Sensex, Nifty Today: Indian Stock Market Ends Flat on November 28, 2025 as Investors Await Q2 GDP Data, Rupee Near Record Low

India’s stock market paused for breath on Friday, 28 November 2025, with benchmark indices ending almost unchanged after flirting with record highs this week. Investors largely chose to book profits and sit tight ahead of a blockbuster Q2 GDP print and amid a visibly weak rupee, even as pockets of stock- and sector-specific action stayed lively. ^[1]

Headline numbers: Sensex and Nifty 50 stay glued to 26,200 zone

The day belonged more to consolidation than direction:

BSE Sensex closed at 85,706.67, down about 14 points (‑0.02%). ^[2]
NSE Nifty 50 settled at 26,202.95, slipping around 13 points (‑0.05%). ^[3]

Markets opened on a soft note after Thursday’s record run, with the Nifty 50 starting the session near 26,190 and the Sensex around 85,648, in line with a muted signal from GIFT Nifty and mixed global cues. ^[4]

Through most of the day, the Nifty traded in a tight band of roughly 26,190–26,281, repeatedly failing to build on intraday upticks. Technical commentators highlight 26,280–26,310 as a stiff overhead zone and 26,150–26,000 as immediate support, effectively boxing the index into a narrow range until fresh triggers arrive. ^[5]

Despite the flat close, the broader trend over longer time frames remains constructive:

For the week, both Sensex and Nifty logged their third consecutive weekly gain, up around half a percent. ^[6]
On a monthly basis, the two benchmarks also rose for the third straight month, gaining about 2% each in November. ^[7]

In other words, today looked more like a pause after a strong run than the start of a reversal.

Broader markets: Smallcaps lag as investors turn selective

While the frontline indices barely moved, under the hood the market felt a bit heavier:

Nifty Midcap 100 slipped around 0.11%.
Nifty Smallcap 100 fell roughly 0.27%. ^[8]

On the BSE, out of 4,312 stocks traded, 2,019 advanced, 2,128 declined and around 165 remained unchanged, underscoring a slightly negative breadth even as the headline indices stayed flat. ^[9]

The divergence between blue chips and broader markets has become a recurring theme. Analysts point out that:

The Nifty Smallcap index is still about 9% below its peak, hurt by rich valuations and slower earnings growth, and is expected to underperform in the near term. ^[10]
Largecaps in autos, financials and pharma are doing most of the heavy lifting for the indices. ^[11]

At the extremes, nearly 120 stocks hit fresh 52‑week highs on the BSE — including names like Reliance Industries, Adani Ports, Cummins India, Hero MotoCorp, Samvardhana Motherson and Shriram Finance — while over 160 stocks printed new 52‑week lows such as Praj Industries, Page Industries, KNR Constructions, Galaxy Surfactants and Deepak Nitrite. ^[12]

That mix of euphoric highs and painful lows is a classic sign of a maturing bull phase where leadership narrows and stock-picking matters more than just “buy the index”.

Sector watch: Pharma, autos shine; oil & gas, IT, realty drag

Sectorally, the market looked like a tug-of-war between defensives, autos and pockets of cyclicals on one side, and rate‑sensitive or commodity-linked pockets on the other:

Outperformers

Nifty Auto: up about 0.62%
Nifty Pharma: up around 0.59%
Nifty Media: up roughly 0.55%
Other segments like FMCG, metals, banks, consumer durables and chemicals also ended modestly in the green. ^[13]

Laggards

Nifty Oil & Gas: down around 0.69%
Nifty Realty: slipped roughly 0.19%
Nifty IT: eased about 0.11%
Financial services indices also closed marginally lower. ^[14]

In financials, though, the standout was Nifty Bank, which ended almost flat (+0.03%) at 59,752.70 but scaled a record intraday high near 59,897.50 for the third straight session, keeping the spotlight firmly on large private and PSU banks. ^[15]

Top movers: M&M, Adani Enterprises rally; GAIL slides on tariff blow

Even with indices going nowhere, stock-specific action stayed busy.

