Nifty opens on a tepid note, Sensex snaps 3-day rally amid caution as IT stocks drag

Benchmark indices Nifty 50 and Sensex extended their rally to a third straight session in trade yesterday, November 12.

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26 Aug, 2025 12:21

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Domestic equity benchmarks Nifty 50 and Sensex saw some minor losses during the opening trades on November 13, as investors turned cautious following a three-day rally.

At 09:15 am, the Sensex was down 94.43 points or 0.11 percent at 84,372.08, and the Nifty was down 31.80 points or 0.12 percent at 25,844.00.

Sectoral trends were mixed in early trade, with gains in metals offset by weakness in IT and private banks. The Nifty Metal index led the pack, advancing 0.91 percent, while Nifty Media added 0.43 percent.

On the flip side, Nifty IT slipped 0.34 percent, and Nifty Private Bank fell 1.17 percent, dragging overall sentiment. The Nifty Auto, Oil & Gas, and Consumer Durables indices also saw mild declines.

Meanwhile, Nifty Bank, Energy, FMCG, Infra, Pharma, PSU Bank, and Realty traded flat with no major movement. The India VIX, a gauge of market volatility, eased nearly 3 percent to 11.75, indicating continued calmness in the broader market mood.

India's retail inflation fell to a record low of 0.25 percent in October, marking the lowest reading since the current series began in 2013. Experts were hopeful of another rate cut in the benchmark lending rate from the Reserve Bank of India in its December meeting.

According to experts, the market needs more triggers to take it to new record highs. With the outcome of the Bihar polls largely discounted by the market, there are no political triggers that can push the market significantly higher. The reverse might happen if the actual poll results turn out to be different from the exit polls.

"The important economic factors that have to be watched for is a possible India-US trade deal removing the penal tariffs and reducing the reciprocal tariffs. The decline in October retail inflation in India to 0.25% indicates the possibility of a rate cut from the MPC in December. But the monetary policy transmission turning weak has become a challenge for the RBI," said VK Vijayakumar, Chief Investment Strategist, Geojit Investments.

From a technical perspective, Nifty is comfortably trading above its 10- and 20-day exponential moving averages (DEMA), turning previous resistance zones into fresh support levels. "Holding above the gap-support range of 25,700–25,780 will continue to strengthen short-term sentiment and support the ongoing bullish phase. As long as the index sustains above the 25,700–25,650 zone, traders are expected to adopt a buy-on-dips strategy," said Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities.

On the upside, he added that immediate resistance is placed near 25,950. A convincing move beyond this level could trigger fresh buying and extend the rally further. Conversely, a break below 25,650, in wake of negative surprise in Bihar Polls outcome would signal weakness and may invite renewed caution among traders.