Thursday, 12 November 2026. The Nifty 50 rose 44.30 points (0.18%) to 25,299.35, its third gain in a row, with Bajaj Finance rising on the day of its ₹11,700 crore share sale and insurers and state-owned banks higher, while carmakers fell 1.02%. The Sensex added just 31.61 points. After the bell, the statistics ministry reported October retail inflation of 6.09%, the first reading above the RBI's 6% ceiling in two years, so Friday is the first session to trade on it. The overnight picture is in this morning's pre-market report.
| Index | Close | Change |
|---|---|---|
| Nifty 50 | 25,299.35 | +44.30 pts (+0.18%) |
| Sensex | 81,911.01 | +31.61 pts (+0.04%) |
| Bank Nifty | 61,518.50 | +726.10 pts (+1.19%) |
| Nifty Midcap 100 | 62,039.00 | +519.90 pts (+0.85%) |
| Nifty Smallcap 100 | 19,706.75 | +217.40 pts (+1.12%) |
| India VIX | 16.62 | −0.94 (−5.35%) |
The broader market did better than the headline index. Advancing shares beat declining ones by 2,377 to 1,878 on the NSE, with 195 unchanged, HDFC Sky reported.
Bajaj Finance sells shares and still closes 3.36% higher
Bajaj Finance launched a qualified institutional placement of up to ₹11,700 crore on Thursday. DSIJ reported an indicative issue price of ₹1,025 a share, against a SEBI floor price of ₹992.25 and Wednesday's close of ₹1,078.80, with dilution of up to 1.8% and the money earmarked for repaying debt and general corporate purposes. That follows ₹5,800 crore of warrants allotted to the promoter, Bajaj Finserv, on 10 November. The stock closed at ₹1,115, up 3.36%, well above the indicative price, and Bajaj Finserv rose 2.28% to ₹1,887.10.
The rest of finance moved with it. HDFC Life gained 4.23% to ₹597.80, the biggest rise in the Nifty 50, and SBI Life 2.97% to ₹1,819.50. Shriram Finance added 3.58% to ₹1,003.80. SBI rose 2.38% to ₹1,086.50, close to its day's high of ₹1,089, and the PSU Bank index gained 1.51%. Bank Nifty's 1.19% rise to 61,518.50 was its third in a row, and the Financial Services index added 1.42%.
M&M never got back to Wednesday's auction price
Mahindra & Mahindra fell 1.90% to ₹3,399, the third-largest drop in the index. On Wednesday it had closed 5.30% higher at ₹3,465, a price set in the closing auction after its last continuous trade was well below it, as yesterday's report described. On Thursday it did not trade at that price at any point: the day's high was ₹3,429.90.
The other carmakers fell too. The Nifty Auto index dropped 1.02% to 28,231, a day after rising 2.14%. Maruti Suzuki fell 1.22% to ₹13,024, Bajaj Auto 0.86% to ₹10,945, Tata Motors Passenger Vehicles 0.67% to ₹297.25 and Eicher Motors 0.57% to ₹7,549. HDFC Sky described the selling in heavyweights as profit-taking after the November run, in which the Nifty has risen 2,246.25 points (9.74%) from its 30 October close of 23,053.10.
Property developers up 4.51% as a group
The Nifty Realty index rose 40.30 points (4.51%) to 934.25, the strongest of the sector indices. Phoenix Mills gained 5.57% to ₹2,292, Godrej Properties 4.50% to ₹1,879.50, Lodha Developers 4.38% to ₹1,226 and DLF 3.59% to ₹769.30.
| Nifty index | Close | Change |
|---|---|---|
| Realty | 934.25 | +4.51% |
| Media | 1,761.25 | +2.46% |
| PSU Bank | 9,305.95 | +1.51% |
| Financial Services | 28,057.15 | +1.42% |
| Metal | 12,772.60 | −0.11% |
| Pharma | 28,675.75 | −0.35% |
| IT | 32,163.55 | −0.41% |
| Energy | 37,389.10 | −0.42% |
| FMCG | 46,838.50 | −0.74% |
| Auto | 28,231.00 | −1.02% |
Staples and utilities at the bottom of the Nifty
| Nifty 50 stock | Close | Change |
|---|---|---|
| HDFC Life | ₹597.80 | +4.23% |
| Shriram Finance | ₹1,003.80 | +3.58% |
| Bajaj Finance | ₹1,115.00 | +3.36% |
| SBI Life | ₹1,819.50 | +2.97% |
| SBI | ₹1,086.50 | +2.38% |
| Bajaj Finserv | ₹1,887.10 | +2.28% |
| Trent | ₹3,180.00 | −1.32% |
| Grasim | ₹3,114.90 | −1.32% |
| Power Grid | ₹259.45 | −1.63% |
| Mahindra & Mahindra | ₹3,399.00 | −1.90% |
| Nestle India | ₹1,260.90 | −2.10% |
| Hindustan Unilever | ₹1,974.00 | −2.39% |
Hindustan Unilever's 2.39% fall to ₹1,974 and Nestle India's 2.10% fall to ₹1,260.90 took the FMCG index down 0.74%. Power Grid lost 1.63% to ₹259.45. None of the market reports I read gave a company-specific reason for the moves in the insurers, the property developers, or these three.
