Sensex Today, 21 November 2025: Nifty Slips Below 26,100, Rupee Hits Record Low as Global Tech Rout Hits Dalal Street

India’s stock market cooled off on Friday, 21 November 2025, as benchmark indices Sensex and Nifty 50 came under pressure following a sharp selloff in global technology stocks and renewed concerns around interest rates and valuations. By mid‑afternoon, the rupee had fallen to a fresh record low against the US dollar and market volatility picked up, even as select autos, IT and healthcare names tried to cushion the fall. ^[1]

Key takeaways from the Indian stock market today (21 November 2025)

Sensex and Nifty 50 traded lower for most of the session; by around 3:00 pm IST, the Sensex was down about 388 points at 85,245, and the Nifty 50 was down around 121 points at 26,070.90. ^[2]
Midcap and smallcap indices fell about 1%, extending the underperformance of broader markets. ^[3]
Rupee hit a fresh record low near 89.52 per US dollar intraday before stabilising slightly around 89.15. ^[4]
India VIX, the volatility index, jumped roughly 11%, signalling rising nervousness. ^[5]
Autos and FMCG outperformed, while banks, metals, PSU banks and realty stocks led losses. ^[6]
Hindalco slid after a second fire at Novelis’ Oswego plant in New York in just over two months. ^[7]
Capillary Technologies made a volatile debut, listing slightly below its IPO price before rallying over 10% above issue levels. ^[8]
ED’s attachment of ₹1,452 crore worth of assets linked to Anil Ambani–led Reliance Group entities kept group stocks in focus. ^[9]

Market snapshot: Sensex & Nifty 50 today

After a strong close on Thursday—Sensex at 85,632.68 and Nifty 50 at 26,192.15, both near record territory—the market started Friday on the back foot. ^[10]

At the opening bell, Nifty 50 slipped below its previous close to around 26,109–26,110, while the Sensex opened roughly 250–285 points lower near 85,350–85,380, tracking weak global cues. ^[11]
Through the morning, the headline indices remained under pressure as selling intensified in banks, metals, capital goods and realty. ^[12]
By around 2:00 pm IST, the Sensex hovered near 85,420 (‑0.25%) and the Nifty near 26,131 (‑0.23%), with market breadth turning decisively negative. ^[13]
By around 3:00 pm IST, losses deepened: Sensex slipped about 388 points to 85,245.01 and Nifty fell about 121 points to 26,070.90; decliners outnumbered gainers by more than 2:1 on the NSE. ^[14]

Midcap and smallcap indices—both of which had sharply outperformed in recent months—fell about 0.7–1%, signalling some profit‑taking and risk‑off positioning outside the frontline names. ^[15]

Why is the Indian stock market down today?

1. Global tech selloff and AI valuation jitters

Overnight, Wall Street witnessed a sharp reversal in tech stocks: the Nasdaq swung from intraday gains of over 2% to a fall of about 2.1%, as investors reassessed stretched AI‑linked valuations after Nvidia’s much‑anticipated earnings. ^[16]

Asian markets followed the US lower on Friday, with major indices in Japan, South Korea and China trading in the red. ^[17]

Pre‑market indicators for India captured this souring mood:

Gift Nifty futures, which had initially hinted at a mildly positive open early in the morning, later shifted to a discount, signalling a weak start for the cash market. ^[18]

The combination of a global risk‑off move in tech, unresolved uncertainty over the next Federal Reserve rate cut, and nervousness about US and Japanese macro data fed into selling pressure on Dalal Street.

2. Nifty near record highs, inviting profit‑taking

Domestically, the market was also due for a breather:

Nifty 50 came within touching distance of its all‑time high of 26,277 (hit in September 2024) after rallying to around 26,246 earlier this week. ^[19]
Technical analysts note that the index has been making higher highs and higher lows, but the 26,150–26,200 zone is acting as near‑term resistance, prompting traders to book profits on rallies. ^[20]

With valuations elevated and global cues negative, Friday’s dip can be read as a consolidation phase rather than, at this stage, a breakdown of the uptrend.

