Sensex and Nifty Trends

The benchmark Sensex opened at 85,347.40, down 285.28 points or 0.33%, before recovering slightly to end the day at 85,441.98, still down 0.22%. The index remains 0.42% below its 52-week high of 85,801.70, indicating some resistance near recent peaks. Notably, the Sensex is trading above its 50-day moving average (DMA), with the 50 DMA positioned above the 200 DMA, a technical setup often viewed as a positive medium-term indicator despite the current pullback.

The Nifty mirrored this trend, with most sectors registering losses. Out of 38 sectors tracked, only five advanced while 33 declined, underscoring broad-based selling pressure.

Sectoral Performance: Leaders and Laggards

The NIFTY Metal sector emerged as the top laggard, falling 1.70%, pressured by declines in key metal stocks amid subdued global commodity prices. Conversely, the NIFTY Auto sector was the sole sector to register gains, rising 0.38%, supported by select automobile stocks showing resilience despite the overall market weakness.

Large caps traded largely flat, with pockets of strength and weakness. IndusInd Bank stood out as the top large-cap gainer, advancing 2.94%, buoyed by positive investor sentiment ahead of the banking sector’s upcoming earnings season. On the other hand, Tube Investments declined 3.08%, contributing to the large-cap losses.

Mid and Small Cap Movements

Midcap and smallcap indices underperformed, with the BSE Midcap index falling 0.93% and the Smallcap index down 0.90%. Among midcaps, The Ramco Cement gained 1.93%, while GE Vernova T&D declined 5.02%, reflecting sector-specific pressures. Apex Frozen Food was the standout small-cap gainer, surging 16.58%, while Spectrum Electricals dropped sharply by 13.53%, highlighting the volatility in smaller stocks.

Top Gainers and Losers Across BSE500

Among the top gainers on the BSE500, DCM Shriram led with a 6.71% rise, followed by Alembic Pharma at 3.92% and Supreme Petrochemicals at 3.22%. These stocks attracted buying interest amid sector-specific developments and positive corporate news flows.

On the downside, Central Petroleum Corporation Limited (C P C L) declined 3.65%, Bharti Hexacom fell 3.64%, and AIA Engineering slipped 3.47%, reflecting profit booking and cautious investor stance amid broader market weakness.

Market Breadth and Capitalisation Trends

Market breadth was notably weak, with only 103 advances against 395 declines across the BSE500, resulting in an advance-decline ratio of 0.26x. This indicates a strong selling bias across the broader market.

Capitalisation-wise, the BSE100 large-cap index declined 0.32%, while the midcap and smallcap indices fell 0.93% and 0.90% respectively, confirming the risk-off sentiment among investors towards smaller and mid-sized companies.

Foreign Institutional and Domestic Institutional Activity

Foreign Institutional Investors (FIIs) and Domestic Institutional Investors (DIIs) activity remained cautious amid mixed global cues. While detailed net inflow or outflow figures are not available for the day, the subdued market performance and broad-based declines suggest a cautious stance from institutional participants ahead of key global economic data releases and domestic corporate earnings.

Global Cues and Their Impact

Global markets showed mixed trends, with US indices consolidating after recent gains and European markets trading lower amid concerns over inflation and monetary policy tightening. Commodity prices, particularly metals, remained under pressure, impacting Indian metal stocks. The cautious global environment contributed to the subdued sentiment in Indian equities.

Upcoming Corporate Earnings

Investors are awaiting the quarterly results of Siemens Energy India, scheduled for release on 24 Nov 2025. The company’s performance will be closely watched for indications on the industrial and energy sectors, which have been under pressure in recent months.

Technical Observations

Despite the recent pullback, the Sensex’s position above its 50-day moving average, which itself is above the 200-day moving average, suggests that the medium-term trend remains intact. However, the current weakness and the proximity to the 52-week high indicate that the market is encountering resistance, and investors may adopt a cautious approach in the near term.

Summary and Outlook

The Indian equity market’s performance on 21 Nov 2025 was characterised by broad-based selling pressure, with the Sensex and Nifty retreating modestly. Sectoral weakness was led by metals and select large caps, while autos provided some respite. Market breadth was weak, and midcap and smallcap segments underperformed large caps. Key gainers such as DCM Shriram and IndusInd Bank stood out amid the cautious mood.

Investors will be closely monitoring upcoming earnings announcements and global economic developments for clearer direction. The technical setup suggests that while the medium-term trend remains positive, near-term volatility and resistance levels may keep markets subdued.

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