Nifty reclaimed the 25,000 mark on Monday as market indices Sensex and Nifty recovered from intraday losses. The Sensex closed at 81,106.65, rising 107.25 points, while Nifty ended at 25,044.65. Banking stocks led the gains, with the Nifty PSU Bank index surging almost 4% as crude oil prices fell for investors.
Synopsis
On Monday, market indices Sensex and Nifty showed a recovery following heavy intraday losses. Investors reacted positively to gains in banking stocks driven by foreign purchases and falling crude oil prices. The Sensex closed at 81,106.65, rising 107.25 points, while the Nifty ended at 25,044.65 after gaining 58.25 points. Additionally, the Nifty PSU Bank index surged almost 4%, making it the top-performing sectoral index.
Mumbai: Benchmark indices Sensex and Nifty staged a recovery from sharp intraday losses on Monday as index heavyweight banking stocks, hitherto laggards amid persistent outflows by overseas funds, benefited from recent foreign portfolio purchases that coincide with a decline in crude oil prices.
The Sensex climbed nearly 600 points from its day's low, while the Nifty regained the psychologically important 25,000 mark, helping investors look past profit-taking in select sectors. The Sensex rose 107.25 points, or 0.13%, to close at 81,106.65, while the Nifty gained 58.25 points, or 0.23%, to settle at 25,044.65.
BSE and NSE will remain closed on Tuesday, November 10, for Diwali Balipratipada, following Sunday's Muhurat trading.
"This is profit-taking, not a reversal. The Nifty rose about 12.6% from its October 8 low to 25,030 on November 6, so a pause was overdue," said Gaurav Garg, head of research at Lemonn. Buying was concentrated in banking stocks, with the Nifty PSU Bank index surging nearly 4% to emerge as the best-performing sectoral index. Nifty Bank and Nifty Pharma were among the other major gainers, rising around 1.5% each. On the other hand, IT, metals and FMCG were the only sectoral indices to end lower.
Garg said the rally had two key drivers - brent crude's nearly 16% weekly decline from around $118 to $98 a barrel and expectations of relief on long-term capital gains tax. While lower oil prices provide tangible support, tax relief remains speculative. Garg expects markets to consolidate until the February Budget. With the Nifty trading at around 20.6 times trailing earnings, against its 10-year median of 23 times, valuations offer some comfort.
Live Events
He recommended investors to stagger fresh investments over three or four instalments rather than chase the recovery, while continuing their SIPs.
The Nifty IT index declined more than 1%, with all constituents except Persistent Systems and Wipro ending down. Metal and FMCG stocks faced modest selling pressure. Broader markets largely participated in the recovery. The Nifty Midcap 150 Index rose 0.3%, while Nifty Smallcap 250 was the only major broader index to end lower, declining 0.1%. India VIX, the market's volatility gauge, fell 5.5% to 17.42, indicating some easing in near-term uncertainty.
The Nifty's ability to hold above 25,000 and trade above its 200-day EMA suggests the broader trend remains positive, said Sudeep Shah, head of technical and Derivatives Research at SBI Securities.
(You can now subscribe to our ETMarkets WhatsApp channel)
(What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)
Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today.
Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price
...moreless
(You can now subscribe to our ETMarkets WhatsApp channel)
(What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)
Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today.
Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price
...moreless
Business of Odd Things: The farm that needs no land, freshwater, or fertiliser
KYC and KYB: Inside Pidilite, the company that turned Fevicol into a word for a strong bond – Part 1 of 3
Seoul halts trading, Nifty has its best week since 2021: Money leaving the AI trade – will it land in India?
Junk bonds are cracking at the bottom. Will the noise get loud enough to make ‘junk bond’ a household term again?
PNG connections rise half a million, but how many use piped gas for cooking?
Some elections matter more than you know: No crop changed in the fields, yet sugar, coffee and soya got cheaper in a day
Find this comment offensive?
