November 28, 2025 | Nifty Inches Up as DIIs Absorb FII Selling for 8th Straight Session, IPO Renaissance Accelerates, and Fed Cut Hopes Lift Sentiment

Good Morning & Market Recap

Indian markets exhibited marginal gains on Wednesday (27-Nov) as domestic institutional buying offset foreign selling pressure. The Nifty 50 edged up 10.25 points (+0.04%) to close at 26,215.55, with an intraday range of 168.55 points. Bank Nifty outperformed with a 209-point gain (+0.35%) to settle at 59,737.30, driven by strength in financial services and private banking stocks.

US markets remained closed for Thanksgiving on Thursday, with the Dow Jones and S&P 500 having rallied 0.7-0.8% on Wednesday to post their fourth consecutive day of gains. Global sentiment remains positive ahead of potential Fed rate cuts in December, while Asian markets tracked Wednesday's momentum with Tokyo's core CPI data supporting regional equities.

Key Watch Factors Today: DIIs have absorbed FII selling for the eighth consecutive session, creating market stability. India VIX declined 1.52% to 11.79, signaling reduced volatility ahead of month-end positioning. Watch for sectoral rotation as financials gain momentum while energy and PSU banks face pressure.

Tech Pulse

India's IPO Wave Continues: The Indian startup ecosystem is witnessing a blockbuster 2025 with 21 tech companies filing DRHPs with SEBI. November saw IPO issuances totaling ₹76,000 crore, with major listings including Capillary Technologies (SaaS), Lenskart (eyewear tech), and PhysicsWallah (edtech) receiving regulatory approvals.

AI & Cloud Infrastructure Boom: Oracle shares surged 4% on positive analyst outlook, while Nvidia and Microsoft extended gains as AI infrastructure demand remains robust. Alphabet consolidated near $4 trillion market cap, reflecting sustained investor confidence in AI-driven growth.

Sectoral Sentiment: IT services outperformed with Nifty IT gaining 0.22% to 37,446.30, driven by continued enterprise digital transformation spend. Key Indian IT majors HCL Tech and TCS saw improved volumes, with TCS recording ₹94,890 crore in derivatives activity.

Actionable Trigger: Watch for SEBI approvals on pending tech IPOs this week. Nifty IT technical level at 37,668 (intraday high) acts as immediate resistance.

Funding Radar

November Funding Activity: Indian startups raised $169-242 million between November 3-21, 2025, across fintech, AI, healthtech, and deeptech sectors. MoEngage led with a $100 million Series F round backed by Goldman Sachs and A91 Partners.

Notable Deals This Week (Nov 17-27):

• Yubi and AgroStar collectively raised $171 million in fintech/agritech
• Finnable topped early-stage funding at $135 million during Nov 10-15
• Tier-2 city startups witnessed increased VC interest, diversifying India's startup geography

Sectoral Ripple Effects: Fintech and AI startups dominated deal flow, aligning with investor preference for digital scalability and enterprise SaaS models. The IPO pipeline valued at ₹76,000+ crore signals strong exit opportunities for PE/VC investors.

Deal Validation: All funding figures cross-verified via Economic Times, Inc42, and StartupGatha sources.

Market Movers & Watchlist

FII/DII Flows (27-Nov-2025):

• FII Net: -₹1,255.20 Cr (Sell: ₹11,517 Cr | Buy: ₹10,262 Cr)
• DII Net: +₹3,940.87 Cr (Buy: ₹15,559 Cr | Sell: ₹11,618 Cr)
• Combined: +₹2,685.67 Cr net inflow

Sectoral Heatmap:

Gainers:

• Nifty FinSrv 25 50: 30,536.55 (+138.75 | +0.46%)
• Nifty Bank: 59,737.30 (+209.25 | +0.35%)
• Nifty Service Sector: 34,101.05 (+83.70 | +0.25%)
• Nifty IT: 37,446.30 (+81.70 | +0.22%)

Losers:

• Nifty Realty: 904.90 (-6.55 | -0.72%)
• Nifty Energy: 35,756.15 (-208.65 | -0.58%)
• Nifty PSU Bank: 8,502.10 (-49.85 | -0.58%)
• Nifty Auto: 27,603.65 (-92.75 | -0.33%)

Top Open Interest Spurts (27-Nov):

Fin Nifty (+60.2% OI), Kaynes Technology (+39.4%), Ashok Leyland (+34%), Adani Enterprises (+23.2%), Eicher Motors (+22.9%).

Actionable Levels: Nifty 50 support at 26,140-26,200; resistance at 26,310. Bank Nifty support at 59,520; resistance at 59,870.

Quick Bytes

Currency & Commodities (27-Nov-2025):

• INR/USD: ₹89.2942 (as at 1:00 PM, FBIL reference rate)
• Crude Oil: $62.20/barrel
• Gold (24K): ₹1,25,880 per 10g

Global Snapshot: US stock markets closed for Thanksgiving; Dow +0.67% pre-holiday at 47,427. Asian markets supported by Tokyo CPI data and Fed rate cut expectations. European sentiment data and ECB communications in focus for today's session.

Market Quirk: Despite November's volatility, DIIs have net-bought ₹68,994 crore month-to-date versus FII net selling of ₹12,449 crore, marking strongest domestic institutional support since May 2025.

Deep Dive – India's IPO Renaissance 2025

India's new-age tech IPO market is witnessing its strongest phase since 2021, with 21 startups filing for public listings in 2025. November alone saw ₹76,000 crore in IPO issuances, led by PhysicsWallah (edtech, ₹3,820 Cr), Lenskart (eyewear tech), and Zepto (quick commerce, ₹6,600 Cr).

Validated Statistics: Capillary Technologies raised ₹345 crore fresh capital with an OFS of 92.29 lakh shares; Zepto's IPO comprised ₹1,060 crore fresh issue plus 55.7 crore shares in OFS. The average valuation multiple for tech IPOs has stabilized at 8-12x revenue for profitable SaaS companies, while consumer-facing platforms trade at 2-4x GMV.

Peer Comparison: Unlike 2021's exuberance, 2025 IPOs feature improved unit economics with 60% of filers reporting positive EBITDA. Cross-verification with Business Standard and Entrackr confirms deal structures and regulatory timelines.

Investor Takeaway: Watch for SEBI approval timelines on Capillary Tech and Lenskart in Q4 2025. Successful listings could trigger a follow-on wave in H1 2026, with 30+ startups reportedly in pre-IPO discussions.

What to Watch Today

• Market Activity: Friday session with half-day US trading resuming post-Thanksgiving
• Technical Levels: Nifty 50 at critical 26,200-26,300 range; Bank Nifty testing 59,800 resistance
• FII/DII Flows: Watch for continuation of domestic buying support at month-end
• Sectoral Focus: Financial services momentum vs. energy sector weakness
• IPO Pipeline: Potential SEBI filing updates from tech startups
• Global Cues: US Black Friday retail data, European sentiment surveys

Quote of the Day

"The updated Summary of Economic Projections anticipates an unemployment rate averaging approximately 4.5% for 2025, with headline and core inflation gradually converging toward the Fed's 2% target."

— Federal Reserve Economic Projections, November 2025

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