The domestic equity markets ended lower on Friday as profit-taking emerged on domestic bourses after a two-day winning streak. Across the board selling led the Nifty to close below the 26,100 level. Barring FMCG, all other sectoral indices ended in the red with capital goods, realty, PSU Bank, metal recording significant decline.

The S&P BSE Sensex tumbled 400.76 points, or 0.47%, to 85,231.92, while the Nifty 50 fell 124 points, or 0.47%, to 26,068.15.

JSW Steel (down 2.91%), Hindalco (down 2.81%), Tata Steel (down 2.59%), Bajaj Finance (down 2.29%) and HCL Technologies (down 2.22%) were among major losers.

In the broader market, the S&P BSE Mid-Cap index and the S&P BSE Small-Cap index, both fell 1.30%.

The market breadth was negative. On the BSE, 1,872 shares rose and 2,304 shares fell. A total of 186 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 12.32% 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.

Numbers to Track:

The yield on India's 10-year benchmark federal paper was up 0.44% to 6.565 as compared with previous close 6.536.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 89.594 compared with its close of 88.71 during the previous trading session.

MCX Gold futures for 5 December 2025 settlement rose 0.38% to Rs 1,23,191.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.12% to 100.35.

The United States 10-year bond yield fell 1.29% to 4.052.

In the commodities market, Brent crude for January 2025 settlement fell $1.03 cents or 1.63% to $62.35 a barrel.

Global Markets:

Dow Jones futures were up by 41 points, signaling a muted start for US stocks today.

European markets declined on Friday as investors digested a series of economic data prints.

The S&P Global UK Manufacturing PMI rose to 50.2 in November 2025, up from 49.7 in October and above market expectations of 49.2, according to preliminary data.

The HCOB Flash Eurozone Manufacturing PMI slipped to 49.7 in November 2025, a five-month low, down from 50 in October and below expectations of 50.2.

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.

New Listings:

Shares of Capillary Technologies India closed at Rs 606.90 on the BSE, representing a premium of 5.18% 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 had changed hands at the counter.

Stocks in Spotlight:

Hindalco Industries declined 2.81%. The company reported a fire incident at the Novelis plant in Oswego, New York.

Billionbrains Garage Ventures (Groww) rose 0.84%. 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 2.11%. The company received a letter of intent (LoI) worth Rs 27.77 crore from Rajasthan Rajya Vidyut Prasaran Nigam (RRVPNL).

Interglobe Aviaition (Indigo) added 0.92%. 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 4.13%. The company has announced a strategic partnership with HotelIQ, a leading provider of business intelligence and analytics solutions for hoteliers.

IPO Update:

Excelsoft Technologies received bids for 96,50,87,375 shares as against 3,07,01,754 shares on offer, according to stock exchange data at 17:55 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 70,33,625 shares as against 1,05,64,926 shares on offer, according to stock exchange data at 17:55 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.

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