November 26, 2025 | Nifty Slips for Third Day as Wall Street Surges, PSU Banks Outperform, and Excelsoft IPO Lists Today

Good Morning & Market Recap

Indian markets closed lower for the third consecutive session on Tuesday as profit-taking persisted near record highs. The Nifty 50 slipped 74.7 points to close at 25,884.80, while the Sensex shed 313.7 points to end at 84,587.01. However, GIFT Nifty futures indicate a positive start today, trading at 26,165 – up 121 points or 0.46% – signaling potential recovery.

What's Different Today? Wall Street's strong rally overnight provides fresh tailwinds. The S&P 500 surged 0.91% and the Dow Jones Industrial Average jumped 1.43% amid rising Fed rate-cut expectations ahead of the Thanksgiving holiday. Asian markets opened mixed, with Japan's Nikkei 225 up 1.23% to 49,260, while Hong Kong's Hang Seng gained 0.69%.

Key Watch Factors: Focus shifts to domestic corporate earnings announcements and sectoral rotation, particularly in PSU Banks and Realty which showed resilience yesterday. IT and Media sectors remain under pressure and need monitoring.

Tech Pulse

SAP's India-Centric AI Push: German software giant SAP is placing India at the core of its global artificial intelligence strategy, with all key engineering and AI development centered in the country. This reinforces India's position as a critical tech hub and could drive further enterprise AI adoption across sectors.

Nvidia vs Big Tech Chip War Escalates: Nvidia is defending its dominance as Google and Meta explore in-house AI chip development. The intensifying chip war signals both opportunity and risk for the semiconductor supply chain, with implications for Indian IT services and hardware players.

iQOO 15 Launches Today: The flagship smartphone debuts in India today (November 26) powered by Qualcomm's Snapdragon 8 Elite Gen 5 chipset, priced around ₹70,000. The launch reflects robust premium smartphone demand and aggressive competition in India's ₹50,000+ segment.

Funding Radar

Excelsoft Technologies Listing Today: The ₹500 crore book-built IPO from Excelsoft Technologies is set to list on BSE and NSE today after closing subscriptions on November 21. Allotment was finalized on November 24, and the stock will debut under investor scrutiny given recent SME IPO volatility.

Sudeep Pharma IPO Closes: The ₹895 crore Sudeep Pharma IPO subscription window closed on November 25, with allotment expected today and listing tentatively scheduled for November 28. The pharma sector continues to attract investor interest amid global supply chain realignments.

SME IPO Pipeline: Multiple SME IPOs are opening this week, including Mother Nutri Foods, KK Silk Mills (Nov 26-28), and Logiciel Solutions (Nov 28-Dec 2). The sustained pipeline reflects strong primary market appetite despite secondary market volatility.

Market Movers & Watchlist

Sectoral Performance: Nifty Realty and PSU Bank indices outperformed with gains exceeding 1.4% each on Tuesday, bucking the broader market weakness. Conversely, Nifty Media (-0.9%) and Nifty IT (-0.6%) were the main laggards.

Support & Resistance: The 25,920-25,930 zone acted as strong intraday support for Nifty during Tuesday's session, attracting buying interest twice before failing in the final hour. Watch for 26,000 as immediate resistance and 25,850 as crucial support today.

Stocks in Focus: Bharti Airtel, Nelco, Welspun Corp, and Asian Paints are among key stocks to watch today based on corporate actions and analyst updates.

Quick Bytes (Global/Off-Radar)

Oil Slides on Supply Concerns: Crude oil fell to $58.09 per barrel, down 1.27%, as oversupply concerns outweighed geopolitical risks. The decline translates to MCX crude at approximately ₹5,168, providing relief for India's import bill.

Gold Rallies on Safe-Haven Demand: Gold prices surged to ₹1,25,163 per 10 grams (MCX December futures), up over ₹1,300 in a week. The precious metal is benefiting from global economic uncertainty despite a weaker dollar.

Rupee Steady Near 89.21: The Indian rupee traded around 89.21 per USD, holding relatively stable despite widening trade deficits driven by elevated gold and oil imports.

Deep Dive – India's Premium Smartphone Battle Heats Up

Today's launch of the iQOO 15 marks another salvo in India's intensifying premium smartphone war. With Qualcomm's latest Snapdragon 8 Elite Gen 5 chipset, a 50MP triple-camera setup, and an unprecedented 7-year software update promise, iQOO is directly challenging OnePlus 15, Samsung Galaxy S24, and Xiaomi 15 in the ₹70,000+ segment.

Market Context: India's premium smartphone segment (₹50,000+) is growing at 25-30% annually, driven by aspirational buyers, EMI schemes, and trade-in programs. Brands are competing on processor performance, camera quality, and now increasingly on software longevity – a shift borrowed from Apple's playbook.

Investment Angle: This trend benefits component suppliers, semiconductor distributors, and retail chains. However, it also signals margin pressure for mid-tier brands and intensifying competition for market leaders. Investors should monitor quarterly shipment data and average selling price (ASP) trends for listed players like Dixon Technologies and Redington to gauge traction.

What to Watch Today

• Excelsoft Technologies Listing: Watch debut performance and opening premium/discount to issue price
• Sudeep Pharma Allotment: Final allotment status for the ₹895 crore pharma IPO
• Corporate Earnings: Select companies including Prabhat Telecoms announcing quarterly results
• Global Cues: Continuation of U.S. Thanksgiving week volatility; Asian market momentum post-Wall Street rally
• FII/DII Flows: Monitor institutional flow data for directional cues amid ongoing selling pressure

Quote of the Day

"The 25,920–25,930 zone acted as a strong intraday support, with the index attracting buying interest from this band twice during the day. However, it failed to hold this zone towards the last hour of the day and closed lower."

— Sudeep Shah, Head - Technical and Derivatives Research, SBI Securities (November 25, 2025)

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