Monday, 9 November 2026. The Nifty 50 recovered from a morning slide to close 58.25 points (0.23%) higher at 25,044.65, with banks the day's strongest group: the PSU Bank index jumped 3.73% and Bank Nifty closed at its high of the day, up 1.51%. The comparison is with Sunday's one-hour Muhurat session, which had ended at 24,986.40. Against Friday's close of 25,030.35 the index is up just 14.30 points, so the first full session of Samvat 2083 roughly held the ground gained in an 8.6% week.
| Index | Close | Change |
|---|---|---|
| Nifty 50 | 25,044.65 | +58.25 pts (+0.23%) |
| Sensex | 81,106.65 | +107.25 pts (+0.13%) |
| Bank Nifty | 59,741.25 | +890.60 pts (+1.51%) |
| Nifty Midcap 100 | 61,022.55 | +334.40 pts (+0.55%) |
| Nifty Smallcap 100 | 19,185.05 | +18.65 pts (+0.10%) |
| India VIX | 17.42 | −1.01 (−5.48%) |
SBI, PNB and Bank of Baroda carried the day
The PSU Bank index closed at 8,905.35, a whisker under its high of 8,906.60. Punjab National Bank rose 5.27% to ₹132.17, Bank of Baroda 4.46% to ₹260.01 and Canara Bank 4.02% to ₹128.10. In the Nifty 50, SBI added 2.56% to ₹1,042 after touching ₹1,048.60, and was the index's biggest gainer by percentage.
Upstox put the move down to money leaving IT shares for what it called lower-risk sectors, PSU banks, pharma and healthcare among them, on a day when traders were taking profits after seven straight rising sessions. It also pointed to the September-quarter numbers the state banks have reported, citing credit growth and lower bad loans, without giving figures. Kotak Neo's midday report described the same profit-taking and listed SBI, Trent, HDFC Bank, Apollo Hospitals and NTPC as the top Nifty gainers just before noon.
The private banks joined in. HDFC Bank rose 1.79% to ₹798.15 and ICICI Bank 1.53% to ₹1,589. Bank Nifty finished 890.60 points up and on its high, 863.40 points above its low of 58,877.85.
Tata Steel gives back its Muhurat gain
Tata Steel was the weakest stock in the Nifty 50, down 2.81% at ₹184.85. It opened at ₹192.50, touched ₹194 and then slid to ₹184.34. In Sunday's Muhurat session, after the results, it had risen 2.09% to ₹190.20, Upstox reported.
The numbers themselves showed growth. Consolidated revenue from operations rose 11.5% to ₹65,436.24 crore and net profit 16.2% to ₹3,699.59 crore, against ₹3,183.09 crore a year earlier, according to Kotak Neo; Upstox gave the same rounded figures. The Netherlands business was the soft spot, with revenue of ₹15,329.66 crore against ₹15,718.93 crore. Kotak Neo noted the company's own warning that permits, coke oven closures and slag disposal there could affect future cash flows, but did not tie the share fall to any single item. Why a stock can fall on good results goes through how to read a day like this without guessing at motives.
The other side of the ledger: IT, cement and consumer names
| Nifty 50 stock | Close | Change |
|---|---|---|
| SBI | ₹1,042.00 | +2.56% |
| Trent | ₹3,119.20 | +2.02% |
| Nestle India | ₹1,297.80 | +1.91% |
| NTPC | ₹328.75 | +1.87% |
| Larsen & Toubro | ₹4,185.00 | +1.82% |
| Infosys | ₹1,154.10 | −1.49% |
| Bajaj Finance | ₹1,064.85 | −1.56% |
| ITC | ₹278.80 | −1.64% |
| UltraTech Cement | ₹12,275.00 | −1.79% |
| HCLTech | ₹1,407.00 | −2.43% |
| Tata Steel | ₹184.85 | −2.81% |
HCLTech fell 2.43%, Tech Mahindra 1.36% and TCS 0.94% to ₹2,475.40, consistent with the rotation Upstox described, though none of the reports I read named a company-specific reason. Nestle India and NTPC both closed at their highs of the day. I found no reported reason for the falls in UltraTech, ITC or Bajaj Finance.
