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EQUITY
Key gauges end lower for 2nd consecutive session
Nov-24-2025

Indian equity benchmarks erased gains and ended lower for the second consecutive session on Monday amid last-minute selling by cautious investors and lack of any major triggers. Traders also remained caution ahead of key global events and the monthly derivatives expiry. Besides, exchange data showed foreign institutional investors (FIIs) sold equities worth Rs 1,766.05 crore on a net basis on Friday.  

Some of the important factors in trade:

India's merchandise exports drop 11.8% in October after US tariff hike: Crisil in its latest report has said that India's merchandise exports fell 11.8 per cent year-on-year, since August 2024, to $34.38 billion in October 2025. 

India, Canada to resume FTA talks: Commerce and Industry Minister Piyush Goyal has said that India and Canada have agreed to resume negotiations for a Free Trade Agreement (FTA) with an aim to increase the two-way trade to USD 50 billion by 2030. 

India's GDP likely to grow 6.5% in FY26: S&P Global Ratings has projected India's gross domestic product (GDP) to grow 6.5 per cent in the current fiscal year (FY26) and 6.7 per cent in the next, saying tax cuts and monetary policy easing will give a boost to consumption-driven growth.

Rupee rises against US Dollar: Indian rupee rebounded sharply to settle higher against the greenback, due to US dollar selling by banks and importers amid a dip in global crude oil prices.

Global front: European markets were trading mostly in green with hopes for a Federal Reserve rate cut in December and signs of progress on a Ukraine peace plan helping boost investor sentiment. Asian markets settled mostly higher on renewed optimism about the US Fed lowering interest rates at its next monetary policy meeting in December following dovish remarks by New York Fed President John Williams. 

Finally, the BSE Sensex fell 331.21 points or 0.39% to 84,900.71 and the CNX Nifty was down by 108.65 points or 0.42% to 25,959.50.  

The BSE Sensex touched high and low of 85,473.47 and 84,710.11 respectively. There were 8 stocks advancing against 22 stocks declining on the index.   

The broader indices ended in red; the BSE Mid cap index fell 0.27%, while Small cap index was down by 0.83%.

The few gaining sectoral indices on the BSE were IT up by 0.35% and TECK up by 0.11%, while Realty down by 2.10%, Capital Goods down by 1.34%, Utilities down by 1.24%, Metal down by 1.21% and Power down by 1.19% were the top losing indices on BSE.

The top gainers on the Sensex were Tech Mahindra up by 2.43%, Asian Paints up by 0.46%, HCL Technologies up by 0.35%, Infosys up by 0.31% and Adani Ports &SEZ up by 0.18%. On the flip side, Bharat Electronics down by 2.98%, Tata Steel down by 1.61%, Mahindra & Mahindra down by 1.59%, Ultratech Cement down by 1.18% and Trent down by 1.16% were the top losers.

Meanwhile, Crisil in its latest report has said that India's merchandise exports fell 11.8 per cent year-on-year, since August 2024, to $34.38 billion in October 2025. It said this follows a 50 per cent increase in US tariffs on August 27, 2025, a move that has subdued exports for the second month in a row. The decline in exports was broad-based across petroleum products, gems and jewellery and core sectors.

According to the report, petroleum products exports declined 10.4 per cent year-on-year in October, compared to a growth of 15.1 per cent in September. Similarly, core exports slipped to 10.2 per cent compared to 6.1 per cent growth in September 2025. Merchandise exports to US decreased 8.6 per cent year-on-year to $6.3 billion in October. This was an improvement from the 11.9 per cent decline in September.

The report further said the announcement by the US on November 16, 2025 to cut tariffs on 254 food items bodes well for some of the agricultural exports, such as tea and spices. Exports to non-US markets fell 12.5 per cent year-on-year in October, compared to 10.9 per cent growth in September. It said that India's current account deficit (CAD) is expected to remain manageable, supported by robust services trade, remittances and softer crude prices. It added that India's merchandise imports remained stable in October 2025 at $76.06 billion.  

CNX Nifty touched high and low of 26,142.80 and 25,912.15 respectively. There were 11 stocks advancing against 39 stocks declining on the index.    

The top gainers on Nifty were SBI Life Insurance Company up by 2.60%, Tech Mahindra up by 2.42%, Eicher Motors up by 1.62%, Bajaj Auto up by 1.38% and Wipro up by 1.21%. On the flip side, Bharat Electronics down by 3.23%, JSW Steel down by 2.37%, Max Healthcare down by 2.37%, Grasim Industries down by 2.00% and Mahindra & Mahindra down by 1.67% were the top losers.

European markets were trading mostly in green; UK’s FTSE 100 increased 11.09 points or 0.12% to 9,550.80 and Germany’s DAX gained 70.73 points or 0.31% to 23,162.60, while France’s CAC fell 11.95 points or 0.15% to 7,970.70.

Asian markets settled mostly higher on Monday tracking Wall Street’s gains last Friday after New York Federal Reserve President John Williams described monetary policy as being modestly restrictive and said he sees room for a further adjustment to rates in the near term. Hong Kong shares surged, lifted by gains in major tech shares after Alibaba Group Holding’s recently launched Qwen AI app has seen explosive growth, surpassing 10 million downloads within a week. Chinese shares finished almost flat after hitting six-week lows. Chinese shares in the defence sector jumped as the China-Japan spat continued, with China escalating the dispute over Taiwan at the UN and Japan's defence minister visiting a military base close to Taiwan. Japanese market was closed for Labour Thanksgiving Day. 

Asian Indices

Last Trade            

Change in Points

Change in %      

Shanghai Composite

3,836.77

1.88

0.05

Hang Seng

25,716.5

496.48

1.97

Jakarta Composite

8,570.25

155.90

1.82

KLSE Composite

1,618.78

1.21

0.07

Nikkei 225

--

--

--

Straits Times

4,496.63

27.49

0.62

KOSPI Composite

3,846.06

-7.20

-0.19

Taiwan Weighted

26,504.24

69.30

0.26

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