Mumbai | Thursday, November 13, 2025 — Indian equities ended virtually unchanged on Thursday as investors booked profits after a three‑day rally and turned cautious ahead of Friday’s Bihar election results. The Sensex settled at 84,478.67 (↑0.01%) and the Nifty 50 at 25,879.15 (↑0.01%). Intraday, the Sensex briefly topped 84,919 and the Nifty reclaimed 26,010 before late selling pared gains. Metals and realty outperformed while IT and PSU banks lagged. Market breadth was negative with mid- and small-caps slipping about 0.3%. 1
Banking stands out: Bank Nifty notches a fresh record
Despite the flat headline close, the Nifty Bank index hit a new all‑time intraday high near 58,616 and finished at 58,381.95 (↑0.18%), powered by buying in heavyweights such as ICICI Bank. The move underscores persistent relative strength in financials even as the broader market paused. 2
Sector snapshot
On the NSE, Metal, Realty and Pharma indices advanced, while IT, Media and PSU Banks slipped. The mixed sectoral tone reflected a tug‑of‑war between upbeat corporate prints in select pockets and event risk into the state election outcome. 3
Top movers: Asian Paints shines; autos, ports ease
- Asian Paints extended its post‑earnings surge, hitting a fresh 52‑week high and outperforming the market after stronger decorative paints volumes and a profit beat. Hindalco and InterGlobe Aviation were among other notable gainers. On the flip side, Mahindra & Mahindra, Adani Ports and Shriram Finance faced profit‑taking. 1
- In autos, Ashok Leyland traded firm following its quarterly results (revenue up, profit broadly flat as costs weighed), while Eicher Motors reported a double‑digit profit rise. Honasa Consumer (Mamaearth) rallied after swinging to profit in Q2 FY26. 4
Macro tailwinds and cross‑asset cues
India’s inflation surprise continues to act as a supportive macro backdrop. October CPI cooled to a record low of 0.25% y/y, well below the RBI’s 2–6% band for a second month, largely on food price deflation and the pass‑through of tax cuts. This has stoked market debate about the path and timing of further policy easing. 5
On the currency front, the rupee closed at 88.6650 per US dollar, little changed from Wednesday. Traders cited persistent importer hedging and foreign outflows, with state‑run banks intermittently selling dollars to defend the all‑time‑low zone around 88.80. 6
In commodities, Brent crude hovered around $62–63 a barrel after extending losses on a U.S. inventory build and a softer OPEC outlook — a net positive for India’s terms of trade if sustained. 7
Flows: FIIs sell modestly; DIIs keep buying
Provisional stock‑exchange data showed foreign investors (FIIs/FPIs) were net sellers by ₹384 crore while domestic institutions bought a net ₹3,092 crore on Thursday, continuing the recent pattern of DIIs cushioning overseas outflows. Separately, exchange data this week highlighted that overall FPI ownership in NSE‑listed companies has slipped to the lowest in 15 years, even as strong domestic flows have underpinned indices. 8
Policy & regulation watch
India’s market regulator SEBI proposed easing pre‑IPO lock‑in rules for certain existing shareholders (excluding large/promoter shareholders), aiming to streamline the listing process and tighten enforcement around pledged shares. The consultation paper also suggests a standardized summary of key disclosures for offer documents — an investor‑friendly change as IPO activity stays brisk into year‑end. 9
What drove today’s trade
- Event risk: Profit‑booking into Friday’s Bihar election result kept traders defensive after a multi‑session rise; a surprise outcome is seen as a possible volatility trigger for the near term. 1
- Earnings dispersion: Paints, select metals and private banks drew bids on better‑than‑expected numbers/outlook, while some auto and PSU names eased on valuation and sector‑specific pressures. 1
- Macro relief: Record‑low CPI, softer oil and a largely range‑bound rupee offered a supportive backdrop, though global risk appetite remains sensitive to U.S. data and yields. 5
Technical picture: Levels to watch
Short‑term momentum remains constructive, but the 26,000–26,030 zone continues to cap the Nifty on intraday spikes. On the downside, 25,760–25,730 is the immediate support band cited by multiple desks; a sustained break below could open 25,560–25,600, whereas a breakout above 26,030 may re‑ignite a move toward 26,100–26,180. 3
Key takeaways
- Flat close with a bullish undercurrent: Headline indices were unchanged, but a record‑high Bank Nifty and strength in select cyclicals suggest dips are still getting bought. 10
- Macro cushion:Record‑low CPI and benign crude improve the near‑term setup for rate‑sensitive sectors and consumption plays. 5
- Flows bifurcation persists:DIIs remain net buyers as FIIs stay cautious; positioning around state election headlines and U.S. data will likely dictate near‑term direction. 8
Numbers at a glance (Nov 13, 2025)
- Sensex: 84,478.67 (↑0.01%) | Nifty 50: 25,879.15 (↑0.01%). 1
- Nifty Bank: 58,381.95 (↑0.18%); Intraday high ~58,616 (record). 10
- Rupee: 88.6650 per USD (prev 88.63). 6
- Brent crude: ~$63/bbl. 11
- India CPI (Oct): 0.25% y/y (record low). 5
- Flows (provisional): FII –₹384 cr, DII +₹3,092 cr. 8
Near‑term outlook:
With the market now perched just under Nifty 26,000, traders will watch the Bihar election outcome on Friday and U.S. macro prints for cues. A clean read‑through from politics and continued macro calm (oil, rupee, yields) could allow the uptrend to resume, led by banks, select discretionary consumption and domestically oriented cyclicals; conversely, a negative surprise may invite a quick de‑risking toward cited support zones. 1
This report is for informational purposes only and does not constitute investment advice.
