Market Wrap, November 17: NIFTY50 ends above 26,000, SENSEX rises 388 pts; Nifty Bank, Midcap 100 outshine

The Indian stock market ended higher for the sixth consecutive session on Monday, November 17, with banking and auto stocks leading the gains despite mixed global cues.

Meanwhile, Nifty Midcap 100 and Nifty Bank hit all-time high levels of 61,194.20 and 58,996, respectively.

Banking stocks have been witnessing buying interest after they reported a stable set of earnings in the second quarter of the current financial year. The rally in midcap stocks also came as these companies outperformed during an otherwise muted quarter. 

According to exchange data, on Friday, the foreign institutional investors (FIIs) sold shares worth ₹4,968.22 crore, while the domestic institutional investors (DIIs) bought equities worth ₹8,461.47 crore on a net basis.

Globally, other Asian markets stayed cautious as investors awaited key US economic data and remained uncertain about the Federal Reserve’s policy outlook.

Hong Kong's Hang Seng fell 0.80%, and South Korea's KOSPI was up 1.9%, while China's Shanghai Composite slipped 0.46%, and Japan's Nikkei closed 0.23% lower.

Last week, major Wall Street indices ended mixed on Friday as investors grew concerned that the Federal Reserve may delay cutting US interest rates in December.

The S&P 500 slid 0.05% to close at 6,734.11, the Dow Jones Industrial Average fell 0.65% to end at 47,147.48, while the Nasdaq rose 0.13% to settle at 22,900.59 points.

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

As many as 3,253 stocks traded on the NSE on Monday. Out of this, only 1,651 advanced, and 1,523 declined, while 79 scrips remained unchanged.

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

A total of 108 stocks hit their 52-week highs, while 145 stocks touched their one-year lows. Besides, 98 stocks hit their upper circuit limits, and 110 touched their lower circuit bands on Monday.

NSE-listed firms' market capitalisation stood at ₹474.34 lakh crore at the end of the session.

The volatility index India VIX slipped 1.25% to end at 11.79 levels.

The Nifty Smallcap 100 index climbed 0.52% to end at the 18,347.60 level, while the Nifty Midcap 100 index closed at the 61,180.50 level, rising 0.73%.

All the sectoral indices ended with gains, with Nifty PSU Bank being the top contributor, rising 1.09%, followed by Nifty Auto (0.85%), Nifty Consumer Durables (0.83%), Nifty Private Bank (0.79%), and Nifty Realty (0.45%).

Eternal was the biggest gaining stock, surging 1.93%, followed by Tata Consumer Products (1.83%), Max Healthcare (1.73%), Eicher Motors (1.7%) and Maruti Suzuki (1.31%).  

On the flip side, Tata Motors PV (-4.74%), UltraTech Cement (-0.83%), Jio Financial Services (-0.78%), Asian Paints (-0.72%) and HDFC Life Insurance (-0.7%) were the biggest laggards on the 50-share index.