Indian benchmark indices closed Monday’s trade, November 10, higher in response to positive global cues that boosted risk-on sentiment, allowing the bulls to regain control of Dalal Street after last week’s correction.
Domestically, improving quarterly earnings also aided sentiment, with the Nifty 50 rising 0.32% to 25,574 points, while the S&P BSE Sensex gained 0.38% to close at 83,535. The broader markets also showed strong resilience, with the Nifty Midcap 100 rallying 0.47% and the Nifty Smallcap 100 advancing 0.35%.
Tech stocks led today’s rebound, with the Nifty IT index surging nearly 2% amid optimism that the longest U.S. government shutdown will soon come to an end after the U.S. Senate passed the first stage of a new deal.
In addition, expectations have strengthened for another rate cut from the U.S. Federal Reserve after recent data showed that U.S. consumer sentiment fell sharply in November to its second-lowest reading on record.
Other sectoral indices that supported the market rebound included Nifty Pharma, Nifty Metal, Nifty Consumer Durables, and Nifty Auto, which gained between 0.30% and 1%. On the flip side, Nifty Media emerged as the top laggard, falling 1%, followed by a 0.25% drop in Nifty Realty.
Meanwhile, global brokerage firm Goldman Sachs upgraded India to “overweight” from “neutral,” reversing its October 2024 downgrade, citing strengthening earnings momentum and policy tailwinds supporting growth.
The brokerage has set a year-end 2026 target of 29,000 for the benchmark Nifty 50 index, implying a 14% upside from Monday’s close.
Earnings cheer lifts select stocks across sectors
HBL Engineering emerged as the top performer among Nifty 500 stocks, gaining 12% to ₹1,094.7 apiece as investors cheered the company’s September quarter results. Similar action was seen in Nalco, with the stock closing 10% higher at ₹257.4 apiece following a healthy set of Q2 numbers.
The company posted a net profit of ₹1,430 crore, supported by a steady rise in aluminium prices, compared with ₹1,046 crore in the same period last year, a YoY growth of 37%.
In reaction to better-than-expected September quarter performance, UNO Minda shares gained 8% to ₹1,318.70 apiece, further buoyed by target price upgrades from brokerages.
FSN E-Commerce Ventures, the parent company of Nykaa, climbed 6% to ₹260 apiece after the company’s Q2 profit more than tripled year-on-year, driven by steady demand in makeup and skincare segments and new global brand tie-ups.
The broader market rally also lifted Reliance Power, which ended 5% higher at ₹41 apiece. Meanwhile, CCL Products India extended its post-earnings rally, with shares gaining another 5% to ₹1,071.90 apiece.
Defence stocks also came under the bull’s radar, with names such as Hindustan Aeronautics, Garden Reach Shipbuilders, and Bharat Dynamics rallying over 4%. Other key stocks such as Zensar Technologies, Jindal Saw, Hindustan Zinc, and IIFL Finance saw gains between 2% and 4%.
(more to come)