The benchmark Nifty 50 declined 30.40 points, or 0.12 per cent, to trade at 24,956 as of 9:29 am on Monday morning, after closing at 24,986.40 on Sunday's Muhurat trading session. The Sensex, which had closed at 80,999.40, opened at 81,327.29 but quickly retreated to 80,938.76, down 60.64 points or 0.07 per cent, as profit-booking emerged following a sharp rally last week. According to reports from The Hindu BusinessLine, the cautious opening followed a week in which the Nifty surged 8.57 per cent and the Bank Nifty climbed 7.5 per cent. As per The Hindu, the market entered the new week facing a key test of momentum after a sharp weekly advance and subdued Muhurat trading session.
State Bank of India led gains among Nifty50 constituents, rising 1.82 per cent to ₹1,034.45 from its previous close of ₹1,016, on volumes of 49.10 lakh shares worth ₹506.18 crore. As reported by The Hindu BusinessLine, Apollo Hospitals advanced 1.09 per cent to ₹8,521.50 against a previous close of ₹8,430, while Dr. Reddy's Laboratories gained 1.07 per cent to ₹1,384.70 from ₹1,370. ICICI Bank rose 0.99 per cent to ₹1,580.50 from ₹1,565, clocking volumes worth ₹733.35 crore, among the heaviest traded on the index. HDFC Bank added 0.91 per cent to ₹791.20 from ₹784.10, with over 154 lakh shares changing hands worth ₹1,226.12 crore. InterGlobe Aviation emerged as a top performer, gaining 1.07 per cent from its previous close, according to The Hindu.
HCL Technologies fell the most, dropping 1.50 per cent to ₹1,420.40 from its previous close of ₹1,442, leading the decline among IT stocks. According to The Hindu BusinessLine, Infosys, Power Grid Corporation, Bharti Airtel, UltraTech Cement and Tata Consultancy Services were among the major laggards in the 30 Sensex firms. Power Grid Corporation declined 1.24 per cent to ₹258.10 from ₹261.35, while Bharti Airtel shed 1.21 per cent to ₹2,060.20 from ₹2,085.50 on volumes worth ₹150 crore. Hindalco Industries slipped 1.01 per cent to ₹943.40 from ₹953, and Nestle India fell 0.93 per cent to ₹1,261.60 from ₹1,273.50. The mixed performance reflects selective buying in banking and pharma sectors while IT and power stocks face selling pressure.
Foreign institutional investors have been a key driver of the recent rally, with FIIs pumping ₹13,749.82 crore into Indian equities on November 6. As reported by The Hindu BusinessLine, Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Investments, attributed the sustained buying to fair valuations, declining crude prices and improving corporate earnings. Shrikant Chouhan, Head of Equity Research at Kotak Neo, noted that both indices have crossed critical swing levels, with sustaining above these levels potentially opening upside towards 26,000–26,350 for the Nifty and 85,000–85,900 for the Bank Nifty. Ponmudi R, CEO of Enrich Money, noted that after a sharp weekly advance and subdued Muhurat trading session, the market enters the new week facing a key test of momentum, with investors likely to weigh the scope for further gains against the prospect of near-term profit-taking. Brent crude, the global oil benchmark, traded 0.16 per cent lower at USD 98.16 per barrel, providing some comfort to energy-sensitive sectors.
On the global front, US markets provided mixed cues, with the Nasdaq gaining 1.09 per cent and the S&P 500 rising 0.31 per cent on Friday, while the Dow Jones slipped 0.46 per cent. According to The Hindu BusinessLine, Asian markets were also split, with Japan's Nikkei 225 up over 1 per cent and South Korea's KOSPI lower by more than 0.50 per cent. Crude oil at around $98.16 per barrel and diplomatic signals from US President Donald Trump indicating military strikes on Iran as 'highly unlikely' if negotiations progress have provided some comfort to energy-sensitive sectors. Market experts note that Thursday's CPI data could provide the next significant directional cue for domestic equities. The positive Asian market sentiment contrasts with the early weakness in Indian equities, reflecting mixed global cues for the region.
