Equity benchmarks finished with strong gains on Wednesday as a surge in IT stocks, fuelled by positive signals on the US India trade deal, lifted market sentiment. After a sluggish start amid weak global cues, the indices gathered momentum through the session and pushed the Nifty past the 26,000 mark. Investors now await tomorrow's FOMC minutes for clues on the US rate outlook.

The Sensex rose 513.45 points or 0.61% to end at 85,186.47, while the Nifty advanced 142.60 points or 0.55% to close at 26,052.65. HCL Technologies (up 4.32%), Infosys (up 3.74%) and ICICI Bank (up 0.82%) were among the key contributors to the gains.

Banking stocks also had a strong outing. Nifty Bank notched a fresh record high for the third straight session, touching 59,264.25 before ending at 59,216.05, up 0.54%. Punjab National Bank, Bank of Baroda and Canara Bank led the pack.

In the broader market, the BSE Mid Cap index gained 0.34%, while the BSE Small Cap index slipped 0.39%.

Market breadth remained weak, with 1,841 stocks advancing and 2,338 declining on the BSE.

The India VIX dropped 1.01% to 11.97, signalling lower near term volatility expectations.

Numbers to Track:

The yield on India's 10-year benchmark federal paper was up 0.12% to 6.531 as compared with previous close 6.523.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 88.5850 compared with its close of 88.6000 during the previous trading session.

MCX Gold futures for 5 December 2025 settlement rose 1.06% to Rs 1,23,936.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.16% to 99.75.

The United States 10-year bond yield shed 0.10% to 4.126.

In the commodities market, Brent crude for January 2025 settlement lost 47 cents or 0.72% to $64.42 a barrel.

Global Markets:

Most European indices traded higher on Wednesday after the U.K.'s annual inflation eased to 3.6% in October, raising expectations of a possible Christmas rate cut by the Bank of England. Investors are also awaiting key earnings from Sage Group, Severn Trent and Smiths Group, while Nvidia's upcoming results remain a major global focus.

Most Asian indices ended lower, tracking Wall Street declines as concerns over artificial intelligence valuations continued to pressure tech stocks.

In Japan, concern over ballooning government spending plans has sent long-end bonds sliding and yields to record highs.

A 20-year auction later on Wednesday will be closely watched and benchmark 10-year yields hit a 17-year top of 1.765%.

US stocks fell sharply on Tuesday as tech shares extended their decline amid growing worries over stretched AI valuations. The Dow dropped 1.07%, the S&P 500 lost 0.83%, and the Nasdaq fell 1.21%. A major AI partnership involving Anthropic, Microsoft and Nvidia failed to boost sentiment, with both tech giants ending lower. Markets were also pressured by fading expectations of a December rate cut and concerns that President Donald Trump's declining approval ratings could trigger higher fiscal spending and renewed inflation risks.

New Listings:

Shares of Tenneco Clean Air India settled at Rs 491.20 on the BSE, a premium of 23.73% over the issue price of Rs 397.

The stock made its debut at Rs 498, listing 25.44% higher than the offer price. It touched an intraday high of Rs 517 and a low of Rs 497.95, with 1.48 crore shares changing hands on the exchange.

Stocks in Spotlight:

Infosys rallied 3.74% to Rs 1541.25 as investors positioned themselves ahead of the company's Rs 18,000 crore share buyback opening on 20 November 2025. The buyback window will remain open until 26 November 2025. The IT major plans to repurchase up to 10 crore equity shares, or 2.41% of its capital, at Rs 1,800 per share through the tender offer route. Shareholders on record as of 14 November 2025 will be eligible to participate.

Sammaan Capital fell 12.47% after media reports said the Supreme Court criticised the Central Bureau of Investigation for a 'friendly approach' in probing alleged irregularities at the NBFC. The court, hearing a whistleblower plea, flagged concerns ranging from round tripping to possible fund siphoning and also questioned SEBI's reluctance to act. It granted the market regulator jurisdiction to investigate the matter, according to reports.

Waaree Energies dropped 3.29% after the company reported that officials from the Income Tax Department had visited several of its offices and facilities across India.

KEC International slumped 9.08% after Power Grid Corporation barred it from bidding for new tenders for nine months, though ongoing projects remain unaffected. The action relates to alleged contractual violations disclosed earlier in March 2025. KEC said it is evaluating legal options and will seek a review, while maintaining that the move will not significantly impact its operations or finances due to a strong order book and tender pipeline.

Solara Active Pharma Sciences shed 1.27%. The company said that its multi-product manufacturing facility at Mangalore, Karnataka has successfully completed the inspection carried out by the US Food and Drug Administration (US FDA).

Ice Make Refrigeration advanced 1.91% after the company announced the appointment of M. Srinivas Reddy as chief executive officer (CEO) of the company, effective 14 November 2025.

Goel Construction Company rose 0.31%. The company secured an order worth Rs 173.25 crore from Aditya Birla Group for civil, WHRS, post-clinkerization, and safety works at the Pali Cement Works unit in Rajasthan.

Knowledge Marine & Engineering Works rallied 4.96%. The firm has secured its second order for a state-of-the-art Green Tug, marking a major milestone in the company's push for sustainable maritime solutions.

Choice International added 2.15% after the company's subsidiary, Choice Consultancy Service (CCSPL) has acquired 100% shareholding in Ayoleeza Consultant, strengthening its advisory and consultancy capabilities across key infrastructure sectors.

RPSG Ventures slipped 1.03%. The company said that its board has approved the proposed acquisition of 40% of the total issued and paid-up share capital of FSP Design, at an enterprise value of Rs 455.17 crore.

Captain Polyplast shed 0.32%. The company announced that it has secured an order worth Rs 8.17 crore from the Maharashtra State Electricity Distribution Company (MSEDCL) for the supply of 300 Off-Grid DC Solar Photovoltaic Water Pumping Systems (SPWPS).

Concord Control Systems jumped 6.25% after its wholly owned subsidiary, Advanced Rail Controls, has secured a Rs 19.17-crore order from Indian Railways for the supply, installation and commissioning of a Loco wireless control system.

Adani Energy Solutions declined 2.11%. The company said that it has received letter of intent (LoI) from PFC Consulting for the establishment of a transmission system for evacuation of power from potential renewable energy zone in Khavda, Gujarat under Phase-V (Part C).

Marksans Pharma slipped 1.69%. The company has announced that its wholly owned subsidiary, Marksans Pharma Inc., has received final approval from the USFDA for its abbreviated new drug application (ANDA) for Loperamide Hydrochloride Tablets USP, 2 mg (OTC). Loperamide Hydrochloride is an anti-diarrhoeal medication used to manage symptoms of acute and chronic diarrhea, strengthening Marksans Pharma's portfolio in the US generic pharmaceutical market.

IPO Update:

Excelsoft Technologies received bids for 4,43,69,375 shares as against 3,07,01,754 shares on offer, according to stock exchange data at 16:50 IST on Wednesday (19 November 2025). The issue was subscribed 1.45 times. The issue opened for bidding on 19 November 2025 and it will close on 21 November 2025. The price band of the IPO is fixed between Rs 114 and 120 per share.

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