Stock Market Today: 15 Key Things To Know Before Indian Markets Open On 25 November 2025

Indian equities head into Tuesday’s trade balancing near-record index levels, heavy F&O positioning, and fresh signals on interest rates, the rupee and regulations. Here’s a complete pre-opening guide for 25 November 2025.

Quick Snapshot For Tuesday, 25 November 2025

Indices: On Monday, 24 November, the Nifty 50 fell 0.42% to 25,959.50, while the Sensex slipped 0.39% to 84,900.71, extending a two-day losing streak but staying only ~1% below all‑time highs set in September 2024. ^[1]
Breadth & sectors: Midcaps fell ~0.3% and smallcaps ~0.9%. IT was the lone outperformer, while defence and realty stocks dropped more than 2% on profit booking. ^[2]
Gift Nifty: SGX/ Gift Nifty futures hovered around the 26,000 mark late Monday, indicating a flat to mildly positive, range‑bound start for 25 November. ^[3]
Global cues: Wall Street staged a strong rebound overnight with the Dow up around 0.6%, S&P 500 up ~1.6% and Nasdaq gaining about 2.6%, powered by tech and renewed hopes of a December Fed rate cut. ^[4]
Rupee & bonds: The rupee closed stronger at 89.24 per US dollar after RBI intervention cooled pressure near the 90 level; the 10‑year G‑sec yield slipped to about 6.48% after the RBI Governor said recent data leaves “scope for a rate cut.” ^[5]
Commodities:Brent crude is trading near $63 per barrel, up about 1% on the day but still down double‑digits year‑on‑year. Gold prices in India fell sharply on Monday as the stronger dollar and risk‑on sentiment weighed on bullion. ^[6]
Macro triggers: Markets are watching India’s Q2 FY26 GDP release on 28 November, global data prints and progress on an India–US trade deal, all highlighted as key triggers for this week’s trade. ^[7]
Flows: Foreign portfolio investors (FPIs/ FIIs) were net sellers of ~₹4,172 crore, while DIIs were net buyers of ~₹4,513 crore on 24 November, partially cushioning the fall. ^[8]
Derivatives: Tuesday, 25 November, is the monthly F&O expiry for NSE derivatives after SEBI’s change to Tuesday expiries from September 2025, which can amplify intraday moves. ^[9]
Regulation & policy: The Finance Ministry has revived a merger proposal for three PSU general insurers, while SEBI has notified a new turnover‑linked framework for “material” related‑party transactions (RPTs)—both potentially significant for financials and governance‑sensitive stocks. ^[10]
Primary market: The ₹895‑crore Sudeep Pharma IPO closes for subscription on Tuesday, while SME issue SSMD Agrotech India opens on 25 November. ^[11]

1. How Dalal Street Closed On Monday, 24 November

Indian equities snapped early gains and reversed lower on Monday as profit‑booking kicked in around resistance levels.

Nifty 50: down 108.65 points (–0.42%) at 25,959.50.
Sensex: down 331.21 points (–0.39%) at 84,900.71. ^[12]

According to closing reports, the Nifty formed a long bearish candle with a lower‑high, lower‑low pattern for the second straight session and slipped below the psychologically important 26,000 mark ahead of Tuesday’s F&O expiry. ^[13]

Market breadth weakened:

Midcap index: –0.3%
Smallcap index: –0.9%
Sector moves: IT outperformed, while defence and realty indices fell over 2%, and most sectors ended in the red on broad‑based profit‑taking. ^[14]

Even after the dip, Nifty remains only about 1% below its record closing high of 26,216.05, set in September 2024—so the market is still trading at elevated levels, which makes it more sensitive to negative surprises. ^[15]

2. Global Cues: Wall Street Tech Rally And Fed‑Cut Hopes

Overnight global sentiment is broadly supportive for risk assets:

On Monday, Dow Jones gained around 0.6%, the S&P 500 about 1.6% and the Nasdaq roughly 2.6%, led by big tech and a rebound in AI‑linked names. ^[16]
Investors are increasingly pricing in a third 25 bps Fed rate cut in December, with market‑implied odds climbing sharply compared with last week. ^[17]

European markets were more mixed on Monday: FTSE 100 and DAX ended slightly higher while CAC 40 and Euro Stoxx 50 slipped, reflecting lingering concerns over global growth even as US tech rebounds. ^[18]

For India, strong overnight gains in US tech and softer bond yields are generally positive for IT, growth and risk‑on sectors, but they have to be weighed against stretched domestic valuations and persistent FII selling.

