TLDR
Market Recap: November 28, 2025
On November 28, Indian equities ended almost flat on Friday, pausing after a strong November run and ahead of the Q2 FY26 GDP print. Sensex closed around 85,707 (slightly negative), while Nifty 50 settled near 26,100, both essentially unchanged on the day. Banks and autos outperformed, helped by hopes of robust GDP and steady credit growth, while IT and FMCG saw mild profit booking. Foreign investors were modest net sellers, and the rupee hovered near record lows, keeping traders cautious even as India logged a third straight month of index gains.
Key Drivers :
Profit-taking near peaks as traders locked in gains after a strong run instead of chasing fresh highs.
Sector rotation into autos, pharma, and media, while energy and a few financials saw pressure.
Macro overhang from a weak rupee and upcoming data kept risk appetite measured.
Today’s Top Stories:
India Q2 GDP clocks 8.2 percent: Economy grew 8.2% in Q2 FY26, led by manufacturing and construction, keeping full-year growth tracking near 7%.
RBI shrinks 9,400+ circulars into 244 rulebooks: 3,809 circulars merged into 244 Master Directions, 5,673 scrapped, simplifying compliance for banks and NBFCs.
Rupee trades near record low around 89.5 per dollar: INR hovered near 89.5 as FII outflows and trade worries offset intermittent RBI support.
Adani lines up roughly ₹90,000 crore of FY27 debt: Group plans ~₹90,000 crore fresh borrowing to fund ₹1.5–1.6 lakh crore annual capex across infra and energy.
Meesho readies a $600 million IPO at unicorn valuation: Filing targets a $5.6 billion valuation, testing appetite for Indian consumer-tech listings after a choppy cycle.
TOP STORIES
1. India Q2 FY26 GDP beats at 8.2 percent
Gemini-2.5
Growth surprise: India’s economy grew 8.2 percent year on year in Q2 FY26, accelerating from 7.8 percent in Q1 and beating most estimates around 7.5 percent.
Drivers: Manufacturing, construction, and government capex led the upside, while private consumption stayed resilient despite patchy monsoon sentiment and global trade tensions.
Outlook: Economists see FY26 growth tracking near 7 percent, but flag risks from US tariffs, a weak rupee, and potential weather shocks into the rabi season.
"India’s Q2 GDP came in at 8.2 percent, led by manufacturing and construction. Your take on this growth print?
2. RBI scraps 5,673 circulars and folds 3,809 into 244 Master Directions
Gemini-2.5
Regulatory clean-up: The RBI has consolidated 9,446 circulars into 244 function-wise Master Directions, with 3,809 instructions merged and 5,673 obsolete ones repealed.
Scope: The new framework covers 11 categories of regulated entities, from banks and NBFCs to ARCs and cooperatives, and will be updated continuously rather than via scattered circulars.
Impact: Banks and NBFCs get a clearer rulebook, lower compliance friction, and fewer overlapping norms, improving ease of doing business and governance visibility for investors.
RBI merged 9,000 plus circulars into 244 Master Directions to simplify rules. How big is this for you?
3. Rupee trades near lifetime low around 89.5 per dollar
Gemini-2.5
Level check: The USD INR rate is around 89.48 on 28 November, close to last week’s record low of 89.48 and about 6 percent weaker than a year ago.
Pressure factors: Outflows from equities, uncertainty over US-India trade talks, and a firm dollar have weighed on the currency, even as markets price in eventual Fed cuts.
Policy angle: Traders report intermittent RBI intervention, including dollar sales onshore and in NDFs, to smooth volatility rather than defend a precise level.
Rupee is hovering near 89.5 per dollar again as FIIs sell and oil stays firm. What is your INR view now?
4. Adani Group plans about 90,000 crore rupees of fresh debt in FY27
Gemini-2.5
Funding plan: A senior Adani official said the group intends to raise roughly 900 billion rupees (about 10 billion dollars) of debt in FY27 via loans, bonds, and offshore borrowings.
Capex pipeline: The raise underpins annual capital expenditure of 1.5 to 1.6 lakh crore rupees, focused on infrastructure, energy transition, and airports, after portfolio EBITDA crossed 90,000 crore.
Risk lens: With gross debt near 3.36 lakh crore rupees and net debt to EBITDA around 2.6 times, lenders will closely watch execution, tariff risk, and rating actions.
Adani Group plans around ₹90,000 crore fresh debt to fund a large FY27 capex pipeline. How do you see the risk reward?
5. Meesho files for Indian IPO at around 5.6 billion dollar valuation
Gemini-2.5
Deal terms: Social commerce unicorn Meesho has confidentially filed for an IPO that could raise about 600 million dollars, targeting a valuation near 5.6 billion dollars.
Shareholders: Existing investors, including SoftBank and Prosu,s are expected to part sell, while fresh proceeds will fund technology, new categories, and working capital.
Market context: This would be among the largest consumer tech IPOs since 2021, testing appetite for loss-narrowing platforms after a choppy listing cycle in the segment
Meesho is eyeing a ~$600 mn IPO at about $5.6 bn, testing demand for consumer tech again. What is your stance?
GYAANI HOT TAKES
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