Sensex gained 0.7% and Nifty 50 advanced 0.5% during the week. Nifty PSU Bank emerged as the biggest gainer, climbing 7.5%, while Nifty IT fell 3.2%. Investors now look toward Nvidia earnings on November 17 and FII buying trends. These factors will likely shape market movement in the coming sessions.

Sensex gained 0.7% during the week, while Nifty 50 advanced 0.5%. Nifty Bank outperformed, rising 3.3%. Nifty Midcap150 and Nifty Smallcap250 also posted healthy gains of 1.8% and 3.2%, respectively.

Sectorally, Nifty PSU Bank emerged as the biggest gainer, climbing 7.5%. Nifty Realty index rose 2.7%, followed by Nifty Chemicals, which gained 2.6%. Nifty Pharma index advanced 2%, while Nifty Defence and Nifty Healthcare added 1.8% each.

On the losing side, Nifty IT declined 3.2%, making it the worst-performing sectoral index. Nifty Cement fell 2.1%, while Nifty Commodities slipped 1%. Nifty CPSE and Nifty Metal also ended lower.

Among Nifty 50 constituents, SBI was the top gainer, rising 6%. HDFC Life gained 4.8%, while BSE advanced 3.6%. Trent and Bajaj Finance added 2.8% and 2.7%, respectively.

Grasim Industries was the biggest laggard, falling 6%. HCL Technologies declined 4.3%, while Tech Mahindra, TCS and Infosys dropped 3.7%, 3.6% and 3.4%, respectively.

In the broader NSE 500 universe, Kalyan Jewellers surged 18%, followed by Godrej Industries, which gained 17%. Finolex Cables and Aegis Vopak Terminals advanced 16% each, while PB Fintech, the parent of Policybazaar and Paisabazaar, gained 14.3% amid hopes that the insurance regulator IRDAI may modify its draft distribution paper.

Page Industries was the biggest loser in the NSE 500 pack, declining 13%. NHPC fell 7.6%, while Concord Biotech dropped 6%. Grasim Industries and Balkrishna Industries declined 6% and 5.8%, respectively, during the week.

What are the key triggers for the market next week?

FII buying and domestic institutional flows

Foreign institutional investors (FIIs) have returned to Indian equities, providing support to the market after a prolonged period of selling. They have cumulatively bought equities worth around Rs 79,300 crore in November so far. The sustainability of these inflows is an important factor to watch in the coming sessions.

The available daily flow data show that FIIs were net buyers on November 9, 11, 12 and 13, purchasing equities worth Rs 7,212 crore, Rs 12,563 crore, Rs 7,830 crore and Rs 5,736 crore, respectively. This adds up to Rs 33,341 crore over the four sessions. Domestic institutional investors (DIIs), meanwhile, were net sellers on these dates, with combined outflows of Rs 24,190 crore.

Nvidia earnings and the AI trade

Investors will closely track the earnings of US chipmaking giant Nvidia, scheduled for November 17. The results and management commentary could offer fresh insights into demand for AI chips, data centre investments and the sustainability of spending on AI infrastructure.

The earnings will also be important for Indian companies linked to the data centre and AI infrastructure ecosystem. Stocks such as E2E Networks and ESDS Software Solution could remain on investors' radar following Nvidia's commentary.

Meanwhile, HFCL and Sterlite Technologies have seen some correction amid concerns around the reversal of the AI trade. Valuations across the AI ecosystem will also remain under scrutiny.

Inflation and RBI rate outlook

India's retail inflation print has moved above the RBI's 4-6% range, bringing the inflation trajectory back into focus. Investors will look for further clarity on price pressures, particularly the impact of crude oil prices and their implications for the domestic economy.

The November 16 release of wholesale price inflation (WPI) data will be another important domestic indicator. The numbers could influence expectations around the RBI's future monetary policy decisions.

US-India trade deal

Any announcement or progress on a possible US-India trade deal will be closely watched. Developments on this front could influence sentiment towards export-oriented sectors and broader foreign investment flows.

Crude oil, rupee and dollar index

Crude oil prices and currency movements will remain key macroeconomic indicators. A renewed rise in oil prices could increase India's import bill and add to inflationary pressures.

The rupee again traded above the 94-per-dollar mark after recently dipping briefly below 93.50. Further strength in the dollar index could put additional pressure on the domestic currency. Investors will also track the RBI's weekly foreign exchange reserve data, scheduled for November 20.

Key events to watch next week

On November 16, as mentioned above, investors will track India's Wholesale Price Index (WPI) inflation data. November 17 will bring Nvidia's earnings and US retail sales figures, followed by the US Federal Reserve's FOMC minutes on November 18. US weekly jobless claims are due on November 19, while the RBI will release its weekly foreign exchange reserve data on November 20.

Paytm completes five years as a listed company

Shares of One97 Communications, the parent company of Paytm, will complete five years of trading on November 18. The stock made its market debut in November 2021 at a discount to its IPO issue price of Rs 2,150. Investors will watch whether the fintech company's shares can eventually move above the issue price, which has remained an important reference point for the stock since its listing.