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Markets cheer possible Fed Cut and geopolitical thaw
Nov-28-2025

Indian equity benchmarks ended the passing week higher amid rising optimism that the Federal Reserve will lower interest rates by 25 basis points in December, along with heavy buying by Foreign Institutional Investors. Increasing optimism surrounding a potential truce between Russia and Ukraine also bolstered the investor sentiment. 

Some of the major developments during the week are:

India's economy to grow at 6.6% in 2025-26: Sentiments remained upbeat as the IMF said India's economy is estimated to grow at 6.6 per cent in 2025-26, noting that the GST reforms are likely to help cushion the country from the adverse impact of the 50 per cent tariffs imposed by the US. 

India's GDP likely to grow 6.5% in FY26: S&P Global Ratings has projected India's gross domestic product (GDP) to grow 6.5 per cent in the current fiscal year (FY26) and 6.7 per cent in the next, saying tax cuts and monetary policy easing will give a boost to consumption-driven growth.

India's merchandise exports drop 11.8% in October after US tariff hike: Crisil in its latest report has said that India's merchandise exports fell 11.8 per cent year-on-year, since August 2024, to $34.38 billion in October 2025. 

Size of Indian economy likely to cross $4 trillion in FY26: Chief Economic Advisor (CEA) V Anantha Nageswaran has said that the size of Indian economy is expected to cross $4 trillion in current fiscal (FY26). 

India’s data centre operators likely to invest up to Rs 60,000 crore by FY28: Credit rating agency Crisil said that data centre players in India are expected to invest Rs 55,000 to Rs 60,000 crore during FY2026 to FY2028, which will double the capacity in the range of 2.3 to 2.5 gigawatt.

BSE movement for the week

The Bombay Stock Exchange (BSE) Sensex surged 474.75 points or 0.56% to 85,706.67 during the week ended November 28, 2025. The BSE Midcap index gained 555.69 points or 1.19% to 47,211.40 and Smallcap index surged 42.05 points or 0.08% to 52,053.71. On the sectoral front, S&P BSE Metal was up by 500.10 points or 1.49% to 34,112.07, S&P BSE Finance was up by 173.68 points or 1.33% to 13,258.64 and S&P BSE BANKEX was up by 801.48 points or 1.21% to 66,946.16 were the top gainers, while S&P BSE Oil & Gas was down by 429.55 points or 1.50% to 28,207.28, S&P BSE Power was down by 37.15 points or 0.56% to 6,613.14, and S&P BSE Consumer Durables was down by 340.27 points or 0.55% to 61,868.22 were the top losers on the BSE.

NSE movement for the week

The Nifty surged 134.80 points or 0.52% to 26,202.95. On the National Stock Exchange (NSE), Bank Nifty was up by 885.00 points or 1.50% to 59,752.70, Nifty IT was up by 520.15 points or 1.41% to 37,405.50, Nifty Mid Cap 100 increased 766.95 points or 1.27% to 61,043.25 and Nifty Next 50 gained 468.30 points or 0.68% to 69,137.45.

FII transactions during the week

Foreign Institutional Investors (FIIs) were net buyers in equity segment in the week, with gross purchases of Rs 116,772.18 crore and gross sales of Rs 116,748.31 crore, leading to a net inflow of Rs 23.87 crore. They also stood as net buyers in the debt segment with gross purchases of Rs 10,888.22 crore against gross sales of Rs 10,681.60 crore, resulting in a net inflow of Rs 206.62 crore. In hybrid segment, FIIs stood as net sellers, with gross purchases of Rs 140.35 crore and gross sales of Rs 148.79 crore, leading to a net outflow of Rs 8.44 crore.

Industry and Economy

The International Monetary Fund (IMF) has said that India's economy is estimated to grow at 6.6 per cent in current financial year (FY26). It noted that the Goods and Services Tax reforms are likely to help cushion the country from the adverse impact of the 50 per cent tariffs imposed by the US. It highlighted ‘India's economy has continued to perform well. Following the economic growth of 6.5 per cent in FY25, real GDP expanded by 7.8 per cent in the first quarter of FY26. It said that looking ahead, India's ambition to become an advanced economy can be supported by advancing comprehensive structural reforms that enable higher potential growth. Despite external headwinds, growth is expected to remain robust, supported by favourable domestic conditions.

Outlook for the coming week

In the passing week, Indian equities ended with gains of over half a percent with growing expectations that the US Federal Reserve may cut interest rates in December.

Next week will mark the start of the new month and lot of data flow, starting with auto sales data for the passing month. On December 01, HSBC Manufacturing PMI Final data is slated to be announced. On December 03, HSBC Composite PMI Final, HSBC Services PMI Final will be released. Traders would be waiting for RBI interest rate decision on December 05. Furthermore, winter session of parliament will be held from December 1 to 19.

On the global front, investors will be eyeing macro-economic reports from world’s largest economy, United States, starting with S&P Global Manufacturing PMI Final, ISM Manufacturing PMI on December 01, Redbook YoY on December 02, Export Prices, Import Prices, S&P Global Composite PMI Final, S&P Global Services PMI Final, ISM Services PMI on December 03, Initial Jobless Claims, Balance of Trade data on December 04, Fed Balance Sheet, Michigan Consumer Sentiment Prel, Baker Hughes Oil Rig Count on December 05.

