Indian Markets Monthly View (December 2025)

Indian Markets Monthly View for DECEMBER 2025 – Nifty, Bank Nifty, Sensex Outlook.

November ended with the market doing something very “Indian”: running hard… but finishing calmly.

By 28 November 2025:

Nifty 50 closed at 26,202.95.
Sensex closed at 85,706.67.
Bank Nifty was near 59,752.70.

Nifty hit a new intraday record around 26,310 during the month, and added about 480 points in November, its third straight positive month.

So we walk into December 2025 with the market still close to all-time highs, but with a more balanced, cautious mood.

📊 WHERE WE STAND AFTER NOVEMBER

🔹 Index performance in November

Nifty gained 0.5% for the week and around 480 points for the month, staying in a range between ~25,840 and 26,310.
Sensex also hit a fresh record and ended November with gains of ~0.5–0.6%.
Bank Nifty finished the last full week of November near 59,7xx, up around 0.6% for that week and flirting with a supply zone.

The pattern is clear:
Trend is up, the move is not euphoric, and dips are still getting bought.

📈 KEY LEVELS – NIFTY 50, BANK NIFTY, SENSEX

(These are zones to watch, not recommendations.)

🟦 NIFTY 50 – NSE

Spot: 26,202.95 as of 28 Nov.

Immediate support: 25,850 – 25,900
Deeper support: 25,550 – 25,600
Resistance: 26,300 – 26,350 (recent record zone)
Higher resistance: 26,450 – 26,500

As long as Nifty holds above 25,800, the structure stays bullish for December, with a “buy-on-dip” tone still valid in many traders’ eyes.

🏦 BANK NIFTY

Spot: 59,752.70 on 28 Nov.

First support: 59,200 – 59,300
Stronger support: 58,800 – 59,000
Resistance: 60,200 – 60,500
Upside zone: Above 60,800, chances improve for a new leg higher.

Broker research and derivatives desks are looking for Bank Nifty to drift toward 60,400–60,500 if global cues are kind.

📈 SENSEX – BSE

Sensex: 85,706.67 at the November close, after hitting highs above 86,000 intraday in the week.

Support: 85,000 – 85,200
Next support: 84,300 – 84,500
Resistance: 86,200 – 86,500

Sensex is basically in a tight consolidation just below the top – healthy as long as it doesn’t slip far below 84,500.

⚙️ DERIVATIVES VIEW – OPEN INTEREST & PCR

🔁 NIFTY PCR (PUT–CALL RATIO)

On 28 November 2025, Nifty PCR (based on OI) was hovering around 1.1–1.12 on popular derivatives dashboards.

A PCR above 1 usually tells you:

Put writing is stronger than call writing,
Market mood is cautiously bullish,
Traders are hedging downside but still positioned for stability or mild upside.

The day before, PCR near 1.16 was also flagged in pre-market research notes, again reinforcing this slightly bullish, hedge-supported setup.

📉 INDIA VIX

India VIX is sitting near 11.6–11.7, down almost 15% over the week, showing low volatility and calm sentiment.

Low VIX + high PCR + indices at record zones =
great for option sellers, tricky for aggressive momentum chasers.

💸 FLOWS – FII & DII ACTIVITY IN NOVEMBER

For November 2025 (till 28 Nov):

FIIs were net sellers in cash market, roughly ₹17,500 crore outflow for the month.
DIIs were strong net buyers, putting in more than ₹77,000 crore over the same period, more than absorbing FII selling.

On 28 Nov alone:

FII net: –₹3,795.7 crore
DII net: +₹4,148.5 crore

This FII-out / DII-in dance was one of the key reasons Nifty could climb and still stay stable in November despite global noise.

🚀 NOVEMBER – STOCKS & SECTORS THAT STOOD OUT

The story of November was not one big vertical rally. It was about select sectors doing the heavy lifting.

From multiple market wraps:

⭐ Strong Sectors

Autos – Supported by healthy demand, festive sales and positive brokerage commentary, with names like Mahindra & Mahindra showing strength (M&M rose ~2% on 28 Nov session alone).
Pharma – Benefited from defensive buying and a weaker rupee. Pharma stocks featured among top gainers on multiple days.
PSU Banks & select Financials – Helped keep Bank Nifty stable and supported broader indices.

⚠️ Sectors under pressure

Oil & Gas / Energy – Saw profit booking as crude stayed soft and sector valuations ran ahead.
IT & Realty – Faced bouts of selling with a mix of global tech sentiment and rate expectations.

🎯 Two notable names from November

Mahindra & Mahindra (Auto) –
Strong buying into the month-end, backed by positive demand outlook and domestic macro tailwinds.
Select PSU / Financials (e.g., large banks) –
Benefited from broader optimism on India’s growth story and RBI policy expectations, keeping the financials theme alive for December.

(You can choose specific stock names you’re comfortable highlighting in your final article.)

📊 MACRO BACKDROP – GDP & ECONOMY

India’s macro story is still the big support under this market.

