Stock market next week: The Indian equity benchmarks snapped their two-day winning streak on Friday, November 21, ending 0.5% lower as major financial stocks—including HDFC Bank, ICICI Bank, SBI, and Bajaj Finance—dragged the indices down amid weak global sentiment.
The retreated after touching a fresh 52-week high of 26,246.65 in the previous session on November 20.
By the close, the had fallen 400.76 points, or 0.47%, to 85,231.92, while the Nifty 50 declined 124 points, or 0.47%, to settle at 26,068.15.
“ ended the week on a positive note, with the Nifty rising 0.61% to 26,068.15 and the Sensex advancing 0.79% to 85,231.92. Sentiment was supported by expectations of progress on an India–US trade deal, although gains were capped by weak domestic macro-economic data and subdued global cues,” said Ajit Mishra, SVP, Research, Religare Broking Ltd.
On the market outlook next week, Mishra said that the investors may prioritise sectors with visible earnings traction and renewed interest—such as banking, auto, IT, and consumption—while remaining selective in other pockets.
“With macro signals turning mixed and global cues offering limited clarity, a balanced approach is advisable. Traders should exercise caution around expiry and key macro releases, using a buy-on-dips strategy only near established support levels. Emphasising disciplined risk management, strict stop-losses, and a preference for large-cap stability over broader market volatility remains prudent,” Mishra added.
Top five triggers for the Indian stock market
Q2 GDP data
The National Statistics Office (NSO) will release the official GDP growth data for the second quarter (July–September) of FY 2025–26 on November 28.
Economists and rating agencies expect strong numbers for Q2, especially after the first quarter’s GDP growth surpassed forecasts. For context, the Indian economy had grown by 5.6 per cent in the same quarter (July–September) of the previous fiscal year.
India’s real GDP — a key indicator of economic output — expanded by 7.8% in Q1 of FY 2025-26, an improvement over the 6.5% growth seen in the same quarter of FY 2024-25.
“Domestically, markets will track several high-impact macro releases including Q2 GDP data, industrial production, government budget value, bank loan and deposit growth, and forex reserves,” Mishra said.
India-US trade deal
Last week, after Union Commerce and Industry Minister Piyush Goyal remarked that “good news” on the proposed trade agreement is on the way. The ongoing negotiations aim to more than double bilateral trade—from the current $191 billion to $500 billion by 2030.
Indian stock market investors to brace themselves ahead in advance of the finalisation of the India–US trade pact.
US data releases
Because the 43-day government shutdown disrupted the household and establishment surveys, the Bureau of Labor Statistics (BLS) will not release an October jobs report.
Instead, the payroll data that would have appeared in the October release will be folded into the November report, expected in the next couple of weeks, since the agency was unable to finalize the unemployment rate and several other key metrics.
Additionally, the September jobs report—originally scheduled for October 3—will now be published on Thursday.
“Globally, investors will continue to monitor U.S. market performance and key economic releases for direction. These indicators are expected to shape near-term risk sentiment and influence foreign flows,” Mishra said.
FII activity
Foreign Institutional Investors (FIIs) have turned net sellers of Indian equities in November, offloading shares worth ₹3,788 crore so far. This brings the total equity outflow for 2025 to ₹1,43,698 crore.
Over the past week, FIIs sold shares worth ₹188 crore despite some intermittent buying. On Friday alone, the net outflow amounted to ₹1,766.05 crore.
“There is no discernible trend in FII activity even though FIIs reduced sustained big selling and even turned buyers on a few days in November. The total FII sell figure for November up to 22nd, stood at ₹15243 crores.
The long-term trend of FII buying/investing through the primary market continues with an investment of ₹11454 crores, so far in November. For 2025, till now, total FII sell figure through exchanges stands at ₹209444 crores. And the total buy figure for the primary market stands at ₹65747 crores.
The underperformance of India vs other markets had accelerated the momentum sell trade in India and buy trade in other markets, particularly those like US, China, Taiwan and South Korea which are widely regarded as the beneficiaries of the ongoing AI trade. However, the recent sharp correction in Nasdaq, particularly in AI-related stocks, have reinforced the bubble concerns in AI stocks,” said VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited.
Gold prices
Gold prices were largely unchanged on Friday after having dropped more than 1% earlier in the day, as traders increased expectations of a U.S. rate cut in December following dovish remarks from the Federal Reserve.
Spot gold was flat at $4,086.57 per ounce at 1:48 p.m. ET (18:48 GMT), recovering from an earlier slide of over 1%. The metal is on track for a 0.1% weekly gain.
Meanwhile, U.S. gold futures (December contract) closed 0.5% higher at $4,079.5 per ounce.
“Gold experienced a healthy correction this week but continues to maintain a strong bullish framework. COMEX gold closed at $4,079.5, while MCX gold settled around ₹1,24,191, finding support precisely on the multi-month rising trendline. A weekly Doji on the slope, following last week’s inverted hammer, signals strong accumulation and rejection of lower levels, reflecting resilient investor interest,” said Ponmudi R, CEO of Enrich Money.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.