The Indian stock market paused for breath on Tuesday, 18 November 2025, as benchmark indices snapped a six-session winning streak amid a global tech-led sell-off and profit booking in key heavyweights. At the same time, Dalal Street’s obsession with new-age listings – PhysicsWallah, Emmvee Photovoltaic and Capillary Technologies – stayed front and centre.
Sensex and Nifty Today: How Dalal Street Closed on 18 November 2025
After a strong run that took the Nifty 50 above the 26,000 mark and the Sensex near 85,000 on Monday, indices finally gave up some ground today. Bestmate Investment Services Pvt Ltd
- BSE Sensex closed at 84,673.02, down 277.93 points or 0.33%. Moneycontrol
- NSE Nifty 50 ended at 25,910.05, down 103.40 points or 0.40%, firmly below the 26,000 psychological level reclaimed on Monday. Moneycontrol
This decline comes right after Monday’s euphoric close, when the Nifty 50 finished at 26,013.45 and the Sensex at 84,950.95, marking the sixth straight day of gains and fresh confidence in India’s earnings cycle. Bestmate Investment Services Pvt Ltd
Intraday, trade was choppy:
- Reuters data showed that early in the session, the Nifty 50 slipped about 0.2% to around 25,962, while the Sensex lost nearly 0.18% to about 84,800, with all 16 major sectors in the red as small- and mid-cap indices fell 0.5% and 0.3% respectively. Reuters
- Through the afternoon, markets recovered from the day’s lows but never made it back to Monday’s peaks, confirming that the six-day rally had finally cooled. Business Standard’s closing wrap and Moneycontrol’s “Closing Bell” both flagged this as a clear break in the recent winning streak. Moneycontrol
Breadth remained weak for most of the day:
- Nifty Midcap index slipped around 0.3% and the Nifty Smallcap index fell roughly 0.8%, underscoring profit taking beyond just the frontline names. Business Standard
Global Cues: Tech-Led Sell-Off in Asia Hits Indian Equities
Today’s weakness on Dalal Street didn’t occur in isolation. The backdrop across global markets was decidedly risk-off:
- Asian stocks fell to one‑month lows, led by steep declines in Japan’s Nikkei and South Korea’s KOSPI, as investors fretted about stretched tech valuations ahead of Nvidia’s closely watched earnings. Reuters
- US markets had closed sharply lower on Monday, with key indices slipping below important technical levels as traders reassessed the odds of a near‑term Federal Reserve rate cut and waited for delayed economic data. Reuters
The global tech wobble spilled over into Indian IT names and broader risk sentiment. Economic Times’ live blog and Business Standard’s market coverage both pointed out that IT, metals, and realty stocks bore the brunt of selling, while investors turned defensive after the strong domestic rally of the last week. The Economic Times
Interestingly, the medium‑term narrative for India remains supportive:
- A Reuters special highlighted that Indian corporate earnings are “turning a corner”, with cooling inflation and recent tax reliefs helping revive consumption and prompting brokerages to upgrade profit growth expectations for the second half of the fiscal year. MarketScreener
- In a separate note, Morgan Stanley projected a bull‑case Sensex target of 105,000 by December 2026, banking on robust earnings, macro stability, and strong domestic capital flows – though the brokerage also flagged a bearish scenario if global conditions sour. India Blooms
So while today looked like a risk‑off day, global and domestic strategists still see India as a relative bright spot within emerging markets.
Sector Check: PSU Banks Hold Up, IT and Realty Drag
Sectorally, the story was one of broad but mild weakness, with a few notable pockets of outperformance:
- Nifty Realty fell around 1.3%, while Nifty Metal and Nifty IT slipped roughly 0.8–0.9%, reflecting sensitivity to the global growth and tech jitters. Business Standard
- Nifty PSU Bank index, however, remains one of 2025’s standout winners. Business Standard noted that it has returned over 11% in the last one month, far outpacing most other sectors – a reminder that investors continue to favor public‑sector lenders in this cycle. Business Standard
Even on a down day, banking wasn’t uniformly weak:
- Nifty Bank briefly hit yet another record high around 59,100 intraday, before trimming gains, marking its second straight session of fresh lifetime highs, according to ET’s market commentary. ET Now
- Within the Sensex pack, Bharti Airtel stood out, hitting a new high near ₹2,159 after S&P Global upgraded its long‑term rating to ‘BBB’, helping telecom offset some of the pressure from IT and FMCG. Business Standard
The main drag came from large private banks:
- NDTV Profit’s live coverage highlighted HDFC Bank and ICICI Bank as among the biggest laggards on the Nifty 50, contributing heavily to the index’s slide below the 25,900 intraday support level. NDTV Profit
In the broader market, stock‑specific stories still drove big moves – especially in mid‑caps and new listings.
