Signal Above Noise

November 25, 2025

Market Summary

Daily Overview

The Indian stock market on 25 November 2025 ended lower for the third consecutive session, with the BSE Sensex falling by 314 points (0.37%) to close at 84,587 and the NSE Nifty 50 dropping 75 points (0.3%) to settle at 25,884, pressured primarily by the monthly expiry of Nifty futures and options contracts.
Retail investor sentiment showed caution amid volatility and profit-taking, with broader markets such as the BSE MidCap and SmallCap indices outperforming marginally, ending slightly higher by 0.1% and 0.2% respectively.
Selling pressure was notable in sectors such as power, oil & gas, IT, auto, FMCG, and metals, whereas buying interest emerged in realty, PSU banks, and select metal and pharma stocks.
Market participants remained wary due to global uncertainties and a volatile derivatives expiry, leading to subdued momentum with a neutral overall market breadth, as roughly equal numbers of shares advanced and declined.
Major news impacts included persistent foreign institutional investor selling, alongside positive developments like Bharat Electronics signing a joint venture agreement for advanced defense munitions, underscoring selective sectoral optimism despite broader market pressure.

Key Indices

NIFTY 50

25,885

-0.29%

SENSEX

84,587.01

-0.37%

Momentum Snapshot

Index	Price	1D	1M	1Y
Sensex	84,587.01	-0.37%	-0.23%	5.73%
Nifty Midcap 100	60,298	0.36%	1.80%	7.87%
Nifty Next 50	68,172	0.26%	-1.71%	-1.69%
Nifty Smallcap 250	16,633	0.11%	-3.40%	-3.68%
Nifty 50	25,885	-0.29%	0.35%	6.87%

Sector Highlights

Realty

+1.62%

Realty sector rose 1.62% driven by positive sentiment following RBI Governor's comments suggesting potential future rate cuts, which improved outlook on borrowing costs for real estate developers and homebuyers. This helped the sector snap a five-day losing streak, encouraging buying interest in property stocks.

PSU Bank

+1.44%

PSU Bank sector gained 1.44%, supported by strong Q2 earnings from major public sector banks such as State Bank of India and Bank of India, along with ongoing asset quality improvements and reform optimism. The sector also benefited from sector rotation into financials amid favorable valuations compared to broader markets.

Metal

+0.55%

Metal sector edged up 0.55% largely due to gains in key companies like National Aluminium, reflecting supportive commodity price movements including a rebound in base metals amidst improving demand prospects globally and stable domestic fundamentals.

-0.57%

IT sector declined 0.57% amid ongoing margin pressures and concerns over weakening global demand, particularly from key export markets. Key large-cap IT firms like Infosys, TCS, and HCL Tech saw share price weakness, reflecting investor caution on near-term earnings growth and valuation pressures.

Media

-0.80%

Media sector fell 0.80%, dragged down by declines in specific stocks such as Nazara Technologies, which dropped notably. The segment faced sector-specific challenges including slower ad spends and weak content demand, contributing to the negative performance.

Sector Scoreboard

Sector

Realty

+1.62%

-6.17%

-11.85%

+101.71%

PSU Bank

+1.44%

-1.48%

+28.54%

+106.72%

Metal

+0.55%

-4.55%

+13.25%

+55.54%

-0.57%

+1.82%

-14.53%

+22.73%

Media

-0.80%

-3.31%

-24.10%

-29.84%

Movers of the Day

Top Nifty Gainers

Hindalco	1.90%	No significant updates available for this stock.
Bharat Elec	1.60%	Bharat Elec gained as the defence sector continues to be viewed as a strong structural opportunity driven by the government's focus on domestic manufacturing and robust order pipelines.
SBI	1.34%	SBI rose on positive sentiment across the PSU banking space, which was triggered by the RBI's release of a consultative paper on new ownership norms for banks.
Shriram Finance	1.21%	No significant updates available for this stock.
Dr Reddys Labs	0.81%	Dr Reddys Labs advanced after the company received approval from the European Commission for its biosimilar drug, paving the way for marketing and sales in the European Union.

