Sensex, Nifty end higher in volatile trade as PSU Banks, Pharma stocks lead gains
Mumbai, Nov 9
Indian benchmark indices closed higher on Monday after a volatile and range-bound trading session, supported by strong buying in PSU bank and pharmaceutical stocks.
The 30-share Sensex gained 107.25 points, or 0.13 per cent, to settle at 81,106.65, while the Nifty advanced 58.25 points, or 0.23 per cent, to close at 25,044.65.
Commenting on Nifty technical outlook, experts said that immediate resistance remains in the 25,150-25,200 zone. A sustained breakout above this range could reinforce the bullish momentum and open the way for further upside.
"On the downside, 24,800 remains the immediate support zone. Holding above this level will be crucial to sustaining the ongoing recovery, while a decisive breakdown could invite renewed selling pressure and near-term profit-booking. Momentum indicators continue to reflect strong bullish strength, although some caution is warranted," market watchers stated.
Investor sentiment remained mixed throughout the day, with gains in select heavyweight sectors helping the benchmarks overcome intraday fluctuations. Among the Nifty constituents, State Bank of India (SBI), Trent and Nestle India emerged as the top gainers, contributing significantly to the market's positive close.
The broader market also ended in the green, reflecting improved risk appetite among investors. The Nifty MidCap 100 index rose 0.55 per cent, while the Nifty SmallCap 100 added 0.1 per cent.
On the sectoral front, the Nifty PSU Bank index outperformed the broader market, surging more than 3 per cent amid strong buying interest in state-owned lenders. Banking stocks remained in focus, with the Nifty Bank index also posting gains. The Nifty Pharma and Nifty Healthcare indices closed higher, aided by advances in healthcare-related stocks.
In contrast, information technology shares came under pressure, with the Nifty IT index emerging as the worst-performing sector of the day and limiting the overall market gains.
Experts said that market participants will now closely monitor global cues, institutional fund flows and upcoming corporate developments for further direction in the near term.
""Indian equities traded range-bound with a positive bias, as intermittent profit booking following the recent rally capped gains. Weakness in IT and metal stocks also weighed on the benchmarks," analysts stated.
"Investors are now awaiting India and US inflation data for fresh cues on the interest-rate trajectory, while crude oil prices and global risk sentiment remain key near-term monitorables," market experts mentioned.
— IANS
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