The company has a stellar long-term track record, with accelerating growth and a consistently high Return on Equity, signaling a fundamentally strong business.
However, a recent and significant slowdown is evident, with TTM and quarterly figures showing decelerating sales and profits, which has also been reflected in the stock's subdued performance over the last year.
News TidBits
ICICI Bank was a key contributor to market gains last week, registering a significant increase in its market capitalization alongside other large-cap peers.
The bank recently fortified its financial position for future expansion by successfully raising ₹3,945 crore through Tier 2 bonds to strengthen its capital base.
Several brokerages have issued 'buy' recommendations on the stock, citing positive technical momentum and strong fundamentals.
As a leading lender, the bank's profitability and stock performance are directly linked to the outcome of the upcoming RBI monetary policy meeting, which will influence interest rate margins.
ICICI Bank is well-positioned to capitalize on India's strong economic recovery, particularly the revival in capital expenditure and manufacturing growth.
Stacks on Stacks: Tip Time 🤑
Your portfolio's biggest enemy isn't market volatility; it's the emotional impulse to act on that volatility, so build a system that saves you from your own best intentions.
Inside The Fund
HSBC Value Fund
Fund Size: ₹ 14342.41 Cr
NAV: ₹ 127.8202 (as on 28th November, 2025)
1 Year
7.05%
Category: 4.95%
2 Year
21.39%
Category: 18.61%
3 Year
24.21%
Category: 19.97%
5 Year
25.10%
Category: 22.15%
10 Year
17.33%
Category: 15.63%
Stocks Added
Stock
Sector
1M Change
Pearl Global Industries Limited
Trading – textiles
0.03%
Stocks Removed
Stock
Sector
1M Change
Siemens Energy India Ltd.
Power generation
-0.54%
Top 10 Holdings
Stock
Holding %
1M Change
HDFC Bank Ltd.
4.20%
-0.03%
Multi Commodity Exchange Of India Ltd.
3.85%
0.46%
State Bank Of India
3.48%
0.09%
Hero Motocorp Ltd.
3.18%
-0.10%
ICICI Bank Ltd.
2.89%
-0.45%
Reliance Industries Ltd.
2.87%
0.11%
Karur Vysya Bank Ltd
2.68%
0.25%
Mahindra & Mahindra Ltd.
2.66%
-0.07%
Hindustan Petroleum Corporation Ltd.
2.46%
0.67%
Godfrey Phillips India Ltd.
2.45%
-0.36%
The Common Ground
Shows the commonly added & removed stocks by mutual funds last month
Top Added (5)
Tata Capital Ltd.
4 funds
Axis ELSS Tax Saver Fund - Direct Plan - Growth
0.10%
Kotak ELSS Tax Saver Fund - Direct Plan - Growth
0.31%
Tata ELSS Fund - Direct Plan - Growth
0.55%
UTI ELSS Tax Saver Fund - Direct Plan - Growth
0.31%
TML Commercial Vehicles Ltd.
3 funds
SBI ELSS Tax Saver Fund - Direct Plan - Growth
0.66%
Mirae Asset ELSS Tax Saver Fund - Direct Plan - Growth
0.64%
Tata ELSS Fund - Direct Plan - Growth
0.43%
LG Electronics India Pvt. Ltd.
3 funds
Axis ELSS Tax Saver Fund - Direct Plan - Growth
0.35%
Aditya Birla Sun Life ELSS Tax Saver Fund - Direct Plan - Growth
0.36%
Tata ELSS Fund - Direct Plan - Growth
0.15%
Canara HSBC Life Insurance Co.Ltd.
2 funds
Mirae Asset ELSS Tax Saver Fund - Direct Plan - Growth
0.69%
ICICI Prudential ELSS Tax Saver Fund - Direct Plan - Growth
0.22%
Lenskart Solutions Ltd.