Top Gainers 

  • Tech Mahindra up by 4.21% was the top gainer on Nifty for the week - Tech Mahindra traded with traction on achieving the Amazon Web Services (AWS) Generative AI (GenAI) Competency. This specialization recognizes the company as an AWS Partner that helps customers and the AWS Partner Network drive the advancement of services, tools, and infrastructure pivotal for implementing generative AI technologies.
  • Sun Pharma up by 3.05% was another top gainer on Nifty for the week - Sun Pharma traded higher as its secured USFDA’s approval for updated label for UNLOXCYT for the treatment of adults with metastatic CSCC or locally advanced CSCC who are not candidates for curative surgery or curative radiation. The updated label now incorporates long-term follow-up data, which showed patients receiving UNLOXCYT experienced durable clinical responses.

Top Losers 

  • Adani Enterprise down by 6.78% was the top loser of the week on Nifty - Adani Enterprise came under pressure after its Rs 24,930 crore rights issue opened at a discount of 25% to market price. Earlier, the company’s board had approved Rights Issue of 13,85,01,687 Rights Equity Shares at a Rights Issue Price of Rs 1,800.00 per Rights Equity Share (including a premium of Rs 1,799.00 per Rights Equity Share).
  • Trent down by 3.16% was another top loser of the week on Nifty - Trent continued to decline post its Q2 numbers. On consolidated basis, the company has reported 11.25% rise in its net profit at Rs 376.86 crore for Q2FY26 as compared to Rs 338.75 crore for Q2FY25. Total income of the company increased by 15.31% at Rs 4,845.23 crore for Q2FY26 as compared to Rs 4,201.94 crore for Q2FY25.

Technical viewpoints

During the week, CNX Nifty touched the highest level of 26,310.45 on November 27 and lowest level of 25,842.95 on November 26. On the last trading day, the Nifty closed at 26,202.95 with weekly gain of 134.80 points or 0.52 percent. For the coming week, 25,927.12 followed by 25,651.28 are likely to be good support levels for the Nifty, while the index may face resistance at 26,394.62 and further at 26,586.28 levels.

US Market

The U.S. markets traded higher during week amid continued optimism about rate cut by Federal Reserve at its next monetary policy meeting in December. Fed Governor Waller indicated that he supports cutting rates by another quarter point in December.

Some of the major developments during the week are:

U.S. weekly jobless claims dip in week ended November 22: The Labor Department said initial jobless claims slipped to 216,000, a decrease of 6,000 from the previous week's revised level of 222,000.

Consumer confidence in U.S. deteriorates in November: The Conference Board said its consumer confidence index tumbled to 88.7 in November from an upwardly revised 95.5 in October. Street had expected the consumer confidence index to dip to 93.3.

U.S. pending home sales surge in October:  The NAR said its pending home sales index shot up by 1.9 percent to 76.3 in October after inching up by 0.1 percent to an upwardly revised 74.9 in September.

Chicago business barometer unexpectedly plunges in November: The Chicago business barometer plunged to 36.3 in November after climbing to 43.8 in October. Street had expected the index to inch up to 44.3.

U.S. durable goods orders climb in September: The Commerce Department said durable goods orders climbed by 0.5 percent in September after spiking by an upwardly revised 3.0 percent in August.

European Market

European markets witnessed gaining rally during the passing week, amid optimism about an interest rate cut by the Federal Reserve in December. Hopes of a potential Russia - Ukraine peace deal also aided sentiment.

Some of the major developments during the week are:

Eurozone economic confidence rises in November: The monthly survey data from the European Commission showed that the economic sentiment index climbed to 97.0 in November, as expected, from 96.8 in October. 

Sweden trade surplus grows in October: The figures from Statistics Sweden showed that the trade surplus rose to SEK 1.5 billion in October from SEK 0.8 billion in the corresponding month last year.

Eurozone private sector continues to expand: The survey results published by S&P Global showed that the flash HCOB composite output index dropped marginally to 52.4 in November from 52.5 in October. 

German Ifo business sentiment weakens unexpectedly: The results of a closely watched survey by the ifo institute showed that the business climate index fell to 88.1 in November from 88.4 in October. 

UK private sector growth softens: The flash survey results from S&P Global revealed that the composite output index fell more-than-expected to 50.5 in November from 52.2 in October. The expected level was 51.8.

Asian Market

Asian markets, barring KLSE composite index, traded in green during the passing week, as traders continued to express optimism about the outlook for interest rates following the recent dovish comments from some US Fed officials.

Some of the major developments during the week are:

Japan's unemployment rate steady in October: Japan's unemployment rate stood at 2.6 percent in October 2025, unchanged from the previous two months but slightly above market expectations of 2.5 percent.

Japan industrial output grows unexpectedly: Japan's industrial production rose 1.4 percent on month in October 2025, beating market expectations of a 0.6 percent decline but easing from a 2.6 percent gain in the previous month.

Japan retail sales rise in October: Japan’s retail sales increased 1.7 percent in October 2025, accelerating from a downwardly revised 0.2 percent rise in September 2025, surpassing market expectations for a 0.8 percent increase.

China industrial profit growth slows: Profits at China’s industrial firms rose 1.9% yoy to CNY 5.95 trillion in the first ten months of 2025, easing from a 3.2% growth in the prior period as demand softened and pricing pressures persisted.

BOK leaves key rate unchanged: The Bank of Korea (BOK) kept its policy rate unchanged at 2.5%, offering a stable domestic backdrop to support financial stability amid a weakened currency and ongoing housing market concerns.
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