Nifty 50 gainers and losers

According to end‑of‑day data:

Top Nifty 50 gainers included:
- Mahindra & Mahindra (M&M) – up about 2.2%
- Adani Enterprises – up roughly 1.2%
- Sun Pharma – also higher by close to 1.2% ^[16]
Top Nifty 50 losers were:
- SBI Life Insurance – down ~1.7%
- HDFC Life – off around 1.4%
- Power Grid Corporation – lower by roughly 1.3% ^[17]

On the Sensex side, Hindustan Unilever, Sun Pharma, M&M and Kotak Mahindra Bank were among the notable gainers, while Power Grid, Bharti Airtel, Eternal, ICICI Bank and Infosys dragged. ^[18]

Mahindra & Mahindra: EV buzz fuels rally

M&M extended its outperformance after the automaker unveiled the XEV 9S, a seven‑seater electric SUV, priced at around ₹19.95 lakh, reinforcing its aggressive EV roadmap. The launch strengthened expectations of higher volumes from the company’s growing electric portfolio, supporting the stock’s ~2–2.5% jump and its position among the top index gainers. ^[19]

GAIL: Tariff disappointment hits the stock

In contrast, GAIL fell more than 4% after India’s downstream regulator PNGRB approved a pipeline tariff of about ₹65.7/MMBtu, significantly below what the company had sought and with the hike kicking in from 1 January 2026, not retroactively. The lower‑than‑expected tariff and delayed implementation weighed on earnings expectations and on the stock. ^[20]

Adani Enterprises: Aviation & training bets in focus

Adani Enterprises drew strong interest, climbing over 3% in intraday trade, as investors digested two aviation‑linked developments:

Adani Airport Holding, a wholly owned subsidiary, took over operational control of AGHPort Aviation Services, sharpening the group’s play in airport‑adjacent services.
The broader Adani Group moved to acquire a 72% stake in Flight Simulation Technique Centre, a pilot‑training company aligned with the government’s “Make in India” and aviation upskilling push. ^[21]

Volume and breadth highlights

From the liquidity standpoint:

Vodafone Idea, Jaiprakash Power Ventures and PC Jeweller were among the most actively traded stocks on the NSE by volume. ^[22]
On the BSE, nine names, including Nectar Lifesciences, Motor & General Finance and 63 Moons Technologies, surged more than 15% intraday. ^[23]

IPO corner: Sudeep Pharma’s stellar debut, pipeline stays busy

Risk appetite in the primary market looked alive and well.

Sudeep Pharma: Premium listing and strong close

Sudeep Pharma made a strong debut on the exchanges today:

Issue price: around ₹593 per share.
Listing: about ₹730–734, translating into a 23–24% premium on both NSE and BSE. ^[24]
Post‑listing trade: the stock extended gains during the session, with Mint reporting that it ended the day roughly 30% above the issue price, confirming robust investor interest. ^[25]

The healthy listing is especially notable given talks of “IPO fatigue” after a packed calendar, reinforcing the market’s willingness to reward reasonably priced issues with solid fundamentals. ^[26]

What’s next in the IPO pipeline?

Today’s action also came against an active upcoming pipeline:

Aequs IPO is slated to open on 3 December, with early grey‑market chatter pointing to a double‑digit premium. ^[27]
Meesho IPO is also due to open on 3 December, riding a strong grey‑market premium and significant retail curiosity. ^[28]

A busy primary market, combined with supportive secondary valuations for quality names, continues to funnel both institutional and retail money into equities — an undercurrent that helps cushion index corrections.

Macro backdrop: Blockbuster GDP print, fragile rupee, mixed global cues

Q2 FY26 GDP: Growth surges to 8.2%

The biggest macro narrative of the day arrived just after the equity cash session closed.

Government data showed that India’s real GDP grew 8.2% year‑on‑year in Q2 FY26 (July–September), beating expectations of around 7–7.2% and accelerating from 7.8% in the previous quarter. ^[29]

Key takeaways from the release:

The upside surprise was driven by strong consumer spending, solid manufacturing activity, and front‑loaded exports, alongside robust government capital expenditure and a favourable base. ^[30]
Nominal GDP grew 8.7% in Q2, while real GDP for H1 FY26 came in at 8%, versus 6.1% in H1 FY25 — a clear sign that India remains one of the fastest‑growing major economies. ^[31]

Strategists broadly expect today’s print to push full‑year FY26 GDP forecasts toward 7.5%, above earlier estimates from the RBI and the government. ^[32]

For equities, such strong growth is a double‑edged sword: it supports earnings and long‑term bullish narratives, but it also keeps debates about valuations and policy normalisation alive.