New‑Age IPO Rush: PhysicsWallah Soars, Emmvee Flat, Capillary Fully Booked
PhysicsWallah IPO: Textbook “pop”
Edtech major PhysicsWallah Ltd delivered exactly the kind of blockbuster debut that fuels IPO FOMO:
- Issue price: ₹109 per share.
- Listing:
- ₹145.00 on NSE – about 33% above the issue price.
- ₹143.10 on BSE – roughly 31% premium. mint
- By early afternoon, the stock was quoted around ₹150.40, up nearly 38% versus the IPO price, giving PhysicsWallah a market capitalisation of roughly ₹43,000 crore. mint
Mint’s live blog noted that the IPO, which raised about ₹3,480.7 crore via a mix of fresh issue and offer‑for‑sale, had already exceeded grey‑market expectations, with analysts now debating the sustainability of its premium given the company’s profitability trajectory. mint
Emmvee Photovoltaic Power: Flat listing, quiet burn
Solar player Emmvee Photovoltaic Power had a much more muted bow:
- Issue price: ₹217 per share.
- Listing:₹217 on both NSE and BSE – exactly at the issue price, implying no listing gain. mint
Economic Times and Mint both described the debut as “flat” or “muted”, with Emmvee’s grey‑market premium hovering near zero ahead of its listing. mint
However, secondary‑market action quickly turned more interesting:
- A Lokmat report and other market trackers noted that Emmvee shares later bounced to around ₹227, roughly 10% above the IPO price, indicating that buyers were willing to accumulate on dips despite the flat start. Lokmat Times
Given Emmvee’s positioning in the renewable energy and solar solutions space, several commentators suggested that the subdued listing might still offer long‑term potential if execution and sector tailwinds stay strong. The Economic Times
Capillary Technologies: Fully subscribed, modest euphoria
In the pipeline, Capillary Technologies India Ltd, a SaaS‑based customer engagement and loyalty solutions provider, closed its IPO today:
- Issue size: Around ₹877–878 crore. Moneycontrol
- Subscription:
- Overall bids of about 1.4x the shares on offer by mid‑session on Day 3. The Economic Times
- Retail and non‑institutional tranches were oversubscribed, while QIB participation was still building through the day. The Economic Times
- Grey Market Premium: Most reports put the GMP in low single‑digits (~5%), hinting at a modest listing pop rather than a PhysicsWallah‑style surge. The Economic Times
For investors, Capillary is very much a “growth vs. valuation” call: SaaS tailwinds and recurring revenues are positives, but brokerages remain split on near‑term upside at the IPO price.
Stocks in Focus Today: SBI, Paytm, Groww, WeWork India, Emcure & More
Even with the indices in the red, individual stocks saw outsized moves, especially around block deals and new-age themes. A mid‑session roundup from The Financial Express neatly captured the key movers. The Financial Express
SBI: Buzz around green finance and credit guarantees
- State Bank of India (SBI) hit a fresh intraday high near ₹976.70, after management commentary about discussions with the government on a possible credit‑guarantee framework for “new‑age” sectors.
- The bank is also lobbying for green finance to be included under priority sector lending, a proposal that has sparked debate about potential crowding out of other credit segments. The Financial Express
Though SBI later cooled off from the peak, the stock remains one of the key drivers behind the PSU bank index’s outperformance.
