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Benchmarks end higher in passing week amid foreign fund inflows, strong quarterly numbers
Nov-21-2025

Indian benchmarks ended the passing week with gains of over half a percent on account of value buying, strong quarterly performance by corporates, and foreign fund inflows. Additionally, optimism over a potential India-US trade deal boosted sentiments in the markets. However, gains remained capped amid weak domestic macro-economic data and subdued global cues.

Some of the major developments during the week are:

India's private sector activity expands at slowest pace in November: The HSBC Flash India Composite Output Index - a seasonally adjusted index that measures the M-o-M change in the combined output of manufacturing and service sectors - fell to 59.9 in November 2025 from 60.4 in October 2025. 

Output of eight key infrastructure sectors remains flat in October: The government data showed output of eight key infrastructure sectors remained flat in October on a Y-o-Y basis. The eight core industries had expanded by 3.3 per cent in September 2025.

India’s merchandise exports contract in October: The commerce ministry in its latest data has showed that India’s merchandise exports contracted 11.8 per cent to $34.38 billion in October 2025 as compared to $38.98 billion in October 2024, on account of the impact of high tariffs by the US.

Rate of unemployment remains steady at 5.2% in October: The Ministry of Statistics and Programme Implementation (MoSPI) in its Periodic Labour Force Survey (PLFS) has said that the rate of unemployment for those aged 15 and above remained steady at 5.2 per cent in October.

RBI provides relief to exporters amid steep US tariffs: With an aim to support exporter amid high US tariffs, the Reserve Bank of India (RBI) has permitted exporters to bring proceeds of their shipments in 15 months as against the prevailing timeframe of 9 months.

BSE movement for the week

The Bombay Stock Exchange (BSE) Sensex surged 669.14 points or 0.79% to 85,231.92 during the week ended November 21, 2025. The BSE Midcap index losses 531.47 points or 1.13% to 46,655.71, while Smallcap index slipped 1119.02 points or 2.11% to 52,011.66. On the sectoral front, S&P BSE TECK was up by 332.05 points or 1.85% to 18,287.60, S&P BSE Information Technology was up by 460.23 points or 1.30% to 35,874.22, and S&P BSE Auto was up by 549.83 points or 0.91% to 61,270.46 were the top gainers, while S&P BSE Realty was down by 281.10 points or 3.84% to 7,033.01, S&P BSE Metal was down by 1,142.38 points or 3.29% to 33,611.97, and S&P BSE Capital Goods was down by 1,411.40 points or 1.99% to 69,364.01 were the top losers on the BSE.

NSE movement for the week

The Nifty surged 158.10 points or 0.61% to 26,068.15. On the National Stock Exchange (NSE), Nifty IT was up by 584.10 points or 1.61% to 36,885.35, and Bank Nifty was up by 350.15 points or 0.60% to 58,867.70, while Nifty Mid Cap 100 decreased 462.90 points or 0.76% to 60,276.30 and Nifty Next 50 lost 1117.70 points or 1.60% to 68,669.15.

FII transactions during the week

Foreign Institutional Investors (FIIs) were net buyers in equity segment in the week, with gross purchases of Rs 91,215.36 crore and gross sales of Rs 88,911.80 crore, leading to a net inflow of Rs 2,303.56 crore. They also stood as net sellers in the debt segment with gross purchases of Rs 8,419.98 crore against gross sales of Rs 10,350.38 crore, resulting in a net outflow of Rs 1,930.40 crore. In hybrid segment, FIIs stood as net buyers, with gross purchases of Rs 302.69 crore and gross sales of Rs 111.53 crore, leading to a net inflow of Rs 191.16 crore.

Industry and Economy

With the help of robust festive sales triggered by the GST rate cut in late September, a SBI research report has said that India's Gross Domestic Product (GDP) growth is likely to reach 7.5 per cent or more in the second quarter of the current fiscal (Q2FY26). It noted that growth is being supported by a pick-up in investment activities, recovery in rural consumption, and buoyancy in services and manufacturing, underpinned by structural reforms like GST rationalisation, which also helped unleash a festive spirit that decisively showcased the triumph of hope over hype. The government will release the GDP data for the July-September quarter later this month. The Reserve Bank had projected the economic growth for the second quarter at 7 per cent.

Outlook for the coming week

Indian equity markets ended higher in the passing week with modest gains amid optimism around India-US trade talks, value buying and foreign fund inflows.

The next week is likely to be a volatile one as traders will adjust their positions on account of monthly derivatives expiry, which is scheduled to take place on November 25. In the coming week, on the economy front, investors will be eyeing the Q2 GDP data, which is scheduled to be released on November 28. On the same day, market-participants would be eyeing the industrial production data, government budget value, bank loan growth, deposit growth and foreign exchange reserves data.

On the global front, investors will be eyeing macro-economic reports from world’s largest economy, United States, starting with Dallas Fed Manufacturing Index and Chicago Fed National Activity Index on November 24, Producer prices and Dallas Fed Services Index on November 25, Durable Goods Orders, Initial Jobless Claims, Chicago PMI and Baker Hughes Oil Rig Count on November 26, and Fed Balance Sheet on November 29.

