Markets Break All-Time Highs Amid Global and Commodity Market Strength
Performance recap
The Indian stock market has witnessed high volatility with uptrend in the month of November after strong rally in the month of October. The November month closed making a moderate gain of 1.9% with nifty closing at 26203 and Sensex closing at 85707. The significant milestone in this month was nifty touching new all time high of 26310 on 27th nov’25 after surpassing previous high of 26277 and Sensex touching new all time high of 86056 after surpassing previous high of 85978. Trump tariff negotiations have prolonged and are in progress with expected positive outcome. The FED rate cut earlier led to US and global markets rally and RBI rate cut recently impacted the market positively. The big macro concern for the Indian market is relentless trend of rupee depreciation and FII outflows due to which market is not witnessing broad recovery despite GST rate cut reforms, good corporate earnings, DII inflows and controlled inflation. The majority of Nifty uptrend has been driven by handful of companies whereas midcap and small cap are much below their lifetime high. All major global markets including US markets continue to outperform Indian market during the month and overall for the year as well. Overall FII sold for Rs 17500 crores in Nov whereas DII bought for Rs 77000 crores. These numbers are staggering at YTD level with FII selling 272000 crores till Nov whereas DII has bought for Rs 708000 crores in same period. Indian markets have shown resilience and moved up back again near all time high though Investors are yet to see their portfolios green compared to previous high. All global and domestic events need to be tracked carefully as changes have been happening rapidly causing volatility in the market.
Sectoral performance
Various sectors were driving the Nifty rally for the November month and few sectors also underperformed comparatively. Sectors which outperformed were IT 5%, PSU 4%, banks 4%, auto 4% and pharma 3%. Sectors which underperformed the most in the month are Realty -5%, Metals -3%, Energy -2% and FMCG -1%. Midcap made a gain of 1.5% and small cap in contrast declined by -3.5% during the month. Sectors performance has been more volatile than broader market showing both underperformance and outperformance over different months influenced by news, momentum, earnings, cyclical nature, and policy impact. Hence, diversification across sectors is key from risk management perspective.
Global Market outlook including commodity
US and global markets have rallied further making new lifetime high after last rate cut. However, there are still global uncertainties and risks like high government debt, unemployment, stretched valuations driven by AI and tech companies, tariff trade war and geo political events. The exception to global market rally was Japan’s stock market decline in Nov. Japanese market experienced a significant decline in November 2025 primarily due to a “triple market shock” involving a sharp fall in stock prices, surging government bond yields, and a weakening yen. This was driven by concerns over Japan’s worsening fiscal outlook, expectations of Bank of Japan (BOJ) rate hikes, a diplomatic spat with China, and a global tech stock sell-off. It is currently consolidating with volatility after big decline.
Gold & Silver have continued to perform exceedingly well concerning this challenges with spectacular gains despite small corrections in between. Silver has outperformed Gold by a big margin this year and have surpassed milestone of Rs 2 lakhs per kg this year. The price jump for Silver in last 15 years has been 7.5 times compared to 2010 price of Rs 27000 per Kg. The price jump for Gold in last 15 years has been 7 times compared to 2010 price of Rs 18500 per 10 gm. This momentum has continued with Investors seeking refuge in bullion due to economic uncertainties, high returns and favourable fundamentals. Adding them in portfolio is part of diversification and risk management technique. Experts are divided in their opinion currently where some cautioning Investors of the stellar run up whereas some expecting the momentum to continue. Gold is currently trading at Rs 130k/ 10 gm and Silver at Rs 195k/ 1kg.
Outlook for the Indian Market
Indian market has rallied in last 2 months of October and November after corrections, volatility and consolidation earlier. The market has shown resilience despite so many news, events, FII outflows and tariff war. The primary reason is the maturity shown by retail Investors in continuing their regular SIPs and New Investors entering the market having conviction in India growth story. Investors should stick to the discipline of regular systematic investing for long term. The outlook remains positive with volatility for near term. Global market, events and policies will further drive the market. Further, consult your investment advisor for prudent financial practices.
Fundamental outlook: Indian market has formed new all time high in this month and consolidating around this level. Few sectors, midcap and smallcap still have to catch up with this rally. Favourable economic policies, GST reforms, inflows and good corporate earnings are driving the momentum again. After a record numbers of IPOs listing in 2025 so far, there is a strong pipeline of IPOs for the New Year showing strength, interest and growth in the market. Low VIX environment also indicates stability in the market. However we need to track global market events and policies announcements.
Technical outlook: Indian market seems to consolidate around the all time high level before possibility of breaking out on upside further and with broader market participation. Every small corrections are getting absorbed and bouncing back towards further high. Nifty is trading positive on technical parameters. Nifty is trading at monthly RSI of 65 and weekly RSI of 60 which indicates mild uptrend. Nifty immediate support is seen at 25300 and resistance at 26700.
