Sensex, Nifty climb toward record highs on surge in financials and Nvidia-Led Global Optimism

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

By Dehuti Jani

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

November 20, 2025 at 12:00 PM IST

Indian equities extended their upward momentum on Thursday, with the Sensex and Nifty50 inching closer to their all-time highs, lifted by strong gains in financials and oil & gas stocks and supported by firm global cues after Nvidia’s blockbuster earnings energised risk appetite across Asia.

The Sensex rose 0.52% to 85,632.68 after touching 85,801.70 intraday, led by heavyweights HDFC Bank and Reliance Industries, while the Nifty50 climbed 0.54% to 26,192.15, having briefly hit a fresh 52-week high of 26,246.65.

Sectoral sentiment leaned positive, with energy, financials, autos, FMCG and chemicals driving strength, while IT, mid-small caps, PSU banks, media and healthcare saw a softer tone; notably, Nifty Bank hit another record at 59,264.25, underscoring persistent momentum in banking stocks.

Top Movers of the Day

Reliance Industries gained 1.3% after UBS reiterated its Buy rating, highlighting improving fundamentals in refining and a potential recovery in its oil-to-chemicals segment. Motilal Oswal also maintained its Buy call and raised its price target, citing progress in Reliance’s new energy business.

Hero MotoCorp climbed 2.3% after Macquarie upgraded the stock to Outperform, pointing to earnings tailwinds from GST cuts and new product launches.

NBCC rose 2% after winning new work orders worth ₹29.66 billion, strengthening its project pipeline.

Swiggy saw sentiment sour further as the stock slipped to ₹382, falling 36% from its peak of ₹617 and now trading near its IPO price of ₹390 one year after listing. Despite a 54% jump in revenue, its Q2FY26 net loss widened to ₹10.92 billion, driven by aggressive quick-commerce expansion. Brokerages remain divided on its longer-term prospects, reflecting growing uncertainty around profitability.

Dredging names rallied sharply, with Dredging Corporation of India locked at the 10% upper circuit at ₹879.80 on a four-fold jump in volumes, while Knowledge Marine & Engineering Works hit a 52-week high of ₹3,069, up 9%, and has surged 17% over the past week.

Transrail Lighting rose over 3% after securing fresh orders worth ₹5.48 billion, including entry into a new MENA-region market, boosting its order book outlook.

ACME Solar gained around 1% to ₹247.70 after commissioning an additional 16 MW of its 100 MW wind project in Gujarat, taking operational capacity to 44 MW and lifting its total installed capacity to 2.934 GW.

MTAR Technologies rallied 4% to ₹2,704.90, hitting a multi-year high amid expectations of a robust H2FY26. The stock has been a standout performer up 81% in three months and more than 135% above its 52-week low.

Futures & Options
Nifty November 2025 futures closed at 26,235.40, trading at a 43.25-point premium to the Nifty’s cash close of 26,192.15, which rose 0.54% on the day. Volatility edged higher, with India VIX up 1.35% to 12.14, signalling a slight increase in near-term uncertainty. HDFC Bank, Reliance Industries and Axis Bank were the most actively traded stock futures as traders positioned ahead of the series expiry.

Bonds
India’s 10-year government bond yield briefly rose to 6.545% on Thursday, closing nearly unchanged at 6.5324% versus 6.5323% on Wednesday. Trading remained subdued as investors stayed cautious ahead of Friday’s ₹300 billion bond auction and awaited clearer signals from the RBI on its policy stance, particularly around potential rate cuts and liquidity management.

Forex
The rupee fell to 88.7050 per US dollar on Thursday, pressured by global dollar gains after the Federal Reserve's rate-cut outlook shifted. Modest portfolio inflows helped cushion the decline, keeping the rupee’s weakness contained despite the firmer greenback.

Crypto
Crypto markets showed mixed cues on Thursday, with Bitcoin holding firm above $92,000, trading at $92,810, up 1.80% in the past 24 hours despite weakness across most major altcoins. While DeFi and meme tokens struggled, Layer-2 tokens outperformed, highlighting the market’s uneven risk appetite. Bitcoin’s resilience stands out, supported by nearly 20 million BTC in circulation, a $1.85 trillion market cap, and over $81 billion in daily trading volumes.

US Stock Futures
US stock futures rallied on Thursday after Nvidia’s blowout earnings eased fears of an AI bubble and reignited appetite for tech stocks. Nvidia surged 5.5% in premarket trade after forecasting stronger-than-expected sales for the current quarter, with CEO Jensen Huang dismissing bubble concerns, saying, “We see something very different.” The upbeat sentiment lifted peers, with AMD up 5.4%, and strong premarket gains also seen across Broadcom and Marvell Technology.

US Treasury Notes
Yields on US Treasuries held firm on Thursday, with the 10-year note staying above 4.1%, extending its rebound from the late-October low of 3.95%, as markets increasingly priced out the likelihood of a December Fed rate cut. Minutes from the latest FOMC meeting highlighted growing divisions among policymakers, with several members arguing that sticky inflation may justify keeping rates on hold.

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