Equity Benchmarks Cool Off with Realty and Chemicals Under Pressure While Rupee Stages a Recovery

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

By Dehuti Jani

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

November 24, 2025 at 11:59 AM IST

Indian equities slipped on Monday, with the Sensex down 331 points to 84,900.71 and the Nifty closing below 25,950, as weakness in realty and chemical stocks outweighed resilience in banks and IT. Sectoral sentiment was mildly negative, reflecting cautious positioning ahead of the Q2 GDP data, even as S&P Global Ratings projected India’s GDP to grow 6.5% in FY26 and 6.7% in FY27, supported by tax cuts and an easier policy backdrop.

The rupee strengthened 0.28% to 89.23, rebounding from record lows, though the GTRI noted that “a cheaper rupee cannot compensate for India’s high-cost, over-regulated export ecosystem,” highlighting that despite a 50% depreciation over the past decade, exports have risen only modestly. The think tank added that “India doesn’t suffer from an overvalued rupee it suffers from an over-regulated, high-cost manufacturing ecosystem,” while also signalling optimism as recent rollbacks of QCOs, GST rationalisation and labour reforms could finally allow exporters to benefit from a competitive currency.

Top Movers of the Day
IT stocks led the early market action on Monday, with Infosys, Tech Mahindra, HCLTech, and TCS rising to 3% after US Fed official John Williams hinted at potential rate cuts “in the near term,” boosting hopes of a December policy easing. The upbeat sentiment pushed the Nifty IT index nearly 2% higher in morning trade.

TeamLease Services surged 11% to ₹1,840.65 as India’s newly-implemented labour codes effective 21 November are expected to accelerate the shift from unorganised to organised employment. Analysts said the compliance-intensive environment significantly benefits staffing firms like TeamLease through stronger workforce management demand.

Asahi India Glass rallied 9% to a new high of ₹1,072.95, extending its strong recovery—up 86% from its 52-week low—as robust volumes supported continuing momentum in auto components.

Karnataka Bank jumped 6.8% to ₹201.80 after Cupid CMD Aditya Kumar Halwasia acquired a stake worth ₹71 crore via a bulk deal, fuelling strong interest in the counter.

NBCC India gained nearly 5% to ₹118.30 after securing two major orders totalling over ₹110 crore, adding fresh momentum to its project pipeline.

In contrast, Hindustan Aeronautics Ltd fell 8.5% to ₹4,205.25 following a tragic Tejas fighter aircraft crash during a demonstration at the Dubai Air Show, prompting a sharp risk-off reaction in the stock.

Varroc Engineering rose up to 2.6% to ₹672, nearing its 52-week high, after announcing a major business win from a leading EV manufacturer to supply high-voltage electronics for next-generation e-powertrain systems—marking a significant expansion of its electric mobility portfolio.

Mobavenue AI Tech hit the 5% upper circuit at ₹1,094.80 after approving a ₹100 crore preferential issue aimed at funding acquisitions, scaling AI and data-intelligence capabilities, and accelerating domestic and international expansion.

Futures & Options
Nifty November 2025 futures closed at 25,962.10, trading at a 2.6-point premium to the Nifty’s cash close of 25,959.50, which fell 0.42% on the day. Volatility picked up, with India VIX rising 2.89% to 13.24, signalling a slight increase in near-term uncertainty. HDFC Bank, Reliance Industries and Infosys were the most actively traded stock futures as markets moved toward the 25 November 2025 expiry.

Bonds
Indian government bond yields fell on Monday as markets remained cautious ahead of the upcoming RBI monetary policy decision and key economic data. The benchmark 10-year yield eased to 6.5194%, slipping from intraday highs near 6.57% and down from Friday’s close of 6.5665%.

Forex
The rupee logged its strongest single-day gain in a month on Monday, closing at 89.23 per US dollar, up 0.3%, as RBI intervention helped it rebound from Friday’s record low of 89.49. Traders said the central bank stepped in before market open and intermittently through the session, cushioning the currency amid persistent pressure from weak risk appetite and stalled US–India trade negotiations. Despite the bounce, the rupee remains down over 4% in 2025, with markets still expecting a near-term depreciation bias in the absence of a breakthrough on trade talks.

Crypto
Crypto markets showed a mild rebound on Monday, with total market capitalisation rising 0.83% to $2.96 trillion as sentiment improved following dovish signals from Federal Reserve officials. Bitcoin traded steadily between $86,000 and $87,000, recovering from a dip near $80,000, while Ethereum edged up to $2,827. Among notable movers, XRP jumped 16.4% to $0.206, BNB rose to $854, and Solana hovered at $130, though Dogecoin and Cardano continued to lag with declines over the past week.

US Stock Futures
US stock futures were mixed on Monday as markets headed into the shortened Thanksgiving week, with hopes of an interest-rate cut lending support after a recent pullback in AI-driven stocks. Dow futures dipped below the flatline, while S&P 500 futures rose 0.2% and Nasdaq 100 futures climbed 0.5%, signalling tech-led resilience. Sentiment improved after New York Fed President John Williams signalled a possible December rate cut, even as November’s losses show investors reassessing lofty AI valuations.

US Treasury Notes
Yields on US Treasuries were little changed on Monday, with the 10-year note steady at 4.055%, following last week’s decline driven partly by Fed commentary hinting at the possibility of future rate cuts. Trading volumes were elevated as investors positioned ahead of the Thanksgiving holiday, reacting to shifting expectations around economic policy and near-term liquidity conditions.

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