Rebound in metal, banking and broader indices helped the market to recover from the day's low to end with little change in the volatile session on November 7.
Tracking weak global cues, the market opened lower and extended the losses as the day progress, dragging Nifty to the day's low at 25,318.45, however, a sharp recovery in the mid-to-latter part of the session, led by metal, auto, banking names helped to end near day's high.
At close, the Sensex was down 94.73 points or 0.11 percent at 83,216.28, and the Nifty was down 17.40 points or 0.07 percent at 25,492.30.
Broader indices recovered nearly 1.5 percent from day's low with BSE midcap index rising 0.2 percent and smallcap index ending on a flat note.
For the week, BSE Sensex and Nifty shed nearly 1 percent each.
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Among sectors, metal index added 1.4%, while IT, Consumer Durables, FMCG, telecom shed 0.5% each.
Shriram Finance, Adani Enterprises, Tata Steel, Bajaj Finance, M&M were among major gainers on the Nifty, while losers were Bharti Airtel, Tata Consumer, Apollo Hospitals, Tech Mahindra and Interglobe Aviation.
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In stock-specific action, GMM Pfaudler shares fell 4% despite Q2 consolidated profit increases 172%, Lupin shares gained after Q2 profit jumps 73%, ABB India share price shed 4% as profit declines in Q3CY25, Hexaware Technologies share price slipped 4% on weak Q3 numbers, Bharti Airtel shares slipped 4% post block deal of 5.1 crore shares, Amber Enterprises India share price shed 7% on posting losses in Q2, Radico Khaitan shares gained nearly 4% on product launch and expansion plans, Venkys share price slipped 8 percent on posting losses on Q2.
Nearly 100 stocks touched their 52-week high on the BSE, including L&T Finance,Shriram Finance, Bank of India, UPL, SBI Life, Canara Bank, CCL Products, Chennai Petroleum Corporation, Paytm, AU Small Finance Bank, Aditya Birla Capital, Cummins, among others. Click to View More
New Listing
Studds Accessories shares listed with 3.4 percent discount to its initial public offering (IPO) price at Rs 565 per share on the NSE, against the price band of Rs 557-585 per share. The shares of helmets manufacturer ended at Rs 558.40, down 4.5 percent.
Outlook for November 10
Ajit Mishra – SVP, Research, Religare Broking
Markets traded volatile on Friday and ended nearly flat, offering a much-needed breather after the recent decline. After a soft start, the Nifty index witnessed a gradual recovery through the session and eventually settled at 25,492.30 mark. On the sectoral front, metals, banking, and financials rebounded strongly, while IT and FMCG remained subdued. The broader market showed a mixed trend, with the midcap index gaining over half a percent while the smallcap index closed marginally lower.
The recent phase reflects a cautious stance among participants amid persistent global headwinds and the absence of any major domestic triggers. Sectoral pressure was further accentuated by a few soft earnings, which also led to profit-taking in some of the recently outperforming sectors.
Technically, the Nifty managed to hold its trendline support on the daily chart after retracing nearly half of the previous rally. Stability above the 25,600 level could help rebuild trader confidence and pave the way for a move towards the 25,800–26,000 zone. On the downside, 25,300 will continue to act as key support in case of any further dip.
Meanwhile, we maintain our view to focus on sectors and themes showing consistent strength and use corrections to gradually accumulate quality names. Additionally, holding a few short positions in weaker stocks as a hedge against long trades remains a prudent strategy.
Abhinav Tiwari, Research Analyst at Bonanza
Today, the Indian stock market ended largely flat after a volatile session, with the Sensex closing marginally lower by around 95 points and the Nifty hovering just below the 25,500 level. The flat closing was mainly due to mixed investor sentiment amid ongoing FII selling, coupled with cautious DII support that limited the downside.
Weak global cues, especially from softened technology and AI stocks in US markets, also contributed to subdued trading activity. Additionally, profit booking pressure persisted, particularly in sectors like financials and real estate, while metals outperformed and provided some stability to the benchmarks.
Among sectoral trends, metals outperformed and were one of the few bright spots on the day, benefiting from stable global commodity prices and easing supply concerns. However, financials, real estate, and media stocks faced broad-based selling pressure, dragging the indices lower. Specific corporate results also influenced stock prices with Lumax Industries reporting a 25.8% YoY net profit increase but the share price falling due to negative operating leverage. SEBI’s announcement about plans to review short-selling and stock lending/borrowing mechanism added to market caution. The market also reacted nervously to easing crude oil prices near $63.5 per barrel, which somewhat tempered inflation worries but kept the energy sector subdued.
Going forward, we are expected to remain cautious, focusing on key upcoming US economic data, especially ISM PMI reports, which will influence global risk sentiment and fund flows into India. Domestic factors such as RBI’s policy stance and Q2 earnings from major corporates will also guide market direction.
Vikram Kasat, Head - Advisory, PL Capital
Equity benchmarks ended a volatile session on a muted note on November 7, recovering sharply from early losses. The Sensex slipped 95 points to close at 83,216, while the Nifty settled 17 points lower at 25,492. Markets saw strong intra-day recovery driven by buying in financial and metal stocks, even as FMCG, consumer durables, and telecom names weighed on sentiment.
Among sectors, the metal index gained 1.4%, while IT and FMCG shed about 0.5% each. Broader markets outperformed, with the Nifty Midcap index rising 2% from its day’s low. Shriram Finance, Adani Enterprises, Tata Steel, Bajaj Finance, and M&M were among the top gainers, whereas Bharti Airtel, Tata Consumer, Apollo Hospitals, and Tech Mahindra declined.
The rupee ended almost unchanged at 88.66 against the US dollar.
Going into next week, investors will focus on quarterly earnings from key financials, global market cues, and foreign fund inflows, which will likely dictate short-term momentum and sector rotation trends.
Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decision.
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