Market Wrap, November 3: NIFTY50 ends flat at 25,763, SENSEX rises 40 pts; Nifty Midcap 100 outperforms

The Indian stock market recovered from early losses to end marginally higher on Monday, November 3, supported by strong gains in PSU bank, pharma, and realty stocks amid mixed global cues.

The investors’ confidence was further boosted after India's manufacturing sector activity strengthened in October, buoyed by Goods and Services Tax relief, productivity gains and tech investment, even as international sales rose at a weaker pace.

The seasonally adjusted HSBC India Manufacturing Purchasing Managers’ Index (PMI) rose from 57.7 in September to 59.2 in October, indicating a quicker improvement in the sector's health.

Furthermore, the rally in PSU bank stocks was led by Bank of Baroda (4.67%) following its strong Q2 earnings. Indian Bank (2.71%) and Canara Bank (1.97%) were the other top gainers.

The Nifty Midcap 100 hit a 52-week high of 60,400.50 during the session, driven by a sharp rally in Vodafone Idea (9.74%) shares as the Supreme Court clarified a case related to AGR dues.

According to exchange data, on Friday, the foreign institutional investors (FIIs) sold equities worth ₹6,769.34 crore on a net basis, while the domestic institutional investors (DIIs) purchased ₹7,068.44 crore worth of equities.

Globally, most Asian stocks closed higher on Monday as investors assessed fresh signs of slowing momentum in China’s manufacturing sector, while South Korean equities surged to a record high. Meanwhile, the Japanese market remained closed for a holiday.

Hong Kong's Hang Seng rose 0.48%, and South Korea's KOSPI zoomed 2.71%, while the Shanghai Composite fell 0.19%.

On Wall Street, US markets closed near record highs on Friday, with the Dow Jones up 0.1%, the S&P 500 gaining 0.26%, and the Nasdaq advancing 0.61%.

Here are the key developments of Monday’s session that you need to know

As many as 3,212 stocks traded on the NSE on Monday. Out of this, only 1,798 advanced, and 1,313 declined, while 101 scrips remained unchanged.

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

A total of 104 stocks hit their 52-week highs, while 64 stocks touched their one-year lows. Besides, 98 stocks hit their upper circuit limits, and 73 touched their lower circuit bands on Monday.

NSE-listed firms' market capitalisation stood at ₹469.91 lakh crore at the end of the session.

The volatility index India VIX surged 4.21% to end at 12.67 levels.

The Nifty Smallcap 100 index climbed 0.72% to end at the 18,513.40 level, while the Nifty Midcap 100 index closed at the 60,287.40 level, rising 0.77%.

Nifty Realty took the lead among sectoral gainers, rising 2.23%, followed by Nifty PSU Bank (1.92%), Nifty Pharma (1.2%), Nifty Oil and Gas (0.79%) and Nifty Metal (0.38%).

Nifty Consumer Durables (-0.29%), Nifty IT (0.17%) and Nifty FMCG (-0.1%) were the only losers.

Shriram Finance was the most contributing stock, soaring 6.18%, followed by Tata Consumer Products (2.62%), Apollo Hospitals (2%), Mahindra & Mahindra (1.89%) and Tata Motors Passenger Vehicles (1.8%).

On the flip side, Maruti Suzuki (-3.41%), ITC (-1.51%), TCS (-1.26%), Larsen & Toubro (-1.24%) and JSW Steel (-0.92%) were the top laggards on the 50-share index.