November 2025: Where the Action Was; A Combined View of Sector Trends and Stock Level Winners & Losers

Indian equity markets delivered a strong performance in November 2025, with the Nifty climbing to new all-time highs after a prolonged 14-month consolidation phase. The rally was underpinned by improving global sentiment, optimism around the US–India trade deal, stability in Q2 earnings, and a visible return of FII flows. This renewed momentum translated into broad-based movement across sectors, although the gains were far from uniform. While select pockets of the market witnessed strong upside traction, others saw sharp corrections driven by valuation resets, profit booking, and sector-specific concerns.

To capture the true texture of November’s market movement, we examined both sector performance and stock-specific movers, considering only companies with a market capitalisation above Rs 5,000 crore to keep the analysis focused on meaningful, liquid names.

Sector Performance: Where Money Flowed and Where It Receded

Sectors That Outperformed

Nifty IT: IT emerged as the top-performing sector, benefitting from its defensive profile and steady dollar-linked revenues. Stable Q2 earnings, sustained deal wins, and expectations of a gradual revival in global tech spending boosted sentiment. Additionally, hopes of softer global inflation and potential rate cuts improved the outlook for long-duration growth stocks, making large IT names attractive amid broader volatility.

Banking & Financials: Nifty Bank, Nifty PSU Bank and Nifty Financial Services moved higher on the back of strong credit growth, stable net interest margins and benign asset quality trends. PSU banks, in particular, continued to attract flows due to relatively attractive valuations compared to private peers, while rising confidence in India’s domestic growth cycle supported steady buying across financials.

Pharma & Healthcare: Export-focused pharma companies benefited from improving US generics pricing and stable domestic demand. The sector also served as a defensive shelter as investors balanced cyclical exposure with stable earnings sectors.

Auto: Auto stocks gained on healthy festival season dispatches, robust SUV sales, premiumisation and early recovery signs in entry-level two-wheelers. Reduced raw material pressures and hopes of stable interest rates added to improved earnings visibility.

Sectors That Underperformed

FMCG: Muted volume growth in staples and signs of fatigue in premium consumption led to mild de-rating of FMCG stocks, especially given their rich valuations

Chemicals: Weak pricing in global speciality chemicals and continued supply pressures from China constrained recovery hopes, leading to cautious sentiment.

Consumer Durables: Discretionary spending slowed after festival peaks, impacting sales of white goods and electronics. Price competition and rising inventory levels further weighed on performance.

Metals & Commodities: Uncertain Chinese demand and fluctuating global metal prices triggered profit booking after recent strong rallies.

Realty: Real estate stocks corrected as investors booked profits after sharp run-ups.

Media: Media stocks faced structural challenges like falling ad revenues and digital disruption.

Top Gainers of November 2025

Thangamayil Jewellery Ltd.

A standout performer, Thangamayil surged on strong Q2 results reporting revenue growth of nearly 45% and a sharp turnaround in profitability. Improved margins, aggressive store expansion plans across Tamil Nadu and metros and festive season demand led to valuation re-rating. The company operates in the retail jewellery segment with a strong regional presence and a growing organised footprint.

Cupid Ltd.

Cupid benefits from its niche role in contraceptive manufacturing for domestic and international agencies. Optimism around government orders and international tenders, along with capacity expansion visibility, triggered strong momentum buying. The move also reflected a catch-up rally after prior underperformance.

Lumax Auto Technologies Ltd.

An auto ancillary major supplying lighting systems and components, Lumax rallied on a stable demand outlook, strong PV sales and premiumisation trends. Improved margins and institutional buying supported the re-rating trend.

LG Balakrishnan & Bros Ltd.

The company, known for Rolon auto chains, saw renewed strength due to consistent growth in auto demand and strong operational efficiency. Positive management commentary and technical breakout added fuel to the rally.

Pearl Global Industries Ltd.

A garment exporter with diversified global presence, Pearl Global benefited from better H1FY26 revenue growth and plans for Rs 250 crore expansion capex, improving long-term earnings visibility.

Top Losers of November 2025

Elitecon International Ltd.

After a sharp prior run-up, the stock corrected heavily as valuations outpaced fundamentals. Investors booked profits amid a lack of fresh triggers and rotated towards more stable names.

Transformers & Rectifiers (India) Ltd. 

Despite long-term growth prospects, the stock remained under pressure due to concerns around order visibility, sustainability and sector-level slowdown fears.

Jai Balaji Industries Ltd.

Weak quarterly results, falling margins and concerns around promoter pledging led to significant underperformance.

Quality Power Electrical Equipments Ltd.

Lack of order announcements and valuation fatigue triggered selling in this power capital goods player.

Whirlpool of India Ltd. 

The stock was hit following promoter block deals at discounts and weak Q2 performance amid slow consumer demand recovery.

Sector Stock Linkage: What This Movement Signals

The interplay between sector trends and stock performance reveals several key insights:

• Jewellery, auto ancillaries and textiles benefited from festive tailwinds and export recovery.
• Financials and IT remained consistent outperformers due to structural strength and earnings stability.
• Consumer and commodity-linked sectors saw profit booking after prior rallies, highlighting valuation sensitivity in overheated segments.

Interestingly, while headline indices scaled new highs, more than 80% of stocks remain below their 52-week peaks, highlighting significant divergence beneath surface-level optimism.

Investment Takeaway: Not Just a Rally, But a Rotation

November 2025 did not deliver a uniform market surge; instead, it reflected a selective rally driven by sector rotation, earnings visibility and valuation discipline. Investors rewarded companies offering strong earnings clarity and punished those where pricing ran ahead of fundamentals.

For portfolio construction, this phase reinforces the need for:

• Balanced sector exposure
• Focus on earnings visibility
• Avoidance of extreme valuation zones
• Selective stock picking with trend confirmation

As markets enter the final leg of the year at record highs, the smart strategy lies not in chasing momentum blindly but in aligning portfolios with sectors showing strong structural demand and manageable valuations.

Disclaimer: The article is for informational purposes only and not investment advice.