In a volatile session on Friday, November 28, the Indian benchmark indices ended marginally lower, snapping a two-day winning streak. The BSE Sensex closed down 13.71 points (0.02%) at 85,706.67, while the Nifty50 fell 12.60 points (0.05%) to 26,202.95.

After hitting fresh all-time highs in the previous session, indices opened mildly higher and traded in a narrow range throughout the day, with Nifty managing to hold above the 26,200 mark. Broader markets mirrored this trend, with BSE Midcap and Smallcap indices finishing largely flat.

Despite the slight pullback on Friday, both Sensex and Nifty posted weekly gains of 0.5% and added 2% each for November, marking a third consecutive week and month of upward momentum.

Sectoral and Stock Movements

On the sectoral front, pharma, media, and auto stocks gained 0.5-1%, while power, oil & gas, and telecom fell by 0.5-1%.

Top gainers on the Nifty included Adani Enterprises, M&M, Adani Ports, Sun Pharma, and HUL, while laggards were SBI Life Insurance, Shriram Finance, HDFC Life, Power Grid, and Bharti Airtel.

Key stock-specific movements:

• GAIL India fell 4% after PNGRB’s tariff hike disappointed estimates.
• 63 Moons Technologies jumped 16% following NCLT approval of a one-time settlement.
• Ashoka Buildcon declined 4% on suspension over NHAI bid participation.
• Tanfac Industries gained 5% after securing a Rs 336 crore contract from Krishna Organics.
• Nectar Lifesciences surged 20% ahead of a board meeting on share buyback scheduled for December 3.
• Sundaram-Clayton rose 4% on acquiring an 11.63% stake in Navia Two Power.

Additionally, more than 120 stocks hit 52-week highs, including M&M Financial, GMR Airports, Adani Ports, IIFL Finance, Cummins, AIA Engineering, Hero MotoCorp, L&T Finance, Reliance Industries, and Shriram Finance.

Currency and New Listings

The Indian rupee touched a record low of 89.49 per USD during the session, closing at 89.45, compared to the previous close of 89.30.

Sudeep Pharma made a strong debut, listing at Rs 773.70, a 30% premium over its IPO price, marking one of the strongest market entries in recent times.

Expert Outlook

Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, noted that Friday’s session reflected consolidation after a strong rally. While Nifty showed choppy range-bound movement, the underlying uptrend remains intact, with a near-term upside target around 26,600 and immediate support at 26,050.

Ajit Mishra, SVP, Research at Religare Broking, added that the market’s lackluster close reflects a breather after record highs, with mixed sectoral trends keeping momentum in check. Improving global market conditions and geopolitical developments provide additional comfort.

Analysts recommend maintaining a “buy on dips” strategy as long as Nifty holds above 25,900, with potential upside near 26,500. Investors are advised to focus on large-cap and strong mid-cap names, while being selective and cautious in overbought or vulnerable sectors.