Equities End Lower Amid Choppy Trade; Realty Strength Counters IT Drag

An end-of-day recap of all that transpired in the Indian markets, highlighting the major price movements and the factors driving them.

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By Dehuti Jani

Dehuti Jani is an experienced project manager who also works as an independent financial journalist.

November 25, 2025 at 11:55 AM IST

Indian equities slipped sharply into the close on Tuesday, with the Sensex falling 314 points to 84,587.01 and the Nifty ending below 25,900, down 74.70 points, after a volatile session marked by swings between gains and losses. Sectoral moves were mixed, realty stood out as the strongest gainer, while IT, FMCG and media lagged; meanwhile, banks, autos, metals and healthcare held firm, reflecting steady risk appetite despite weakness in select consumer-facing areas. Adding a macro backdrop, Chief Economic Advisor V. Anantha Nageswaran said India is on track to cross the $4 trillion GDP mark this fiscal, highlighting the importance of sustaining growth amid shifting global geopolitics and prioritising climate-aligned economic strategies.

Top Movers of the Day
State Bank of India hit a new high of ₹988.95, rising 2%, extending its one-month gain to 9%, far outperforming the flat Nifty 50. Strength spilled across the PSU banking pack, with Indian Bank, Bank of Maharashtra, Bank of Baroda, Central Bank of India and Canara Bank gaining 2–3% on improved sentiment after RBI Governor Sanjay Malhotra reaffirmed that there is still “room for further rate cuts,” subject to December’s MPC review.

Dr. Reddy’s Laboratories climbed 2% to ₹1,250.25 after the European Commission granted marketing authorisation for AVT03, its biosimilar to Amgen’s Prolia and Xgeva, boosting confidence in its specialty pipeline.

Transformers and Rectifiers India rallied nearly 9% to ₹312.65 after securing a large ₹3.9 billion order from Gujarat Energy Transmission for transformer manufacturing, its biggest intraday jump since mid-November.

Swiggy slipped 3.5% to ₹390, extending its CY25 decline to over 25%. Market data show a widening divergence in investor behaviour: institutional investors have been steadily increasing exposure while retail investors continue to pare holdings.

Adani Enterprises fell 2% to ₹2,340.55, marking its third consecutive day of declines. The stock reacted to the launch of its massive ₹249.3 billion rights issue, offering partly paid shares at ₹1,800, a steep discount to market levels. The issue runs from 25 November to 10 December 2025, with on-market renunciation closing on 5 December.

Max India rose 4.4% to ₹201.85 after Antara Senior Care, part of the Max Group, announced the opening of a new senior-living facility in Whitefield, Bengaluru, reinforcing expansion momentum in its healthcare and assisted-living verticals.

Futures & Options
Nifty December 2025 futures closed at 26,051, trading at a 166.2-point premium to the Nifty’s cash close. Volatility eased sharply, with India VIX tumbling 7.49% to 12.24, indicating a pullback in near-term uncertainty. HDFC Bank, Reliance and Infosys remained the most actively traded stock futures as the market moved into the new December 2025 series ahead of its 30 December 2025 expiry.

Bonds
Indian government bonds yields eased on Tuesday after RBI Governor Sanjay Malhotra reiterated that there remains “room to cut policy rates,” noting that recent macro data has not reduced that scope. The 10-year benchmark yield fell marginally to 6.5150%, down from Monday’s close of 6.5194%, as expectations of a December rate cut strengthened. State governments also tapped the market, raising ₹250.67 billion in new funding through fresh and reissued State Development Loans at the latest RBI auction, contributing to this week’s supply.

Forex
The rupee ended almost unchanged on Tuesday at 89.22 per US dollar, giving up early gains as month-end dollar demand from importers countered broader strength in regional currencies. The currency has stabilised after hitting a record low of 89.49 on 21 November, though traders noted only intermittent signs of RBI intervention compared with Monday’s more active support.

Crypto
Crypto markets staged a mild rebound on Tuesday, rising 1.33% over the past 24 hours after a steep 19.85% monthly decline, helped by oversold technicals and fresh institutional flows offsetting ETF outflows. Bitcoin hovered around $87,900, up 1.05%, with sentiment stabilising across major tokens as they held above key support levels. Ethereum rose 2.89%, XRP jumped 8.14%, Solana gained 5.14%, and BNB edged up 0.90%, signalling early signs of recovery across the broader market.

US Stock Futures
US stock futures slipped on Tuesday as traders struggled to extend Monday’s sharp tech-led rebound, the strongest since May. Dow futures fell 0.16%, S&P 500 futures edged lower, and Nasdaq 100 futures dipped 0.1%, reflecting cooling momentum as markets entered a holiday-shortened week. Despite Monday’s 2.7% surge in the Nasdaq Composite, major indices remain on track for November losses amid persistent caution over historically elevated AI and growth valuations.

US Treasury Notes
US Treasury yields were steady on Tuesday as investors continued to assess whether the Federal Reserve will deliver another rate cut in December. The 10-year yield hovered at 4.038%, up less than a basis point, while the 30-year remained near 4.677% and the 2-year edged to 3.491%, reflecting a broadly unchanged rate outlook. Trading stayed muted, with markets awaiting clearer policy cues.

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