Weekly Musings – Index performance for week ended November 28, 2025

5 Dec 2025 , 04:40 PM

FPI buying was subdued during the week. During the week, the VIX retreated from 13.63 to 11.62 levels, getting as low as 10.82 during the week. The fall in VIX can be attributed to expectations of improved macro-GDP growth data.

BSE SENSEX 30 INDEX – HOLDS UP FOR THE WEEK

Date	Open	High	Low	Close
28-Nov-25	85,791.55	85,969.89	85,577.82	85,706.67
27-Nov-25	85,745.05	86,055.86	85,473.85	85,720.38
26-Nov-25	84,503.44	85,644.19	84,478.13	85,609.51
25-Nov-25	85,008.93	85,110.24	84,536.73	84,587.01
24-Nov-25	85,320.04	85,473.47	84,710.11	84,900.71
21-Nov-25	85,347.40	85,609.40	85,187.84	85,231.92
		Weekly Returns		+0.56%

Data Source: BSE

For the week, Sensex gained +475 points or +0.56%. This week, Sensex breached the 86,000-levels but could not hold the level on a closing basis. Sensex touched a weekly high of 86,056 and low of 84,478; as the index sobered in the last couple of days of the week.

NIFTY 50 INDEX – GIVES A DECISIVE CLOSE ABOVE 26,000

Date	Open	High	Low	Close
28-Nov-25	26,237.45	26,280.75	26,172.40	26,202.95
27-Nov-25	26,261.25	26,310.45	26,141.90	26,215.55
26-Nov-25	25,842.95	26,215.15	25,842.95	26,205.30
25-Nov-25	25,998.50	26,032.60	25,857.50	25,884.80
24-Nov-25	26,122.80	26,142.80	25,912.15	25,959.50
21-Nov-25	26,109.55	26,179.20	26,052.20	26,068.15
		Weekly Returns		+0.52%

Data Source: NSE

FPI buying was flat for the week. The level of 26,000 has been breached on a closing basis. Nifty gained a full 135 points or +0.52% this week. Nifty touched a weekly high of 26,310 and low of 25,843, reinforcing a break above the 26,000 resistance levels for the week.

NIFTY MID-CAP 100 INDEX – ALPHA HUNTING SIGNALS ARE BACK

Date	Open	High	Low	Close
28-Nov-25	61,190.05	61,208.30	60,953.50	61,043.25
27-Nov-25	61,216.85	61,229.80	60,866.30	61,113.15
26-Nov-25	60,439.30	61,098.85	60,306.35	61,061.70
25-Nov-25	60,104.35	60,358.95	59,953.70	60,298.00
24-Nov-25	60,338.25	60,445.10	59,968.55	60,081.60
21-Nov-25	60,911.30	60,918.05	60,222.25	60,276.30
		Weekly Returns		+1.27%

Data Source: NSE

The Nifty Mid-Cap 100 closed above 61,000 levels; and showed signs of alpha hunting. Nifty Mid-cap index touched a weekly high of 61,230 and low of 59,954. While interest was back, the index made lower lows below 60,000 during the week.

NIFTY SMALL CAP 100 INDEX – CONTINUES TO STAY UNDER PRESSURE

Date	Open	High	Low	Close
28-Nov-25	17,897.80	17,905.15	17,796.00	17,829.25
27-Nov-25	18,023.25	18,029.00	17,837.50	17,876.80
26-Nov-25	17,784.30	17,977.65	17,755.75	17,971.85
25-Nov-25	17,714.40	17,767.85	17,675.70	17,730.30
24-Nov-25	17,874.50	17,885.65	17,665.65	17,696.50
21-Nov-25	18,043.90	18,045.45	17,835.20	17,847.50
		Weekly Returns		-0.10%

Data Source: NSE

Nifty Small Cap Index fell -0.10% this week as investors stayed cautious on small caps in the midst of a weak rupee. Nifty Small-cap touched a weekly high of 18,029 and a low of 17,666, making lower highs and lower lows for the week.