3. Gift Nifty, Rupee & Commodities: Under‑The‑Surface Signals

Gift Nifty: Flat to Mildly Positive Indication

Late‑night data from NSE and global platforms show Gift Nifty futures trading almost flat around 26,000, with modest intraday swings around that level. ^[19]

That aligns with a range‑bound to slightly positive opening bias for Tuesday, but with F&O expiry in play, the intraday path can be far more volatile than the open might suggest.

Rupee: Stabilising After Hitting Record Lows

The rupee closed at 89.24 per dollar on Monday, firming about 17 paise from Friday’s 89.41 close after RBI was seen intervening in both spot and offshore markets to cool the slide towards 90. ^[20]
The RBI Governor noted that some 3–3.5% annual depreciation is “typical” given India’s inflation differential and emphasised the central bank’s focus on curbing excessive volatility rather than defending a specific level. ^[21]

A stabilising rupee is normally supportive for banks, importers and foreign‑owned companies, but the currency remains Asia’s worst performer this year, so FX moves will stay on traders’ dashboards.

Crude Oil & Gold: Mixed For India Inc

Brent crude is hovering near $63 per barrel, up about 1% on the day but still down around 15% over the past year, as the market balances decent supply against geopolitics and growth concerns. ^[22]
Gold prices in India fell about 1% on MCX on Monday as the stronger dollar and risk‑on tone weighed on demand; city‑wise prices dropped across major centres like Delhi, Mumbai and Chennai. ^[23]

Lower oil is structurally positive for autos, aviation, paint and logistics, while weaker gold prices could temporarily cool sentiment around jewellery names but help discretionary consumption over time.

4. Macro Calendar: Q2 GDP, Global Data & Ratings

This is a macro‑heavy week, and Tuesday’s trade will be framed by what’s coming next:

Q2 FY26 GDP data (due 28 November) is the biggest domestic event. Market commentary from Mint and others highlights GDP, US data releases, India–US trade talks, FII flows and gold prices as the top triggers for Dalal Street this week. ^[24]
S&P Global Ratings has reaffirmed India’s FY26 growth forecast at 6.5% and projected robust consumption‑driven growth into FY27, underpinned by capex and structural reforms. ^[25]
Fresh RBI data on 3,118 listed private non‑financial firms show Q2 FY26 sales growth improving to 8% year‑on‑year, with manufacturing, IT and non‑IT services all registering stronger revenue growth. Operating profits also improved for manufacturers and IT. ^[26]

Taken together, the macro backdrop remains growth‑supportive with moderating inflation, which underpins the RBI Governor’s comment that there is room for a rate cut if data stay favourable. ^[27]

5. Flows & F&O: Why Tuesday’s Expiry Matters

FII vs DII Activity

On 24 November:

FIIs sold around ₹4,172 crore of Indian equities.
DIIs bought approximately ₹4,513 crore, almost fully offsetting foreign selling. ^[28]

Sustained FII outflows, even as DIIs support the market, highlight valuation caution among global investors and could cap near‑term upside, particularly around record index levels.

Monthly F&O Expiry On 25 November

After SEBI’s change to standardise derivative expiries, NSE index and stock derivatives now expire on Tuesdays, making 25 November the monthly expiry for November series. ^[29]

That typically means:

Higher intraday volatility as traders roll over or square off positions.
Greater sensitivity to options open‑interest (OI) clusters, especially around round numbers like 26,000 on Nifty.

Moneycontrol and ET technical pieces highlight:

Heavy Call OI and fresh call writing at 26,000–26,100 strikes and above.
Strong Put OI between 25,700 and 26,000, signalling support zones where dip buyers may re‑emerge. ^[30]

6. Big Policy & Regulatory Headlines To Track

6.1. PSU General Insurance Merger Back On The Table

The Finance Ministry has revived discussions to merge three PSU general insurers — Oriental Insurance, National Insurance and United India Insurance — after improving their financial health through cumulative capital infusions of about ₹17,450 crore between FY20 and FY22. ^[31]

Key implications:

A merger could create a single larger general insurer, improving scale and efficiency but also triggering integration challenges.
It may re‑rate PSU insurance peers and affect competitive dynamics for listed players like New India Assurance and private insurers, depending on how restructuring is executed. ^[32]

While no final decision has been announced, headlines around this theme can move PSU financials, insurance and banking stocks.