2 funds
Mirae Asset ELSS Tax Saver Fund - Direct Plan - Growth
0.15%
Kotak ELSS Tax Saver Fund - Direct Plan - Growth
0.37%
Top News Developments
RBI Policy in Focus as Strong GDP Poses Dilemma
The upcoming RBI policy is critical as the central bank must balance supporting strong GDP growth, evidenced by 9.1% manufacturing expansion, against persistent global inflation concerns.
A dovish stance could boost liquidity and fuel further gains in rate-sensitive sectors like banking, NBFCs, and real estate, which directly benefit from lower interest rates.
Conversely, a hawkish surprise could tighten liquidity and accelerate FPI outflows, which already stood at a negative Rs 3,765 crore in November.
The RBI's forward-looking guidance on inflation and growth will be the most crucial signal for determining market direction for the remainder of the year.
GDP Surprise Ignites Cyclical Sector Rotation
India's stellar Q2 GDP numbers, driven by a 7.3% jump in capital formation, have confirmed a robust investment-led recovery that bolsters overall market confidence.
This is triggering a clear sectoral rotation, with investors moving capital from defensive sectors into cyclicals like manufacturing, infrastructure, and auto, which are direct beneficiaries of economic expansion.
This trend is notable as it occurs while headline indices are consolidating and the small-cap segment faces correction, suggesting a flight to quality within growth-oriented themes.
Investors should watch for sustained momentum in companies linked to the government's Production-Linked Incentive (PLI) schemes and infrastructure spending.
US Data and Trade Deal Talks Add Global Layer to Market Outlook
Upcoming US economic data, like the private payrolls report, will heavily influence the US Federal Reserve's rate decisions and, consequently, foreign portfolio investor (FPI) flows into India.
Progress in the India-US trade deal negotiations, expected to conclude by year-end, could provide a significant boost to export-oriented sectors like IT, pharmaceuticals, and auto components.
A finalized deal would improve bilateral trade and also enhance India's strategic appeal as a global manufacturing hub, offering an alternative to China.
However, strong US jobs data could strengthen the dollar, potentially dampening FPI enthusiasm in the short term, creating a push-and-pull effect for Indian markets.
IPO Watchlist
Upcoming IPOs
The primary market is set for a very active period with several new listings on the horizon, including mainboard issues from Vidya Wires, Aequs, and Meesho, all scheduled to open on December 3rd.
Investor interest appears particularly strong for the Meesho IPO, which is commanding a grey market premium (GMP) of over 37%, suggesting high anticipation for a strong listing.
This busy IPO calendar reflects buoyant market sentiment and provides retail investors with multiple opportunities to invest in growing companies before the year ends.
Vidya Wires
300.01
Date:3 Dec - 5 Dec
List:10 Dec
Subscription: -
GMP: 19.23%
Aequs
921.81
Date:3 Dec - 5 Dec
List:10 Dec
Subscription: -
GMP: 34.68%
Meesho
5421.20
Date:3 Dec - 5 Dec
List:10 Dec
Subscription: -
GMP: 37.84%
Cha-Ching Cheatsheet 💵
Instead of chasing hyped multi-baggers, investigate the 'boring' but profitable companies you interact with daily; often, the best investments are hiding in plain sight within your own consumption habits.
* Valuation category is calculated as a weighted average of PE ratio, CAPE, forward PE, historical PEG, and forward PEG. We are currently showing PE, Forward PE, and Forward PEG for reference.
Global risk-off sentiment and instability in global technology stocks negatively impacted FPI flows into India during November 2025, with foreign investors preferring primary markets over secondary markets.
Expectations of US Federal Reserve rate cuts in December are influencing global market sentiment and supporting emerging market inflows, including those directed toward Indian equities.
Technology sector volatility globally affected Indian IT services stocks, with the IT sector among the most impacted by FPI outflows in November 2025.
Global market conditions reflected easing inflation trends combined with concerns about trade dynamics, which influenced investor risk appetite toward Indian markets.
International investor positioning shifted toward cautious approaches in early December, with FIIs starting the December series with a long-to-short ratio of 81:19, reflecting a bearish and careful market entry strategy.
