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Taking Stock: Sensex, Nifty eke out gains on late buying, metal, financials shine

Economists are expecting retail inflation to come down, which is making investors comfortable. Moreover, continuous mutual fund flows and festivities around Diwali also led to some buying in the market.

November 10, 2023 / 16:59 IST
BSE flagship Sensex added 72.48 points or 0.11 percent to 64,904.68. Broader NSE Nifty 50 advanced 30.05 points or 0.15 percent to 19,425.35.
     
     
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    After trading lower for most of the session, the benchmark indices managed to eke out some gains on November 10, thanks to buying in banking, financials and oil & gas stocks. Broader market indices outperformed their headline peers.

    Economists are expecting retail inflation to come down, which is making investors comfortable. Moreover, continuous mutual fund flows and festivities around Diwali also led to some buying in the market.

    The 30-pack BSE flagship Sensex added 72.48 points or 0.11 percent to close at 64,904.68. The broader Nifty advanced 30.05 points or 0.15 percent to 19,425.35.

    "Selective buying helped markets end marginally higher despite other Asian and European counterparts struggling on the back of selling pressure," said Prashanth Tapse, Senior VP (Research), Mehta Equities.

    "Foreign fund outflows from the domestic market have been of concern. Also, the volatile US treasury yields have been prompting overseas investors to exit emerging markets over the past few months."

    Stocks and sectors

    The Nifty Midcap 100 rose 0.48 percent, while the Nifty Smallcap 100 climbed 0.47 percent. The broadest index on NSE, NSE 500, added 0.22 percent.

    Nifty Metal was the biggest gainer of the day, up 0.70 percent, followed by Nifty Oil & Gas, Nifty Financial Services and Nifty Bank. Nifty Media was the biggest loser, down over a percent followed by Nifty Auto.

    IndexPricesChangeChange%
    Sensex82,500.82328.72 +0.40%
    Nifty 5025,285.35103.55 +0.41%
    Nifty Bank56,609.75417.70 +0.74%
    Nifty 50 25,285.35 103.55 (0.41%)
    Fri, Oct 10, 2025
    Biggest GainerPricesChangeChange%
    Cipla1,561.8048.70 +3.22%
    Biggest LoserPricesChangeChange%
    Tata Steel173.86-2.56 -1.45%
    Best SectorPricesChangeChange%
    Nifty PSU Bank7695.80126.50 +1.67%
    Worst SectorPricesChangeChange%
    Nifty Metal10261.55-94.65 -0.91%

    NTPC gained the most among Nifty stocks, rising nearly 2 percent. ONGC, Tata Consumer, Tech Mahindra and UltraTech Cement were the other gainers. They added over a percent each.

    Hero MotoCorp was the top loser, down over 2 percent. M&M, HCL Tech, Titan and Hindalco Industries were the other losers in the pack.

    Outlook for November 12

    Nagaraj Shetti, Technical Research Analyst, HDFC Securities

    A small positive candle was formed on the daily chart with a minor upper shadow, which signals an upside bounce amid range movement. The Nifty is placed within a high-low range of 19,450-19,350. Having moved above the lower range in the latter part of the day, there is a higher probability of an upside breakout of the range in the short term.

    The Nifty, as per the weekly chart, formed a small positive candle, placed at the hurdle of 19450-19500 levels as per the concept of change in polarity. A decisive breakout above 19,500 can renew buying enthusiasm towards 19,800 and higher in the near term. Any weakness from here shall find support around 19,250-19,300.

    Vinod Nair, Head of Research, Geojit Financial Services

    The benchmark index is taking cues from the global market, as the US central bank is not confident that headline inflation is under control and bond yields are mounting higher. Despite these concerns, the market has displayed strong resistance, anticipating that India's October inflation will be manageable and upside revision is expected for Q1FY24 GDP growth.

    Ajit Mishra, SVP - Technical Research, Religare Broking

    We are seeing rotational buying across heavyweights, which is helping the index to hold strong amid consolidation. Markets are now awaiting fresh triggers and they could probably be from the global markets. Traders should stay focused on stock selection and maintain a positive bias until the Nifty breaks 19,200.

    Shubham Raj
    Shubham Raj has six years of experience covering capital markets. He primarily writes on stocks with special focus on F&O and PMS-AIF industry.
    first published: Nov 10, 2023 03:45 pm

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