Markets Close Flat After Volatile Session; Sensex, Nifty Still Up 2% for November

Nifty Ends Flat Amid Volatility as Benchmark Indices Still Rise 2% in November

At the close, the Nifty 50 settled at 26,202.95, down 0.05%, while the S&P BSE Sensex closed at 85,706.67, lower by 13.71 points (0.02%). The indices traded in a narrow range as investors resorted to profit booking near record levels amid mixed global cues and expectations of potential interest-rate cuts from both the US Federal Reserve and the Reserve Bank of India.

Also Read : India–US Trade Deal Is ‘Only a Matter of Time,’ Says Commerce Secretary

Benchmarks Stay Resilient After Record Highs but Struggle for Direction

Despite the lacklustre Friday close, the week remained positive for the markets. Both the Nifty and Sensex gained 0.5% during the week, mirroring global optimism driven by expectations of a Fed rate cut and improvement in geopolitical climate.

Broader indices—BSE Midcap and Smallcap—also ended nearly flat, reflecting consolidation after a strong November performance.

Market Breadth Weakens as Profit Booking Emerges Across Sectors

Throughout Friday’s session, market breadth leaned slightly negative.

• Advancers: 1,529

• Decliners: 1,556

• 52-week highs: 60

• 52-week lows: 107

The India VIX slipped 1.42% to 11.62, indicating continued low volatility as investors maintained a wait-and-watch stance.

More than 120 stocks hit 52-week highs, including prominent names such as M&M Financial, Adani Ports, GMR Airports, IIFL Finance, Cummins, AIA Engineering, Hero MotoCorp, Reliance Industries, Shriram Finance, and others—signalling strong interest in select large and mid-cap counters despite the choppy index movement.

Auto and Pharma Shine While Oil, Gas, and Power Stocks Drag Markets

Top Gainers

• Auto: +0.62%

• Pharma: +0.59%

• Media: +0.55%

• Metal: +0.19%

• Consumer Durables: +0.09%

Top Losers

• Oil & Gas: -0.69%

• Realty: -0.19%

• IT: -0.11%

Adani Enterprises, M&M, Sun Pharma, HUL, and Adani Ports were among the top Nifty gainers.
Meanwhile, stocks such as SBI Life, Shriram Finance, HDFC Life, Power Grid, and Bharti Airtel dragged the index.

Stock-Specific Movers: 63 Moons Surges, Gail Falls, Tanfac Rises

• Gail India slipped 4% after PNGRB’s tariff revision came in below street expectations.

• 63 Moons Technologies soared 16% after receiving NCLT approval for a one-time settlement.

• Ashoka Buildcon dropped 4% following suspension from participating in NHAI bids.

• Tanfac Industries gained 5% after winning a ₹336 crore contract from Krishna Organics.

• Nectar Lifesciences jumped 20% ahead of its December 3 board meeting to consider a buyback.

• Sundaram-Clayton rose 4% after acquiring an 11.63% stake in Navia Two Power.

New Listing Buzz

Sudeep Pharma made a strong debut, closing 30% higher at ₹773.70, after listing at a 23% premium to its IPO price.

Rupee Nears Record Low But RBI Presence Cushions Fall

The Indian rupee weakened further, touching a fresh record low of 89.49 per dollar during the session. It eventually closed at 89.45, down 7 paise from Thursday’s close of 89.30.

The currency has fallen 0.6% this month, pressured by:

• A widening goods trade deficit

• Weakness in portfolio inflows

• Rising crude oil prices

• Speculative short positions against the rupee

However, traders noted strong RBI intervention, which prevented a sharper plunge despite the dollar’s strength.

Technical Indicators Suggest Consolidation Before Next Breakout

Key levels to watch:

• Immediate support: 26,050

• Critical support: 25,900

• Near-term upside target: 26,600

• Major resistance zone: 26,430–26,500

Market strategists advise maintaining a buy-on-dips approach as long as Nifty holds above 25,900.

Global Markets Mixed as Investors Await Data and Fed Signals

• Stoxx Europe 600: Flat

• MSCI Asia Pacific Index: Down 0.3%

• MSCI Emerging Markets Index: Down 0.4%

US markets continued benefiting from tech-driven optimism and rising expectations of a Federal Reserve rate cut, which supported sentiment in Indian equities earlier in the day.

Ban List Update: No Securities in Ban; Several Stocks Nearing MWPL Limits

While no stocks entered the F&O ban list, several names approached MWPL levels and could potentially enter the list soon, including Bandhan Bank, CONCOR, Kaynes, HFCL, IRCTC, RBL Bank, Adani Enterprises, NMDC, National Aluminium, and others.

Market Outlook: Sideways Phase Likely Before Next Leg of Rally

As November closes with healthy gains, analysts expect the market to remain in a sideways-to-positive zone in the near term. Sectoral rotation is likely to continue, with traders advised to focus on large-caps and fundamentally strong mid-caps.

With benchmark indices holding firm above psychological levels and key macro numbers due, the Nifty ending flat on Friday appears to be a temporary pause rather than a trend reversal.

• Nifty 50
• Bank Nifty
• Sensex

FAQs Sensex, Nifty Still Up 2% for November

Why did the Nifty end flat despite strong monthly gains in November?

The Nifty ended flat due to intraday volatility, profit booking near record highs, and mixed global cues. Despite this, broader institutional buying and sectoral rotation sustained the index’s strong 2% monthly gains.

What does a flat closing for the Nifty indicate when benchmark indices recently hit record highs?

A flat closing often indicates consolidation, suggesting that markets are taking a breather after a strong rally. Traders typically reassess positions ahead of key events like GDP data, Fed commentary, and domestic policy signals.

How do sectoral trends influence market volatility when the Nifty trades sideways?

When the Nifty remains rangebound, sector-specific momentum becomes more pronounced. Gains in auto, pharma, and metals can offset weakness in oil & gas and energy, leading to minimal index movement despite active sector rotation beneath the surface.

Why did midcap and smallcap indices remain flat even as several stocks hit 52-week highs?

Midcap and smallcap indices remained flat because gains were concentrated in select high-quality stocks, while broader market participation moderated. Elevated valuations and profit-taking limited wider advances across these segments.

How does the rupee’s slide toward record lows impact the Nifty’s short-term movement?

A weakening rupee raises concerns around imported inflation, corporate input costs, and FII outflows—all of which can cap equity upside. However, RBI intervention often stabilizes currency volatility, reducing the immediate impact on the Nifty.

What technical levels should traders watch when the Nifty consolidates near 26,200?

Key levels include immediate support at 26,050 and major support near 25,900. On the upside, traders are eyeing 26,430–26,500 as a resistance zone and 26,600 as the next breakout target if momentum resumes.

What does the narrow advance–decline ratio suggest about market strength on flat days?

A nearly balanced advance–decline ratio indicates indecision among market participants. Even when the Nifty ends flat, muted breadth reflects cautious sentiment and signals that market strength is being driven by a selective set of outperforming stocks.