Weekly Musings – Index performance for week ended November 21, 2025

24 Nov 2025 , 02:21 PM

FPIs were net buyers in equities worth $261 Million this week. During the week, the VIX spiked sharply from 11.94 to 13.63 levels, getting as high as 13.85 during the week. The sharp spike in VIX can be attributed to a volatile rupee and rising risk perception.

BSE SENSEX 30 INDEX – SUSTAINS GAINS FOR THE WEEK

Date	Open	High	Low	Close
21-Nov-25	85,347.40	85,609.40	85,187.84	85,231.92
20-Nov-25	85,470.92	85,801.70	85,201.22	85,632.68
19-Nov-25	84,643.78	85,236.77	84,525.98	85,186.47
18-Nov-25	85,042.37	85,042.41	84,558.36	84,673.02
17-Nov-25	84,700.50	84,988.09	84,581.08	84,950.95
14-Nov-25	84,060.14	84,697.87	84,029.32	84,562.78
		Weekly Returns		+0.79%

Data Source: BSE

For the week, Sensex gained +669 points or +0.79%. This week, Sensex breached the 85,000-levels on a closing basis, which is a good sign. Sensex touched a weekly high of 85,802 and a low of 84,526; as the index gave up some of its gains on Friday amid global volatility.

NIFTY 50 INDEX – CLOSES ABOVE 26,000 LEVELS FOR THE WEEK

Date	Open	High	Low	Close
21-Nov-25	26,109.55	26,179.20	26,052.20	26,068.15
20-Nov-25	26,132.10	26,246.65	26,063.20	26,192.15
19-Nov-25	25,918.10	26,074.65	25,856.20	26,052.65
18-Nov-25	26,021.80	26,029.85	25,876.50	25,910.05
17-Nov-25	25,948.20	26,024.20	25,906.35	26,013.45
14-Nov-25	25,767.90	25,940.20	25,740.80	25,910.05
		Weekly Returns		+0.61%

Data Source: NSE

FPIs were net buyers of $261 Million in the week. The level of 26,000, which was a resistance last week, has been breached convincingly. Nifty gained a full 158 points or +0.61% this week. Nifty touched a weekly high of 26,247 and low of 25,856; giving an important close for the Nifty above the 26,000 levels.

NIFTY MID-CAP 100 INDEX –SELLING PRESSURE BUILDS UP

Date	Open	High	Low	Close
21-Nov-25	60,911.30	60,918.05	60,222.25	60,276.30
20-Nov-25	61,172.70	61,205.00	60,893.40	60,963.55
19-Nov-25	60,834.60	61,044.25	60,645.45	60,949.05
18-Nov-25	61,217.95	61,220.25	60,767.30	60,822.00
17-Nov-25	60,970.10	61,211.05	60,865.80	61,180.50
14-Nov-25	60,708.75	60,973.30	60,489.10	60,739.20
		Weekly Returns		-0.76%

Data Source: NSE

The Nifty Mid-Cap 100 closed above 60,000 levels; but the unwinding pressure was evident. Nifty Mid-cap index touched a weekly high of 61,220 and low of 60,222. With institutional flows coming back, the obvious preference appears to be for large cap stocks.

NIFTY SMALL CAP 100 INDEX – TAKES IT HARD ON THE CHIN

Date	Open	High	Low	Close
21-Nov-25	18,043.90	18,045.45	17,835.20	17,847.50
20-Nov-25	18,146.55	18,176.50	18,059.30	18,067.25
19-Nov-25	18,159.20	18,163.35	18,052.20	18,075.95
18-Nov-25	18,381.50	18,381.50	18,133.00	18,154.75
17-Nov-25	18,309.00	18,382.55	18,304.40	18,347.60
14-Nov-25	18,154.30	18,286.80	18,148.00	18,252.50
		Weekly Returns		-2.22%

Data Source: NSE

Nifty Small Cap Index fell -2.22% this week; as investors stayed cautious on small caps in the midst of a weakening rupee. Nifty Small-cap touched a weekly high of 18,383 and a low of 17,835; with the selling quite intense through the week.

