Sensex gains 336 points, Nifty 50 ends at 25,695— 10 key highlights from the Indian stock market today

Extending gains to the second consecutive session, Indian stock market benchmarks the Sensex and the Nifty 50 ended with decent gains on Tuesday, November 11, tracking positive global cues.

The Sensex closed 336 points, or 0.40 per cent, higher at 83,871.32, while the Nifty 50 settled with a gain of 121 points, or 0.47 per cent, at 25,694.95. The BSE Midcap index also ended in the green, rising 0.20 per cent, but the Smallcap index slipped by 0.09 per cent.

Indian stock market: 10 key highlights from the day

1. Why did the Sensex, Nifty 50 rise today?

Positive global cues amid rising expectations of an end to the US shutdown underpinned market sentiment.

According to AP, the Senate approved a bill to end the government shutdown, with some Democrats agreeing to a deal with Republicans. The shutdown started on October 1 and is the longest one in history.

Stable Q2 earnings so far have raised hopes that the domestic market could be on the cusp of a trend reversal. Foreign institutional investors (FIIs) are selling on rise but experts believe better earnings visibility, valuation comfort and an India-US trade deal will drive them to the Indian stock market.

"The domestic market closed at the day’s high, supported by global cues as the US Senate passed a bill to end the longest-ever federal shutdown. Importantly, the Q2 results season is nearing its end and is expected to conclude on a positive note, driven by better-than-expected performance by the broader market," Vinod Nair, Head of Research, Geojit Investments, noted.

"Investors are now awaiting the upcoming domestic inflation data, with expectations of continued moderation due to a steady decline in food prices, raising prospects of further policy easing by the RBI. Looking ahead, earnings are expected to witness a robust rebound in the third quarter, underpinned by multiple domestic tailwinds, though much will depend on the successful finalisation of a trade deal with the US," said Nair.

2. Top gainers in the Nifty 50 index today

As many as 40 stocks ended higher, out of which InterGlobe Aviation (up 3.55 per cent), BEL (up 2.39 per cent), and Mahindra and Mahindra (up 2.22 per cent) ended as the top gainers in the Nifty 50 index.

3. Top losers in the Nifty 50 index

Shares of Bajaj Finance (down 7 per cent), Bajaj Finserv (down 5.92 per cent), and ONGC (down 0.60 per cent) ended as the top losers in the index.

4. Sectoral indices today

Nifty Auto and IT clocked strong gains of 1.07 per cent and 1.20 per cent, respectively. Nifty Metal (up 0.71 per cent) and Oil & Gas (up 0.59 per cent) also clocked healthy gains.

Nifty Bank ended 0.35 per cent higher at 58,138.15.

5. Most active stocks in terms of volume

Vodafone Idea (196.2 crore shares), Reliance Power (6.2 crore shares), and YES Bank (5.4 crore shares) were the most active stocks in terms of volume on the NSE.

6. Four stocks jump more than 15% on BSE

Only four stocks- Retaggio Industries, Supertech Ev, Sagarsoft (India), and SBL Infratech- jumped more than 15 per cent on the BSE.

7. Advance-decline ratio

Out of 4,363 stocks traded on the BSE, 1,936 advanced, while 2,245 declined. Some 182 stocks remained unchanged.

8. 110 stocks hit 52-week highs

Some 110 stock, including Mahindra and Mahindra, Shriram Finance, and Indian Oil Corporation, hit their 52-week highs in intraday trade on the BSE.

9. 172 stocks hit 52-week lows

As many as 172 stocks, including Westlife Foodworld, Tejas Networks, Praj Industries, Vedant Fashions, Godrej Agrovet, Cohance Lifesciences, Clean Science and Technology, and Aether Industries, hit their 52-week lows in intraday trade on the BSE.

10. Nifty's technical outlook

According to Ajit Mishra, SVP- Research at Religare Broking, the Nifty 50 has reclaimed its short-term moving average, the 20-DEMA, around the 25,600 mark. Sustaining above this level could open the door for a move toward 25,800–26,000, while any weakness below it might trigger profit-taking.

Sudeep Shah, Head - Technical and Derivatives Research at SBI Securities, said the zone of 25,600–25,560 is expected to act as a crucial support area.

"As long as the index sustains above this support zone, the upward momentum is likely to continue, with potential upside targets placed at 25,850, followed by the psychological mark of 26,000. This setup suggests that bulls remain in control, and any dips towards the support zone may attract fresh buying," said Shah.

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