The domestic equity benchmarks slipped for a second straight session as profit booking and caution ahead of the US Fed's December policy outlook kept sentiment muted. Traders also stayed guarded amid uncertainty over the interim US-India trade agreement. The Nifty closed below 26,000, weighed down by metal and consumer durables stocks. However, selective buying in IT names helped cap the losses.

Global markets were more upbeat as expectations of a December Fed rate cut strengthened following softer signals from US employment data. Domestically, supportive macro indicators such as strong GDP growth, controlled inflation, steady oil prices and a healthy H2 earnings outlook continued to offer underlying stability.

The S&P BSE Sensex tumbled 331.21 points or 0.39% to 84,900.71. The Nifty 50 index fell 108.65 points or 0.42% to 25,959.50. In two consecutive trading sessions, the Sensex fell 0.85% while the Nifty lost 0.89%.

JSW Steel (down 3.02%), Bharat Electronics (down 2.98%) and Reliance Industries (down 0.66%) were major drags today.

In the broader market, the S&P BSE Mid-Cap index fell 0.27%, while the S&P BSE Small-Cap index slipped 0.83%.

The market breadth was weak. On the BSE, 1,208 shares rose and 3,035 shares fell. A total of 219 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 2.89% to 13.24.

India will release its July-September GDP data on Friday (November 28), followed by the monetary policy decision on December 5.

Numbers to Track:

The yield on India's 10-year benchmark federal paper was down 0.11% to 6.553 as compared with the previous close of 6.560.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 89.1850 compared with its close of 89.6650 during the previous trading session.

MCX Gold futures for 5 December 2025 settlement slipped 0.68% to Rs 1,23,341.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.07% to 100.04.

The United States 10-year bond yield declined 0.34% to 4.049.

In the commodities market, Brent crude for January 2025 settlement lost 37 cents or 0.59% to $62.19 a barrel.

Global Markets:

Most European shares traded higher, while Asian market ended mixed on Monday, supported by growing expectations of a US Fed rate cut in December despite ongoing divisions among policymakers over the timing of such a move.

The anticipation of future catalysts drove market activity. Investors are looking ahead to the release of key economic indicators later in the week, specifically U.S. retail sales and producer prices data. Further, British finance minister Rachel Reeves is scheduled to unveil her highly anticipated budget this week.

Geopolitical developments were also central to trading sentiment. Oil prices faced downward pressure after the United States and Ukraine announced the creation of an updated and refined peace framework aimed at ending the war with Russia, raising hopes for a potential boost in global oil supply.

On Wall Street, major averages rebounded on Friday, with the Dow Jones Industrial Average, Nasdaq Composite, and S&P 500 all closing higher.

The Dow Jones Industrial Average gained 493.15 points (1.08%) to close at 46,245.41. The Nasdaq Composite advanced 0.88% to settle at 22,273.08. The S&P 500 finished 0.98% higher at 6,602.99.

The rally followed comments from New York Fed President John Williams, who hinted at the possibility of another rate cut this year, saying labour market weakness now outweighs inflation risks. Hopes of policy easing ahead of the Fed's December 9-10 meeting lifted sentiment, though the recent US government shutdown has left policymakers navigating significant data gaps, including the scrapped October inflation report.

Stocks in Spotlight:

Karnataka Bank jumped 5.21% to Rs 198.80 after Cupid CMD Aditya Kumar Halwasia bought shares worth Rs 70.63 crore in a bulk deal on Friday, 21 November 2025. Exchange data showed that Cupid's chairman and managing director Aditya Kumar Halwasia purchased 38 lakh shares on the NSE at Rs 185.87 apiece. Halwasia's name was absent from Karnataka Bank's September quarter shareholding pattern.

RKEC Projects surged 19.46% after the company announced that it has received a work order worth Rs 197.59 crore from Oil and Natural Gas Corporation (ONGC).

Dilip Buildcon added 2.97% after the company announced that it has emerged as the L-1 bidder for a tender floated by the National Aluminium Company (NALCO), a Government of India enterprise, worth Rs 5,000 crore.

NBCC (India) rose 3.33% after the company said that it has received multiple work orders aggregating to Rs 116.95 crore across project management consultancy and construction assignments.

Lemon Tree Hotels fell 3.03%. The company announced the signing of its latest property, Keys Select by Lemon Tree Hotels, Bhopal, Madhya Pradesh, aimed at catering to both business and leisure travelers.

H.G. Infra Engineering rose 2.10% after the company has been declared the L1 bidder, jointly with Kalpataru Projects International, for a major metro infrastructure project awarded by the Maharashtra Metro Rail Corporation (MMRCL) in Thane.

Lupin declined 1.60% after the pharma major said the U.S. Food and Drug Administration (FDA) conducted an inspection at its Goa manufacturing facility from 10 November to 21 November 2025.

Natco Pharma slipped 2.59% after the company said that it had received seven observations in a Form 483 issued by the U.S. Food and Drug Administration (USFDA) following an inspection of its API manufacturing facility in Manali, Chennai.

B.R. Goyal Infrastructure declined 2.57%. The company announced that it has received a work order worth Rs 33.27 crore from the National Highways Authority of India (NHAI).

IPO Update:

Sudeep Pharma received bids for 5,31,18,625 shares as against 1,05,64,926 shares on offer, according to stock exchange data at 16:45 IST on Monday (24 November 2025). The issue was subscribed 5.03 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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