The Indian stock market extended its gains for the third consecutive session on Wednesday, November 12, as bulls remained firmly in control. Multiple positive developments, including exit poll predictions indicating a likely victory for the ruling National Democratic Alliance (NDA) in the state of Bihar, drove key indices to close with solid gains.
The Nifty 50 finished with a solid 0.70% gain at 25,875, while the S&P BSE Sensex rallied 0.71% to close at 84,466 points. The broader market mirrored the positive trend, with the Nifty Midcap 100 and Nifty Smallcap 100 indices advancing 0.80% and 0.82%, respectively.
Sector-wise, Nifty IT emerged as the top performer, gaining 2.04%, followed by Nifty Auto, Nifty Pharma, and Nifty Consumer Durables, which each advanced over 1%. On the downside, Nifty Realty was the top laggard, slipping 0.49%.
Vinod Nair, Head of Research, Geojit Investments Limited, said, ” Global equities rallied on renewed risk appetite, driven by optimism over the anticipated resolution of the U.S. government shutdown and growing expectations of early Fed cuts amid signs of a cooling U.S. labour market.”
“Emerging markets outperformed, reflecting the improvement in global sentiment. Indian indices mirrored this strength, with large-cap stocks leading gains, particularly in the auto, IT, and pharma sectors. Supportive domestic macro fundamentals—including easing CPI and WPI inflation, a strong GDP outlook, and healthy H2 earnings expectations—continue to underpin positive market momentum,” he further added.
Earnings cheer lifts select stocks
Kirloskar Oil Engines led the gainers’ list, jumping 12% to ₹1,058.7 apiece as investors cheered the company’s September quarter results, marking a sharp rebound after five consecutive sessions of losses. Similarly, BLS International also rallied 9.14% to ₹336.70 apiece after reporting strong Q2 earnings.
Bombay Stock Exchange (BSE) shares surged 5% to ₹2,775.40 apiece after domestic brokerage firms raised their target prices on the stock following better-than-expected September quarter results.
After a four-day losing streak, Tejas Networks rebounded sharply with an 8.4% rise to ₹549 apiece, while Transformers & Rectifiers also snapped an eight-day losing run, recovering 5% to ₹296.7 apiece.
Among Adani Group stocks, Adani Enterprises advanced 5% to ₹2,484 apiece after the company announced a ₹24,930-crore rights issue — its largest fundraising since the cancelled follow-on public offering (FPO) in 2023.
Extending its post-earnings rally, Syrma SGS Technology gained another 7.4% to ₹893 apiece, while Asian Paints rose 4.24% to ₹2,770 apiece, marking its fifth straight session of gains following the release of its Q2 results.
Other notable gainers included Gujarat Fluorochemicals, Sonata Software, Biocon, Endurance Technologies, KEC International, Jyoti CNC Automation, Birlasoft, Premier Energies, Tech Mahindra, CDSL, Bandhan Bank, Praj Industries, and Lupin, which climbed between 3% and 6%.
Hindustan Copper, Ather Energy and PI Industries lead declines
On the losing side, Hindustan Copper emerged as the top laggard, tumbling 5.56% to ₹339.70 apiece and ending its three-day winning streak. The sell-off in PI Industries also deepened, with the stock plunging 5.23% to ₹3,588.90 apiece.
After a brief rebound, Ather Energy resumed its losing streak, sliding to ₹628.55 apiece, marking a 20.51% decline from its recent record high. Snapping a five-day bullish run, Ashok Leyland slipped into the red, falling 2.40% to ₹142.5 apiece.
Among other notable decliners, new-age tech stocks Nykaa and Paytm each fell around 2%, while Torrent Power, Thermax, PVR INOX, Mahindra & Mahindra, Prestige Estates Projects, Varun Beverages, Hindustan Aeronautics, Home First Finance, HBL Engineering, Poly Medicure, and HFCL declined between 1.8% and 3.4%.
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