The equity benchmark indices BSE Sensex and NSE Nifty ended higher on Monday (November 9), with banking stocks leading the gains as the Nifty50 touched a nine-month high of 25,045. The rally was led by heavy buying in PSU banks, while IT and metal stocks remained under pressure.
The Sensex rose 107 points to close at 81,106, while the Nifty gained 58 points to settle at 25,045. The Nifty Bank surged 891 points to 59,741, and the Nifty Midcap index advanced 334 points to 61,023.
1. Banking stocks lead gains
PSU banks were among the biggest gainers, with the Nifty PSU Bank index rising 3%. Bank of India, Bank of Baroda, Punjab National Bank and Union Bank of India ended 4-5% higher. SBI, HDFC Bank and ICICI Bank were among the key contributors to gains in the Nifty and Nifty Bank.
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Ashish Kyal, CMT, Author, Waves Strategy Advisors, on HDFC Bank, said, “As far as HDFC Bank is concerned, if you look at the stock, many investors and traders have been stuck in the stock around ₹820 levels when it started moving down.
But given the recent rise and the sharp upward move that we saw from ₹680 back towards ₹794, there is a possibility we might have bottomed out in the stock.
My suggestion would be to hold on. We need to see the dip from here. It has to be a higher low, which is very crucial. And then we can expect the stock to move towards the level of around ₹920 on the upside. Hold on over here. The support for the stock is going to be ₹720, which is near the 20-day moving average.”
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2. Defence stocks advance
Defence stocks also advanced, with Bharat Dynamics Ltd (BDL) and Cochin Shipyard gaining 4% each. Data Patterns climbed 9% after maintaining its FY27 outlook despite a disappointing second quarter.
3. Divi’s Laboratories extends rally
Among individual stocks, Divi’s Laboratories rose another 4% to hit a lifetime high following its strong Q2 results. Reliance Industries ended flat but recovered sharply from its intraday lows and held above its 200-day moving average (DMA).
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On the losing side, IT and metal stocks largely closed lower, with Tata Steel and Infosys among the top Nifty losers. Jubilant FoodWorks declined 5% despite a healthy outlook, while Bosch fell 3% following a cautious outlook.
Market breadth remained weak, with declining stocks outnumbering advancing ones. The NSE advance-decline ratio stood at 3:4.
From the Sensex basket, Larsen & Toubro Ltd, Trent Ltd, ICICI Bank Ltd, NTPC Ltd, Hindalco Industries Ltd and Nestle India Ltd were the major gainers. HCL Technologies Ltd, UltraTech Cement Ltd, Tata Steel Ltd, Infosys Ltd, ITC Ltd and Bajaj Finance Ltd were the biggest laggards.
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