6.2. SEBI’s New RPT Materiality Framework

SEBI has notified a turnover‑linked framework to define “material” related‑party transactions for listed entities, replacing the earlier flat threshold of ₹1,000 crore or 10% of turnover, whichever is lower. ^[33]

Broad contours:

For companies with turnover up to ₹20,000 crore: an RPT is material if it exceeds 10% of consolidated turnover.
For ₹20,001–40,000 crore, the threshold becomes ₹2,000 crore plus 5% of turnover above ₹20,000 crore.
For turnover above ₹40,000 crore, it is ₹3,000 crore plus 2.5% of the amount over ₹40,000 crore, capped at an absolute ceiling of ₹5,000 crore. ^[34]

This move should ease compliance for large groups where intra‑group transactions often breach the previous ₹1,000‑crore cap, while still protecting minority shareholders via proportional, turnover‑linked thresholds.

Expect corporate governance‑heavy names, large conglomerates and infra‑heavy groups to be in focus as investors assess how these rules affect deal flows and disclosures.

7. Corporate Fundamentals: RBI’s Q2 Corporate Data

Fresh RBI analysis of 3,118 listed non‑government non‑financial firms suggests:

Overall sales grew 8% year‑on‑year in Q2 FY26, up from 5.5% in the previous quarter.
Manufacturing sales rose 8.5%, led by autos, food products, electrical machinery and chemicals.
IT companies’ sales grew 7.8%, up from 6% in Q1, while non‑IT services grew 10.6%, driven by wholesale and retail trade. ^[35]

Operating profit growth improved for manufacturing and IT companies, though margins remain uneven across segments.

For equity investors, this data supports the narrative that earnings growth is broadening beyond a few sectors, which is helpful for the sustainability of the current high index levels—provided valuations don’t run too far ahead.

8. IPO & Primary Market Watch

8.1. Sudeep Pharma IPO – Last Day To Bid

Issue size: about ₹895 crore (fresh issue plus OFS).
Price band:₹563–₹593 per share.
Subscription window:21–25 November 2025 (closes Tuesday).
Allotment & listing: allotment likely on 26 November, tentative listing on 28 November on NSE & BSE. ^[36]

The IPO is already fully subscribed and multiple times booked, with a healthy grey‑market premium being reported, making pharma and specialty chemicals names a key pocket to monitor.

8.2. SSMD Agrotech India SME IPO Opens

SSMD Agrotech India opens its SME IPO on 25 November, closing on 27 November.
Issue size: around ₹34.09 crore.
Price band:₹114–₹121 per share, lot size 1,000 shares. ^[37]

While SME IPOs don’t move the main indices much, strong subscription trends can feed risk appetite in broader small‑cap and micro‑cap space.

9. Dividends & Corporate Actions: Names On Watch

Dividend‑linked corporate actions often trigger gap moves and volume spikes around ex‑dates and record dates.

According to NDTV Profit and allied coverage: ^[38]

Ingersoll Rand (India) – ₹55 per share interim dividend; record date 25 November.
AK Capital Services – ₹16 per share dividend.
Nile Ltd. – ₹5 per share interim dividend; record date this week.
Power Finance Corp (PFC) – ₹3.65 per share, record date 26 November.
Meera Industries, Aryavan Enterprise, Shyamkamal Investments – smaller dividends with record dates between 26–28 November.

Under the T+1 settlement cycle, traders need to be aware that prices typically adjust on or before the ex‑date, and some of that action has already played out. However, yield‑hungry flows and post‑ex re‑entry trades can keep these counters active through the week.

10. Stocks & Sectors Likely In Focus On 25 November

While intraday action will ultimately be headline‑driven, these themes are on traders’ radar:

