India Stock Market Wrap 28–29 November 2025: Sensex, Nifty Hover Near Record Highs as Rupee Hits New Low and GDP Jumps 8.2%

Mumbai, 29 November 2025 — India’s stock market is ending November on a paradoxical note: benchmark indices are at or near all‑time highs, the economy has just delivered its strongest quarterly growth in six quarters, yet the rupee is at a record low and foreign investors are still net sellers.

Here’s a complete, news‑driven breakdown of everything that mattered for the India stock market on 28–29 November 2025.

1. 28 November 2025: Flat Close After a Record-Breaking Week

On Friday, 28 November 2025, the Indian equity market took a breather after a powerful rally earlier in the week.

The S&P BSE Sensex slipped 13.71 points (‑0.02%) to close at 85,706.67.
The Nifty 50 fell 12.6 points (‑0.05%) to settle at 26,202.95, just shy of its record levels. ^[1]

Broader indices showed mild weakness:

Nifty Midcap 100 fell 0.11%,
Nifty Smallcap 100 dropped 0.27%. ^[2]

The tone of the session was clearly profit‑booking and consolidation ahead of the crucial Q2 FY26 GDP data, which was released after market hours and turned out to be a big positive surprise.

Sector performance on Friday

According to Business Standard’s closing wrap and exchange data: ^[3]

Top performing sectors:
- Nifty Auto +0.62%
- Nifty Pharma +0.59%
- Along with green closes in FMCG, Metal, Media, Bank, Consumer Durables and Chemicals
Underperforming sectors:
- Nifty IT ‑0.11%
- Nifty Realty ‑0.19%
- Nifty Oil & Gas ‑0.69%
- Financial Services also ended lower

This sector mix tells the story of a market slowly rotating toward domestic demand and defensives (auto, pharma, FMCG) while high‑beta pockets like IT, realty and oil & gas cooled off.

Stock movers: Large caps hold the fort

On the Sensex, Friday’s session saw: ^[4]

Top gainers:
- Mahindra & Mahindra (M&M)
- Sun Pharma
- Kotak Mahindra Bank
- Hindustan Unilever (HUL)
- Adani Ports and Bajaj Finance also featured among the key gainers.
Top losers:
- Power Grid Corporation
- Bharti Airtel
- Eternal
- Infosys
- ICICI Bank softened as well.

On the Nifty 50, M&M, Adani Enterprises, Adani Ports, Sun Pharma and HUL were among the key supports to the index, while SBI Life, HDFC Life, Shriram Finance, Power Grid and Bharti Airtel weighed on sentiment. ^[5]

Intraday, benchmarks hovered close to their record highs hit on 27 November, but investors clearly preferred to lock in some gains rather than chase prices higher ahead of the GDP print.

2. Third Straight Week of Gains, New All-Time Highs – But Narrow Breadth

Despite Friday’s flat close, the week ended 23–28 November 2025 was decisively positive for the headline indices.

Moneycontrol’s weekly review notes that for the week ended 28 November: ^[6]

Sensex gained 474.75 points (+0.55%) to finish at 85,706.67.
Nifty 50 rose 134.8 points (+0.51%) to 26,202.95.

Both indices also hit fresh all‑time intraday highs during the week:

Nifty 50 touched around 26,310,
Sensex briefly crossed the 86,000 mark for the first time. ^[7]

The Free Press Journal highlighted that Nifty took roughly 289 sessions to surpass its previous peak of 26,277, while the Sensex reclaimed a new high after almost 60 weeks, underscoring how long the market had been consolidating before this breakout. ^[8]

Midcaps and smallcaps: Better week, but still lagging

On a weekly basis: ^[9]

Midcaps actually outperformed, with the BSE Midcap index up about 1.2%.
The BSE Smallcap index finished flat for the week, with sharp divergences inside the basket (some stocks up 30%+, others down 50%+).
Over the last 12 months, Finshots points out that the BSE Smallcap index is down around 5%, while Midcaps have delivered only modest gains, even as the Nifty and Sensex hit new highs.

An Economic Times “Week Ahead” note adds that the Nifty 500 is still more than 2.5% below its own peak, a clear sign that the current up‑move is not broad‑based. ^[10]

In short: Index levels look euphoric, portfolios often don’t. A handful of large caps are doing the heavy lifting while many smaller names are still nursing drawdowns.

3. Macro Tailwind: Q2 FY26 GDP Growth at a Six-Quarter High of 8.2%

The biggest macro development for the India market in this 28–29 November window is the Q2 FY26 GDP data, released on 28 November.

Official data from the Government of India and multiple media reports confirm that: ^[11]

Real GDP grew 8.2% year‑on‑year in Q2 FY26 (July–September 2025),
Up from 7.8% in Q1 FY26, and
Well above 5.6% in the same quarter a year ago.

Key growth drivers:

Manufacturing grew around 9.1%,
Construction expanded by roughly 7.2%,
The broader secondary sector grew over 8%, and
Services (tertiary sector) clocked growth north of 9%.

