Benchmark indices extended their winning streak for the second consecutive session on Wednesday, with the Sensex climbing 446.21 points or 0.52 per cent to close at 85,632.68, while the Nifty gained 139.50 points or 0.54 per cent to settle at 26,192.15. The Nifty reclaimed the 26,200-mark for the first time since September 2024, coming within striking distance of its all-time high of 26,277.
The rally was primarily driven by optimism surrounding India-US trade negotiations, which have now reached an advanced stage, according to market participants. “Indian markets started Thursday’s session on a positive footing, taking cues from strong Asian market sentiment. The benchmark Nifty hovered close to its all-time high of 26,277, reflecting sustained investor confidence and broad-based buying interest,” Ashika Institutional Equities said in its daily note.
Eicher Motors emerged as the top gainer on the Nifty50, surging 3.31 per cent to close at ₹7,125.00, followed by Bajaj Finance which rose 2.30 per cent to ₹1,028.70. Bajaj Finserv climbed 2.29 per cent to ₹2,097.20, while Reliance Industries advanced 2.01 per cent to ₹1,549.50. Tech Mahindra rounded off the top five gainers with a 1.82 per cent increase to ₹1,460.00.
On the losing side, Asian Paints declined 1.16 per cent to ₹2,860.00, while HCL Technologies dropped 1.09 per cent to ₹1,644.40. Titan slipped 0.84 per cent to ₹3,900.00, Hindustan Unilever fell 0.52 per cent to ₹2,429.00, and ONGC shed 0.48 per cent to ₹247.80.
Sectoral performance remained mixed with Nifty Financial Services gaining 0.79 per cent to close at 27,861.35, while Bank Nifty advanced 0.22 per cent to 59,347.70. However, broader indices underperformed with Nifty Midcap 100 marginally up 0.02 per cent at 60,963.55, while Nifty Smallcap 100 declined 0.05 per cent to 18,067.25. Nifty Next 50 fell 0.10 per cent to 69,567.75.
“The Nifty has convincingly breached the double-top resistance around 26,100 and closed just below 26,200. It continues to form higher tops and higher bottoms, with immediate support now rising to the 26,000 level,” said Nilesh Jain, Head – Technical and Derivatives Research Analyst at Centrum Broking. “A fresh bullish crossover on the daily MACD indicates strengthening momentum. Given the constructive chart setup, the Nifty appears well-positioned to register a new record high and move toward the 26,400–26,500 zone in the near term.”
Market breadth remained negative with 2,391 stocks declining against 1,805 advances on the BSE, while 157 stocks remained unchanged. A total of 4,353 stocks were traded during the session. Notably, 141 stocks hit their 52-week highs while 187 touched 52-week lows, with six stocks hitting lower circuit.
“Indian equities rose on optimism around India–US trade talks and progress on phase-1 agreements, boosting overall market sentiment. Global cues also remained strong, led by tech-driven gains following solid earnings,” said Vinod Nair, Head of Research at Geojit Investments. “Fresh FII inflows and strength in large-cap sectors such as Auto, Financials, and IT supported the upbeat trend.”
Bank Nifty delivered a particularly strong session, breaking above the upper boundary of its long-term ascending channel and hitting fresh record highs near 59,413. “Bank Nifty formed a small candlestick on Thursday’s session, with RSI rising to 74 on the daily chart, indicating the need for a short-term cautious stance,” noted Vatsal Bhuva, Technical Analyst at LKP Securities. “Fresh long positions should be considered only above 59,500 or on dips toward 58,800 for a favourable risk-reward setup, though the short-term and broader outlook remains bullish.”
Volatility edged slightly higher with India VIX closing near 12, indicating a marginal rise in caution despite broadly constructive sentiment.
Looking ahead, analysts expect the market to maintain its upward momentum. “The near-term outlook remains positive, though investors should stay cautious ahead of key US economic data that may create short-term volatility,” Nair added. With Nifty positioned just 85 points below its all-time high and technical indicators supporting further gains, a breakout above 26,277 could potentially open the path toward 26,350-26,500 levels in the coming sessions.
Published on November 20, 2025
