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Stock market today: Indian stock market benchmarks staged a strong recovery on Wednesday, November 11, with both the Sensex and Nifty rising over 1%, supported by gains in index heavyweights. A decline in crude oil prices, a stronger rupee and a recovery in foreign investor inflows lifted market sentiment, triggering broad-based buying across sectors.
The BSE Sensex surged 1,145 points, or over 1.4%, to touch an intra-day high of 82,251.78. The NSE Nifty 50 also advanced 302 points, or 1.2%, to reach an intra-day high of 25,347.05.
BSE-listed companies added over ₹4.5 lakh crore in just a few minutes since opening on Wednesday, taking the total market capitalisation to ₹5,11,82,994.47 crore from ₹5,07,26,775.395 crore on November 9.
The rally extended to the broader market, although gains were relatively moderate compared with the benchmark indices. The Nifty Midcap index rose 0.6%, while the Nifty Small-cap index gained 0.7%.
Buying was widespread among Sensex constituents, with all 30 stocks trading in positive territory. IndiGo, Mahindra & Mahindra (M&M), Asian Paints, Bharti Airtel and HDFC Bank emerged as the top gainers on the index.
Dalal Street witnessed broad-based buying, led by auto, banking and financial services stocks. PSU banks and private sector lenders recorded strong gains, while consumer durables and cement stocks also advanced. It, FMCG, media and metal shares traded higher, contributing to the positive market momentum. However, pharma, healthcare and realty stocks bucked the broader trend, emerging as the key laggards amid the widespread rally.
Asian markets gain: Asian equities traded higher in early deals on Wednesday as better-than-expected earnings from CoreWeave helped ease concerns about the outlook for investments linked to artificial intelligence (AI). The positive sentiment offset some of the pressure from a Wall Street selloff in the previous session, which was triggered by hotter-than-expected US inflation data.
Japan's Nikkei 225 advanced, while South Korea's Kospi fluctuated between gains and losses. A broader gauge of Asian shares also moved higher. Nasdaq 100 futures gained in early Asian trading after the underlying index declined in the previous session.
However, Hong Kong's Hang Seng index declined 0.6%, and the Shanghai Composite fell 0.2%. Meanwhile, Euro Stoxx 50 futures rose 0.6%, indicating a positive start for European equities.
Crude Oil Decline: Brent crude futures slid to a two-month low of $89.16 per barrel on Tuesday after US officials played down the need for additional military action against Iran, easing concerns over supply disruptions. Prices were up 0.5% at $92 on Wednesday
Strong Rupee: The Indian rupee resumed its recent rally on Wednesday, drawing support from softer oil prices, while a jump in US Treasury yields after inflation rose faster than expected could be a dampener. It rose 7 paise to 93.70 against US dollar in early trade.
FII Inflows: Nifty 50 has surged by 8.6% in just six trading days of this month. This surge was triggered mainly by the aggressive FII buying of ₹53170 crores, so far, this month. The dramatic change in the market environment was triggered by positive global clues for India from the weakening of the AI trade.
“Given the new favourable environment for the Indian market, FIIs are likely to continue buying, imparting resilience to the frontline stocks in banking/financials, telecom, capital goods, select auto and pharmaceutical majors. This rally, which has more steam left, will be led again by large-caps,” said V K Vijayakumar, Chief Investment Strategist, Geojit Investments Limited.
Market experts expect the Nifty and Sensex to face resistance at higher levels after the sharp rally, with analysts recommending profit-booking on strength and fresh buying on dips. While key support levels have moved higher, the risk-reward ratio could become less favourable near immediate upside targets.
Anand James, Chief Market Strategist at Geojit Investments, said the 24,860–24,775 zone held despite Monday's decline, keeping the broader 25,400–25,700 trajectory intact. However, he raised the downside marker and moderated the near-term upside expectation.
"While the 24,860–24,775 region held through Monday’s slippages, keeping the 25,400–25,700 trajectory intact, our downside marker moves higher to 24,926; upside is moderated to 25,327 with mean-reversion down moves more likely."
Shrikant Chouhan, Head of Equity Research at Kotak Neo, said the market had bounced from support at 24,800/80,500 towards 25,100/81,500.
"The market found support around 24,800/80,500 and staged a sharp recovery, moving towards the day’s high near 25,100/81,500 ahead of a strong GIFT Nifty-led opening today near 25,300."
Chouhan expects the indices to open around 25,300/82,000, but cautioned that the 25,200–25,600/81,700–83,000 zone has historically acted as a resistance area. He recommended booking partial profits if the Nifty opens between 25,300 and 25,500 and buying on dips rather than chasing gains. The Nifty and Sensex could advance towards 25,500/82,700, although the risk-reward would become less attractive. Immediate support stands at 25,000/81,200, followed by stronger support at 24,800/80,500.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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