Stocks Surge on FII Buying, US Rate-Cut Optimism

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

iStock.com

By Dehuti Jani

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

November 26, 2025 at 12:10 PM IST

Indian equities advanced strongly on Wednesday as the Sensex surged 1,023 points to close near a record high, while the Nifty ended at 26,205, supported by rising hopes of a US Fed rate cut, easing crude prices and renewed FII buying. Sentiment was buoyed by firm global cues, with Wall Street’s rally lifting Asian markets, and the up move broadened across sectors metals, PSU banks, autos, banking, and consumer-linked segments all showing robust momentum, while defensives held steady. The breadth of gains, including a 1–2% rise across major auto names, signalled improving risk appetite and a healthy, broad-based advance backed by stable macro cues and optimistic positioning.

Top Movers of the Day
Larsen & Toubro hit a fresh high of ₹4,075.55, gaining 2%, after analysts highlighted a robust ₹14 trillion order pipeline and forecast revenue and PAT CAGRs of 14.9% and 16.5% between FY25–FY27.

Thyrocare Technologies inched higher ahead of its 2:1 bonus issue record date, with the stock now up 138% in CY25, trading near ₹1,498 despite being slightly below its 52-week high.

HCLTech was also in focus after announcing an expanded collaboration with SAP to develop Physical AI solutions aimed at integrating intelligent capabilities into real-world operations across industries.

Rossell Techsys surged 15% to ₹795, driven by heavy volumes and renewed optimism around the aerospace and defence firm, with the stock trading close to its 52-week high of ₹832.

NCC gained 4.2% after receiving a ₹20.63 billion Letter of Acceptance from Assam’s Public Works (Health & Education) Department to expand and modernise Gauhati Medical College & Hospital over a 42-month schedule.

Bharti Airtel declined 2.8% to ₹2,100 amid heavy block trades, though the stock continues to trade near its 52-week high of ₹2,174.70 with a market cap of ₹11.98 trillion.

Zydus Lifesciences advanced nearly 2% to ₹943.70 after securing USFDA approval for its Verapamil Hydrochloride ER Tablets and signing an exclusive licensing and commercialisation pact with RK Pharma, marking fresh momentum in its US generics pipeline.

IIFL Finance touched a new 52-week high of ₹577.05, rising 3.6%, after its board approved a public issue of secured NCDs with a shelf limit of ₹20 billion, including a green-shoe option, boosting sentiment around its funding visibility.

Jayant Infratech locked at the 5% upper circuit to ₹77.430 after winning a ₹1.62 billion contract from Konkan Railway Corporation, continuing its strong run.

Futures & Options
Nifty December 2025 futures closed at 26,390, trading at a 184.7-point premium to the Nifty’s cash close of 26,205.30, which jumped 1.24% on the day. Volatility eased further, with India VIX slipping 2.24% to 11.97, signalling a steady near-term outlook. HDFC Bank, Tata Motors Passenger Vehicles and Reliance Industries were the most actively traded stock futures as the market entered the new December 2025 series ahead of its 30 December 2025 expiry.

Bonds
Indian government bond yields inched lower on Wednesday, tracking softer crude oil prices and US Treasury yields hovering near 4%, their lowest in almost a month. The 10-year benchmark yield eased to 6.4934%, down from Tuesday’s 6.5150%, staying within a tight range after retreating from last week’s three-week highs. Strong demand was seen in today’s Treasury Bills auction, where the RBI received bids far exceeding supply, underscoring firm short-term appetite.

Forex
The rupee closed slightly weaker on Wednesday at 89.27 per US dollar, slipping from 89.22 in the previous session, as portfolio outflows and routine importer hedging outweighed broader positive cues. Traders noted intermittent dollar sales from state-run banks, which helped cushion the decline, but said outflows continued to exert pressure on the currency despite supportive global sentiment.

Crypto
Crypto markets were mixed on Wednesday, continuing to stabilise after a steep November correction that has wiped out more than $1.3 trillion in value since early October. Bitcoin held near $87,528, up 0.19% over 24 hours but still down 21% for the month, with its ability to stay above $85,000 signalling ongoing institutional participation even as investors reassess Fed rate-cut expectations and post-election policy signals. Some analysts, including Tom Lee, still see scope for BTC to revisit $115,000 by year-end if liquidity conditions improve.

US Stock Futures
US stock futures climbed early Wednesday, extending Tuesday’s AI-led rally as easing inflation signals and a pullback in bond yields lifted sentiment ahead of the Thanksgiving break. Nasdaq 100 futures were up 0.47%, while S&P 500 futures gained 0.36% and Dow futures rose 0.25%, following a strong 1.57% surge in the Dow the previous session. Investors are positioning for a potential December rate cut, giving tech and growth stocks fresh momentum in an otherwise shortened trading week.

US Treasury Notes
US Treasury yields eased on Wednesday as softer US economic data including weak ADP payrolls and a drop in consumer confidence boosted expectations of a December Fed rate cut. The 10-year yield briefly dipped below 4% before stabilising near 4.009%, while the 2-year yield fell to around 3.45%, reflecting a dovish shift in rate expectations.

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