Nifty In Blockbuster Rally; Except Airtel, 49 Stocks On Bull Run; What Is Driving Indian Stock Market?

Nifty 50 recorded a blockbuster rally on November 26, crossing the 26,160 level and nearing its 52-week high that was seen in September 2024. On Wednesday, 49 stocks advanced on Nifty, with the exception of Bharti Airtel. Top bullish stocks are JSW Steel, Bajaj Finance, HDFC Life, Adani Ports, and Trent, with an upside of 2% to 3.5%. The latest performance is driven by buying trends in global markets. In the month of November, Nifty gained in 10 sessions out of 17 sessions, making it one of the strongest monthly gains of 2025.

Nifty 50 Performance:

Nifty 50 gained by a whopping 276.4 points to hit an intraday high of 26,161.20. At the time of writing, Nifty benchmark traded at 26,158.05, which is up by 273.25 points or 1.06%. With the latest performance, Nifty is now nearing its all-time high of 26,246.65 which was last recorded in late-September of 2024.

What Is Driving Nifty?

As per Pravesh Gour, Senior Technical Analyst at Swastika Investmart, Indian equity markets witnessed a strong bounce in early trade, taking positive cues from global markets. Benchmarks moved higher after three consecutive sessions of decline, offering some relief to investors and traders.

One of the key drivers behind Wednesday's rally is the strength in global markets. Notably, Asian indices traded firmly higher, while Wall Street ended on a positive note overnight. This improved global risk sentiment provided support to Indian equities and encouraged fresh buying at lower levels.

Another important positive trigger is renewed optimism around a possible interest rate cut by the U.S. Federal Reserve. Recent softer U.S. economic data has strengthened expectations that the Fed could begin easing monetary policy in the coming months. Lower interest rates in the U.S. generally improve liquidity conditions and increase the attractiveness of emerging markets such as India, prompting risk-on sentiment across equities, as per Gour.

Additionally, the analyst explained, the rally is also being supported by sector-specific buying, with gains seen across the board. Metal stocks and PSU banks are leading the move, supported by improving global commodity sentiment and selective value buying. Broader market participation indicates that the bounce is not limited to a single sector, lending strength to the overall market structure.

Overall, the combination of strong global cues, easing rate concerns, and broad-based buying has helped the market stabilize after recent weakness.

Top Bulls & Bears:

Top bulls are: JSW Steel (+3.4%), Bajaj Finance (+2.5), HDFC Life (+2.3%), Adani Ports (+2.3%), Trent (+2%).

Further, stocks like Indigo, Bajaj Finserv, Shriram Finance, L&T, Jio Financial Services, Coal India, Tata Steel, TCS, Axis Bank, Grasim and Reliance Industries jumped by 1.5% to 2%.

Also, shares of Nestle India, Maruti Suzuki, HDFC Bank, Eternal, Sun Pharma, HCL Tech, Titan, Max Healthcare, TMPV, Bharat Electronics, Infosys, SBI, ONGC, Tech Mahindra, ICICI Bank, Ultratech Cement, Apollo Hospital, Bajaj Auto, Dr Reddy's Lab, Tata Consumer, Kotak Bank, Power Grid, ITC, Cipla and Adani Enterprises gained by 0.5% to 1%.

Meanwhile, Hindustan Unilever, Eicher Motors, Asian Paints, M&M, and SBI Life recorded marginal upside.

On other hand, telecom giant Bharti Airtel stock is the only bearish stock on Nifty. Airtel shares dropped by 2%.

Nifty 50 Technical Outlook:

From a technical perspective, Swastika's analyst said, Nifty 50 has witnessed a rebound after testing lower levels around 20-SMA. The index is currently trading above its short-term moving averages (9-DMA and 20-DMA), indicating a short-term pullback rally. However, it is still hovering near a crucial resistance zone of 26,200-26,277, which coincides with the upper trendline and prior supply area. Sustaining above this level will be key for further upside toward 26,400-26,500 in the near term. On the downside, 25,800-25,750 remains an important immediate support, followed by a stronger base near 25,500, where the 50-day moving average is placed. Momentum indicators also supporting the trend Overall, the trend remains positive above key supports, but traders should adopt a buy-on-dips strategy until a decisive breakout above resistance confirms renewed strength.

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