Private consumption rose close to 7.9%, underscoring healthy domestic demand, even as exports faced pressure from the ongoing U.S. tariff regime on Indian goods. ^[12]

This 8.2% print is the fastest GDP growth in six quarters and cements India’s position as one of the world’s fastest‑growing major economies.

Why this matters for the market

Analysts and brokerage commentary suggest several market‑friendly implications: ^[13]

The strong data reinforces expectations of a 25 bps rate cut by the Reserve Bank of India (RBI) at its December 3–5 MPC meeting, on top of earlier easing.
Robust growth, together with multi‑year low inflation, gives policymakers more room to support growth without stoking price pressures.
A J.P. Morgan report this week projected that the Nifty 50 could reach 30,000 by end‑2026, roughly 15% upsidefrom current levels, assuming continued fiscal prudence and measured rate cuts. ^[14]

For equity investors, the GDP surprise adds an important macro backstop to the current rally — but it doesn’t completely offset worries about valuations, currency weakness or narrow market breadth.

4. Rupee Hits Fresh Record Low Around 89.5 per Dollar

While equities flirt with records, the Indian rupee continues to make new all‑time lows.

Moneycontrol and ChiniMandi both report that on Friday, 28 November: ^[15]

The rupee touched a record intraday low of ₹89.49 per U.S. dollar,
And ended at ₹89.45, down about 15 paise from the previous close of ₹89.30.
Over the week, the rupee traded in a band of ₹89.04–89.49.

A separate analysis from Mint earlier in the week argues that the rupee’s underperformance versus other Asian currencies this year is largely due to weak portfolio capital flows and tariff‑related trade headwinds, even though India’s current account deficit remains relatively contained. ^[16]

Put simply:

Net FPI (foreign portfolio investor) inflows have been near zero in the first seven months of FY26, compared with about $10 billion of inflows in the same period last year.
Capital inflows across FDI, FPI, external commercial borrowings and banking capital may even have turned net negative in Q2–Q3 FY26, forcing the RBI to intervene more actively in FX markets. ^[17]

For the stock market, a weak rupee is double‑edged:

It hurts foreign investor returns in dollar terms and can deepen FII selling,
But may benefit exporters (IT services, some manufacturing) over time.

5. FIIs vs DIIs: Foreign Selling, Domestic Buying

Despite the GDP and index highs, foreign institutional investors (FIIs) remain cautious.

An ETMarkets analysis published on 29 November notes that in November 2025 (till 29th): ^[18]

FIIs sold ₹15,659 crore in the secondary market,
While investing ₹11,894 crore in the primary (IPO) market,
Resulting in net equity outflows of about ₹3,765 crore for the month so far.

Moneycontrol’s weekly snapshot adds that in the week ended 28 November, FIIs sold around ₹3,659 crore worth of equities. ^[19]

On the other hand:

Domestic institutional investors (DIIs) stepped up aggressively, buying about ₹22,762.62 crore over the same period, effectively absorbing foreign selling and helping indices grind higher. ^[20]

A Finshots breakdown earlier this week also highlighted that FIIs have dumped roughly ₹2.67 lakh crore of Indian equities in calendar 2025, even as domestic investors and SIP flows have kept markets afloat. ^[21]

The big picture: India’s market is currently being driven far more by domestic money and primary issues than by traditional foreign flows.

6. Bank Nifty at Record Highs, Sector Rotation in Focus

One of the clearest winners of the last few weeks has been banking.

Several reports this week show that the Nifty Bank index: ^[22]

Hit new lifetime highs in the 59,800–59,900 zone,
Has rallied around 15% over the past year, outpacing the broader Nifty 50’s ~9–10% advance,
Is widely expected by analysts to test the 60,000 mark soon if momentum sustains.

Strong credit growth, improving asset quality and expectations of lower interest rates are supporting banks and financials, which in turn are heavily represented in the indices.

For the 28 November session specifically:

Bank stocks were mostly resilient, helping cushion the broader flat close.
Auto, financials and pharma were again cited as key sectors holding up sentiment, while IT, realty and some energy names faced selling. ^[23]

At a more granular level, a Reuters market update noted that Mahindra & Mahindra climbed about 1.8% on bullish brokerage commentary, pushing the auto index higher, while GAIL fell over 5% after a smaller‑than‑expected tariff hike, and Ashoka Buildcon slipped around 3% after a regulatory suspension linked to a highway accident. ^[24]

7. IPO Buzz: Sudeep Pharma’s Strong Debut and Weekly Outperformers

The IPO market remains a crucial part of the current market story.

Sudeep Pharma: Stellar listing on 28 November

On Friday, 28 November, Sudeep Pharma Limited made a strong debut on both BSE and NSE: ^[25]

Issue price: ₹593 per share
Listing price:
- Around ₹733.95 on BSE (+23.76% vs IPO price)
- About ₹730 on NSE (+23.1%)
Intraday, the stock traded even higher, delivering listing gains of roughly 30% above the issue price.