Choose your reason below and click on the Report button. This will alert our moderators to take action
Name
Reason for reporting:
Foul languageSlanderousInciting hatred against a certain communityOthers
Your Reason has been Reported to the admin.
Continue reading with one of these options:
Limited Access
Free
Login to get access to some exclusive stories
& personalised newsletters
Login Now
Unlimited Access
Starting @ Rs120/month
Get access to exclusive stories, expert opinions &
in-depth stock reports
Subscribe Now
ET
Unlock Access to All Exclusives with ETPrime FREE TRIAL
15 Days Free: Unlock All ETPrime Exclusives, Market Tools & ePapers
Trial offer expiring in00 : 05 : 00
Uh-oh! This is an exclusive story available for selected readers only.
Worry not. You’re just a step away.
Unlock ETPrime's Exclusive Stories Today!
Subscribe to gain powerful insights on business, stock market and industry trends.
Big Price Drop! Flat 40% Off
Student Only Offer
Already a Member? Sign In now
Already a Member? Sign In now
Already a Member? Sign In now
Offer Exclusively For You
Save up to Rs. 700/-
ON ET PRIME MEMBERSHIP
Avail Offer
Offer Exclusively For You
Get 1 Year Free
With 1 and 2-Year ET prime membership
Avail Offer
Offer Exclusively For You
Get 1 Year Free
With 1 and 2-Year ET prime membership
Avail Offer
Offer Exclusively For You
Get Flat 40% Off
Then ₹ 1749 for 1 year
Avail Offer
Offer Exclusively For You
ET Prime at ₹ 49 for 1 month
Then ₹ 1749 for 1 year
Avail Offer
Special Offer
Get flat 40% off on ETPrime
Avail Offer
Avail Offer
Claim Now
Already a Member? Sign In now
Need Assistance?
Connect with an ETPrime expert for personalized support and guidance
What’s Included with
ETPrime Membership
1Exclusive Insights That Matter
Uncover the truth with our investigative stories
Make strategic moves using the real-world case studies
Read industry-specific stories to identify emerging trends
Spot opportunities with in-depth insights that matter
Trump temper on H-1B visas is forcing Indians to do these things to stay put in US
What Adani’s US indictment means for India Inc’s overseas fundraising
Why veterans like Reliance, L&T are on acquisition spree? Aswath Damodaran has an answer.
Will China’s dollar bond sale in Saudi Arabia trump the US in financial world?
Huawei launches its own OS to compete with Google and Apple. But can it win beyond China?
The problem with lab grown diamonds
Why a falling rupee is a better option for the economy
A list of top 20 momentum stocks that have delivered massive returns in one year
2Invest Wisely With Smart Market Tools & Investment Ideas
Get daily trade ideas from SEBI-registered research analysts.
Grow your wealth with stock ideas & sectoral trends.
All-in-one stock research with Stock Score, peer comparison & key signals.
Get to know where the market bulls are investing to identify the right stocks.
Check the score based on the company's fundamentals, solvency, growth, risk & ownership to decide the right stocks.
Analyze the market sentiments & identify the trend reversal for strategic decisions.
Ask your stock queries & get assured replies by ET appointed, SEBI registered experts.
3Stay informed anytime, anywhere with ET ePaper
ePaper - Print View
Read the PDF version of ET newspaper. Download & access it offline anytime.
ePaper - Digital View
Read your daily newspaper in Digital View & get it delivered to your inbox everyday.
Wealth Edition
Manage your money efficiently with this weekly money management guide.
4Times Of India Subscription (1 Year)
TOI ePaper
Read the PDF version of TOI newspaper. Download & access it offline anytime.
Deep Explainers
Explore the In-depth explanation of complex topics for everyday life decisions.
Health+ Stories
Get fitter with daily health insights committed to your well-being.
Personal Finance+ Stories
Manage your wealth better with in-depth insights & updates on finance.
5Enjoy Complimentary Subscriptions From Top Brands
Docubay Subscription
Stream new documentaries from all across the world every day.