Top Nifty Losers

Adani Enterpris	-2.76%	Adani Enterpris fell amid a broad-based market correction where investors booked profits in high-valuation stocks following recent record highs.
TMPV	-1.63%	No significant updates available for this stock.
Trent	-1.55%	No significant updates available for this stock.
Infosys	-1.12%	Infosys declined due to late-hour selling pressure that specifically targeted the IT and banking sectors, contributing to the benchmark indices ending lower.
HDFC Bank	-0.94%	HDFC Bank dropped as the banking and financial services sector as a whole dragged the market down during the session's profit-booking trend.

Stock Spotlight Of The Day

Union Bank of India

Market Cap

1,16,711 Cr

Current Price

₹153

Stock P/E

6.31

Dividend Yield

3.11%

ROCE

6.72%

ROE

17.0%

Shareholding Changes (Impact Factors)

FIIs

QoQ

0.16%

YoY

0.97%

Stable foreign holding

DIIs

QoQ

-0.23%

YoY

0.48%

Stable domestic holding

Promoters

QoQ

YoY

No change in promoter holding

Quarterly Summary (Absolute)

Revenue

QoQ

Flat trend

-2.95%

YoY

Flat trend

-0.83%

Expenses

QoQ

Slight uptick

2.4%

YoY

Slight uptick

4.26%

Net Profit

QoQ

Flat trend

-0.05%

YoY

Minor dip

-6.84%

Profit & Loss (Compounded)

Sales Growth

10 Years

13%

5 Years

24%

3 Years

17%

TTM

Profit Growth

10 Years

26%

5 Years

51%

3 Years

51%

TTM

20%

Stock Price CAGR

10 Years

-1%

5 Years

41%

3 Years

26%

1 Year

28%

Return on Equity

10 Years

5 Years

13%

3 Years

15%

Last Year

17%

Fundamentals Corner

The company exhibits a strong long-term track record of profit growth and improving return on equity, currently trading at an attractive low P/E ratio and offering a healthy dividend.

However, investors should be cautious as recent quarterly performance signals a sharp downturn, with both revenue and profits declining, indicating the low valuation may reflect significant near-term headwinds.

News TidBits

Union Bank of India shares gained 3.3% in a weak market after the bank announced plans to raise capital by issuing Basel III compliant Tier-II bonds.
This capital raise is intended to strengthen the bank's Tier-II capital base, ensuring it meets regulatory requirements and can support future lending growth.
The stock was a key beneficiary of the positive sentiment sweeping across PSU banks following the RBI's release of a consultative paper on banking ownership norms.
This regulatory proposal is seen as a long-term positive for governance and stability in the public banking sector, attracting investor interest.
The move underscores the broader recovery theme in PSU banks, with the Nifty PSU Bank index delivering an impressive 30% return year-to-date on improving fundamentals.

Stacks on Stacks: Tip Time 🤑

Market leadership is cyclical; today's outperforming mid-caps and high-flying multibaggers can become tomorrow's underperformers, so regularly re-evaluating sector allocations prevents overexposure to a theme that has already peaked.

Inside The Fund

Quant Small Cap Fund

Fund Size: ₹ 30504.39 Cr

NAV: ₹ 278.0652 (as on 24th November, 2025)

1 Year

0.27%

Category: 1.40%

2 Year

16.33%

Category: 14.64%

3 Year

23.61%

Category: 20.58%

5 Year

33.23%

Category: 26.72%

10 Year

20.14%

Category: 17.91%

Stocks Removed

Stock

Sector

1M Change

State Bank Of India

Public sector bank

-0.75%

Nifty 50

Exchange and data platform

-0.73%

Thyrocare Technologies Ltd.