Seven of ten sector indices rose, and IT fell the most
| Nifty index | Close | Change |
|---|---|---|
| PSU Bank | 8,905.35 | +3.73% |
| Pharma | 28,896.10 | +1.65% |
| Realty | 897.70 | +0.77% |
| Financial Services | 27,384.90 | +0.75% |
| Media | 1,707.20 | +0.48% |
| Energy | 37,164.95 | +0.38% |
| Auto | 27,925.90 | +0.30% |
| FMCG | 46,660.65 | −0.15% |
| Metal | 12,664.65 | −0.46% |
| IT | 32,468.90 | −1.22% |
Pharma traded as high as 29,224.85 before settling 1.65% up; Kotak Neo flagged Gland Pharma's rise of nearly 4% in early trade on its quarterly numbers. The IT index lost 400.75 points to 32,468.90 after trading as low as 32,151.80. Metal slipped 0.46% on the day Tata Steel fell 2.81%.
A 245-point swing before lunch
The Nifty opened 90 points up at 25,076.40 and made its high of 25,084.05 inside the first half-hour. It then fell steadily, reaching the day's low of 24,838.75 in the 10:15 to 10:45 half-hour, 147.65 points (0.59%) below the Muhurat close. A climb to 25,060 in the 11:15 half-hour did not hold, and the index was back at 24,847.60 in the 13:15 half-hour before rising through the last two hours to 25,044.65, 205.90 points off the low. The Sensex ranged from 80,519.31 to 81,339.41. When the day's extremes usually land is counted in the time-of-day study of Nifty highs and lows.
India VIX dropped 5.48% to 17.42 after Sunday's session had left it at 18.43, and touched 16.77 during the day.
The week that set this up
Sunday's Muhurat session opened at 25,070.45 and closed at 24,986.40, down 43.95 points (0.18%) on Friday; how that hour works, and how unusual it was for it to end lower, is in Muhurat trading explained. Before that, the Nifty rose 1,977.25 points in the five sessions to 6 November, from 23,053.10 to 25,030.35. Kotak Neo tallied net foreign buying of ₹45,960 crore over that week, after net selling of ₹45,162 crore in October, with domestic institutions net sellers of ₹24,197 crore. It also linked the rally to Brent crude, which fell more than 16% over the week to close at $97.75 a barrel.
Flows: Monday's figures not out yet
Monday's provisional FII and DII figures had still not been published at 6:05 PM. In the Muhurat session foreign investors were net sellers of just ₹0.20 crore and domestic institutions of ₹700.30 crore; on Friday the figures were net buying of ₹13,749.80 crore by FIIs and net selling of ₹5,968.70 crore by DIIs (how to read these numbers). Monday's figures will be in Wednesday's pre-market report.
Wednesday, after the holiday
NSE and BSE are shut on Tuesday, 10 November, for Diwali Balipratipada, so the next session is Wednesday, 11 November. The next exchange holiday after that is 24 November. Before Wednesday's open I will be checking Monday's flow figures, two US sessions and two days of overseas news that Indian shares have not yet traded on.
Sources
- Closes, intraday highs and lows, half-hour candles, Muhurat session prices and the weekly change: Zerodha Kite market data (NSE and BSE)
- PSU bank rally and the rotation out of IT: Upstox; profit-taking, midday gainers and Gland Pharma: Kotak Neo midday report
- Tata Steel results and share move: Kotak Neo and Upstox
- Muhurat session: Kotak Neo Muhurat highlights; weekly foreign flows and Brent: Kotak Neo
- Institutional flows for 6 and 8 November: 5paisa's table of NSE provisional figures
- Holidays: NSE holiday list and Kotak Neo
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.