Sensex Surges 1,246 Points, Nifty 50 Rises 333 Points as PSU Banks Lead Market Rally

Market Update at 12:10: The Indian stock market witnessed a strong rally on Wednesday, with the benchmark indices, Sensex and Nifty 50, trading higher. Declining crude oil prices and losses in global chip stocks, which improved the outlook for domestic IT shares, supported market sentiment.

As of 12:00 PM, the Sensex surged 1,246.43 points or 1.54 per cent to 82,353.08, while the Nifty 50 gained 332.95 points or 1.33 per cent to 25,377.60.

Among the Nifty 50 constituents, InterGlobe Aviation, Mahindra & Mahindra and State Bank of India (SBI) emerged as the Top Gainers.

In the broader markets, the Nifty MidCap index advanced 0.68 per cent, while the Nifty SmallCap index gained 1.32 per cent, indicating positive momentum across market segments.

Sectorally, the Nifty PSU Bank index emerged as the top-performing sector, while the Nifty Pharma index witnessed the steepest decline.

Market Update at 09:30 AM: The Indian equity markets opened on a strong note on Wednesday, with the Nifty 50 and the Sensex witnessing significant gains. The rally was supported by declining crude oil prices and an improvement in sentiment following losses in global chip stocks, which boosted the outlook for domestic IT shares.

As of 9:23 AM, the Sensex surged 1,167.85 points or 1.44 per cent to 82,274.50, while the Nifty 50 gained 307.95 points or 1.23 per cent to trade at 25,352.60.

Among the Nifty 50 constituents, InterGlobe Aviation, Mahindra & Mahindra and State Bank of India (SBI) emerged as the top gainers.

In the broader markets, the Nifty MidCap index advanced 0.68 per cent, while the Nifty SmallCap index gained 1.32 per cent, indicating positive momentum across market segments.

Sectorally, the Nifty PSU Bank index emerged as the top-performing sector, recording the highest gains. On the other hand, the Nifty Pharma index was the biggest sectoral laggard.

Pre-Market Update at 7:40 AM: GIFT Nifty indicated a firm opening for domestic equities on November 11, 2026. At 25,326.5 as of 7:01 AM IST, GIFT Nifty was 281.85 points, or 1.13 per cent, above the previous Nifty 50 close, although it was marginally lower by 2 points in its own session.

The domestic market is set to reopen after the Diwali-Balipratipada holiday, with global risk appetite tempered by stronger-than-expected U.S. inflation data and rising Treasury yields. In the previous Indian trading session, the Nifty 50 gained 58.25 points, or 0.23 per cent, to close at 25,044.65, while the Sensex advanced 107.25 points, or 0.13 per cent, to end at 81,106.65.

U.S. inflation data has renewed concerns about the Federal Reserve maintaining a tighter monetary policy for longer. U.S. October headline CPI rose 0.4 per cent month-on-month, while core CPI increased 0.3 per cent, exceeding market forecasts. Following the inflation data, two-year U.S. Treasury yields climbed 17 basis points to 4.73 per cent. A hawkish Fed outlook and higher U.S. borrowing costs could influence global risk appetite, emerging-market flows and rate-sensitive sectors.

In a development for the domestic healthcare manufacturing sector, the Department of Pharmaceuticals has invited fresh applications under the revamped production-linked incentive (PLI) scheme for medical devices. The scheme, with an outlay of around Rs 2,700 crore, will continue through FY2035-36. It covers consumables, critical components, high-end medical devices and equipment, with the objective of strengthening domestic manufacturing capacity and reducing import dependence. Companies operating in medical devices, diagnostics and healthcare manufacturing could remain in focus.

On the domestic earnings front, several companies are scheduled to announce their September-quarter results on November 11. These include Tata Power, Hindustan Copper, Garden Reach Shipbuilders & Engineers, Mishra Dhatu Nigam, Power Mech Projects and Triveni Turbine. Their quarterly performance and management commentary could drive stock-specific activity across the power, metals, Defence, capital goods and infrastructure sectors.

Global markets remained mixed amid concerns over the U.S. inflation outlook. Wall Street ended lower in the previous session, with the Dow Jones Industrial Average declining 0.30 per cent to 52,231.89, while the S&P 500 fell 0.38 per cent to 7,520.93. The Nasdaq Composite underperformed, declining 0.74 per cent to 25,065.87.