BANK NIFTY INDEX – PRIVATE BANKS HOLD UP THE INDEX

Date	Open	High	Low	Close
21-Nov-25	59,116.70	59,232.15	58,823.65	58,867.70
20-Nov-25	59,308.20	59,440.10	59,125.25	59,347.70
19-Nov-25	58,908.15	59,264.25	58,688.55	59,216.05
18-Nov-25	58,990.50	59,103.65	58,798.90	58,899.25
17-Nov-25	58,696.30	59,001.55	58,605.30	58,962.70
14-Nov-25	58,050.00	58,590.15	58,050.00	58,517.55
		Weekly Returns		+0.60%

Data Source: NSE

The strong performance by the private sector banks held up the Bank Nifty. Bank Nifty touched weekly high of 59,440 and low of 58,605. While the Bank Nifty is struggling to breach the 60,000 level, it is showing strength, making higher highs and higher lows.

NIFTY IT INDEX – FLATTERS WITH ANOTHER BOUNCE

Date	Open	High	Low	Close
21-Nov-25	36,930.25	37,096.25	36,761.55	36,885.35
20-Nov-25	37,228.05	37,278.75	36,964.35	37,043.30
19-Nov-25	36,062.20	37,116.50	36,024.45	37,044.65
18-Nov-25	36,294.70	36,312.95	35,914.35	35,975.20
17-Nov-25	36,285.20	36,406.45	36,138.20	36,375.20
14-Nov-25	36,392.05	36,503.00	35,957.30	36,301.25
		Weekly Returns		+1.61%

Data Source: NSE

After rallying by 3.37% last week, the IT index gained another 1.61% this week. There are hopes of revival in tech spending next year, and a greater preference for offshoring.  IT Index touched a weekly high of 37,279 and a low of 35,914; recouping recent losses.

NIFTY OIL & GAS INDEX – RETREATS AFTER SMART GAINS

Date	Open	High	Low	Close
21-Nov-25	12,167.10	12,228.90	12,123.35	12,143.95
20-Nov-25	12,186.40	12,244.15	12,155.20	12,208.25
19-Nov-25	12,178.95	12,196.45	12,123.90	12,141.60
18-Nov-25	12,255.05	12,255.60	12,155.70	12,184.70
17-Nov-25	12,206.20	12,296.50	12,196.75	12,235.85
14-Nov-25	12,155.80	12,264.00	12,142.30	12,190.10
		Weekly Returns		-0.38%

Data Source: NSE

The Oil index had already gained over 5% in last 3 week, thanks to Reliance and the downstream companies. This week, the index retreated by 38 bps, which is a marginal correction. Global crude prices are subdued at $62.5/bbl, a level that is also helping downstream players. IT index touched weekly high of 12,297, and a low of 12,123.

NIFTY AUTO INDEX – GOOD TIMES ENDURE FOR AUTO

Date	Open	High	Low	Close
21-Nov-25	27,552.80	27,720.10	27,488.90	27,537.85
20-Nov-25	27,564.85	27,625.00	27,441.15	27,554.00
19-Nov-25	27,386.00	27,521.05	27,270.55	27,434.45
18-Nov-25	27,483.15	27,502.10	27,292.50	27,368.25
17-Nov-25	27,258.20	27,519.05	27,116.05	27,472.65
14-Nov-25	27,321.35	27,444.50	27,078.40	27,239.80
		Weekly Returns		+1.09%

Data Source: NSE

After bouncing 1.72% last week, the Nifty Auto bounced another 1.09% in the current week. Nifty Auto Index touched a weekly high of 27,720 and low of 27,116 levels. While auto numbers are still robust, the impact of lower GST should play for some more time.

NIFTY FMCG INDEX – INPUT TAX CREDIT REMAINS THE OVERHANG

Date	Open	High	Low	Close
21-Nov-25	55,394.95	55,605.05	55,240.65	55,504.70
20-Nov-25	55,460.55	55,863.25	55,362.45	55,426.70
19-Nov-25	55,349.00	55,469.15	55,260.65	55,380.80
18-Nov-25	55,652.40	55,739.60	55,185.10	55,363.45
17-Nov-25	55,769.75	55,897.55	55,534.40	55,677.15
14-Nov-25	55,153.60	55,621.25	54,914.60	55,560.80
		Weekly Returns		-0.10%

Data Source: NSE

Nifty FMCG index made a small recovery last week, but could not sustain as the stress of the ITC impact post-GST is starting to pinch. Urban demand concerns remain too. Nifty FMCG Index touched a weekly high of 55,898 and low of 55,185 levels. GST cuts have backfired.