On November 21, the Nifty 50 index traded near 26,100, after hitting a fresh 52-week high of 26,246.65 just a day earlier (November 20). The index has gained over 6% in the past six months, driven by strong performance in frontline banking and select heavyweight stocks.
The Nifty 50 continues to scale new highs, supported by multiple factors:
Together, these factors have triggered fresh buying momentum, pushing the Nifty 50 toward record levels, with large-cap stocks leading the uptrend while mid and small caps remain cautious.
On Thursday, November 20, the Nifty 50 closed at 26,192.15, gaining 0.54% after briefly touching its record high. Over the week, the index has advanced 1.25%, supported largely by heavyweight stocks.
The broader index, the Nifty 500, also moved higher, rising 0.33% and hitting a fresh 52-week high. Despite this, the broader market has added only 0.36% for the week, indicating relatively modest gains compared to the benchmark.
Top Pullers of Nifty 50 This Week:
| Stock | Contribution | Weightage |
| Reliance Industries Ltd | 41.66 | 8.75% |
| Bharti Airtel Ltd | 28.45 | 5.04% |
| Infosys Ltd | 28.06 | 4.64% |
| Axis Bank Ltd | 19.57 | 3.08% |
| TCS Ltd | 11 | 2.70% |
Top Gainers of Nifty 50 This Week:
| Stock | CHANGE(WEEK%) |
| Max Healthcare Institute Ltd | 6.80% |
| Eicher Motors Ltd | 4.80% |
| Axis Bank Ltd | 4.50% |
| Bharti Airtel Ltd | 3.30% |
| Power Grid Corporation of India Ltd | 2.70% |
On Thursday, among the Nifty 50 index constituents, only 5 stocks hit a 52-week high, while among the broader index, Nifty 500 constituents, 16 stocks breached a 52-week high.
Despite the benchmark hitting new highs, broader market indicators paint a more mixed picture. The Nifty Midcap 100 and Nifty Smallcap 100 underperformed, with the advance/decline ratio showing a tilt toward declining stocks.
As of November 21, over 400 stocks were trading in negative territory.
Market breadth continued to remain uneven despite the Nifty 50 scaling fresh highs. On Thursday, November 20, more than 60% of the Nifty 50 constituents closed in positive territory, indicating strength at the index level. However, the broader market did not share the same momentum. Only 43% of the stocks traded on the National Stock Exchange advanced, highlighting that gains were concentrated in a limited set of large-cap names rather than being broad-based.
Out of the 3,202 stocks that were traded on the NSE during the session, 1,385 stocks moved higher, while 1,721 declined and 96 remained unchanged. This imbalance reflects the cautious sentiment prevailing in the wider market even as the headline indices continue to rise.
A similar trend was visible when examining new highs and lows, with 82 stocks hitting their 52-week highs while a larger number, 138 stocks, touched their 52-week lows. Alongside this, 84 stocks were locked in upper circuits, whereas 62 were stuck in lower circuits, further reinforcing the mixed market environment.
The advance/decline ratio, which is an important breadth indicator, stayed below 1 throughout the week.
Such narrow leadership often signals underlying fragility, with gains being driven by a handful of heavyweight stocks while midcap and small-cap segments experience selling pressure.
Foreign Institutional Investors have recently shifted their stance. After heavy selling earlier in the quarter, FIIs have eased their outflows, contributing to the market’s rebound.
Domestic Institutional Investors (DIIs) also continued steady buying, supporting benchmark indices.
The Nifty 50 is currently trading near record highs around 26,100 after a strong rally buoyed by leading banking and financial stocks, signaling renewed bullish investor sentiment. However, the market breadth remains narrow with fewer stocks participating in the rally, reflecting a concentration of gains in a handful of heavyweights and caution in the broader market, especially among mid and small caps. This divergence suggests the market is tentatively bullish but vulnerable to volatility or correction if breadth does not improve.
Recent foreign institutional buying is providing support, but a sustained, broad-based advance is needed to firmly confirm a positive phase.
Investors should watch for confirmation from market breadth and technical support levels to gauge whether the rally can extend or if caution will prevail.
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