Top Gainers 

  • Max Healthcare Institute up by 7.57% was the top gainer on Nifty for the week - Max Healthcare Institute traded with traction on reporting 74.34% rise in consolidated net profit at Rs 491.30 crore for Q2FY26 as compared to Rs 281.81 crore for the same quarter in the previous year. The total income of the company increased by 24.03% at Rs 2,168.37 crore for Q2FY26 as compared to Rs 1,748.30 crore for the corresponding quarter previous year.
  • Axis Bank up by 4.13% was another top gainer on Nifty for the week - Axis Bank traded higher as it proposes to raise funds by issuing Fully paid, Senior, Rated, Listed, Unsecured, Taxable, Redeemable, Long Term Non-Convertible Debentures (Series - 9) - Base issue of Rs 2,000 crore and green shoe option to retain oversubscription of Rs 3,000 crore thereby aggregating Rs 5,000 crore, on a private placement basis.

Top Losers 

  • Tata Motors Passenger Vehicles (TMPV) down by 8.97% was the top loser of the week on Nifty - TMPV came under pressure as it reported EBITDA loss at Rs 1404 crore in Q2FY26 as against a positive EBITDA at Rs 9478 crore in Q2FY25.  The hit was driven largely by JLR, which faced a mix of tariff expenses, production losses, weaker demand and unfavourable mix, factors that analysts believe will remain in play over the near term.
  • Tata Steel down by 4.90% was another top loser of the week on Nifty - Metal stocks traded lower after the government extended exemptions from mandatory quality control orders for select steel and stainless-steel grades, a move that could increase imports and exert further pressure on domestic prices. A quality control order prevents non-BIS-compliant steel products from entering the Indian market.

Technical viewpoints

During the week, CNX Nifty touched the highest level of 26,246.65 on November 20 and lowest level of 25,740.80 on November 19. On the last trading day, the Nifty closed at 26,068.15 with weekly gain of 158.10 points or 0.61 percent. For the coming week, 25,790.42 followed by 25,512.68 are likely to be good support levels for the Nifty, while the index may face resistance at 26,296.27 and further at 26,524.38 levels.

US Market

The U.S. markets traded lower during the week as investors worried about lofty technology valuations. Meanwhile, Federal Reserve released minutes of its latest monetary policy meeting, revealing officials mixed views about outlook for interest rates.

Some of the major developments during the week are:

U.S. existing home sales jump to eight-month high in October: Existing home sales shot up by 1.2 percent to an annual rate of 4.10 million in October after jumping by 1.3 percent to a downwardly revised rate of 4.05 million in September.

Philly fed index rebounds in November: The Philly Fed said its diffusion index for current general activity jumped to a negative 1.7 in November after plummeting to a negative 12.8 in October. 

U.S. employment jumps much more than expected in September: Non-farm payroll employment jumped by 119,000 jobs in September after a revised dip of 4,000 jobs in August. Street had expected employment to rise by 50,000 jobs.

Weekly jobless claims in U.S. dip more than expected: First-time claims for U.S. unemployment benefits fell in the week ended November 15. Initial jobless claims dipped to 220,000, a decrease of 8,000 from the previous week's level of 228,000. 

U.S. homebuilder confidence unexpectedly edges higher in November: The NAHB/Wells Fargo Housing Market Index crept up to 38 in November after jumping to 37 in October.

European Market

European markets remained lackluster during the passing week, as investors remained a bit cautious amid widening Spain trade gap and shrinking Swiss trade surplus.

Some of the major developments during the week are:

Eurozone consumer confidence stable in November: The preliminary survey data from the European Commission showed that the flash consumer confidence index reading was -14.2 in November, the same as in October.

Spain trade gap widens in September: The preliminary data from the Economy Ministry showed that the trade deficit rose to EUR 6.0 billion in September from EUR 3.3 billion in the corresponding month last year. 

Eurozone construction output falls for second month: The Eurostat reported that construction output logged a monthly fall of 0.5 percent, following a 0.2 percent drop in August.

Swiss trade surplus shrinks in October: The data from the Federal Customs Administration showed that the trade surplus decreased to CHF 2.62 billion in October from CHF 2.74 billion in September.

Italy inflation confirmed at 1.2%: The latest data from the statistical office showed that consumer price inflation slowed to 1.2 percent in October from 1.6 percent in September.

Asian Market

Asian markets traded in red during the passing week as a brief Nvidia-led rally faded and mixed U.S. jobs data left markets uncertain whether the Federal Reserve will cut rates in December.

Some of the major developments during the week are:

Japan core machinery orders jump in September: The value of core machinery orders in Japan was up a seasonally adjusted 4.2% on month in September - coming in at 927.8 billion yen. That beat expectations for an increase of 2.3%.

Japan posts merchandise trade deficit in October: Japan posted a merchandise trade deficit of 231.8 billion yen in October. That beat expectations for a shortfall of 280 billion yen following the 234.6 billion yen deficit in September.

Japan exports rise in October: Japan exports were up 3.6 percent on year at 9.766 trillion yen in October, that also beat forecasts for a gain of 1.1 percent following the 4.2 percent increase in the previous month. 

Japan inflation hits 3-month high: Japan’s annual inflation rate edged up to 3.0 percent in October 2025 from 2.9 percent in September, marking the highest reading since July.

China maintains key interest rates as expected: The People's Bank of China maintained its benchmark lending rates for the 6th straight month. One-year loan prime rate unchanged at 3.0%, and the 5-year LPR was retained at 3.50%.
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