Insurance & PSU Financials
- Oriental Insurance, National Insurance and United India Insurance (unlisted) are at the heart of the proposed PSU general insurance merger, which can influence sentiment in listed peers like New India Assurance, as well as in broader PSU financials and banks with exposure to these insurers. ^[39]
Corporate‑Governance & Conglomerate Plays
- Large groups with significant related‑party transactions—spanning infra, utilities, energy and diversified conglomerates—may see renewed scrutiny and potentially easier execution for routine intra‑group deals under the new SEBI framework. ^[40]
IT & Export‑Oriented Names
- Tech stocks outperformed on Monday even as the headline indices fell, helped by global tech rally and improving corporate revenue data from RBI. Coupled with a still‑weak rupee, large‑cap IT majors may continue to draw interest. ^[41]
Rate‑Sensitive Sectors (Banks, Autos, Real Estate)
- With the RBI Governor explicitly flagging “scope for a rate cut” and 10‑year yields easing, rate‑sensitive sectors could benefit if markets believe a policy pivot is genuinely on the table. ^[42]
Dividend & High‑Yield Names
- Counters like Ingersoll Rand (India), PFC, AK Capital and others in this week’s dividend list may see tactical trading around record dates and ex‑dates. ^[43]
Momentum Heavyweights & Broker Picks
- Broking‑desk recommendations for the week (for instance, Max Healthcare and Reliance Industries highlighted by Motilal Oswal) often act as sentiment barometers and may experience above‑average volumes, though they should not be treated as advice by themselves. ^[44]
Pharma & Specialty Chemicals
- With Sudeep Pharma IPO in the spotlight and robust demand so far, listed pharma and chemical names could remain active as investors play sectoral themes and potential read‑throughs. ^[45]

11. Technical View: Nifty & Bank Nifty Levels To Watch

Based on Moneycontrol, NDTV Profit and ET Now technical reports: ^[46]

Nifty 50

Immediate resistance:
- 26,000 (psychological and intraday “trend‑decider”).
- 26,100 – 26,200 (heavy Call OI, key pivot zone).
- 26,250 – 26,277 (upper end of recent range and all‑time high region).
Supports:
- 25,900 – 25,850 (near‑term demand zone highlighted by multiple brokers).
- 25,850 is also cited as the lower end of last week’s range and the midline of Bollinger Bands.
- Below that, 25,700 emerges as a deeper support for any expiry‑day shakeouts.

Analysts sum it up this way: as long as Nifty trades below 26,000, sentiment stays fragile, and a test of 25,900–25,850 remains possible. A sustained move above 26,150–26,200 could reopen the path toward the 26,277 all‑time high and beyond.

Bank Nifty

Closed around 58,835 with a bearish candle and signs of waning momentum. ^[47]
Supports are seen near 58,200–58,000, while resistances cluster in the 59,300–59,600 region and higher around 59,800 on some projections. ^[48]

With both indices still above major moving averages but losing momentum, the risk‑reward intraday favours tactical trades at support/resistance rather than aggressive chasing in the middle of the range, especially on expiry day.

12. Trading Checklist For 25 November 2025

Before the bell:

Track Gift Nifty vs Spot:
- A flat to mildly positive Gift Nifty around 26,000 suggests a calm open, but watch for sudden swings as expiry flows hit. ^[49]
Watch F&O OI Clusters:
- Keep an eye on 26,000–26,100 Calls and 25,700–26,000 Puts to gauge intraday support and resistance zones for Nifty. ^[50]
Monitor Rupee & Crude:
- Any renewed weakness in the rupee toward 90 or a sharp move in crude away from ~$63/bbl can quickly reprice banks, OMCs, autos and metal stocks. ^[51]
Macro & RBI Headlines:
- Fresh commentary on Q2 GDP expectations, India–US trade talks or RBI rate‑cut signalling could spark sector‑specific moves, particularly in banks, infra and consumption. ^[52]
Regulatory & Policy Flow:
- Any concrete step on PSU insurer restructuring or clarifications on SEBI’s RPT framework will be closely watched by institutions and could drive sharp moves in financials and governance‑sensitive names. ^[53]
Primary Market Sentiment:
- Track final‑day subscription numbers for Sudeep Pharma and the early response to SSMD Agrotech SME IPO for a pulse on risk appetite in the broader market. ^[54]

Final Word & Disclaimer

Indian equities are entering Tuesday, 25 November 2025, with a mix of constructive macro signals, strong global cues and local profit‑booking near record highs. Monthly F&O expiry, a stabilising rupee, rate‑cut chatter from the RBI, and regulatory headlines on insurers and RPTs together set the stage for an active session.

This article is for information and news purposes only and is not investment advice or a recommendation to buy or sell any security or derivative. Market conditions and data points can change quickly before the opening bell; always cross‑check live quotes and consult a qualified financial adviser before making trading or investment decisions.

Rakesh jhunjhunwala portfolio | stock market portfolio #sharemarket #stockmarket