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Mumbai, November 21, 2025 – Benchmark indices closed in the red for the third consecutive session on Thursday, with broader markets taking a bigger knock than large-caps. The NSE Nifty 50 slipped 0.47% to settle at 26,068.15, while the Sensex (not shown in today’s data) mirrored the weakness. Selling pressure intensified in mid and small-cap segments, underlining growing risk aversion among traders.
The sharpest decline was seen in the Nifty Microcap 250, down 1.52%, followed by the Nifty Smallcap 250 (-1.24%) and Nifty Smallcap 100 (-1.22%). Mid-cap indices also remained under pressure, with Nifty Midcap 100 and Nifty Midcap 150 shedding over 1.1% each.
Key Index Movements on November 20, 2025
- Nifty 50: −0.47% → 26,068.15
- Nifty Next 50: −1.29% → 68,669.15
- Nifty Bank: −0.81% → 58,867.70
- Nifty Financial Services: −1.06% → 27,566.15
- Nifty Midcap Select: −1.01% → 13,851.35
- Nifty 500 (Broad Market): −0.77% → 23,790.25
- India VIX: +12.31% → 13.63 (biggest single-day spike in weeks)
A notable highlight was the 12.31% surge in India VIX, signalling rising fear and expectation of sharper swings in the coming sessions. Historically, a jumping VIX above 13–14 levels has often preceded bouts of heightened volatility.
Valuation Snapshot: Where Do Indices Stand?
- Nifty 50 continues to trade at a rich 22.8x P/E and 3.56x P/B, with dividend yield at 1.28%.
- Mid and small-cap baskets remain far more expensive: Nifty Midcap 100 at 33.55x P/E and Nifty Smallcap 100 at 32.50x.
- Cheaper pockets still exist in banking and financial services, with Nifty Bank at 16.58x P/E and Nifty Financial Services at 18.18x.
Market participants attribute the ongoing correction to sustained FII selling, elevated valuations in the broader market, and uncertainty over global interest-rate paths. With the India VIX now firmly above 13, traders are bracing for choppy trade ahead of the monthly expiry next week.
Experts recommend staying selective and favouring large-cap quality names until volatility cools off. Investors with a higher risk appetite may look for staggered buying opportunities in beaten-down mid and small-caps, but only with strict stop-losses.
