The Indian stock market witnessed healthy across-the-board buying on Monday, November 17, defying weak global cues, as healthy Q2 earnings, prospects of an India-US trade deal underpinned market sentiment.
Extending gains to the sixth consecutive session, the Sensex closed at 84,950.95, rising 388 points, or 0.46 per cent, while the Nifty 50 settled with a gain of 103 points, or 0.40 per cent, at 26,013.45.
The BSE Midcap index jumped 0.66 per cent, while the Smallcap index rose by 0.61 per cent.
Investors got richer by more than ₹3 lakh crore in a single session as the overall market capitalisation of BSE-listed firms rose to over ₹477 lakh crore from ₹474 lakh crore in the previous session.
In six sessions, the Sensex and the Nifty 50 have risen by 2 per cent each.
Indian stock market: 10 key highlights from the day
1. What drove the Indian stock market higher?
The Indian stock market posted gains, in sharp contrast to major global markets in Asia and Europe, which were in the red largely due to profit-booking in tech stocks and the absence of fresh triggers.
The domestic market is witnessing positive momentum on better-than-expected Q2 earnings and India’s healthy growth outlook.
According to Moody’s Ratings, India’s economy will grow by 7 per cent in 2025 and will expand at a steady 6.5 per cent pace through 2027.
Moreover, expectations that an India-US trade deal could be announced by the end of this month are also supporting the market.
“The market has maintained its positive momentum, hovering near the key psychological level of 26,000, as investors anticipate a strong catalyst for further upward movement. A potential trade deal remains a crucial trigger that participants are closely monitoring,” said Vinod Nair, Head of Research, Geojit Investments.
“Currently, the risk-reward ratio is largely favourable, bolstered by stronger-than-expected Q2 earnings from midcaps, which have reinforced confidence in growth revival and point to potential future earnings upgrades,” said Nair.
2. Top gainers in the Nifty 50 index today
Shares of Eternal (up 1.93 per cent), Tata Consumer (up 1.83 per cent), and Max Healthcare Institute (up 1.73 per cent) ended as the top gainers in the Nifty 50 index. As many as 33 stocks ended higher in the Nifty 50 index.
3. Top losers in the Nifty 50 index
Shares of Tata Motors Passenger Vehicles (down 4.74 per cent), UltraTech Cement (down 0.83 per cent), and Jio Financial Services (down 0.78 per cent) ended as the top losers in the index.
4. Sectoral indices today
Most sectoral indices ended with gains, with Nifty PSU Bank, Private Bank, and Auto indices rising by up to a per cent.
Nifty Bank closed 0.76 per cent higher at 58,962.70 after hitting a record high of 59,001.55 during the session.
5. Most active stocks in terms of volume
Vodafone Idea (91.2 crore shares), Billionbrains Garage Ventures (Groww) (46.64 crore shares), and YES Bank (15.7 crore shares) were the most active stocks in terms of volume on the NSE.
6. Nearly 20 stocks jump more than 15% on BSE
Billionbrains Garage Ventures (Groww), Vivid Mercantile, VLS Finance, Narayana Hrudayalaya, Energy Development Company, and Bannari Amman Spinning Mills were among the 19 stocks that jumped more than 15 per cent on the BSE.
7. Advance-decline ratio
Out of 4,497 stocks traded on the BSE, 2,082 advanced, while 2,211 declined. Some 204 stocks remained unchanged.
8. Nearly 180 stocks hit 52-week highs
SBI, PNB, Canara Bank, Asian Paints, BPCL, Hero MotoCorp, Federal Bank, and Marico were among the 177 stocks that hit their 52-week highs in intraday trade on the BSE.
9. 191 stocks hit 52-week lows
Nilkamal, Bata India, Cohance Lifesciences, KNR Constructions, and Westlife Foodworld were among the 191 stocks that hit their 52-week lows in intraday trade on the BSE.
10. Nifty’s technical outlook
According to Shrikant Chouhan, the head of equity research at Kotak Securities, on daily charts, the Nifty 50 has formed a bullish candle, and on intraday charts, it is holding an uptrend continuation formation, which is largely positive.
“We believe that 25,900 would act as a key support zone for day traders. Above this level, the index could move up to 26,100. Further upside may also continue, potentially lifting the index up to 26,200-26,225. On the flip side, below 25,900, the uptrend would become vulnerable,” said Chouhan.
Sudeep Shah, Head – Technical and Derivatives Research at SBI Securities, said considering the current chart structure, the Nifty is likely to continue its northward journey and test the level of 26,150, followed by 26,300 in the short term. While on the downside, the support is shifted higher in the zone of 25,900-25,880.
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Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
