Frontline indices, the Sensex and the Nifty 50, snapped their three-day losing streak on Monday, November 10, on gains led by select heavyweights, including Infosys and Reliance Industries, amid positive global cues.
The Sensex closed 319 points, or 0.38 per cent, higher at 83,535.35, while the Nifty 50 settled at 25,574.35, up 82 points, or 0.32 per cent. The BSE Midcap index outperformed, rising 0.62 per cent, while the Smallcap index underperformed, falling 0.28 per cent.
Investors earned about ₹2 lakh crore in a single session as the cumulative market capitalisation of BSE-listed firms rose to ₹468 lakh crore from ₹466 lakh crore in the previous session.
Indian stock market: 10 key highlights from the day
1. What drove the Sensex, Nifty 50 higher today?
Market benchmarks ended with decent gains on buying in select heavyweights, tracking positive global cues.
Among Asian peers, Korea’s Kospi, Japan’s Nikkei, and Hong Kong’s Hang Seng jumped up to 3 per cent. Among European markets, the UK’s FTSE, France’s CAC 40, and Germany’s DAX jumped up to 2 per cent during the session.
Markets globally are rising on expectations that the US government shutdown is nearing its end and the US Federal Reserve may announce another rate cut in December.
Apart from positive global cues, domestic market sentiment is improving on hopes of earnings recovery from the third quarter onwards. Foreign institutional investors (FIIs) also appear to have begun buying Indian stocks due to valuation comfort in large caps and a favourable macro outlook.
Global brokerage Goldman Sachs reversed its October 2024 downgrade, as it raised its rating for the Indian stock market to “overweight” from “neutral”, citing strengthening earnings momentum and policy tailwinds supporting growth.
Meanwhile, according to a Mint poll of 16 economists, India’s retail inflation likely hit a record low of 0.3 per cent in October. Retail inflation data is scheduled to be released on Wednesday, November 12.
“The potential resolution of the US government shutdown, coupled with renewed FIIs buying driven by a favourable Q2 earnings season, supported a positive sentiment in the market,” Vinod Nair, Head of Research, Geojit Investments, noted.
“The rise in the US 10-year Treasury yield reflects improving risk sentiment toward equities with the reopening of the federal government. Domestically, strengthening macroeconomic indicators are expected to underpin upward revisions in earnings estimates for H2FY26. This reinforces the current valuations and is likely to attract incremental liquidity,” Nair added.
2. Top gainers in the Nifty 50 index today
As many as 32 stocks ended higher, out of which Infosys (up 2.59 per cent), Bajaj Finance (up 1.88 per cent), and HCL Technologies (up 1.82 per cent) ended as the top gainers in the Nifty 50 index.
3. Top losers in the Nifty 50 index
Shares of Trent (down 7.42 per cent), Max Healthcare Institute (down 3.13 per cent), and Tata Consumer Products (down 2.23 per cent) ended as the top losers in the index.
4. Sectoral indices today
Nifty IT (up 1.62 per cent), Pharma (up 0.95 per cent), and Metal (up 0.55 per cent) ended with healthy gains.
Nifty Bank rose 0.10 per cent, while the Financial Services index climbed 0.24 per cent.
On the other hand, Nifty Media (down 1.04 per cent), Realty (down 0.24 per cent), FMCG (down 0.19 per cent), and PSU Bank (down 0.14 per cent) ended in the red.
(This is a developing story. Please check back for fresh updates.)
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Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
