Sensex, Nifty Hold Firm; India’s GDP Accelerates to 8.2% in July-September

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

iStocks/AlexLMX

By Dehuti Jani

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

November 28, 2025 at 11:57 AM IST

Indian equities stayed resilient on Friday, ending nearly flat as selective profit-taking emerged after the recent rally, even as benchmarks continued to hover just below their record highs. The Sensex slipped 13.7 points to 85,706.67, while the Nifty50 eased 12.6 points to 26,202.95, with sentiment supported by progress in India–US trade discussions and expectations of rate cuts in both India and the US.

Strength across autos, financials and pharma helped offset softer moves in a few pockets, with most sectors reflecting a mildly positive tone linked to consumption, finance and industrial activity.

After market hours, fresh macro data added to the optimism, India’s GDP grew 8.2% year-on-year in July–September, accelerating from 7.8% in the previous quarter, driven by strong consumer spending and robust manufacturing despite global trade uncertainties reinforcing confidence in the economy’s near-term outlook.

Top Movers of the Day
Reliance Industries hit a fresh 52-week high of ₹1,580.90, rising 1.1% after Jefferies reiterated its Buy rating with a target price of ₹1,785, implying a 14% upside. The brokerage highlighted improving earnings visibility and multiple valuation triggers across RIL’s key verticals; retail, O2C, telecom and FMCG.

Tata Motors (commercial vehicles) rallied 5% to ₹359.90, also touching a new high, after S&P Global assigned a stable outlook, citing strong operating performance and expectations that Tata Motors will maintain its leadership in India’s commercial vehicle market. Analysts see continued support from robust economic activity and healthy infrastructure spending.

Tanfac Industries surged 7.23% to ₹4,184.10 after securing a major multi-year supply contract from Krishna Organics. The agreement, valued at ₹3.36 billion, will run through FY29 for the supply of Solar Grade Diluted Hydrofluoric Acid.

Rico Auto Industries hit a 52-week high of ₹120.40, soaring 13%, supported by heavy volumes. The auto components maker—which supplies precision aluminium and ferrous parts to EV, hybrid and ICE OEMs globally—continued its strong momentum.

Adani Enterprises rose 3.5% to ₹2,330.05 after its subsidiary Aakash Educational Services (AESL) completed a ₹1 billion rights issue, allotting shares to Manipal Group and Beeaar Investco. However, allotment to Think & Learn (Byju’s) was withheld due to compliance concerns around FEMA, the Companies Act and ECB rules.

One97 Communications (Paytm) gained 3.3% to ₹1,336 after Goldman Sachs upgraded the stock to Buy from Neutral, signalling revived investor confidence in the fintech major.

Futures & Options
Nifty December 2025 futures closed at 26,396, trading at a 193.05-point premium to the Nifty’s cash close which slipped 0.05% on the day. Volatility eased further, with India VIX down 1.42% to 11.62, signalling a steady near-term outlook. GAIL India, Adani Enterprises and Mahindra & Mahindra were the most actively traded stock futures as markets continued through the December 2025 series ahead of its 30 December 2025 expiry.

Bonds
Indian government bond yields moved higher on Friday, with the 10-year benchmark yield opening at 6.5173%, slightly above Thursday’s 6.5082%, as traders positioned ahead of the weekly auction and key macro releases. After the stronger-than-expected 8.2% Q2 GDP data was published, yields firmed further, with the 10-year ending the session at 6.5463%, extending its upward drift from the previous day.

Forex
The rupee ended Friday just shy of its record low, closing at 89.4575 per US dollar, marking a 0.6% monthly decline as sustained outflows and renewed bearish positioning kept pressure on the currency. Traders noted strong, broad-based dollar demand through the session, though RBI intervention repeatedly capped losses and kept the rupee from breaching its 89.49 all-time low set on November 21. Despite the central bank’s support, sentiment remains fragile with the currency pinned near historical lows.

Crypto
Crypto markets moved largely sideways on Friday, stabilising after one of the toughest months of 2025 and prompting traders to reassess positioning as conditions begin to steady. Bitcoin hovered near $91,200, up 0.4% in the past 24 hours, while Ethereum traded around $3,010, slipping 1.2%. Sentiment has inched higher, with the Fear & Greed Index rising to 25 still in Extreme Fear, signalling early signs of consolidation after a deep drawdown.

US Stock Futures
US stock futures were frozen early Friday after a major CME Group data outage halted trading across equity, currency, commodity and Treasury futures, leaving markets effectively blind heading into a shortened post-Thanksgiving session. CME, the world’s largest derivatives exchange, reported the disruption, attributing it to a cooling issue at its CyrusOne data centres. The unexpected halt added a layer of uncertainty for traders already navigating thin holiday liquidity.

US Treasury Notes
US Treasury yields were mixed on Thursday, with the 10-year hovering near 4.003% and the 30-year around 4.65%, as traders weighed signals of potential policy tightening from the Federal Reserve. The upward pressure on yields reflected shifting rate expectations and renewed market sensitivity to Fed communication, even as Treasury Secretary Scott Bessent warned that the central bank’s “control system is fraying.”

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