Sector‑wise performance: Autos hold, banks and metals drag

Autos & FMCG: Relative outperformance

Even in a weak tape, auto and FMCG indices showed resilience:

On the Nifty, Maruti Suzuki, Mahindra & Mahindra (M&M), InterGlobe Aviation, Max Healthcare and Eicher Motors were among the prominent gainers. ^[21]
Analysts highlight continued demand optimism in passenger vehicles, rural recovery hopes, and stock‑specific upgrades (for instance, a bullish view and higher target price on M&M from Citi) as supporting factors. ^[22]

FMCG stocks, including ITC and select consumer names, also hovered in positive territory, partially cushioning the index from steeper losses. ^[23]

Banks: Key laggard for Nifty today

Despite being leadership names in the recent rally, banking stocks underperformed:

The Nifty Bank index slipped around 0.5% intraday, with ICICI Bank, HDFC Bank, Kotak Mahindra Bank, SBI and Bank of Baroda among the notable losers. ^[24]
Part of the weakness is simple profit‑booking after Bank Nifty hit record levels earlier this week; some traders also pointed to global risk‑off sentiment and a cautious stance ahead of upcoming global macro prints. ^[25]

Metals, realty and PSU banks: Pressure zones

The sharpest pain was visible in Nifty Metal, PSU Bank and Realty, each down over 1% at various points in the session. ^[26]

In metals, Hindalco Industries was in focus after a fresh fire incident at its Novelis plant in Oswego, New York—the second such event in just over two months, raising concerns about operational impact and earnings visibility. ^[27]
Realty and PSU bank stocks, which had seen strong inflows earlier in the quarter, saw broad‑based profit‑taking as investors trimmed exposure to high‑beta pockets.

Rupee at record low, VIX jumps: Macro undercurrents

The Indian rupee weakened sharply, hitting a record low around 89.52 per US dollar in intraday trade, before trading near its day’s low around 89.15 versus the previous close of 88.70. ^[28]

Factors weighing on the currency included:

Firm US dollar on the back of strong but mixed US jobs data, which complicated expectations of a near‑term Fed rate cut. ^[29]
Heightened volatility in global risk assets, particularly tech stocks. ^[30]

On the volatility front, the India VIX rose about 11%, reflecting demand for downside protection as indices retreated from record territory. ^[31]

Interestingly, foreign portfolio investors (FPIs) and domestic institutional investors (DIIs) were both net buyers in the cash market on Thursday, to the tune of about ₹284 crore and ₹824 crore respectively—a reminder that institutional appetite for Indian equities remains robust despite near‑term jitters. ^[32]

Stock‑specific movers to watch

Hindalco: Fire at Novelis plant spooks investors

Hindalco shares were under pressure after the company reported another fire at its Novelis plant in Oswego, New York, on 20 November around 8:45 am local time. This follows an earlier incident at the same plant in mid‑September. ^[33]

The company has confirmed:

All employees were safely evacuated and there were no injuries.
The plant is insured for property damage and business interruption, but the exact operational and financial impact is still being assessed. ^[34]

Markets nevertheless marked the stock lower, with traders factoring in potential near‑term disruption and margin risk.

Autos & travel: M&M, Maruti and InterGlobe shine

Amid the broader weakness:

M&M traded over 1% higher at points in the session, supported by upbeat broker commentary and positive demand outlook. ^[35]
Maruti Suzuki and InterGlobe Aviation (IndiGo) also featured among top Nifty gainers, helped by steady passenger demand and favourable sector commentary. ^[36]

Smallcap outperformer: Balaxi Pharmaceuticals

In the smallcap space, Balaxi Pharmaceuticals rallied around 10% intraday to ₹39.5, even as key indices declined. Despite today’s bounce, the stock remains down over 11% for November and has suffered significant drawdowns over the past two years, underscoring how selective the smallcap rally has been. ^[37]

Other notable movers

GMR Airports hit a multi‑year high after rising about 2% in intraday trade, extending a roughly 15% gain over the past month as investors bet on robust travel demand. ^[38]
Beta Drugs gained nearly 3% as it moved closer to migrating from the SME platform to the mainboard, generally seen as a liquidity and visibility booster. ^[39]
Groww (Billionbrains Garage Ventures) remained volatile after its blockbuster IPO, with commentary comparing its post‑listing swings to Ola Electric’s roller‑coaster trajectory; however, its parent has reported around 25% sequential growth in Q2 profit, supporting the broader structural story. ^[40]

IPO & primary market buzz

Capillary Technologies: From soft listing to double‑digit intraday gains

AI‑driven SaaS firm Capillary Technologies India Ltd listed on the bourses today:

BSE listing price: ₹560 (about 3% below IPO issue price).
NSE listing price: ₹571.90 (about 0.8% below issue price). ^[41]
As the session progressed, the stock rebounded sharply, trading around ₹624–625, up roughly 8–11% versus the issue price and into solid small‑cap territory with a market cap of about ₹4,441 crore. ^[42]

The strong recovery despite a muted listing reflects:

Heavy oversubscription from QIBs, NIIs and retail investors, with multiple categories subscribed several times over. ^[43]
Investor appetite for scalable SaaS and AI‑led customer engagement platforms, even as markets turn cautious more broadly.

