Indian benchmark indices Sensex and Nifty closed on a flattish note following a volatile, range-bound session. While PSU Banks led the gains, investors maintained caution after the recent market rally, citing global uncertainty and consolidation.

Market Overview

Indian equity benchmark indices ended on a flattish note on Monday following a range-bound session, with the Sensex and Nifty oscillating between gains and losses before settling in positive territory. The BSE Sensex closed at 81,106.65, gaining 107.25 points or 0.13 per cent from its previous close of 80,999.40. Similarly, the NSE Nifty 50 settled at 25,044.65, rising 58.25 points or 0.23 per cent against its previous close of 24,986.40. Most broad market indices ended in the green.

Sectoral Performance

Amongst the sectoral indices, Nifty PSU Bank emerged as the top gainer, surging over 3 per cent, followed by healthcare and pharma. Meanwhile, Nifty IT and cement emerged as top laggards. Consumer durables, oil and gas, and select financial segments also remained under pressure across the broader market.

Top Gainers and Losers

On BSE, SBIN, LT, Trent, HDFC Bank, ICICI Bank, NTPC, M&M, Maruti, IndiGo, Reliance among others were the top gainers. HCL Tech, Tata Steel, Infosys, ITC, Bajaj Finance, TCS, Power Grid, BEL, Sun Pharma, Adani Ports, Kotak Bank, Titan, Axis Bank among others were the top losers. Likewise, on NSE, SBIN, LT, Trent, NTPC, HDFC Bank, ICICI Bank, Dr Reddy, Maruti, Hindalco, M&M, HDFC Life, Coal India, IndiGo, Reliance, Titan among others were the top gainers. Tata Steel, HCL Tech, Infosys, Tech Mahindra, Power Grid, TCS, SBI Life, Power Grid among others were the top losers. In the commodity markets, Brent crude was trading at around USD 97.42 per barrel while crude oil was trading at around USD 90.34 per barrel, at the time of reporting.

Expert Commentary

Ajit Mishra, SVP, Research, Religare Broking, noted, "Among the key factors, investors appeared to consolidate positions after the sharp upmove of the previous week. Foreign investor participation continued to provide support, with overseas investors having infused over USD 4.1 billion into Indian equities so far in November."

"Brent crude hovered around USD 98 per barrel, while easing concerns over further escalation in West Asia offered some comfort. However, weakness in global technology stocks and uncertainty surrounding the broader geopolitical and economic outlook continued to warrant caution," he said. Mishra further noted, "After the sharp rally, some consolidation would be healthy for the market."

"The Nifty’s ability to sustain above the 24,600–24,800 zone will be important to preserve the positive bias and pave the way for a potential move towards 25,200–25,600. We recommend using any further consolidation to selectively accumulate quality stocks, with a focus on banking, pharma, auto, infrastructure and capital markets themes," he said.

Market analyst Vipin Dixena noted, "Today's consolidation is healthy after the approximately 10.5% rally over the previous seven sessions. The fundamental outlook is gradually improving, supported by easing crude prices, renewed foreign investor participation and improving corporate earnings visibility. However, the September-quarter earnings season remains important."

"Nifty is hovering around the psychologically important 25,000 mark. The immediate support zone is around 24,800–24,700, while resistance is placed around 25,100–25,200. A sustained move above 25,200 could open the possibility of further upside towards 25,400–25,500. On the downside, a decisive break below 24,700 could invite further profit booking. Given the sharp recent rally, momentum is stretched, and some consolidation would be healthy before the next directional move," he said.

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