Midday Market Update: Sensex rebounds over 600 pts from day's low, Nifty surpasses 24,100; metals lead gains

Indian benchmark indices BSE Sensex and Nifty 50 faced early declines but rebounded in the afternoon on November 5, supported by a recovery in financials and gains in metal stocks.

At 12 PM, Sensex was down by 422.83 points (0.54 per cent) at 78,359.41, while Nifty 50 fell 129.25 points (0.54 per cent) to 23,866.10. However, by 1:50 PM, Sensex had surged by 268 points, or 0.3 per cent, to 79,050, and Nifty rose by 75 points, or 0.3 per cent, to 24,070. The broader market saw mixed movement, with the BSE Midcap index down 0.2 per cent and the BSE Smallcap index up 0.2 per cent.

Sectoral highlights

- Gainers: Nifty Bank reversed its losses in the afternoon, climbing 1 per cent with key support from HDFC Bank, SBI, and ICICI Bank. The Nifty Metal index also rose by nearly 2 per cent, led by Tata Steel, JSW Steel, and Hindalco, driven by speculation around potential economic stimulus in China.
- Losers: FMCG and telecom sectors continued to face selling pressure amid weak investor sentiment.

Key movers

- Sensex gainers: JSW Steel, Tata Steel, IndusInd Bank, Maruti Suzuki, Nestle.
- Sensex losers: M&M, Bajaj Finance, Bajaj Finserv, Bharti Airtel, ITC.
- Nifty gainers: JSW Steel, Tata Steel, Bajaj Auto, Hindalco, IndusInd Bank.
- Nifty losers: Adani Ports, Trent, Coal India, HDFC Life, Shriram Finance.

- Amara Raja Energy & Mobility: Declined over 4 per cent following disappointing quarterly earnings.
- Procter & Gamble Health: Rose over 6 per cent after posting a 26 per cent jump in Q2 profit to Rs 82.33 crore, while revenue grew 2.7 per cent YoY to Rs 313.41 crore.

V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services, highlighted concerns over downgrades in Nifty earnings estimates, attributing foreign selling to valuation pressures. 

Technical expert Sameet Chavan of Angel One noted pivotal support for Nifty around 23,800, with resistance at 24,200–24,400, and potential for recovery in case of a breakthrough.