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Below the Views on Morning Market 25th November 2025 by Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited

Nifty’s attempt to break the 2024 September high and set new record is facing resistance particularly from resumption of big FII selling which touched Rs 4171 crores in the cash market yesterday. The global clues are mixed today: the rally in the U.S. markets and expectations of a 25 bp rate cut from the Fed are positive for global equity markets. But the sharp 2.69% rally in Nasdaq and the big rebound in Mag 7 stocks will again trigger fears of an AI bubble. India will benefit on a sustained basis only when the AI trade weakens and money starts flowing into EMs like India and into non- AI stocks. 

An important takeaway from Q2 results is that midcaps are outperforming largecaps in revenue and profit growth. This explains the resilience of the midcap index which set a new record recently. The picture may again favour largecaps when the Q3 numbers indicate revival of earnings growth in largecaps. In largecaps, top names in telecom, automobiles, private and PSU banks, NBFCs and capital goods will remain resilient with potential to rally. Smallcaps, in general, will be weighed down by elevated valuations.

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