Mumbai, Nov 9 Market benchmark indices Sensex and Nifty ended higher on Monday amid a correction in crude oil prices and buying in blue-chip bank and financial stocks.
The 30-share BSE Sensex climbed 107.25 points, or 0.13 per cent, to settle at 81,106.65. During the day, it advanced 340.01 points, or 0.41 per cent, to 81,339.41.
The 50-share NSE Nifty rose 58.25 points, or 0.23 per cent, to close at 25,044.65.
Among the Sensex firms, State Bank of India, Trent, Larsen & Toubro, NTPC, HDFC Bank and ICICI Bank were among the major winners.
In contrast, HCL Tech, Tata Steel, UltraTech Cement and Bajaj Finance were among the major laggards.
Last week, the BSE benchmark soared 6,568.49 points, or 8.82 per cent, and the Nifty jumped 1,977.25 points, or 8.57 per cent.
Brent crude, the global oil benchmark, declined 1.04 per cent to USD 97.46 per barrel.
“Indian equities traded range-bound with a positive bias, as intermittent profit-booking following the recent rally capped gains. Weakness in IT and metal stocks also weighed on the benchmarks.
“Improving FII participation and better-than-expected corporate earnings have strengthened expectations of an upgrade to the FY27 earnings outlook, supporting market sentiment,” Vinod Nair, Head of Research, Geojit Investments, said.
While several key macro tailwinds appear to be increasingly priced in, valuation comfort, particularly in large caps, easing geopolitical concerns, moderation in crude oil prices from recent peaks, and prospects of a double-digit earnings recovery provide a constructive medium-term backdrop, he added.
“Indian equity markets sustained their positive bias on Monday, with underlying resilience evident as benchmark indices absorbed early profit-booking following a gap-up opening and managed to hold on to their gains, closing in positive territory. The market’s ability to hold ground after last week’s extraordinary rally, rather than succumbing to sharp profit-booking, reflected continued investor confidence, supported by sustained foreign institutional buying, relatively stable crude oil prices, and a firm rupee,” Ponmudi R, CEO of Enrich Money, an online trading and wealth tech firm, said.
Following the preceding seven-session rally and a mildly negative Muhurat close, today’s session served as an important test of whether the recent gains could hold, and the broad-based strength in financials suggests the underlying bid remains intact, he added.
The BSE MidCap Select index was up 0.34 per cent and the SmallCap Select index ended marginally higher by 0.07 per cent.
Among BSE sectoral indices, PSU Bank jumped 3.76 per cent, Bankex 1.41 per cent, Top 10 Banks 1.14 per cent, Healthcare 1.10 per cent, Private Banks index 0.85 per cent, Financial Services 0.73 per cent and Power 0.57 per cent. Telecommunication, IT, Focused IT, Metal, Commodities and FMCG were among the laggards.
Equity markets will remain closed on Tuesday, November 10, on account of Diwali-Balipratipada.
“Indian equities are likely to consolidate in the near term as investors book profits after the sharp rally of over 10 per cent in seven sessions. With markets closed on Tuesday, the direction on Wednesday will largely be driven by global cues. However, several tailwinds, including a strong earnings outlook, lower crude oil prices and the prospect of slower AI-related capex globally, continue to support the market.
“Investors will now track US October CPI data tomorrow, which will shape expectations for a possible Fed rate hike in December after the stronger-than-expected US jobs report. They will also follow India’s October CPI inflation on Thursday, after September inflation rose to a 2026 high of 5.54 per cent,” said Siddhartha Khemka – Head of Research, Wealth Management, Motilal Oswal Financial Services.
In Asian markets, Japan’s Nikkei 225 and Shanghai’s SSE Composite index ended higher, and South Korea’s Kospi and Hong Kong’s Hang Seng index settled lower.
Markets in Europe were trading in positive territory in mid-session deals.
The US equity markets ended mostly higher on Friday.
Benchmark indices Sensex and Nifty ended marginally lower in the special Diwali Muhurat trading session on Sunday amid profit-taking after a seven-day rally.
After starting the special trading session to mark the beginning of the Hindu calendar Samvat 2083 on a bullish note, the BSE benchmark Sensex failed to sustain the rally. The barometer dipped 28.62 points, or 0.04 per cent, to settle at 80,999.40.
The Nifty declined 43.95 points, or 0.18 per cent, to close at 24,986.40 after a positive beginning.
Muhurat trading is a symbolic market session held on Diwali, which also marks the beginning of the new Hindu calendar year. Unlike regular trading days, when equity markets operate from 9:15 am to 3:30 pm, Muhurat trading runs for a shorter period.
(PTI News)