BANK NIFTY INDEX – PRIVATE BANKS SHOW RESURGENCE

Date	Open	High	Low	Close
28-Nov-25	59,758.70	59,897.50	59,598.95	59,752.70
27-Nov-25	59,605.30	59,866.60	59,523.00	59,737.30
26-Nov-25	58,783.05	59,554.95	58,783.05	59,528.05
25-Nov-25	58,925.65	59,166.15	58,746.20	58,820.30
24-Nov-25	58,996.90	59,309.90	58,649.50	58,835.35
21-Nov-25	59,116.70	59,232.15	58,823.65	58,867.70
		Weekly Returns		+1.50%

Data Source: NSE

The strong rally of 1.4% by the private sector banks held up the Bank Nifty. The index touched a weekly high of 59,898 and low of 58,650. While the Bank Nifty is struggling to breach the 60,000 level, private bank buying is back, which is a good sign.

NIFTY IT INDEX – RALLIES FOR THIRD WEEK IN A ROW

Date	Open	High	Low	Close
28-Nov-25	37,488.50	37,554.60	37,323.45	37,405.50
27-Nov-25	37,487.65	37,668.55	37,208.25	37,446.30
26-Nov-25	36,881.95	37,407.00	36,881.10	37,364.60
25-Nov-25	37,112.10	37,124.55	36,727.35	36,826.90
24-Nov-25	37,084.65	37,554.35	36,951.80	37,037.95
21-Nov-25	36,930.25	37,096.25	36,761.55	36,885.35
		Weekly Returns		+1.41%

Data Source: NSE

After rallying by 5.51% in last 2 weeks, the IT index rallied another 1.41% this week. This was amidst hopes of revival in tech spending next year, and a greater preference for offshoring.  IT Index touched a weekly high of 37,669 and a low of 36,727 levels.

NIFTY OIL & GAS INDEX – RETREATS SECOND WEEK IN A ROW

Date	Open	High	Low	Close
28-Nov-25	12,082.45	12,096.30	12,027.05	12,034.40
27-Nov-25	12,234.85	12,244.30	12,059.85	12,118.25
26-Nov-25	12,015.35	12,217.00	12,012.70	12,207.80
25-Nov-25	12,027.90	12,070.50	11,967.95	12,001.30
24-Nov-25	12,146.60	12,165.15	12,022.20	12,041.65
21-Nov-25	12,167.10	12,228.90	12,123.35	12,143.95
		Weekly Returns		-0.90%

Data Source: NSE

The Oil & Gas index has lost 1.31% in last 2 weeks, after gaining 5% in 3 weeks prior to that. Reliance and downstream companies helped the rally. Global crude prices are subdued at $62/bbl helping downstream oil. Index touched weekly high of 12,297, and low of 12,123.

NIFTY AUTO INDEX – GOOD TIMES CONTINUE FOR AUTOS

Date	Open	High	Low	Close
28-Nov-25	27,627.95	27,830.15	27,562.65	27,774.60
27-Nov-25	27,782.90	27,832.60	27,527.45	27,603.65
26-Nov-25	27,458.35	27,742.40	27,418.05	27,696.40
25-Nov-25	27,444.95	27,520.95	27,335.55	27,378.70
24-Nov-25	27,547.90	27,594.75	27,391.60	27,442.20
21-Nov-25	27,552.80	27,720.10	27,488.90	27,537.85
		Weekly Returns		+0.86%

Data Source: NSE

After bouncing 2.9% in last 2 weeks, Nifty Auto bounced another 0.86% in the latest week. Nifty Auto Index touched a weekly high of 27,833 and low of 27,336 levels. While auto numbers are still robust, the impact of lower GST is gradually waning.

NIFTY FMCG INDEX – DEMAND AND ITC REMAIN A CHALLENGE

Date	Open	High	Low	Close
28-Nov-25	55,475.55	55,638.75	55,443.80	55,595.80
27-Nov-25	55,526.40	55,638.50	55,264.85	55,470.55
26-Nov-25	54,952.95	55,477.90	54,952.95	55,442.60
25-Nov-25	55,135.25	55,258.65	54,850.35	55,052.10
24-Nov-25	55,630.90	55,636.85	55,080.35	55,138.15
21-Nov-25	55,394.95	55,605.05	55,240.65	55,504.70
		Weekly Returns		+0.16%

Data Source: NSE

Nifty FMCG index made a small recovery this week, but weak demand and ITC put pressure. Growth is still coming from prices and not from volumes, which is a worry. Nifty FMCG Index touched a weekly high of 55,639 and low of 54,850 levels.