Emerging Opportunities
Large-cap stocks remain in bullish territory with consistent strength, as approximately 60-65% of NIFTY50 constituents trade above their 50-day moving averages, indicating broad-based market participation beyond narrow leadership.
IT services and technology sectors, despite recent FPI outflows, present contrarian opportunities as global technology volatility may create temporary dislocations in fundamentally strong Indian IT companies.
Domestic economic growth momentum and RBI rate-cut expectations in December present opportunities in interest-rate-sensitive sectors such as banking, financial services, and consumer discretionary stocks.
The strong support from domestic institutional investors deploying substantial capital suggests confidence in medium-term growth, presenting opportunities in sectors benefiting from India's economic fundamentals and infrastructure development.
India-US trade negotiations and potential trade agreement developments offer medium-term growth opportunities across export-oriented sectors, particularly IT services, pharmaceuticals, and manufacturing, as positive outcomes could boost FPI sentiment toward Indian equities.
Policy & Regulations
All eyes are on the upcoming Reserve Bank of India's monetary policy meeting, which will set the tone for interest rates and market liquidity for the final month of 2025.
Market regulator SEBI demonstrated its commitment to investor protection by barring Droneacharya and its promoters from the securities market for two years due to misrepresentation of IPO proceeds.
In the banking space, the RBI imposed a penalty of ₹91 lakh on HDFC Bank for regulatory non-compliance, while ICICI Bank proactively strengthened its capital base by raising ₹3,945 crore via Tier 2 bonds.
Crypto Buzz
Name
Price
Market Cap
24h Change
ATH Change
Bitcoin (BTC)
$91236
$1.82T
0.75%
-27.59%
Ethereum (ETH)
$3004.36
$362.86B
0.26%
-39.20%
Tether (USDT)
$1
$184.64B
-0.02%
-24.41%
XRP (XRP)
$2.19
$132.12B
-0.41%
-39.91%
BNB (BNB)
$877.48
$120.87B
-0.08%
-35.90%
The global cryptocurrency market is experiencing a cautiously bullish phase, with its total market capitalization climbing as Bitcoin trades firmly above $91,000.
Positive sentiment is largely being driven by institutional interest, particularly the renewed optimism surrounding BlackRock's proposed Bitcoin exchange-traded fund (ETF).
However, investors are reminded of the sector's inherent risks following an alleged security exploit at the Upbit exchange, highlighting the ongoing importance of security diligence.
Indian Macroeconomy
Currency
Exchange rate against USD
89.34
-0.02
Previous: 89.36
As of Nov 25
Nominal GDP
Annual growth including inflation
8.2%
0.4%
Previous: 7.8%
As of Sep 25
CPI Inflation
Consumer price increase
0.25%
-1.19%
Previous: 1.44%
As of Oct 25
Repo Rate
RBI lending rate
5.5%
→
0%
Previous: 5.5%
As of Oct 25
Trade Balance
Exports minus imports
$-41.68B
$-9.53B
Previous: $-32.15B
As of Oct 25
Current Account
Global trade, income & transfers
$-2351M
$-15828M
Previous: $13477M
As of Jun 25
Mfg PMI
Manufacturing activity level
57.4 points
-1.8 points
Previous: 59.2 points
As of Nov 25
Services PMI
Services activity level
59.5 points
0.6 points
Previous: 58.9 points
As of Nov 25
The Indian economy demonstrated remarkable strength, with Q2 GDP data revealing a 9.1% expansion in manufacturing and a 7.3% increase in gross fixed capital formation, significantly exceeding market expectations.
This robust performance, driven by a strong capex recovery and government manufacturing initiatives, has solidified bullish sentiment and reinforces the economy's resilience against global headwinds.
The combination of high growth, reflected in the 8.2% annual GDP rate, and benign inflation at just 0.25%, provides the Reserve Bank of India with considerable flexibility in its upcoming monetary policy decision, creating a favorable environment for cyclical sectors like infrastructure, manufacturing, and banking.
Inside The Fund
Stocks Added 
Stocks Removed 
