Market Wrap: Markets Retreat Amid Global Risk-Off Wave; Rupee Hits Record Low

An end-of-day recap of all that transpired in the Indian markets, highlighting the major price movements and the factors driving them.

Bombay Stock Exchange Building From Dalal Street in Mumbai

Amey Bane/iStockphoto.com

By Dehuti Jani

Dehuti Jani is an experienced project manager who also works as an independent financial journalist.

November 21, 2025 at 11:51 AM IST

Indian equities slipped on Friday, breaking a two-day advance as a global selloff triggered by inconclusive US jobs data and renewed uncertainty around the US interest rate outlook kept investors cautious. The Sensex fell 0.47% to 85,231.92 and the Nifty50 dropped 0.47% to 26,068.15, though both indices continue to hover near record highs.

Sectoral pressure was broad-based, with nearly all indices ending in the red except FMCG; metals led the decline, while autos showed relative strength. India VIX rose to 13.5%, indicating increased volatility and defensive moves before major global events.

Top Movers of the Day

Maruti Suzuki gained 1.8% to ₹16,083.20 after announcing the acquisition of a 7.84% stake in connected-mobility startup Ravity Software Solutions for ₹20 million through its Innovation Fund, strengthening its technology ecosystem.

IndusInd Bank gained 3% to ₹855.60 even as the broader market stayed subdued, amid reports that the bank is informally gauging investor appetite for a potential qualified institutional placement to rebuild confidence after recent leadership exits and accounting concerns. While the bank publicly denied an active fundraising, market chatter pointed to possible “confidence capital” discussions, supported by Citibank.

GMR Airports continued its strong momentum, rising 2% to ₹105.50 and hitting a multi-year high amid heavy volumes, with 26.85 million shares traded across exchanges. The company recently reported its first profit before tax in over three years, with July-September PBT at ₹1.03 billion, reversing large losses from previous years.

Adani Wilmar was in focus after the Adani Group fully exited the company, selling its remaining 7% stake via a block deal that drew strong institutional interest. Buyers included major domestic mutual funds such as Vanguard, Charles Schwab, ICICI Prudential MF, SBI MF, Tata MF, Quant MF and Bandhan MF. This follows the earlier sale of a 13% stake, reducing the group’s holding to zero.

Billionbrains Garage Ventures (Groww) rebounded 7.45% to ₹168.39, snapping a two-day decline, after reporting a 12% YoY rise in consolidated profit to ₹4.71 billion for July-September. Despite the bounce, the stock remains 13% below its mid-November peak of ₹193.80, though still well above its ₹100 IPO price from earlier this month.

IndiGo (InterGlobe Aviation) announced a major $820 million (₹72.7 billion) investment into its subsidiary InterGlobe Aviation Financial Services IFSC to acquire aviation assets, primarily aircraft. The investment through equity and OCRPS aims to expand aircraft ownership capabilities within the group.

Futures & Options
Nifty November 2025 futures closed at 26,074, trading at a 5.85-point premium to the Nifty’s cash close of 26,068.15, which fell 0.47% on the day. Volatility spiked sharply, with India VIX surging 12.31% to 13.63, signalling heightened uncertainty and defensive positioning ahead of expiry. HDFC Bank, ICICI Bank and Reliance Industries were the most active stock futures as traders navigated the final leg of the 25 November 2025 series.

Bonds
Indian government bonds traded in a narrow band on Friday as investors stayed cautious ahead of fresh supply, with focus firmly on demand for the long-tenor paper. The 10-year yield inched up to 6.5665%, slightly above Thursday’s close of 6.545%. At the RBI’s ₹300 billion auction, the central bank sold ₹180 billion of 6.01% GS 2030 and ₹120 billion of 7.09% GS 2074. The 2030 bond cleared at a yield of 6.218%, while the 2074 bond cut off at 7.3889%. The smooth absorption of long-dated supply will be watched for signals on investor appetite as markets assess the path for rates and liquidity ahead.

Forex
The rupee tumbled to a lifetime low of 89.48 per US dollar on Friday, sliding 0.8% as fading expectations of a Federal Reserve rate cut and uncertainty around a potential US–India trade deal eroded risk appetite. Pressure intensified amid steep US tariffs on Indian exports and persistent foreign outflows, with equity withdrawals reaching $16.5 billion so far this year, making the rupee one of Asia’s weakest performers in 2025. Traders noted that while RBI had vigorously defended the 88.80 level in recent sessions, intervention appeared lighter on Friday, with support likely emerging only near 89.50.

Crypto
Bitcoin’s November slump deepened on Friday, plunging below $85,000 for the first time since April and briefly touching $81,600, as a wave of forced liquidations and collapsing sentiment drove its worst monthly drop since the 2022 crypto winter. The selloff erased BTC’s year-to-date gains and dragged the broader market lower, with Ether falling below $2,750, Solana sliding over 10%, and major altcoins such as XRP, BNB and Cardano dropping 8–15%.

US Stock Futures
US stock futures steadied on Friday as markets looked to close out a turbulent week, with sentiment still fragile amid a shaky November for Wall Street. Nasdaq 100 futures slipped 0.2%, S&P 500 futures were flat, and Dow futures edged up 0.3%, reflecting a cautious tone as investors reassess stretched valuations in AI-linked stocks. The S&P 500 is on track for its worst November since 2008, with Nvidia’s blockbuster earnings doing little to ease mounting concerns over an AI-driven bubble.

US Treasury Notes
Yields on US Treasuries eased on Friday as markets grew more convinced that the Federal Reserve will pause its rate-cut cycle at the upcoming meeting. The 10-year yield slipped to 4.067% as traders assessed delayed jobs data showing the US added 119,000 jobs in September, well above expectations, while unemployment nudged up to 4.4% and wage growth slowed to its weakest pace in three months. Initial jobless claims also fell to 220,000, signalling stabilisation in the labour market; collectively, the data reinforced expectations that the Fed will keep rates unchanged next month.

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