Overview:

• Sensex traded up 62.36 points while Nifty gained 15.85 points, reflecting cautious optimism in the stock market today.

• While IT and banking sectors fared better, the top performers were Tech Mahindra, Infosys, and HDFC Bank.

• HAL, BEL, and JSW Steel witnessed sharp declines amid sector-specific pressures and corporate developments.

Indian stock market today showed signs of recovery with benchmark indices posting minor gains at press time. Sensex gained 62.36 points, or 0.07% to trade at 85,294.28, while Nifty 50 added 15.85 points, or 0.06%, to 26,084. The stock market today reflected cautious optimism among investors as they tracked corporate developments and global cues. Let’s see how stock market today performed in detail based on Moneycontrol Live Updates. 

Banking and IT Sectors Lead the Way

Nifty Bank became a top gainer after it rose 0.58% and settled at 59,210.40. The IT sector outperformed the other indices as the Nifty IT jumped 1.03% to 37,266.60. Small-cap stocks witnessed some selling as BSE Smallcap index slipped 0.56% to 51,722.77. HDFC Bank stock gained positive momentum, rising 0.98% to Rs. 1,007.85. The trading volumes of the banking giant surged to Rs. 556.82 crore.

Top Gainers on Nifty 50

Tech Mahindra share price gained the most on Nifty 50, surging 3.16% to Rs. 1,507.70. Other major players also gained as the technology sector showed broad-based strength. Eicher Motors rose by 1.70% to Rs. 7,255.50, followed by Wipro, up by 1.60% to Rs. 248.41. HCL Tech and Infosys contributed to the positive bias and gained 1.37% and 1.31%, respectively.

Infosys shares rose following Motilal Oswal Securities upgrading the stock to 'buy' from 'neutral', with a target price of Rs. 2,150. The stock rallied 2.36% to close at Rs. 1,581.05. The company’s market cap stood at Rs. 656,831.63 crore.

Also Read: Top Stocks Under $50 to Watch: This Weekend’s Smart Buys

Stocks Under Pressure

Bharat Electronics was the top laggard in the Nifty 50, sliding 2.16 % to Rs 407.35. Hindustan Aeronautics witnessed heavy selling pressure as a Tejas fighter jet crashed during its flying show at the Dubai Air Show on Friday. The stock retreated 3.49 percent with turnover of Rs 820.54 crore.

JSW Steel was down 1.57% at Rs. 1,122.40, Max Healthcare and Tata Motors Passenger Vehicles were also among the losers. Trent shares slipped 1.19% to Rs. 4,307.10.

Deepak Nitrite recorded the biggest single-day fall in seven weeks, down 2.46%, and reached a 52-week low of Rs 1,650. The market capitalisation of this chemical company stood at Rs 22,504.85 crore.

Major Corporate Developments

A host of announcements drove the news headlines and shaped the Indian stock market sentiment. BSE announced that the parent company of IndiGo, Interglobe Aviation, will replace Tata Motors Passenger Vehicles in the Sensex index. Following the news, Interglobe Aviation added 0.77% to Rs. 5,885.30, while Tata Motors PV declined 1.06% to Rs. 358.40.

Tata Chemicals approved the Rs. 910 crore expansion plan. The board sanctioned Rs. 135 crore to expand dense soda ash capacity at its Mithapur plant and Rs. 775 crore to expand the precipitated silica capacity in Cuddalore, Tamil Nadu.

Bajaj Electricals was up 7.99% at Rs. 527.75, its largest gain in 10 weeks. The stock saw volumes of 55,138 shares, a 597.42% spurt over its five-day average.

FII and DII Activity

On November 21, FIIs were net sellers, with a total outflow of Rs. 1,766.05 crore in the cash market. Strong support from DIIs, however, helped cushion the market from deeper losses. Domestic institutional investors pumped in Rs 3,161.61 crore.

Currency and Commodities

The Indian rupee opened 26 paise stronger at 89.14 per dollar on Monday, against the previous close of 89.40 on Friday. This was a respite as the currency had been under pressure in the recent sessions.

Gold prices were flat, as investors weighed the potential for a second US Federal Reserve rate cut this year. New York Fed President John Williams suggested there is still some room for an interest rate cut in light of the softer labor market.

Also Read: Stock Market Update: Sensex, Nifty 50 Set for a Positive Start

Market Outlook

The advance-decline ratio on NSE stood at 962 advancing stocks against 1,828 declining ones. This indicated the broader market weakness despite benchmark gains. Investors will continue to take cues from corporate earnings, foreign fund flows, and global economic developments for future direction in the coming sessions.

FAQs

1. What caused the Indian stock market to rise today? 

Today's rise in the Indian stock market was driven by strong performance in banking and IT stocks along with supportive DIIs (domestic institutional investors) buying supporting a positive momentum in the market. Despite mixed signals from global cues, as well as sector-specific weakness, investors displayed cautious optimism to keep the benchmark indices above the flatline. The corporate upgrades also added to positive sentiment, especially in the IT space.

2. What sectors performed the best in today's market session?

The banking and IT sectors led the gains today. The Nifty Bank index was up 342 points while the Nifty IT index was up more than 1 %. Fundamental positive momentum was driven by strong earnings expectations, sector upgrades, and a significant increase in trading volumes in key stocks such as HDFC Bank, Tech Mahindra, and Infosys.

3. Why did HAL and BEL stocks fall? 

HAL and BEL were under selling pressure today for negative reasons that negatively impacted investor sentiment. HAL sold off sharply following the news of a crash of a Tejas fighter jet (HAL's manufactured aircraft) during the Dubai Air Show, raising operational concerns with the stock. BEL also experienced selling interest from investors happening, as profit booking ensued amid overall weakness in the stocks linked into defense in the index.

4. What significant corporate announcements impacted the market? 

A number of corporate announcements shaped the session, including Interglobe Aviation taking Tata Motors PV off the Sensex, Tata Chemicals approving a Rs. 910-crore expansion plan, and Bajaj Electricals hitting their biggest 10-week rally. These announcements moved sectors and commodities, as well as specific movements at the stock level.

5. What should investors watch out for in the next sessions? 

Investors would be watching foreign fund flows, corporate earnings and future commentaries on global interest rates. FIIs have turned to net sellers and continues weakness in the broader market suggests further price weakness may also be possible. Significant market triggers on an intraday basis are likely to be large foreign fund inflows/outflows, significant global economic data and alterations to the geopolitical landscape and corporate announcements on a sector-by-sector basis.