Sensex, Nifty Close Higher as Banking and Pharmaceutical Stocks Lead Gains
MUMBAI–Indian stock markets ended modestly higher on Monday, November 9, as gains in state-owned banks and pharmaceutical companies helped benchmark indices overcome a volatile trading session marked by profit-taking and weakness in technology shares.
The 30-share BSE Sensex rose 107.25 points, or 0.13%, to close at 81,106.65, while the NSE Nifty 50 gained 58.25 points, or 0.23%, to finish at 25,044.65.
Trading remained largely range-bound throughout the session, with investors balancing optimism over recent market gains against concerns about global economic conditions and upcoming inflation data.
State-owned banks led the day’s advances, with the Nifty PSU Bank index climbing more than 3% amid strong buying interest in government-controlled lenders.
The broader Nifty Bank index also finished higher, reflecting continued investor interest in financial stocks.
Pharmaceutical and healthcare companies contributed to the market’s positive performance, with both the Nifty Pharma and Nifty Healthcare indices recording gains.
Among individual Nifty stocks, State Bank of India (SBI), Trent and Nestlé India were among the leading gainers, helping support the benchmark index.
The broader market also posted modest advances. The Nifty MidCap 100 index increased 0.55%, while the Nifty SmallCap 100 index edged up 0.1%, suggesting that buying interest extended beyond large-cap companies.
However, weakness in information technology shares limited the overall rally.
The Nifty IT index was the day’s worst-performing sectoral benchmark, as selling pressure in technology companies offset some of the gains recorded in banking and healthcare stocks.
Metal stocks also faced pressure during the session, contributing to the uneven market performance.
Market analysts said intermittent profit-taking following the recent rally prevented benchmark indices from recording stronger gains.
“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,” analysts stated.
From a technical perspective, market observers identified the 25,150–25,200 range as the next important resistance level for the Nifty.
A sustained move above that range could strengthen bullish momentum and create opportunities for additional gains.
On the downside, analysts identified 24,800 as an important support level that could determine whether the market’s recent recovery continues.
“On the downside, 24,800 remains the immediate support zone. Holding above this level will be crucial to sustaining the ongoing recovery, while a decisive breakdown could invite renewed selling pressure and near-term profit-booking. Momentum indicators continue to reflect strong bullish strength, although some caution is warranted,” market watchers stated.
Investors are now turning their attention to upcoming inflation reports from India and the United States, which could influence expectations for future interest-rate decisions.
Institutional investment flows, corporate developments, crude oil prices and broader global market conditions are also expected to shape trading sentiment in the coming sessions.
“Investors are now awaiting India and US inflation data for fresh cues on the interest-rate trajectory, while crude oil prices and global risk sentiment remain key near-term monitorables,” market experts mentioned.
Analysts said the market’s ability to maintain recent gains would depend on continued buying interest in key sectors and the absence of significant negative developments in global financial markets. (Source: IANS)