PhysicsWallah & Emmvee: Post‑listing volatility
- PhysicsWallah, after its strong debut, swung between gains and cuts in intraday trade, reflecting short‑term profit booking and active trading interest. The Financial Express
- Emmvee Photovoltaic Power stayed near its issue price early on but then rebounded up to ~10% above IPO level, with analysts urging investors to focus on long‑term solar growth rather than just listing‑day optics. The Financial Express
Paytm (One 97 Communications): Block deal overhang
- One 97 Communications (Paytm) remained under pressure after a large block deal of 1.32 crore shares at around ₹1,307, a transaction worth roughly ₹1,722 crore. The Financial Express
- Market chatter linked the selling to early investors such as SAIF‑linked entities and Elevation Capital, adding to worries about continued supply from pre‑IPO shareholders. The Financial Express
Groww (Billionbrains Garage Ventures): Post‑IPO rally rolls on
- The parent of retail brokerage Groww extended its post‑listing rally, spiking as much as 11% to around ₹193.80 intraday and trading solidly higher near ₹187.50 by midday. The Financial Express
- Investors are also eyeing Groww’s first post‑listing quarterly results, with NDTV Profit highlighting an upcoming board meeting to approve Q2 FY26 numbers later this week. NDTV Profit
WeWork India & Emcure Pharma: Analyst calls drive moves
- WeWork India shares jumped over 7% after Jefferies initiated coverage with a “buy” rating, projecting about 30% upside driven by flex‑space demand and improving margins as centres mature. The Economic Times
- Emcure Pharmaceuticals slipped after reports of a potential large block sale by a Bain Capital affiliate, with the stock sliding to the ₹1,320–1,330 zone during the session. The Financial Express
Separately, AU Small Finance Bank continued its stellar run, with Business Standard noting that the stock is now up about 94% over the last eight months, thanks to robust growth expectations. Business Standard
Rupee, Trade Deficit and Macro Undercurrents
Currency and macro data quietly added another layer to today’s risk‑off sentiment:
- NDTV Profit reported that the rupee actually closed slightly stronger at around 88.61 per US dollar, versus 88.64 on Monday – a calm finish despite global volatility. NDTV Profit
- But under the surface, Business Standard flagged that India’s trade deficit in October hit a record high, driven largely by surging imports of gold and silver ahead of the festive season, prompting warnings that the rupee could drift towards 88.8 if the trend persists. Business Standard
On the flows side, we don’t yet have final FII/DII figures for Tuesday. However, data from Trendlyne and NSE show that on Monday, 17 November, FIIs were net buyers of about ₹442 crore and DIIs bought roughly ₹1,466 crore, helping fuel the previous session’s rally above 26,000 on the Nifty. Trendlyne
If FIIs flip back to net selling today, that would reinforce the narrative of a short‑term pause driven by global risk aversion rather than a structural shift in India’s equity story.
Market Outlook for Tomorrow: Key Levels and Events to Watch
From a near‑term trading perspective, analysts are largely treating today’s slide as a healthy consolidation after a sharp run‑up:
- Pre‑market technical notes and trade setups flagged support zones around 25,800–25,900 on the Nifty and resistance in the 26,100–26,200 area, levels that broadly held up today despite intraday breaches. The Economic Times
- For Bank Nifty futures, widely watched support and resistance bands around 58,800–59,300 remain in play after another record‑high test this week. Progressiveshares
Key triggers for the next session and the rest of the week:
- Global tech earnings – especially Nvidia: The market is clearly nervous about valuations in the global AI and semiconductor space. A strong or weak print could swing sentiment for IT and growth stocks worldwide, including India. Reuters
- Delayed US macro data: Traders are watching US labour and inflation numbers closely to refine expectations for a possible Fed rate cut in December, which directly affects EM flows and the rupee. Reuters
- IPO calendar: Tenneco Clean Air listing & next wave of issues: ET’s live blog highlighted that Tenneco Clean Air’s ₹3,600‑crore IPO is set to list on 19 November, with grey‑market trends hinting at a healthy premium – yet another test of the market’s appetite for large offerings after PhysicsWallah and Emmvee. The Economic Times
- Domestic macros – trade, rupee and gold imports: Any follow‑through weakness in the rupee or fresh headlines on the record trade deficit could keep exporters and import‑heavy sectors in focus. Business Standard
From a medium‑term lens, the combination of recovering earnings, supportive domestic flows, and bullish foreign houses like Morgan Stanley still overweight India indicates that today’s decline looks more like a pause in an ongoing uptrend than the start of a deeper correction. MarketScreener
Disclaimer: This article is for informational and news purposes only and should not be treated as investment advice or a recommendation to buy or sell any securities. Always consult a registered financial adviser before making investment decisions.