Real GDP grew 8.2% YoY in Q2 FY26 (Jul–Sep 2025) – fastest in six quarters, above most forecasts.
H1 FY26 growth (Apr–Sep) stands around 8.0%, sharply better than about 6.1% a year ago.
Manufacturing, construction, financial services and other tertiary sectors were big contributors.

This strong GDP print is one reason global houses like J.P. Morgan still see room for Nifty to target 30,000 by end-2026, assuming stable policy, more rate cuts and sustained domestic flows.

For December, markets will keep watching:

RBI policy (rate-cut expectations)
Any fresh US–India trade headlines
Crude, rupee and global risk sentiment

🧾 IPO UPDATES – END-2025 IS BUSY

The primary market is buzzing as we enter December:

Excelsoft Technologies – SaaS/ed-tech style player, ₹500 crore IPO, listed on 26 Nov at around ₹135, about 12.5% premium to issue price ₹120.
SSMD Agrotech (SME) – Opened in late November, to be listed 2 Dec.
Purple Wave Infocom – SME IPO open till early December; listing slated around 5 Dec.
Mother Nutri Foods, K K Silk Mills, Exato Technologies, Logiciel Solutions – Part of a cluster of SME/mainboard listings through early December.
Meesho IPO – One of the headline mainboard issues of December, aiming for valuation up to $5.6 billion, opening 3 Dec 2025.

Overall, December is set to see 12+ IPOs raising nearly ₹6,900 crore in a single week – a very strong finish for the 2025 IPO market.

🪙 COMMODITY MARKET – DECEMBER VIEW

🥇 Gold

On 28 November 2025, 24K gold in India was around ₹1,26,420 per 10g.
Gold is now very close to record highs, with some Hindi business media noting it’s only about ₹2,700 below all-time peak and could test new highs in December if global conditions stay supportive.

View for December:
If US yields stay soft and central-bank cut expectations remain, gold can stay firm or grind higher. Any sudden risk-off also supports bullion.

🛢️ Crude (Brent)

Brent crude is trading near $63 per barrel, slightly off recent lows but still well below early-year levels.
OPEC+ is expected to hold output steady for Q1 2026 to avoid oversupply, but big banks like J.P. Morgan see crude drifting lower into the next few years on supply growth.

For India, soft crude is a quiet positive — it helps inflation, current account, and margins for energy-intensive sectors.

💱 CURRENCY – USD/INR

USD/INR is currently around ₹89.35 per dollar, close to its recent highs for 2025.
Over the last week, the pair traded roughly between 89.05 and 89.64, i.e., stable but on the weaker side for the rupee.

Impact:

Helpful for IT, pharma, speciality exports,
A bit uncomfortable for import-heavy businesses (oil marketing, some industrials).

📈 DECEMBER 2025 – MONTHLY RANGE FORECAST

(Scenario-style, not a trade call.)

🔵 Base Case (Most probable)

Nifty: trades inside 25,900 – 26,700
Bank Nifty: oscillates between 59,000 – 61,000
Sensex: holds within 85,000 – 87,500

Assumes:

RBI tone is slightly dovish or neutral,
No major global shock,
DIIs keep buying on dips.

🟢 Bullish Scenario

If:

RBI hints at more easing,
FIIs slow their selling and global risk appetite improves,

Then:

Nifty can test 26,800–27,000 in December,
Bank Nifty can aim for 61,500+,
More participation from under-owned large caps and midcaps.

🔴 Risk Scenario

If:

Global growth fears flare up again,
FIIs accelerate selling,
Or any big geopolitical event hits,

Then:

Nifty can retest 25,500–25,600
Bank Nifty can slide toward 58,000–58,500
Volatility spikes from the current low VIX base.

🎯 SHORT-TERM VS LONG-TERM VIEW

📌 Short-Term (Traders – December)

Keep position size moderate; indices are near all-time highs, VIX is low.
Respect key levels for Nifty (25,800 support, 26,300+ resistance) and Bank Nifty (59,000–60,500 band).
Avoid chasing gaps; better to use dips toward support or fades near resistance with tight stop-losses.

📌 Long-Term (Investors – 1–3 years)

Big foreign and domestic research houses still like the India story:

GDP growth 8.2% and H1 at 8.0%.
Talk of Nifty possibly heading toward 30,000 by end-2026 under stable policy and rate-cut path.

Favoured long-term themes across reports:

Financials, autos, consumption, power, infra, defence, hospitals
Cautious but not negative on IT and pharma, mainly on valuations and global demand cycles.

For long-term investors, staggered buying / SIP style into strong sectors usually beats trying to time every correction.

⚖️ DISCLAIMER:

This Indian Markets Monthly View – December 2025 is prepared only for education and general market awareness.
It is not investment advice, stock recommendation, or an offer to buy or sell any security.

Stock markets are subject to risks, volatility and uncertainty.
Please consult a SEBI-registered financial adviser before making any investment or trading decision.

All levels, data and references above are based on information available from publicly reported sources as of end-November 2025 and may change without notice. Kartalks and the author are not responsible for any financial loss or decisions made based on this content

INDIAN MARKETS MONTHLY VIEW-Dec 2025