Global jitters and INR depreciation pull Nifty lower near 26,050
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Market Overview
Nifty opened with an 82-point gap-down at 26,110 after U.S. markets reversed their previous gains and closed sharply lower overnight. The index briefly climbed to 26,170 within the first 15 minutes but soon slipped, testing the 26,070–26,080 zone before stabilising. Through the morning, Nifty remained subdued and range-bound, largely oscillating between 26,060 and 26,100.
By early afternoon, the index made another attempt to rebound toward 26,170 but failed to sustain the move and gradually lost strength. Selling picked up in the final hour, dragging Nifty back toward the day’s lows. The index eventually closed at 26,068.15, down around 0.47%, as weak global cues and a sharp 1% depreciation in the USDINR weighed on sentiment.
Looking ahead, markets are likely to remain sensitive to developments around the India–U.S. trade deal, alongside broader global signals.
Broader Market Performance:
The broader markets continue to remain extremely weak. Of the 3,173 stocks traded on the NSE, 784 advanced, 2,302 declined, and 87 remained unchanged.
Sectoral Performance:
The top-gaining sector was Nifty FMCG, up 0.14%, while Nifty Metal was the top losing sector, falling 2.34%. Out of the 12 sectoral indices, only 1 closed in the green and 11 ended in the red, indicating a broad-based decline across the market.
Here’s the trend of FII-DII activity from the last 5 days:
Change in OI for the day
The following is the change in OI for Nifty contracts expiring on 25th November:
The maximum Call Open Interest (OI) is observed at 26,500, followed by 26,200, indicating potential resistance at the 26,200 -26,300 levels.
The maximum Put Open Interest (OI) is observed at 26,000, followed by 25,900, suggesting support at the 26,000 to 25,900 levels.
Note: OI is subject to multiple interpretations, but generally, an increase in Call OI indicates resistance in a falling market, and an increase in Put OI indicates support in a rising market.
Source: Sensibull
Tijori is an investment research platform, and they have constructed niche indices for various themes and sub-sectors. They help you understand the market performance of narrow slices of the market. You can also track the Promoter buying and other interesting stuff, like Capex activity by the companies in the Tijori App’s idea dashboard
What’s happening in India
The government has announced the implementation of all four Labour Codes—the Code on Wages (2019), Industrial Relations Code (2020), Code on Social Security (2020), and the OSHWC Code (2020)—effectively repealing and consolidating 29 existing central labour laws. Dive deeper
India’s Manufacturing PMI fell to 57.4 in November, the weakest reading since February but still well above the long-run average. Dive deeper
The rupee fell 1% to a record low of 89.6 per dollar as signs grew that steep U.S. tariffs are weighing on India’s economy, along with higher demand for dollars. Dive deeper
India’s business activity grew at its slowest pace in six months in November, with the HSBC flash Composite PMI easing to 59.9 as manufacturing weakened to a nine-month low. Dive deeper
Maruti Suzuki India Limited has invested over ₹2 crore in AI-driven connected mobility startup Ravity Software Solutions Private Limited, as the automaker increases its stake in mobility tech solutions. Dive deeper
IndiGo has approved a capital investment of over ₹7,000 crore to move away from leasing and increase aircraft ownership, marking a strategic shift in its fleet financing. Dive deeper
Kotak Mahindra Bank’s board has approved a 1:5 stock split, dividing each ₹5 share into five ₹1 shares, with the record date to be announced. Dive deeper
What’s happening globally
Brent crude fell toward $62 per barrel, heading for a weekly loss, after signals that Ukraine may consider a U.S.–Russia peace plan raised expectations of increased Russian oil exports. Dive deeper
US stock futures were steady on Friday after a sharp reversal in the prior session, as AI-related jitters persisted despite Nvidia’s strong earnings. Dive deeper
UK retail sales fell 1.1% in October, the first drop since May and below expectations, as shoppers delayed purchases ahead of Black Friday. Dive deeper
Japan’s Nikkei 225 index extended its weekly slide as tech shares followed the weak lead from Wall Street, with heightened concern over stretched valuations weighing on investor sentiment. Dive deeper
Bitcoin fell below $82,000 for the first time since mid-April, extending a sharp selloff that has dragged the cryptocurrency down by 25% since the start of November. Dive deeper
Management chatter
In this section, we highlight interesting comments made by the management of major companies and policymakers from the Indian and Global Economies.
Tuhin Kanta Pandey, Chairman, SEBI, on regulation of digital gold and gold investment products:
“Digital gold does not fall under Sebi’s purview; only gold ETFs and tradable gold securities are regulated products.”
“Digital gold and e-gold are neither notified as securities nor regulated as commodity derivatives, and therefore operate entirely outside Sebi’s regulatory framework.”
“Investors should be aware that such products may carry significant risks, including counterparty and operational risks, as none of the investor protection mechanisms in the securities market apply to digital gold.” - Link
Nipun Sharma, CEO, Team LeaseDegree Apprenticeship on the evolving apprenticeship ecosystem and GCC adoption:
“Over three-fourths of apprentices complete their training, and most are absorbed into full-time roles, proving that structured apprenticeship programs improve retention, productivity, and workforce stability.”
“GCCs are becoming major adopters of apprenticeships to develop high-end, knowledge-intensive roles across technology, analytics, and finance.”
“Degree-linked apprenticeships integrating academic study with paid on-the-job training have reduced attrition, increased productivity, and lowered the overall cost of talent acquisition and training.” - Link
Matt Orton, Market Strategist, Raymond James, on India amid global volatility:
“India is in a good place, earnings have been quite strong this season from India, so I don’t think India has caught up in the same concerns around AI and valuations that a lot of other markets are.”
“Gold has been a critical balance to my portfolios really throughout this entire year and I have increased my exposure this year as traditional correlation start to break down.”
“The rate-cutting cycle could still resume in 2025.” - Link
🧑🏻💻Have you checked out The Chatter?
Every week, we listen to the big Indian earnings calls—Reliance, HDFC Bank, and even smaller logistics firms—and copy the full transcripts. We then remove the fluff and keep only the sentences that could move a share price: a surprise price hike, a cut-back on factory spending, a warning about weak monsoon sales, or a hint from management on RBI liquidity. We add a quick, one-line explainer and a timestamp so you can trace the quote back to the call. The whole thing lands in your inbox as one sharp page of facts you can read in three minutes—no 40-page decks, no jargon, just the hard stuff that matters for your trades and your macro view.
Go check out The Chatter here.
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Calendars
In the coming days, we have the following significant events and corporate actions:
That’s it from us for today. We’d love to hear your feedback in the comments, and feel free to share this with your friends to spread the word!
I think while mentioning the broader market performance you should also mention the rise or fall in Nifty Smallcap 100 & Nifty Midcap 100. Coz that will explain why the stocks were down when Nifty 50 was up. Without mentioning those, it seems that its a mystery why stocks were down.
Rrg