Healthcare service provider

-0.41%

Jana Small Finance Bank Ltd.

Banks

-0.26%

Top 10 Holdings

Stock

Holding %

1M Change

Reliance Industries Ltd.

9.53%

0.42%

Jio Financial Services Ltd.

6.08%

0.03%

RBL Bank Ltd.

4.06%

0.47%

Aegis Logistics Ltd.

3.24%

-0.20%

Adani Power Ltd.

3.13%

0.14%

Anand Rathi Wealth Services Ltd.

2.61%

0.12%

Aster DM Healthcare Ltd.

2.51%

0.09%

Bikaji Foods International Ltd.

2.20%

-0.13%

Poly Medicure Ltd.

2.16%

-0.03%

Ventive Hospitality Ltd.

2.01%

0.04%

The Common Ground

Shows the commonly added & removed stocks by mutual funds last month

Top Added (3)

Tata Capital Ltd.

6 funds

HDFC Large Cap Fund - Direct Plan - Growth

0.22%

Nippon India Large Cap Fund - Direct Plan - Growth

0.27%

Axis Large Cap Fund - Direct Plan - Growth

0.07%

Aditya Birla Sun Life Large Cap Fund - Direct Plan - Growth

0.16%

UTI Large Cap Fund - Direct Plan - Growth

0.18%

Motilal Oswal Large Cap Fund - Direct Plan - Growth

3.45%

LG Electronics India Pvt. Ltd.

6 funds

HDFC Large Cap Fund - Direct Plan - Growth

0.09%

SBI Large Cap Fund - Direct Plan - Growth

0.01%

Nippon India Large Cap Fund - Direct Plan - Growth

0.08%

Axis Large Cap Fund - Direct Plan - Growth

0.51%

Aditya Birla Sun Life Large Cap Fund - Direct Plan - Growth

0.12%

Kotak Large Cap Fund - Direct Plan - Growth

0.63%

TML Commercial Vehicles Ltd.

5 funds

Mirae Asset Large Cap Fund - Direct Plan - Growth

0.21%

HDFC Large Cap Fund - Direct Plan - Growth

1.12%

DSP Large Cap Fund - Direct Plan - Growth

0.46%

Nippon India Large Cap Fund - Direct Plan - Growth

0.32%

ICICI Prudential Large Cap Fund - Direct Plan - Growth

0.26%

Top Removed (2)

Tata Consultancy Services Ltd.

2 funds

HDFC Large Cap Fund - Direct Plan - Growth

-0.87%

Invesco India Largecap Fund - Direct Plan - Growth

-0.54%

HCL Technologies Limited

2 funds

HDFC Large Cap Fund - Direct Plan - Growth

-0.39%

Kotak Large Cap Fund - Direct Plan - Growth

-0.88%

IPO Watchlist

Ongoing IPOs

The Sudeep Pharma T IPO is seeing exceptional investor interest, closing on its final day with a massive subscription rate of 93.5 times.
Strong demand is also reflected in the grey market, where its premium stands at over 15%, suggesting expectations of a healthy listing.
The high subscription figures indicate significant institutional and retail appetite for the offering, positioning it for a potentially strong debut on the exchanges.

Sudeep Pharma T

895.00

Date: 21 Nov - 25 Nov	List: 28 Nov
Subscription: 93.5x	GMP: 15.18%

Cha-Ching Cheatsheet 💵

Emulate Zerodha's 'Kill Switch' philosophy in your trading; when emotions run high after a big gain or loss, have the discipline to step away for the day to prevent revenge trading or greed-driven mistakes.

