Sensex, Nifty edge higher for third day as realty and bank stocks offset FMCG, auto losses

Indian equity benchmarks ended marginally higher on Thursday, 12 November, extending gains for a third straight session after a volatile day in which strong buying in realty, banking and insurance stocks was largely cancelled out by selling in consumer goods, auto and IT shares.

The BSE Sensex closed at 81,911.01, up 31.61 points or 0.04 per cent, after moving between 81,576 and 82,325 during the day. The NSE Nifty 50 rose 44.30 points, or 0.18 per cent, to 25,299.35, having touched an intraday high of 25,384.80.

Broader market outperforms

Smaller stocks fared better. The Nifty Midcap 100 gained about 0.9 per cent and the Nifty Smallcap 100 about 1.1 per cent. On the BSE, 2,529 shares advanced and 1,920 declined, according to All India Radio. Realty was the standout sector, with the BSE and NSE realty indices up between 4.5 and 4.8 per cent. The Nifty Bank index climbed about 1.2 per cent to 61,518.5, with every constituent ending in the green, the Free Press Journal reported.

Among Sensex stocks, Bajaj Finance rose more than 3 per cent after launching a qualified institutional placement, while State Bank of India and Bharat Electronics also gained over 2 per cent. Insurers including HDFC Life and SBI Life were among the top Nifty gainers after monthly business data.

On the losing side, Hindustan Unilever fell nearly 3 per cent, and Maruti Suzuki, Power Grid and TCS each slipped more than 1.5 per cent. Nestle India and Mahindra & Mahindra were among the weakest Nifty stocks. The Nifty FMCG and Nifty Auto indices fell 0.7 and 1 per cent respectively, Kotak Neo reported. Outside the index, Page Industries dropped about 13 per cent after its September-quarter results.

Global cues

Brent crude futures traded near $92 a barrel after slipping more than $1 in early trade, as investors looked for signs of diplomatic progress on the West Asia conflict and the Russia-Ukraine war, Kotak Neo reported. Gold and silver futures on MCX declined.

Foreign institutional buying supported financial stocks during the session, the Free Press Journal reported. Foreign investors have turned net buyers of Indian shares this month after heavy selling earlier in the year, and their flows, along with crude prices and the remaining September-quarter results, are likely to set the tone in the coming sessions.