The domestic equity indices ended with substantial losses, snapping a two-day gaining streak, amid weak global cues. Investors turned cautious after the latest US jobs data failed to offer clarity on the Federal Reserve's rate-cut trajectory, keeping global markets on edge. The Nifty ended below the 26,100 level.

Barring the Nifty FMCG index, all other sectoral indices on the NSE ended in the red, with metal, PSU bank and realty shares experiencing the steepest declines.

As per provisional closing data, the barometer index, the S&P BSE Sensex slumped 400.76 points or 0.47% to 85,231.92. The Nifty 50 index tumbled 124 points or 0.47% to 26,068.15. In the past two consecutive trading sessions, the Sensex rose 1.13% while the Nifty added 1.08%.

The broader market underperformed the frontline indices. the S&P BSE Mid-Cap index fell 1.30% and the S&P BSE Small-Cap index dropped 1.30%.

The market breadth was negative. On the BSE, 1,276 shares rose and 2,897 shares fell. A total of 176 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, surged 12.31% to 13.63.

Economy:

The HSBC Flash India Composite Output Index registered 59.9 in November, remaining well above the neutral 50.0 mark and its long-run average of 54.9, indicating continued strong expansion despite easing from 60.4 in October to a six-month low. The moderation in overall growth was driven by a softer rise in manufacturing output, with some firms reporting subdued new orders, while services activity strengthened compared with the previous month. The HSBC Flash India Services PMI Business Activity Index also improved, rising to 59.5 in November from 58.9 in October.

The HSBC Flash India Manufacturing PMI fell from 59.2 in October to 57.4 in November, signalling the slowest improvement in nine months but still reflecting expansion. Meanwhile, the HSBC Flash India Manufacturing PMI Output Index stood at 60.7 in November, down from 63.7 in October.

IPO Update:

Excelsoft Technologies received bids for 1,15,28,95,250 shares as against 3,07,01,754 shares on offer, according to stock exchange data at 15:20 IST on Friday (21 November 2025). The issue was subscribed 37.55 times. The issue opened for bidding on 19 November 2025 and it will close on 21 November 2025. The price band of the IPO is fixed between Rs 114 and 120 per share.

Sudeep Pharma received bids for 1,17,71,400 shares as against 1,05,64,926 shares on offer, according to stock exchange data at 15:20 IST on Friday (21 November 2025). The issue was subscribed 1.11 times. The issue opened for bidding on 21 November 2025 and it will close on 25 November 2025. The price band of the IPO is fixed between Rs 563 and 593 per share.

New Listings:

Shares of Capillary Technologies India were at Rs 601.20 on the BSE, representing a premium of 4.19% as compared with the issue price of Rs 577.

The stock listed at Rs 560, reflecting a 2.95% discount to the issue price.

The stock has hit a high of 633 and a low of 560. On the BSE, over 18.75 lakh shares of the company were traded in the counter.

Buzzing Index:

The Nifty Metal index fell 2.34% to 10,142.55. The index rose 0.02% in the past trading session.

Hindustan Copper (down 4.14%), Hindustan Zinc (down 3.1%), Lloyds Metals & Energy (down 3.08%), Jindal Steel (down 3.08%), Steel Authority of India (down 2.98%), National Aluminium Company (down 2.87%), JSW Steel (down 2.79%), Vedanta (down 2.78%), Hindalco Industries (down 2.77%) and Tata Steel (down 2.59%) declined.

Stocks in Spotlight:

Hindalco Industries declined 2.83% after the company reported a fire incident at the Novelis plant in Oswego, New York.

Billionbrains Garage Ventures (Groww) added 1.38% after the company's consolidated net profit jumped 12.18% to Rs 471.33 crore despite a 9.48% decline in revenue from operations to Rs 1,018.74 crore in Q2 FY26 over Q2 FY25. On quarter on quarter (QoQ) basis, the company's consolidated net profit and revenue from operations climbed 24.57% and 12.64% in Q2 FY26.

RMC Switchgears advanced 2.54% after the company received a letter of intent (LoI) worth Rs 27.77 crore from Rajasthan Rajya Vidyut Prasaran Nigam (RRVPNL).

Earkart dropped 4.96%. The company announced that it has secured an order worth Rs 6.25 crore from Artificial Limbs Manufacturing Corporation of India (ALIMCO) for supplying components for BTE digital hearing aids.

Zaggle Prepaid Ocean Services (Zaggle) slipped 1.51%. The company announced that it has entered into an agreement with BIBA Fashion to provide its Zaggle Propel platform. The agreement is to be executed within 36 months.

Jammu & Kashmir Bank (J&K) lost 2.33%. The bank said that its board is scheduled to meet on 26 November 2025, to consider raising funds through Tier I or Tier II capital.

H.G. Infra Engineering rose 0.16%. The company has announced the incorporation of a wholly owned subsidiary, H.G. Clean Energy Solutions, on 20 November 2025.

Dugar Housing Developments rose 1% after the company appointed Senthil Kumar Bellan as its chief financial officer (CFO), effective 21 November 2025.

Interglobe Aviaition (Indigo) added 0.94%. The company's board approved an investment of $820 million (Rs 729.4 crore) in its wholly owned subsidiary, InterGlobe Aviation Financial Services IFSC, in one or more tranches.

RateGain Travel Technologies dropped 4.36%. The company has announced a strategic partnership with HotelIQ, a leading provider of business intelligence and analytics solutions for hoteliers.

Global Markets:

European markets declined on Friday as investors awaited a series of economic data releases, including U.K. retail sales, the HCOB German manufacturing PMI and S&P Global's manufacturing figures for Britain.

Most Asian markets ended lower, as the much-anticipated U.S. jobs data failed to provide clarity on the near-term path for interest rates, with investors returning to dumping risk assets.

On the data front, Japan's core inflation in October rose at its sharpest rate since July, in line with market estimates on Friday, supporting the case for interest rate hikes by the Bank of Japan.

The headline inflation rate rose to 3%, marking the the 43rd month in a row that it has run above the BOJ's 2% target. The core-core inflation rate, which strips out prices of fresh food and energy, crept up to at 3.1%, compared to 3% in September.

Wall Street dived overnight as jitters over inflated tech stock prices returned, resulting in the Nasdaq's widest one-day swing since April 9 when President Donald Trump's Liberation Day tariffs spooked markets.

On Thursday stateside, the Nasdaq Composite fell 2.16%, down from a 2.6% advance at one point in the session.

Other major indexes also slipped, with the Dow Jones Industrial Average down 0.84%. The S&P 500 shed 1.56%, despite rising as much as 1.9% earlier in the day.

Data showed the U.S. economy added far more jobs than expected in September, but a rise in the unemployment rate and downward revisions to prior months painted an ambiguous picture for the Federal Reserve as it considers whether or not to cut interest rates next month.

The US economy added 119,000 jobs in September 2025, despite the US federal government shutdown, according to the Bureau of Labor Statistics data released on 20 November 2025.

The US unemployment rate rose to 4.4% with the number of unemployed people at 7.6 million as of the month ended September 2025, compared to the 4.1% jobless rate with 6.9 million people in the same period a year ago.

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