Global Markets

Country

Index

🇺🇸 USA

S&P 500

1.55%

11.99%

66.47%

🇹🇭 Thailand

SET Composite

1.26%

-12.09%

-21.92%

🇨🇳 China

Shanghai Composite

0.86%

18.58%

25.27%

🇭🇰 Hong Kong

Hang Seng

0.85%

35.43%

46.86%

🇰🇷 South Korea

KOSPI

0.30%

52.12%

58.02%

🇬🇧 UK

FTSE

0.25%

15.28%

27.67%

🇫🇷 France

CAC

0.20%

9.89%

18.9%

🇩🇪 Germany

DAX

0.03%

19.79%

59.88%

🇯🇵 Japan

Nikkei 225

-0.01%

27%

72.89%

🇮🇳 India

GIFT NIFTY

-0.02%

6.3%

38.71%

🇸🇬 Singapore

Straits Times

-0.25%

20.21%

37.9%

🇮🇩 Indonesia

Jakarta Composite

-0.57%

16.51%

20.36%

Global markets showed mixed signals on 25 November 2025, with U.S. and European stocks inching higher amid expectations of a December Federal Reserve interest rate cut, which supported risk appetite globally.
MSCI’s All-World Index rose for the third straight session, rebounding from recent lows and helping partially buoy emerging markets including India.
Oil prices declined modestly by 0.8% due to concerns over increased global supply expectations in 2026, which weighed on energy sector sentiment worldwide.
Gold prices eased by 0.6% to $4,115 an ounce, although it remained on track for monthly gains, reflecting ongoing investor caution and demand for safe havens amid geopolitical uncertainties.
US tech stocks rallied sharply, triggering concerns about an AI market bubble; this influenced foreign investors to recalibrate exposure between growth and value stocks, affecting fund flows into emerging markets like India.

Emerging Opportunities

Defense sector opportunities have expanded following Bharat Electronics' JV with France’s Safran Electronics & Defence for production of smart precision-guided munitions, reflecting growing strategic investments in indigenous defense manufacturing.

Realty sector showed renewed interest as the Nifty Realty index surged 1.62%, indicating potential medium-term growth given government focus on affordable housing and urban infrastructure development.

Public Sector Undertaking (PSU) banks demonstrated buying interest amidst a backdrop of improving credit growth and policy support, making them attractive in the banking space for value-conscious investors.

Midcap stocks continued to outperform largecaps in revenue and profit growth, driven by select sectors such as capital goods, private banks, and telecom, presenting promising contrarian picks.

Emerging themes involve potential in non-IT sectors like automobiles, NBFCs, and FMCG, with expectations of earnings revival in large caps post-Q3, providing opportunities beyond the currently overheated technology stocks.

Policy & Regulations

The Reserve Bank of India released a significant consultative paper proposing new ownership norms in the banking sector, a move aimed at strengthening governance and potentially spurring consolidation, which immediately boosted sentiment for PSU banks.
Market regulator SEBI is actively working on investor-friendly reforms, including proposing changes to Basic Service Demat Accounts (BSDA) to better reflect portfolio values and planning rule changes to increase participation in REITs and InvITs by possibly including them in benchmark indices.
In a move to attract sophisticated investors, SEBI has granted approval to The Wealth Company Mutual Fund for launching a Specialized Investment Fund (SIF), which offers a hedge-fund-like structure for complex investment strategies.

Crypto Buzz

Name

Price

Market Cap

24h Change

ATH Change

Bitcoin (BTC)

$87340

$1.74T

1.60%

-30.65%

Ethereum (ETH)

$2893.31

$348.86B

3.53%

-41.47%

Tether (USDT)

$0.999885

$184.52B

0.03%

-24.43%

XRP (XRP)

$2.2

$132.55B

7.01%

-39.57%

BNB (BNB)

$853.36

$117.46B

1.47%

-37.66%

The cryptocurrency market has shown signs of a rebound after a recent volatile period of significant liquidations and a broad downturn.
Major tokens led the recovery, with Bitcoin climbing 1.60% to trade around $87,340 and Ethereum posting a stronger gain of 3.53%.
Overall market sentiment has improved slightly, though investors should remain cautious as the recent price action highlights the inherent volatility of the crypto space.