At 11:30 IST, the barometer index, the S&P BSE Sensex, slipped 355.88 points or 0.42% to 85,276.80. The Nifty 50 index lost 105.15 points or 0.40% to 26,087.05.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 0.97% and the S&P BSE Small-Cap index dropped 0.97%.

The market breadth was weak. On the BSE, 1,170 shares rose and 2,710 shares fell. A total of 190 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, surged 12.87% to 13.70.

Economy:

The HSBC Flash India Composite Output Index registered 59.9 in November, remaining well above the neutral 50.0 mark and its long-run average of 54.9, indicating continued strong expansion despite easing from 60.4 in October to a six-month low. The moderation in overall growth was driven by a softer rise in manufacturing output, with some firms reporting subdued new orders, while services activity strengthened compared with the previous month. The HSBC Flash India Services PMI Business Activity Index also improved, rising to 59.5 in November from 58.9 in October.

The HSBC Flash India Manufacturing PMI fell from 59.2 in October to 57.4 in November, signalling the slowest improvement in nine months but still reflecting expansion. Meanwhile, the HSBC Flash India Manufacturing PMI Output Index stood at 60.7 in November, down from 63.7 in October.

IPO Update:

Excelsoft Technologies received bids for 38,49,65,500 shares as against 3,07,01,754 shares on offer, according to stock exchange data at 11:20 IST on Friday (21 November 2025). The issue was subscribed 12.54 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.

Sudeep Pharma received bids for 48,56,100 shares as against 1,05,64,926 shares on offer, according to stock exchange data at 11:20 IST on Friday (21 November 2025). The issue was subscribed 0.46 times. The issue opened for bidding on 21 November 2025 and it will close on 25 November 2025. The price band of the IPO is fixed between Rs 563 and 593 per share.

Buzzing Index:

The PSU Bank index fell 1.41% to 8,380.75. The index dropped 2.28% in two consecutive trading sessions.

Bank of Maharashtra (down 2.19%), Union Bank of India (down 2.08%), Indian Bank (down 2.06%), Punjab & Sind Bank (down 1.88%), Bank of India (down 1.64%), Canara Bank (down 1.62%), Indian Overseas Bank (down 1.50%), Central Bank of India (down 1.42%), Punjab National Bank (down 1.34%) and UCO Bank (down 1.32%) declined.

Stocks in Spotlight:

RMC Switchgears rose 1.74% after the company received a letter of intent (LoI) worth Rs 27.77 crore from Rajasthan Rajya Vidyut Prasaran Nigam (RRVPNL).

Great Eastern Shipping Company (G E Shipping) added 0.05%. The company said that it has delivered its 2005-built medium range (MR) product tanker Jag Pooja to buyers.

Earkart rallied 3.10% after the company announced that it has secured an order worth Rs 6.25 crore from Artificial Limbs Manufacturing Corporation of India (ALIMCO) for supplying components for BTE digital hearing aids.

Global Markets:

Asian shares extended a global rout on Friday as the much-anticipated U.S. jobs data failed to provide clarity on the near-term path for interest rates, with investors returning to dumping risk assets.

On the data front, Japan's core inflation in October rose at its sharpest rate since July, in line with market estimates on Friday, supporting the case for interest rate hikes by the Bank of Japan.

The headline inflation rate rose to 3%, marking the the 43rd month in a row that it has run above the BOJ's 2% target. The core-core inflation rate, which strips out prices of fresh food and energy, crept up to at 3.1%, compared to 3% in September.

Wall Street dived overnight as jitters over inflated tech stock prices returned, resulting in the Nasdaq's widest one-day swing since April 9 when President Donald Trump's Liberation Day tariffs spooked markets.

On Thursday stateside, the Nasdaq Composite fell 2.16%, down from a 2.6% advance at one point in the session.

Other major indexes also slipped, with the Dow Jones Industrial Average down 0.84%. The S&P 500 shed 1.56%, despite rising as much as 1.9% earlier in the day.

Data showed the U.S. economy added far more jobs than expected in September, but a rise in the unemployment rate and downward revisions to prior months painted an ambiguous picture for the Federal Reserve as it considers whether or not to cut interest rates next month.

The US economy added 119,000 jobs in September 2025, despite the US federal government shutdown, according to the Bureau of Labor Statistics data released on 20 November 2025.

The US unemployment rate rose to 4.4% with the number of unemployed people at 7.6 million as of the month ended September 2025, compared to the 4.1% jobless rate with 6.9 million people in the same period a year ago.

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