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Sensex, Nifty make negative start amid fading hopes of US rate cut
Nov-21-2025

Indian equity benchmarks made a negative start and were trading under pressure on Friday, following the broadly negative cues from Wall Street overnight as traders further scaled down their expectations for another U.S. Fed interest rate cut in December after the long-delayed US jobs report for September showed an unexpected uptick in unemployment rate. Domestically, sentiments were subdued as the government data showed that the growth of India's eight key infrastructure sectors remained flat in October as expansion in output of petroleum refinery products, fertiliser and steel was offset by a contraction in coal and electricity production. Traders remained on sidelines ahead of the release of the India's HSBC Composite PMI Flash data later in the day. 

On the global front, Asian markets were trading lower after the Ministry of Internal Affairs and Communications of Japan said overall consumer prices in Japan were up 3.0 percent on year in October. That was in line with expectations and up from 2.9 percent in September. On a seasonally adjusted monthly basis, inflation was up 0.4 percent - up from 0.1 percent in the previous month. Core CPI was up 3.0 percent on year - matching forecasts and up from 2.9 percent a month earlier. Meanwhile, Japan posted a merchandise trade deficit of 231.8 billion yen in October.

The BSE Sensex is currently trading at 85400.39, down by 232.29 points or 0.27% after trading in a range of 85335.71 and 85609.40. There were 12 stocks advancing against 18 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index fell 0.49%, while Small cap index was down by 0.60%.

The sole gaining sectoral index on the BSE was Auto up by 0.36%, while Metal down by 0.91%, Capital Goods down by 0.78%, Realty down by 0.70%, Basic Materials down by 0.60% and Industrials down by 0.58% were the top losing indices on BSE.

The top gainers on the Sensex were Mahindra & Mahindra up by 1.05%, Maruti Suzuki up by 0.37%, Titan Company up by 0.36%, Tata Motors Passenger Vehicles up by 0.35% and Asian Paints up by 0.18%. On the flip side, ICICI Bank down by 1.08%, Tata Steel down by 0.87%, Adani Ports & SEZ down by 0.80%, HCL Technologies down by 0.71% and Bajaj Finserv down by 0.68% were the top losers.

Meanwhile, Commerce and Industry Minister Piyush Goyal has said that India and Israel have inked terms of reference (ToR) to formally launch negotiations for a free trade agreement (FTA). The ToR include market access for goods by eliminating tariff and non-tariff barriers, investment facilitation, simplification of customs procedures, increasing cooperation for innovation and technology transfer, and easing norms to promote trade in services. He noted ‘now we will soon finalise the dates for starting the negotiations for that’. Goyal, who is leading a 60-member business delegation to Israel, met leaders and businesses to discuss ways to boost bilateral trade and investments.

He said that services such as IT, tourism and movement of skilled professionals will get a boost from the proposed pact. He added both countries will make a bridge for the movement of skilled professionals like doctors, engineers and nurses. The ToR was signed by Goyal and Israeli Economy and Industry Minister Nir Barkat. He said that the Israeli side has conveyed that they will not seek market access in sensitive areas such as dairy, rice, wheat and sugar.

He also informed that Israel has come out with pre-qualification documents for a metro project. It is a $50 billion (Rs 4.5 lakh crore) worth project and Indian companies can participate in this, Goyal said, adding that at present, in over 20 cities, India has metro lines. India and Israel had been negotiating a similar agreement since May 2010. Eight rounds were held, but talks stalled later. The last round was held in October 2021. Goyal said FTA can help push trade to $30-40 billion over the next five years.

During 2024-25, India's exports to Israel dipped 52 per cent to $2.14 billion from $4.52 billion in 2023-24. Imports, too, fell 26.2 per cent to $1.48 billion last fiscal year. The bilateral trade stood at $3.62 billion. India is Israel's second-largest trading partner in Asia. Though bilateral merchandise trade is dominated mainly by diamonds, petroleum products, and chemicals, recent years have witnessed an increase in trade in areas such as electronic machinery and high-tech products, communications systems, and medical equipment.

The CNX Nifty is currently trading at 26131.30, down by 60.85 points or 0.23% after trading in a range of 26094.45 and 26174.00. There were 20 stocks advancing against 30 stocks declining on the index.

The top gainers on Nifty were Mahindra & Mahindra up by 1.11%, Eicher Motors up by 1.03%, HDFC Life Insurance up by 0.37%, Titan Company up by 0.32% and Maruti Suzuki up by 0.32%. On the flip side, Hindalco down by 1.77%, ICICI Bank down by 0.95%, JSW Steel down by 0.86%, Tata Steel down by 0.82% and Tata Consumer Products down by 0.78% were the top losers.

All Asian markets are trading lower; Nikkei 225 slipped 1230.94 points or 2.47% to 48,593.00, Taiwan Weighted lost 872.18 points or 3.28% to 26,554.18, Hang Seng declined 525.57 points or 2.08% to 25,310.00, KOSPI dropped 157.42 points or 4.09% to 3,847.43, Shanghai Composite weakened 73.81 points or 1.88% to 3,857.24, Straits Times fell 43.81 points or 0.97% to 4,468.06 and Jakarta Composite plunged 13.78 points or 0.16% to 8,406.14.
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