October inflation: 6.09%, food 8.94%
The Ministry of Statistics and Programme Implementation released October's consumer price index after the close. Headline inflation rose to 6.09% from 5.54% in September, a rise of 0.55 percentage points, and food inflation to 8.94% from 7.74%, Upstox and Business Today reported. Onion prices were 116.22% higher than a year earlier, against 108.13% in September.
The RBI's target is 4%, with a band of 2% either side, so 6% is the upper limit; October is the first month above it in two years. The RBI raised the repo rate by 25 basis points to 5.50% on 7 October, and its next policy decision is due on 4 December. How the retail index differs from wholesale inflation, and why the two have been so far apart this year, is covered in WPI vs CPI.
Oil lower, rupee weaker, Treasury yields high
Brent crude fell more than 1% to about $91.80 a barrel in early Thursday trade, HDFC Sky and DSIJ reported, on hopes of progress in Middle East and Russia-Ukraine talks. Against that, the US 10-year Treasury yield sat near 4.99%, which HDFC Sky said weighed on emerging-market assets and capped the day's gains. The rupee closed 34 paise weaker at 94.03 to the dollar, from 93.69, according to HDFC Sky.
A 241-point range, with both extremes before 10:15
The Nifty opened 41.55 points down at 25,213.50 and made its low of 25,142.95 in the first quarter-hour, 112.10 points below Wednesday's close. It then turned and reached its high of 25,384.80 in the 10:00 to 10:15 AM quarter-hour, 129.75 points up, a range of 241.85 points. From there it slid to 25,210.00 in the 12:15 to 12:30 PM quarter-hour and spent the afternoon between the two. At 3:15 PM it stood at 25,275.25; the closing auction added 24.10 more points. The Sensex ranged from 81,576.15 to 82,325.61. India VIX fell 5.35% to 16.62.
Page Industries falls 12.91% on its results
Outside the Nifty, Page Industries dropped 12.91% to ₹31,850 after its September-quarter results, HDFC Sky reported. Tata Power, trading for the first time after Wednesday evening's results, slipped 0.83% to ₹357.
Thursday's flows are not out yet
Provisional FII and DII figures for Thursday were not on 5paisa when I checked at 6:30 PM, and NSE's page timed out. On Wednesday, foreign institutions bought a net ₹12,563.30 crore in the cash market and domestic institutions sold a net ₹8,434.50 crore (how to read these figures). HDFC Sky and DSIJ put foreign portfolio buying for November so far at $6.43 billion, the most in a month since September 2024. Thursday's numbers will be in Friday's pre-market report.
Friday and next week
- Friday, 13 November: the first session after the October CPI figure. I could not find a results calendar for Friday from a source I could check, so none is listed here.
- Expiry: the next weekly Nifty expiry is Tuesday, 17 November. NSE is shut on Tuesday, 24 November, so the November monthly expiry is on Monday, 23 November.
- RBI: the next monetary policy decision is on Friday, 4 December.
Before Friday's open I will be looking at Thursday's provisional flows, where Brent and the US 10-year yield are overnight, and any further detail in the CPI release.
Sources
- Index, sector and stock closes, intraday highs and lows, 15-minute candles: Zerodha Kite market data (NSE and BSE)
- Breadth, Brent, US yield, rupee, profit-taking, Page Industries: HDFC Sky
- Bajaj Finance QIP terms, Brent, November FPI total, sector percentages cross-check: DSIJ
- October CPI: MoSPI release as reported by Upstox and Business Today, which also gives the 4 December policy date; RBI's 7 October decision: RBI policy statement
- Flows for 11 November: NSE provisional data via 5paisa; holidays and expiry: NSE holiday list
This note summarises public news and data for information only. It is not investment advice or a recommendation to buy or sell any security, and I don't publish levels, targets or trade ideas. I am not registered with SEBI as an investment adviser or research analyst.