Market Wrap, Nov 12: NIFTY50 ends at 25,876, SENSEX jumps 595 points as IT, auto stocks rally; Nifty Midcap outperforms, Asian Paints up 6.5%

The Indian stock market remained in the green for the third consecutive session on Wednesday, November 12, driven by strong gains in IT, auto, and pharma stocks. Positive global cues further boosted investor sentiment.

Meanwhile, the broader market outperformed, with the Nifty Midcap 100 hitting a 52-week high of 61,011 during intraday trade, driven by strong gains in Biocon (5.22%), Motilal Oswal Financial Services (5.09%), and BSE Limited (4.77%).

All stocks in the Nifty IT index ended in the green, led by Tech Mahindra (3.48%), followed by LTIMindtree (3.14%) and TCS (2.56%).

According to exchange data, on Tuesday, the foreign institutional investors (FIIs) sold shares worth ₹803.22 crore, while the domestic institutional investors (DIIs) bought equities worth ₹2,188.47 crore on a net basis.

Globally, most of the Asian markets ended higher on Wednesday as US Congress looked set to end the federal shutdown and traders looked for direction in the absence of clues from government data services. The market participants are also increasing bets on further easing from the Federal Reserve.

Hong Kong's Hang Seng advanced 0.86%, and South Korea's KOSPI was up 1.06%, while China's Shanghai Composite slipped 0.07%. Japan's Nikkei ended 0.33% higher.

On Wall Street, the US stocks ended in green on Tuesday, with the Dow Jones Industrial Average surging 559 points, or 1.2%, to a new record high, surpassing its previous peak set two weeks earlier. The S&P 500 also inched up 0.18%, while the Nasdaq Composite slipped 0.3% as Nvidia’s continued decline weighed on the tech-heavy index amid growing investor caution that AI-driven stocks may be overvalued.

Here are the key developments of Wednesday's session that you need to know

As many as 3,200 stocks traded on the NSE on Wednesday. Out of this, 1,927 advanced and 1,178 stocks declined, while 95 scrips remained unchanged.

This indicated that the market breadth was in favour of advances.

A total of 81 stocks hit their 52-week highs, while 85 stocks touched their one-year lows. Besides, 98 stocks hit their upper circuit limits, and 57 touched their lower circuit bands on Wednesday.

The market capitalisation of NSE-listed firms stood at ₹471.53 lakh crore at the close of the session, adding ₹4.88 lakh crore from the previous day.

India VIX, the volatility gauge, stood at 12.11 levels, falling 3.04%.

The Nifty Midcap 100 rose 0.79% to end at 60,902.30, while the Nifty Smallcap 100 closed at the 18,250.45 level, gaining 0.82%.

Among sectors, Nifty IT emerged as the top performer, rising 2.04%, followed by gains in Nifty Auto (1.24%), Nifty Pharma (1%), Nifty Consumer Durables (1%), and Nifty Media (0.98%).

However, Nifty Realty (-0.49%) and Nifty Metal (-0.16%) were the only losers.

On the NIFTY50 index, 35 stocks closed higher, and 15 declined by the end of the session.

Asian Paints was the top contributing stock, climbing 6.58% after the company reported strong September quarter earnings. Adani Enterprises (5%), Tech Mahindra (3.48%), TCS (2.56%) and HDFC Life Insurance (2.49%) were the other top gainers.

On the flip side, Tata Motors CV (-1.49%), Tata Motors Passenger Vehicles (-1.3%), Tata Steel (-1.29%), Shriram Finance (-1.23%) and Bharat Electronics (-0.91%) were the top laggards on the 50-share index.