Indian stock markets ended slightly higher on Monday, November 9, with both benchmark indices reaching their strongest closing levels in more than eight months. However, after last week’s strong rally, investors appeared cautious as the market entered a consolidation phase.
The Nifty 50 gained 0.23% to close at 25,044.65, while the Sensex advanced 0.13% to 81,106.65. Both indices recorded their highest closing levels since February 27, 2026.
Falling crude oil prices and strong foreign investor buying continued to support market sentiment. Brent crude slipped around 1% to nearly $97 per barrel following comments from US President Donald Trump, who indicated that further attacks on Iran were unlikely while diplomatic discussions continued.
The market rally has also attracted positive views from global brokerages. Citi raised its December 2027 Nifty target to 28,000, suggesting potential upside of around 12%. Meanwhile, HSBC upgraded its view on Indian equities from neutral to overweight.
Foreign investors purchased more than $4.1 billion worth of Indian shares during November so far, marking the strongest monthly inflows since September 2024.
Sector-wise, 13 of the 16 major indices closed in positive territory. The Nifty Midcap 100 rose 0.6%, while the Smallcap 100 gained 0.1%.
Pharmaceutical stocks performed strongly. Divi’s Laboratories climbed 4.2%, while Gland Pharma advanced 4.9% following encouraging quarterly results. These gains helped the Nifty Pharma index rise 1.7%.
In contrast, IT stocks declined 1.2%. Financial stocks, however, gained 0.8%.
Market experts believe some consolidation may occur after the recent sharp gains. Investors are likely to focus on company-specific developments and quarterly earnings for further direction.
The stock market will remain closed on Tuesday for Diwali and resume trading on Wednesday.
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