Nifty slips below 25,000 as IT, power stocks drag; banks, pharma hold firm

SENSEX 80,825.58

 -173.82

NIFTY 24,937.20

 -49.20

CRUDEOIL 8,573.00

+ 19.00

GOLD 143,874.00

+ 1,322.00

SILVER 188,440.00

+ 3,340.00

SENSEX 80,825.58

 -173.82

NIFTY 24,937.20

 -49.20

NIFTY 24,937.20

 -49.20

CRUDEOIL 8,573.00

+ 19.00

CRUDEOIL 8,573.00

+ 19.00

GOLD 143,874.00

+ 1,322.00

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SBI led Nifty50 gains, up 1.82% to ₹1,034.45 from ₹1,016, on 49.10 lakh shares worth ₹506.18 crore

By Anupama Ghosh

Updated - November 09, 2026 at 09:51 AM.

Markets opened on a cautious note Monday morning, with the benchmark Nifty 50 declining 30.40 points, or 0.12 per cent, to trade at 24,956 as of 9.29 am, after closing at 24,986.40 on Sunday's Muhurat trading session. The Sensex, which had closed at 80,999.40, opened at 81,327.29 but quickly retreated to 80,938.76, down 60.64 points or 0.07 per cent, as profit-booking emerged following a sharp rally last week.

State Bank of India led gains among Nifty50 constituents, rising 1.82 per cent to ₹1,034.45 from its previous close of ₹1,016, on volumes of 49.10 lakh shares worth ₹506.18 crore. Apollo Hospitals advanced 1.09 per cent to ₹8,521.50 against a previous close of ₹8,430, while Dr. Reddy's Laboratories gained 1.07 per cent to ₹1,384.70 from ₹1,370. ICICI Bank rose 0.99 per cent to ₹1,580.50 from ₹1,565, clocking volumes worth ₹733.35 crore, among the heaviest traded on the index. HDFC Bank added 0.91 per cent to ₹791.20 from ₹784.10, with over 154 lakh shares changing hands worth ₹1,226.12 crore.

On the losing side, HCL Technologies fell the most, dropping 1.50 per cent to ₹1,420.40 from its previous close of ₹1,442. Power Grid Corporation declined 1.24 per cent to ₹258.10 from ₹261.35, while Bharti Airtel shed 1.21 per cent to ₹2,060.20 from ₹2,085.50 on volumes worth ₹150 crore. Hindalco Industries slipped 1.01 per cent to ₹943.40 from ₹953, and Nestle India fell 0.93 per cent to ₹1,261.60 from ₹1,273.50.

The morning's mixed picture follows a week in which the Nifty surged 8.5 per cent and the Bank Nifty climbed 7.5 per cent. Shrikant Chouhan, Head of Equity Research at Kotak Neo, noted that both indices have crossed critical swing levels. "Sustaining above these levels could gradually open the upside towards the next major hurdles at 26,000–26,350 for the Nifty and 85,000–85,900 for the Bank Nifty," he said, adding that "periodic corrections or pullbacks towards key retracement levels and major moving-average supports would be healthy and could provide fresh entry opportunities."

Foreign institutional investors have been a key driver of the recent rally, with FIIs pumping ₹13,749.82 crore into Indian equities on November 6. Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Investments, attributed the sustained buying to a confluence of factors. "FII allocations track index weights during major market shifts," he said, pointing to fair valuations, declining crude prices and improving corporate earnings as among the triggers. "The Democrat's victory in the US elections...caused fears of deceleration in AI spending and sharp correction in AI stocks," he noted, which redirected flows toward emerging markets including India.

Bank Nifty, currently at 58,850.65, broke above its previous major high of 58,706 set in June 2026. Sachin Gupta, VP of Technical Research at Choice Equity Broking, flagged that "sustained strength above the upper end likely to support further upside," with the immediate range pegged at 58,500–59,500. ICICI Bank, which had surged 4.75 per cent in Friday's session, continued to anchor private banking gains.

On the global front, US markets provided a mixed cue, with the Nasdaq gaining 1.09 per cent and the S&P 500 rising 0.31 per cent on Friday, while the Dow Jones slipped 0.46 per cent. Asian markets were also split, with Japan's Nikkei 225 up over 1 per cent and South Korea's KOSPI lower by more than 0.50 per cent.

Crude oil at around $90 per barrel and diplomatic signals from US President Donald Trump indicating military strikes on Iran as "highly unlikely" if negotiations progress have provided some comfort to energy-sensitive sectors. Ponmudi R, CEO of Enrich Money, cautioned that "Thursday's CPI data...could provide the next significant directional cue for domestic equities," even as a firming rupee and stable crude continue to support sentiment.

Pabitro Mukherjee, Deputy Vice President of Research at Bajaj Broking, highlighted the speed of the market's recovery. The Nifty has "completely retraced its 9 weeks decline from 24,774 to 22,179 in just 5 weeks," he said, adding that "a faster retracement of the previous major decline in almost half the time interval signals strength." He pegged the next upside targets at 25,400 and 25,800, with immediate support at 24,700.

Published on November 9, 2026

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