Rupee: Hovering near all‑time low despite soft dollar

If equities looked resilient, the Indian rupee told a more worrying story.

The rupee opened weaker, with derivatives pricing an 89.40–89.42 range versus the US dollar after having settled near 89.31 on Thursday. ^[33]
In early trade, it slipped further to around 89.43 against the dollar, putting it perilously close to last week’s record low near 89.49. ^[34]

Reuters reported that the currency is under pressure from heavy importer hedging, hesitant exporter flows and patchy portfolio inflows, leaving it dependent on RBI intervention to avoid fresh lows — even though the dollar index itself is softening on rising expectations of another Fed rate cut in December. ^[35]

A separate analysis noted that the rupee is currently one of Asia’s worst‑performing currencies in 2025 and is on track for its largest annual decline since 2022, underlining the macro headwinds from elevated oil prices and external imbalances. ^[36]

For equity investors, a persistently weak rupee raises concerns around imported inflation, margins for companies with high dollar‑linked costs, and potential foreign investor risk aversion.

Global markets: Holiday‑thinned and mixed

Externally, the global backdrop was quiet but slightly supportive:

US markets were closed on Thursday for Thanksgiving, with only a shortened session scheduled for Friday, leaving global risk sentiment driven largely by futures and overseas data. ^[37]
Across Asia and global markets earlier in the week, equities found support from growing bets on additional Fed rate cuts and hopes of China stepping up stimulus, though Friday’s trade was mixed and subdued due to the US holiday. ^[38]

Net‑net, there were no major global shocks to derail Indian markets today; the calm tone mostly reinforced the domestic “wait‑and‑watch” mood ahead of GDP data.

Flows & positioning: DIIs steady, FIIs more fickle

While the full FII/DII flow data for 28 November will be finalised later, recent trends provide useful context:

Foreign portfolio investors (FPIs) have oscillated between net buying and selling through November, with a recent day of net selling over ₹1,200 crore, even after turning net buyers earlier in the week. ^[39]
Domestic institutional investors (DIIs), on the other hand, have been consistent net buyers, reportedly adding money for over 25 consecutive sessions, effectively cushioning FPI outflows. ^[40]

Separate commentary suggests FPIs are rotating portfolios rather than abandoning India — cutting exposure in sectors like IT, FMCG and some consumption names while deploying an estimated ₹43,000 crore into telecom plays like Jio and Bharti Airtel this year. ^[41]

Overall positioning remains tilted bullish for India, but sector leadership is clearly shifting.

Technical and near‑term outlook: Sideways with an upward bias

Technical analysts now see the 26,150–26,000 zone on Nifty 50 as crucial short‑term support, while 26,300–26,350 is marked as resistance:

A sustained move above 26,350 could open the gate to 26,550, and then possibly 26,800 on the upside.
On the downside, a decisive break below 26,100–26,150 would hint at a deeper consolidation or corrective phase. ^[42]

Historical data also shows that Nifty tends to perform relatively well in December, with the index closing positive in about 60% of the last ten December series, often helped by healthy FII and DII activity. ^[43]

Combined with today’s 8.2% GDP surprise, strong bank leadership, and a busy but successful IPO market, the medium‑term setup still looks constructive. However:

Valuations, particularly in small‑ and mid‑caps, remain elevated. ^[44]
The weak rupee and external vulnerabilities are key macro risks to monitor. ^[45]

For traders, that likely means a range‑bound but choppy market near record highs, where stock and sector selection matters more than index direction. For long‑term investors, the combination of strong growth and supportive domestic flows continues to underpin India’s structural equity story — but with higher emphasis on quality and balance‑sheet strength.

This article is for informational purposes only and is not investment advice. Investors should consult a qualified financial adviser before making any trading or investment decisions.

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