Market wrap, Nov 9: SENSEX rises 107 pts, NIFTY50 ends at 25,044 as PSU Bank, pharma stocks rally; SBI leads gains

The Indian equity market closed almost flat on Monday, November 9, following a volatile session as gains in PSU banking and pharma stocks supported the benchmark indices.

Public sector banking stocks like State Bank of India (SBI), Punjab National Bank (PNB), Bank of Baroda, and others led the rally in the NIFTY PSU Bank sector, which outperformed the benchmark indices. Further, NIFTY Pharma hit a new high of 29,224.85 on Monday.

The market investors also focused on the buying momentum from the Asian markets, while the sustainability of FII investments in Indian equities remained the underlying question after the foreign investors snapped their six-day buying streak on Muhurat Trading Day.

FIIs sold ₹25 lakh worth of capital market assets across the exchanges during the Muhurat Trading session, ending their six-day buying streak in Indian equities, while the selling streak of domestic investors was maintained for the seventh consecutive trading session on November 8.

As of November 8, NSDL data showed that FIIs have purchased a total of ₹38,971 crore worth of assets month-to-date under the equity segment in the Indian market.

Further, a decline in crude oil prices also kept investors' sentiment positive. Global crude oil prices were touched a low of $96 per barrel (bbl) on Monday.

On the global front, the other indices in Asia also ended in green on Monday, tracking a recovery on Wall Street, with Taiwan and Japan leading gains.

Japan’s Nikkei jumped 2.32%, China’s Shanghai Composite rose 0.32%, Taiwan's Weighted Index soared 4.7%, while Hong Kong’s Hang Seng slipped 0.15%, South Korea’s Kospi index fell to 0.81%.

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

As many as 3,698 stocks traded on the NSE on Monday. Out of this, 1,629 advanced and 1,959 stocks declined, while 110 scrips remained unchanged.

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

A total of 79 stocks hit their 52-week highs, while 38 stocks touched their one-year lows. Besides, 100 stocks hit their upper circuit limits, and 92 touched their lower circuit bands on Monday.

The market capitalisation of NSE-listed firms stood at ₹502.21 lakh crore at the close of the session.

India VIX, the volatility gauge, stood at 17.36 levels, falling 5.79%.

The broader market also closed the session positive, with the NIFTY Midcap 100 rising 0.55% to settle at 61,022.55, while the NIFTY Smallcap 100 rose 0.1% to end at the 19,185.05 level.

On the NIFTY50 index, 21 stocks closed higher, while 28 declined and one remained unchanged by the end of the session.

State Bank of India was the biggest contributor, rising 2.56%, followed by Trent (2.02%), Nestle India (1.91%), NTPC (1.87%) and Larsen & Toubro (1.82%).

On the flip side, Tata Steel (-2.81%), HCL Technologies (-2.43%), UltraTech Cement (-1.79%), ITC (-1.64%) and Bajaj Finance (-1.56%) were the most losing stocks on the 50-share index.