Market Wrap: Sensex Gains 336 Pts; IT, Auto Lead as IPO Buzz Continues (November 11)

Indian equity benchmarks extended gains for a second straight session on Tuesday, with IT, auto, and select heavyweights driving the advances. Optimism fueled by global cues and hopes of an India-US trade deal lifted sentiment. Nifty 50 closed at a 10-day high, even as stock-specific action took center stage amid ongoing Q2 results and a busy IPO calendar.​

The S&P BSE Sensex rose 335.97 points (0.40%) to close at 83,871.32. The NSE Nifty 50 jumped 119.95 points (0.47%) to close at 25,694.95.​

Key Market Highlights

• Sensex: Closed at 83,871.32, up 336 points.​

• Nifty 50: Ended just below 25,700.​

• Market Sentiment: Broader indices were resilient, while the advance-decline ratio was slightly negative. Sectors like telecom (+1.5%), IT (+1%), oil & gas (+0.6%), and auto (+0.8%) led the gains. PSU banks, media, and realty indices slipped 0.3% each.​

Top Gainers and Losers

Gainers:

• InterGlobe Aviation (IndiGo) (+3.55%): Shares soared after engine supplier Pratt & Whitney assured engine replacement for 40 grounded planes.​

• Bharat Electronics (BEL) (+2.39%): Stock surged as the company secured orders worth ₹792 crore.​

• Mahindra & Mahindra (+2.22%), Adani Ports (+2.07%), HCL Technologies (+2.01%), Bajaj Auto, JSW Steel also gained over 1.5%.​

Losers:

• Bajaj Finance, Bajaj Finserv, ONGC, Tata Motors PV, Adani Enterprises, Apollo Hospitals, AU Small Finance Bank, and Voltas slid over 1-2%.​

Major Q2 Earnings and Stock Movers

A busy earnings day saw nearly 380 companies reporting results:

• Hindustan Copper: Net profit surged 83% YoY to ₹186 crore, stock rose 6%.​

• Bharat Forge: Net profit increased 23% YoY to ₹299 crore.​

• Torrent Power: Net profit jumped 50.5% YoY to ₹724 crore.​

• Bosch, Bajaj Finserv, BSE, EID Parry, Bharat Forge, RateGain, Thermax: All reported profit growth in the September quarter; ONGC and Godrej Industries saw flat or declining profits.​

• Texmaco Rail: Q2 net profit slipped 11% YoY.​

IPO Market Update

• PhysicsWallah IPO: The eagerly awaited IPO of top ed-tech firm PhysicsWallah opened today, aiming to raise ₹3,480 crore with a price band of ₹103-109 per share. It closes November 13.​

• Pine Labs IPO: The fintech unicorn’s ₹3,900 crore issue closes today. It was subscribed at a tepid rate yesterday, with updated response awaited.​

• Curis Lifesciences IPO: The ₹27.5 crore IPO, price band ₹120-128, is open through November 11.​

• Other SME listings: Several small and mid-sized companies’ IPOs wrapped up in recent days; the listing buzz is expected to continue throughout November.​

Sectoral Performance

• Outperformers: IT, Telecom, Auto, Oil & Gas.

• Laggards: PSU Bank, Media, Realty, Financial Services (-0.3% to -0.6%).​

Macro & Institutional Flows

• Foreign fund flows: Remained mixed as global investors watched the India-U.S. trade dialogue and awaited U.S. inflation data.​

• India economy: UBS upgraded India’s outlook, forecasting the country to become the world’s 3rd-largest economy by 2028, further buoying sentiment.​

FAQs

Why did the market rise today?
Gains in IT, auto, and telecom stocks, as well as optimism for a potential India-US trade deal and firm global cues, lifted benchmarks. Stock-specific gains on the back of positive Q2 earnings also supported the rally.​

What was the IPO buzz today?
PhysicsWallah’s ₹3,480 crore IPO opened for subscription, while Pine Labs' ₹3,900 crore IPO closed, along with other mainboard and SME issues.​

Which stocks and sectors saw big moves?
IndiGo, BEL, and M&M rallied strongly, while Bajaj twins, ONGC and Tata Motors PV lagged. IT, telecom, and auto sectors led the day's advance, while PSU banks and realty slipped.