Record Rally Enters Third Week as Markets Surge While Rupee Hits a New Low

Markets Hit Record High for Third Week Even as Rupee Slides to a New Low

Indian equity markets extended their winning streak for the third consecutive week, with the benchmark indices scaling fresh record highs despite a sharply weakening rupee and persistent global uncertainty. The rally, however, remained rangebound as traders assessed developments around the India–US trade talks, Russia–Ukraine ceasefire discussions, firm global markets, and expectations of interest-rate cuts by the Fed and RBI in December.

The week ended with a mix of enthusiasm and caution: while the markets hit record high, the rupee touched a new low, signaling macroeconomic pressure even as equities continued to attract domestic flows.

Sensex and Nifty Extend Weekly Gains Despite Volatility

For the week ended November 28, the BSE Sensex rose 474.75 points or 0.55 percent, closing at 85,706.67, while the Nifty50 added 134.8 points or 0.51 percent to settle at 26,202.95.

This marks the third straight week of gains, driven largely by domestic liquidity and selective buying in heavyweights.

Index movement remained subdued throughout the week, with intraday swings reflecting nervousness around geopolitical updates and the rupee’s sustained weakness. Despite the volatility, markets hit record high, underlining strong investor appetite.

Also Read : Starting December 1, NSE Will Implement Revised Quantity Freeze Limits for Fin Nifty

Large-Cap Index Stays Firm as Select Heavyweights Lift the Market

The BSE Large-cap Index gained 0.5 percent, supported by robust action in:

• Varun Beverages

• Hindustan Zinc

• Vedanta

• Samvardhana Motherson International

• Cholamandalam Investment and Finance Company

• Canara Bank

• Hindalco Industries

However, some large caps lagged, with Adani Enterprises, Siemens Energy India, and CG Power and Industrial Solutions dropping around 5 percent each.

Mid-Caps Rally 1.2% While Small-Caps Stay Flat

The BSE Mid-cap Index advanced 1.2 percent, outperforming the benchmarks. Key gainers included:

• Aditya Birla Capital

• Ashok Leyland

• Mahindra & Mahindra Financial Services

• L&T Finance

• Inventurus Knowledge Solutions

• Coforge

On the downside, mid-cap losers such as Whirlpool of India, Deepak Nitrite, Kaynes Technology India, Tata Communications, and AWL Agri Business faced selling pressure.

Meanwhile, the BSE Small-cap Index ended flat, reflecting selective buying and sharper stock-specific corrections.

Top performers included Best Agrolife, Bigbloc Construction, 63 Moons Technologies, VLS Finance, Fischer Medical Ventures, JSW Holdings, Hazoor Multi Projects, Spectrum Electrical Industries, Nectar Lifesciences, and Lumax Auto Technologies, all rising between 15–34 percent.

At the other end, Magellanic Cloud, Worth Investment & Trading, Antelopus Selan Energy, Ceinsys Tech, Blue Cloud Softech Solutions, Stallion India Fluorochemicals, and several others fell between 10–51 percent, highlighting the underlying fragility in the small-cap space.

Sectoral Trends Show Broad Gains While Defence and Oil & Gas Slip

Most sectoral indices ended the week higher.
Key outperformers included:

• Nifty Pharma

• Nifty Media

• Nifty PSU Bank

• Nifty Bank

• Nifty Metal

• Nifty IT

• Nifty Private Bank

These sectors gained between 1–2 percent, supported by rotation into large-cap names and strengthening global cues.

However, Nifty Defence and Nifty Oil & Gas declined 1 percent each amid profit booking and global commodity volatility.

Reliance, Bajaj Finance, HDFC Bank Among Top Wealth Creators of the Week

In terms of market value addition during the week:

• Reliance Industries led the charts

• Followed by Bajaj Finance, HDFC Bank, and ICICI Bank

Meanwhile, Bharti Airtel, Power Grid Corporation of India, and ITC saw the biggest erosion in market capitalisation.

FII Selloff Continues but Domestic Buying Strongly Outweighs It

Foreign Institutional Investors (FIIs) continued reducing their India exposure, selling ₹3,659 crore worth of equities during the week. In contrast, Domestic Institutional Investors (DIIs) bought ₹22,762.62 crore, providing a strong counterbalance.

The persistent DII inflow is one of the reasons Indian markets hit record high despite weakness in global sentiment and currency depreciation.

Rupee Touches Fresh All-Time Low as Dollar Strengthens

The rupee hit a new record low of 89.49 per dollar during Friday’s session and ended the week at 89.45, compared with the previous week’s close of 89.40.

Throughout the week, it traded in a narrow but weak 89.04–89.49 range.

The currency’s decline was fueled by:

• Rising crude oil prices

• Stronger U.S. dollar index

• FII outflows

• Growing demand for dollars from importers

The rupee’s new low underscores macroeconomic concerns even as equities remain buoyant.

Outlook: Markets May Stay Rangebound but Bias Remains Positive

Despite the record highs, analysts expect near-term consolidation as investors track:

• India–US trade negotiation outcomes

• Russia–Ukraine ceasefire progress

• Fed and RBI policy cues

• Rupee movements

• Monthly global macro data prints

However, with DIIs actively buying and global risk appetite reviving, sentiment remains constructive. The broader trend suggests that markets may gradually extend gains if global volatility remains contained.

• Nifty 50
• Bank Nifty
• Sensex