Sudeep Pharma & Excelsoft Technologies: Healthy subscription

In the broader primary market:

Sudeep Pharma IPO was fully subscribed on Day 1, with non‑institutional investors leading the demand. ^[44]
Excelsoft Technologies IPO saw over 28x subscription by mid‑afternoon on Day 3, with particularly strong interest from NIIs and retail investors. ^[45]

New‑age tech IPOs: 2025’s class continues to impress

A separate review of 2025 new‑age tech listings—including Urban Company, PhysicsWallah, Pine Labs, Lenskart, Ather Energy and Groww—showed that several have delivered strong post‑IPO gains, with Ather, for instance, more than doubling from its issue price. ^[46]

Recent pullbacks in some of these names are being interpreted by analysts as healthy corrections that refocus attention on fundamentals like profitability, cash flows and sustainable growth, rather than just top‑line expansion. ^[47]

ED action puts Anil Ambani group stocks under the microscope

Regulatory headlines also coloured sentiment:

The Enforcement Directorate (ED) announced that it has provisionally attached properties worth about ₹1,452.51 crore linked to entities in the Anil Ambani–led Reliance Group, including office buildings and land parcels in Navi Mumbai, Pune, Chennai and Bhubaneswar. ^[48]
These attachments form part of an ongoing money‑laundering and alleged bank fraud investigation, where loans taken by group entities are alleged to have been diverted to repay other loans, routed to related parties, or used contrary to sanction terms. ^[49]

While the ED action dates back to Thursday, 20 November, the detailed disclosures and follow‑up clarifications kept Reliance Group stocks in focus today, with investors watching for any further regulatory or legal developments. ^[50]

Technical view: Nifty taking a breather near record highs

Despite today’s decline, the broader technical structure on the Nifty 50 still looks constructive:

Around mid‑session, Nifty traded near 26,090, roughly 100 points below Thursday’s close but still above its key short‑term moving averages. ^[51]
Analysts highlight support zones around 25,845–25,900 (short‑term moving averages and recent lows) and deeper support near 25,560. On the upside, resistance is seen around 26,150–26,200, followed by 26,350–26,500, where many expect a fresh attempt at record highs if global cues stabilise. ^[52]

In derivatives:

26,000‑strike options continue to hold the highest open interest, creating a key reference level.
Put‑call ratios have slipped from extremely bullish levels, signalling a more cautious, range‑bound stance among traders rather than outright bearishness. ^[53]

In simple terms: the trend is still up, but the market is in a “buy on dips, sell on rallies” mode while it digests global volatility and stretched valuations.

What should market participants watch next?

While this article is for information, not investment advice, a few themes are likely to drive the India stock market in the coming sessions:

Global tech and AI sentiment: Any stabilisation (or further correction) in US tech indices after the Nvidia‑linked volatility will feed directly into risk appetite for growth stocks in India. ^[54]
Rupee trajectory and bond yields: With the rupee at record lows, currency moves and RBI’s stance will be closely watched for clues on imported inflation and foreign flows. ^[55]
FPI/DFI flows: After net buying on Thursday, whether foreign investors continue to add to India or turn cautious will be a key driver of large‑cap performance. ^[56]
Earnings downgrades or upgrades in metals and new‑age tech: Hindalco’s Novelis incident and ongoing reassessment of new‑age IPO valuations could lead to stock‑specific volatility. ^[57]
Macro data and central bank commentary: Fresh signals on US rates, Japanese inflation, and domestic inflation and growth will continue to shape the medium‑term trajectory for Indian equities. ^[58]

For now, 21 November 2025 is shaping up as a consolidation day for Dalal Street: a session where record‑high optimism met global reality checks, the rupee flashed a warning, but the underlying structural story for Indian equities remains intact.

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