In Asia, markets were broadly positive during early trade. Japan's Nikkei gained 0.73 per cent, Hong Kong's Hang Seng advanced 0.44 per cent, and the Shanghai Composite was up 0.08 per cent. European markets ended on a mixed note in the previous session. Germany's DAX gained 0.31 per cent, France's CAC 40 advanced 0.55 per cent, while the UK's FTSE 100 declined 0.29 per cent.

In the commodities market, Brent crude was trading at USD 91.85 per barrel as of 7:02 AM IST, down 0.17 per cent, while WTI crude declined 0.39 per cent to USD 86.68 per barrel. Crude oil movements remain important for India as a major oil importer and could influence energy, aviation and oil marketing companies.

Precious metals traded higher, with gold rising 0.23 per cent to USD 4,041.38, while silver advanced 1.24 per cent to USD 52.17. The movement in precious metals comes amid elevated global bond yields and changing investor risk appetite.

In currency and bond markets, the Dollar Index was marginally higher at 102.28, while the Indian rupee was trading around Rs 93.92 against the U.S. dollar. The U.S. 10-year Treasury yield stood at 4.99 per cent, up 9.5 basis points. Higher global bond yields could remain a key factor influencing equity valuations and overall risk appetite, particularly following the latest U.S. inflation data.

Institutional activity remained notable, with foreign institutional investors (FIIs) recording net purchases of Indian equities worth Rs 7,212.22 crore in the latest available data. Domestic institutional investors (DIIs), meanwhile, were net sellers worth Rs 7,172.53 crore. The near-balanced contrast between foreign buying and domestic selling comes as the domestic market prepares to reopen after the holiday.

In the previous trading session, the Nifty 50 closed at 25,044.65 after moving between an Intraday low of 24,838.75 and a high of 25,084.05. The Sensex ended at 81,106.65, having touched an intraday high of 81,339.41 and a low of 80,519.31. India VIX declined 5.48 per cent to 17.42, indicating easing expectations of near-term volatility. However, the market reopening after a holiday, alongside overnight global developments, could keep opening movements in focus.

Among individual stocks, IIFL Finance announced a preferential capital raise of Rs 6,414 crore, led by Blackstone. Blackstone will invest Rs 5,000 crore through compulsorily convertible preference shares at Rs 602 per share within 18 months, for an approximately 16 per cent stake on a fully diluted basis. Promoters Nirmal Jain and R Venkataraman will invest Rs 1,264 crore through warrants, while Anchorage Capital will contribute Rs 150 crore. The company expects the capital infusion to improve its pro-forma capital adequacy ratio from around 17 per cent to approximately 30 per cent and support its secured-lending growth.

Kalyan Jewellers India reported a 63.9 per cent year-on-year increase in consolidated net profit to Rs 427.1 crore for Q2 FY27. Revenue rose 31.4 per cent year-on-year to Rs 10,322.6 crore.

Cochin Shipyard reported a 50 per cent year-on-year decline in consolidated net profit to Rs 53.8 crore for Q2 FY27, despite recording an 11.7 per cent increase in revenue to Rs 1,249.2 crore.

Whirlpool of India posted a 40 per cent year-on-year decline in consolidated net profit to Rs 25.1 crore for Q2 FY27. However, revenue increased 13.7 per cent year-on-year to Rs 1,873.1 crore during the quarter.

Ashoka Buildcon received a Letter of Acceptance (LoA) from the National Highways Authority of India (NHAI) for balance work worth Rs 865.9 crore on the eight-lane Vadodara-Mumbai Expressway's Karvad-Jujuwa section in Gujarat. The project will be executed under the Engineering, Procurement and Construction (EPC) mode.

Bharat Heavy Electricals (BHEL) received relief after the Telangana Commercial Tax Department dropped the entire tax demand of Rs 207.26 crore raised against the company for FY2022-23. The development removes a significant tax-related demand against the company.

HLE Glascoat's subsidiary, Kinam Engineering Industries, secured a specialised shell-and-tube heat exchanger and process equipment order for a large-scale energy-storage project in North America. The order is valued at approximately USD 42-48 million and is scheduled for execution through November 2028.

Disclaimer: The article is for informational purposes only and not investment advice.

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