Sachs maintained a Buy with a target of ₹950, citing 46.5 percent growth in orders despite minor revenue misses.
In contrast, Thermax share came under pressure after the company reported a 38 percent YoY drop in EBITDA, missing estimates, while RVNL stock fell on a 20.6 percent decline in EBITDA and margin contraction to 4.2 percent.
Jindal Stainless share leads the metal stocks
Among metals, Jindal Stainless share remains a key focus. Jefferies maintained a Buy with a target price of ₹925, citing strong Q2 results where EBITDA grew 17 percent YoY and exceeded estimates. Elara Capital retained an Accumulate call with a target of ₹836, expecting the balance sheet to turn net cash by FY28.
Pharma and healthcare shares in focus today
The pharma pack remains active following a series of quarterly updates. Biocon share led the sector with Q2 results above estimates, as EBITDA grew 22 percent YoY. JB Chemicals stock also advanced after reporting 14.4 percent YoY EBITDA growth, with margins improving to 28.5 percent. IOL Chemicals share gained following a 37 percent jump in EBITDA, while Fortis Healthcare stock saw a 28 percent rise in EBITDA with margins expanding to 24 percent from 22.6 percent.
Among laggards, EIH share slipped after reporting a 12 percent decline in EBITDA, Godrej Industries share fell after a 76.5 percent YoY EBITDA drop, and Emcure Pharma stock came under pressure after Reuters reported Novo Nordisk’s price cut on Wegovy in India.
Consumer and retail shares to watch today
In the consumer segment, Bikaji Foods share is in focus after the company reported a 25.6 percent rise in EBITDA and margin expansion to 13.8 percent. Landmark Cars share turned profitable with a 33.5 percent YoY jump in revenue, while Pearl Global stock posted a 24 percent increase in EBITDA. Dhampur Sugar share also turned around on an EBITDA basis compared to a loss last year.
Other shares in focus: Real estate, defence, and services
Awfis Space Solutions share rose after reporting a 32.7 percent EBITDA jump, while Onesource stock gained on 38 percent EBITDA growth with margin expansion to 28.4 percent. In defence, Paras Defence stock gained attention after the company bagged ₹40 crore worth of defence orders.
Hexaware share also stayed in focus after the company expanded its Google Cloud partnership to launch new AI-driven insurance solutions.
Market sentiment today will be influenced by a mix of strong quarterly earnings, brokerage calls, and select sectoral momentum. ONGC, Tata Power, BSE, and Jindal Stainless shares are likely to remain among the top trades as analysts update their models post Q2 earnings, while Biocon, Fortis Healthcare, Max Financial, and Torrent Power may continue to attract buying interest due to healthy operational performances.
Disclaimer: This article is for informational purposes only and does not constitute investment advice or stock recommendations.