The IPO had seen massive demand, with overall subscription of nearly 94x, including over 213x in the QIB portion. ^[26]

This kind of listing performance supports what Finshots and others have been observing: retail and HNI investors are selling secondary‑market holdings, especially in mid and small caps, to free up cash for IPOs, chasing quick listing gains. ^[27]

Weekly stock winners: Up to 54% gains

Livemint’s weekly analysis of outperformers pointed to some eye‑catching moves among smaller names over the last five sessions: ^[28]

Olatech Solutions rallied about 54% in five sessions,
M P K Steels gained over 50%,
Best Agrolife, JSW Holdings and Eraaya Lifespaces all delivered 20–30%+ short‑term returns, despite many of them being deep losers on a year‑to‑date basis.

The message here is nuanced:

Stock‑specific opportunities remain abundant,
But they come with high volatility and often follow sharp prior drawdowns.

8. Why the Rally Feels Narrow and “Meh” for Many Investors

Several analyses this week — from Finshots, Free Press Journal and ETMarkets — converge on one theme: the rally is narrow and liquidity‑driven. ^[29]

Key underlying trends:

Narrow leadership
- Only a small subset of Nifty 50 heavyweights (Reliance Industries, large private banks, select industrials and telecom) are doing much of the heavy lifting for the index.
- Many marquee names like TCS and Infosys are still well below their 2024–25 peaks, and only a handful of Nifty constituents are at new 52‑week highs.
Valuations stretched in mid & small caps
- A Moneycontrol‑cited analysis notes that midcap and smallcap indices trade well above their 10‑year average forward P/E multiples, making investors more cautious in these segments. ^[30]
IPO and pre‑IPO frenzy
- Retail and HNI money is flowing aggressively into IPOs and even unlisted/pre‑IPO shares, funded partly by selling existing holdings in the secondary market.
- November alone has seen tens of thousands of crores’ worth of IPO supply, according to multiple brokerage estimates. ^[31]
Shift into gold and safer funds
- With gold and silver rallying and volatility still present in smaller stocks, many investors are reallocating into precious metals or flexi‑cap / diversified mutual funds, reducing direct small‑cap exposure. ^[32]

The net effect is that headline indices look buoyant, but a significant chunk of retail portfolios — often overweight mid/small caps and recent IPOs — may still feel under water.

9. Technical Levels and Market Outlook for Early December

Across technical and strategy notes released on 29 November, a few consensus levels and themes are emerging for the Nifty 50: ^[33]

Immediate resistance zone:
- 26,200–26,300 is seen as a key decision band, coinciding with recent highs and trendline resistance.
- Above that, analysts flag 26,310 and then 26,500 as the next resistance levels.
Support levels:
- Short‑term support is cited around 26,000,
- Stronger support is seen in the 25,800–25,700 area, which aligns with rising moving averages on daily and weekly charts.
Volatility:
- India VIX has dropped sharply to around 11.6, a low‑volatility regime that often precedes either steady grind‑up moves or a sudden volatility spike if any negative trigger appears. ^[34]

Strategists are broadly advising a stance of “cautious optimism”:

Stay stock‑specific, especially in sectors showing improving relative strength (select banks, PSU banks, pharma, metals, and quality IT names). ^[35]
Avoid chasing momentum in over‑owned large caps or frothy IPO names at any price.
Use the current levels to review asset allocation, trail stop‑losses and protect profits rather than add aggressive leverage.

10. What to Watch Next Week

Looking ahead from this 28–29 November news window, the India stock market will be watching:

RBI MPC (3–5 December)
- Market consensus is tilted toward a 25 bps rate cut, but commentary on inflation, liquidity and future guidance will matter as much as the action itself. ^[36]
Global central banks and Fed expectations
- Hopes of a U.S. Federal Reserve rate cut in the near term have been a big driver of global risk sentiment; any change in tone could hit EM flows, including into India. ^[37]
Rupee trajectory and capital flows
- With the rupee at record lows and FIIs still net sellers in the secondary market, any sign of stabilisation in USD/INR or a turn in FPI flows could be a key inflection point for equities. ^[38]
Ongoing IPO pipeline and listings
- The Sudeep Pharma debut is unlikely to be the last big listing in this cycle. A heavy IPO calendar can continue to soak up liquidity, affecting secondary-market breadth. ^[39]
Sector rotation
- Watch whether banking, PSU banks and pharma continue to lead, or whether sectors like IT, realty and consumption start catching up as rate‑cut hopes firm up and GDP optimism filters through. ^[40]

Bottom line

From 28–29 November 2025, the India stock market story is one of headline strength and under‑the‑surface complexity:

Indices: Nifty and Sensex are hovering near record highs after a third straight week of gains.
Macro: GDP growth at 8.2% is a genuine tailwind, reinforcing India’s growth narrative.
Flows & FX: FIIs are still net sellers, the rupee is at record lows, and domestic investors plus IPO demand are doing most of the heavy lifting.
Breadth: Midcaps and smallcaps remain choppy, with selective winners and a long tail of laggards.

For investors, that means this is not a simple “everything is in a bull market” moment. It’s a phase that rewards selectivity, risk management and realistic expectations more than blind optimism.

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