Sensex and Nifty Hit Record Highs Before Profit-Taking Pulls Markets Off Peak

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

Bombay Stock Exchange Building From Dalal Street in Mumbai

Amey Bane/iStockphoto.com

By Dehuti Jani

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

November 27, 2025 at 11:57 AM IST

Indian equities turned volatile on Thursday after a record-breaking start, with the Sensex hitting 86,055.86 and the Nifty50 touching 26,310.45, surpassing their September 2024 peaks. The rally was powered by cooling valuations, expectations of an earnings recovery, and confidence in a resilient economy supported by favourable fiscal and monetary policies. However, profit-taking later in the session pulled both indices off their highs, leaving them little changed by the close. Sectoral trends were mixed oil & gas, energy, and consumer durables led the decline, while financials and media held firm as investors balanced early optimism about potential US and domestic rate cuts with caution after the morning’s new all-time highs.

Top Movers of the Day
Tata Power was in focus after announcing plans to set up a 10-GW ingot and wafer manufacturing facility in Odisha at an investment of ₹100 billion, marking a major backward-integration move for its solar value chain. The company, which already has 4.55 GW of cell and module capacity, aims to strengthen domestic and export competitiveness through this expansion.

Patel Engineering surged 16.4% to ₹38.60 on Thursday after the construction engineering firm announced it had secured two Letters of Intent from Saidax Engineers & Infrastructures Pvt. Ltd. The contracts cover excavation, overburden removal, coal cutting, loading and transportation work at the Jhiria West OCP project in SECL’s Hasdeo Area in Bilaspur, Chhattisgarh, significantly strengthening the company’s project pipeline.

Emami Ltd surged nearly 5% to ₹538.45 after Nuvama Institutional Equities projected double-digit revenue growth in H2FY26, citing the resolution of GST transition issues, grammage tweaks on sub-₹20 packs, and supportive price cuts.

Paytm Payments Services (One97 Communications) rose after confirming that it has finally received RBI approval to operate as a payment aggregator, a long-awaited regulatory milestone that strengthens the company’s fintech positioning.

Kaynes Technology India slipped 4% to ₹5,551.20, hitting a three-month low as growth concerns weighed on sentiment despite its strong long-term track record, including a 40% revenue CAGR and 77% PAT CAGR over FY19–25.

Borosil Scientific advanced 4.75% to ₹131.50 following an update on its acquisition pipeline and a fresh capital infusion into subsidiary Goel Scientific Glass Works via a rights issue aimed at supporting capex, operations and general corporate needs.

CarTrade Tech dropped over 5% after the company said its proposed acquisition of CarDekho and BikeDekho had been mutually called off. The stock saw its steepest intraday fall since late October, snapping a three-day winning streak and trading at 4.5x its 30-day average volume.

SeQuent Scientific gained 7.44% to ₹235.60 after announcing December 8, 2025 as the record date for its NCLT-approved merger scheme, determining eligibility for allotment of Merger Consideration Shares 2 under the integration with Viyash.

Salasar Techno Engineering jumped 7.8% to an intraday high of ₹10.76 after the company secured two major orders worth ₹6.95 billion from Rail Vikas Nigam, triggering strong buying interest in the counter.

Indian Hume Pipe Company rose 2.56% to ₹406.15 after announcing an agreement to sell its freehold land at the Azamabad Industrial Area in Hyderabad to Ashoka Builders India Pvt. Ltd., boosting sentiment around its asset monetisation efforts.

Futures & Options
Nifty December 2025 futures closed at 26,393.30, trading at a 177.75-point premium to the Nifty’s cash close, which inched up 0.04% on the day. Volatility softened further, with India VIX slipping 1.52% to 11.79, signalling a stable near-term outlook. HDFC Bank, State Bank of India and ICICI Bank were the most actively traded stock futures as the market continued into the December 2025 series ahead of its 30 December 2025 expiry.

Bonds
Indian government bond traded in a narrow range on Thursday as traders awaited the country’s July-September GDP data, which could influence expectations for further rate cuts. With growth anticipated to potentially exceed the RBI’s 7% forecast after the strong 7.8% print in April-June, markets stayed cautious. The 10-year benchmark yield ended up to 6.5082%, compared with 6.4934% on Wednesday, its lowest close since November 10.

Forex
The rupee ended largely unchanged on Thursday at 89.3050 per US dollar, slipping slightly from 89.27 in the previous session, as outflows linked to corporate debt repayments and routine importer hedging offset intermittent dollar sales by state-run banks. While the currency has steadied after last week’s record low of 89.49, traders caution that depreciation risks persist amid weak trade and portfolio flows and uncertainty surrounding US–India trade negotiations.

Crypto
Crypto markets surged 3.7% on Thursday, with Bitcoin jumping nearly 5% to reclaim $91,000 and Ethereum rising over 4% to trade above $3,000, as hopes of a potential US Fed rate cut boosted risk appetite. Momentum was broad-based, led by a 4% rise in the RWA index and strong gains in Pendle, Skyn and Ondo, even as caution persisted after a major exploit on South Korea’s Upbit exchange, where hackers stole about $30 million in Solana-based tokens.

US Stock Futures
US stock futures edged higher in early trading based on investor optimism about potential interest rate cuts by the Federal Reserve. The US stock markets are closed today for the Thanksgiving holiday.

US Treasury Notes
US Treasury markets are closed today for Thanksgiving holiday. The yield on the 10-year US Treasury was last recorded at 3.991% at the close on the previous day, November 26.

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