Domestic benchmark indices closed higher for the second consecutive session on November 11 amid weekly futures and options (F&O) expiry. During the initial hours of the session, Sensex and Nifty drifted lower; however, around mid-session, buying in heavyweights and IT and auto sector stocks lifted the market.
At close, Sensex was at 83,871.32, up 335.97 points, or 0.40 per cent from the previous close. Likewise, Nifty 50 closed at 25,694.95, up 120.60 points, or 0.47 per cent.
The rally came on the heels of Goldman Sachs’ upgrade of India to “overweight” from “neutral,” reversing its October 2024 downgrade on the back of stronger earnings momentum and supportive policies. The brokerage has set a year-end 2026 target of 29,000 for the Nifty 50. This suggests a potential 13 per cent gain from November 11’s close.
Broader market indices ended on a mixed note. Nifty Midcap 100 closed 0.50 per cent higher, while Nifty Smallcap 100 ended 0.21 per cent lower. On the other hand, Nifty 500, which represents over 92 per cent of the total free float market capitalisation of all NSE-listed stocks, closed 0.36 per cent up.
IT, Auto Leads
Among sectors, Nifty IT and Nifty Auto emerged as the top gainers, having risen 1.20 per cent and 1.07 per cent, respectively. Following them, Nifty Metal surged 0.71 per cent, Nifty Oil & Gas rose 0.59 per cent, and Nifty Energy closed 0.41 per cent higher.
Other sectors like FMCG, Chemicals, and Private Banks also closed in the green.
On the other hand, PSU Bank, Realty, Consumer Durables, Pharma, Healthcare, and Financial Services closed in the red.
Nifty Bank, which tracks the 12 most valuable and liquid banking stocks, closed 200.60 points, or 0.35 per cent higher at 58,138.15, extending gains for the second consecutive session.
Nifty 50: Top Gainers & Losers
Among the Nifty 50 constituents, Indigo gained 3.55 per cent, emerging as the top gainer. Following it, Bharat Electronics rose 2.39 per cent, Mahindra & Mahindra advanced 2.22 per cent, Adani Ports moved up 2.02 per cent, and HCL Technologies jumped 2.01 per cent.
HDFC Life Insurance, Eternal (formerly Zomato), Bajaj Auto, Sun Pharma, Bharti Airtel, Shriram Finance, Dr Reddy's Laboratories, Jio Financial Services, and Infosys were other top gainers, gaining between 1 per cent and 2 per cent each.
On the other hand, pulling the index down were Bajaj Finance and Bajaj Finserv, falling 7 per cent and 5.92 per cent, respectively. The mayhem in Bajaj twins came after Bajaj Finance cut its FY26 assets under management growth guidance to 22-23 per cent, citing weaker trends in the SME and housing segments.
ONGC, Tata Motors Passenger Vehicles, Kotak Mahindra Bank, Tata Steel, Max Healthcare, and Apollo Hospitals were other stocks closing in the red.
Stock Market Outlook
As many as 601 companies listed on the BSE will report their Q2FY26 earnings on November 12. Investors will be tracking the earnings release of major companies, including Tata Steel and Asian Paints.
Meanwhile, market participants will also be tracking any further development on the India-US trade deal. A day earlier, on November 10, US President Donald Trump told local reporters that the US is nearing a deal with India. Any further updates on this space are likely to influence the sentiment on the D-Street.
