Midday Market Update: Sensex jumps 436 points, Nifty gains 129 points as auto, IT stocks rally

Indian benchmark indices Nifty and Sensex shook off early jitters and surged higher in the afternoon session on November 11, buoyed by strong performances in auto and IT stocks. This rally comes after a two-day losing streak, bringing a fresh wave of optimism among investors.

Market Performance (at Noon)

- The Sensex jumped 436.85 points, or 0.55 percent, to 79,923.17.
- The Nifty climbed 128.60 points, or 0.53 percent, to 24,276.80.
- Advancing stocks: 1,513; Declining stocks: 1,918; Unchanged: 94.

Despite gains in the frontline indices, the broader markets struggled, with the mid-cap and small-cap indices falling 0.2 percent and 0.3 percent, respectively. Notably, the broader market has gained nearly 25 percent year-to-date, outpacing the Nifty's rise of 13 percent. Meanwhile, India VIX, an indicator of market volatility, edged down 0.5 percent, staying below the 15 level.

Sectoral Overview

- Nifty IT emerged as the top-performing sector, rising almost 2 percent, supported by a strong rally in TCS, Wipro, HCL Tech, LTIMindtree, and Infosys.
- Nifty Auto rebounded strongly, gaining 1 percent, led by advances in Tata Motors, Hyundai Motor India, Maruti Suzuki, and Eicher Motors.
- Nifty Bank also gained over 1 percent, driven by HDFC Bank, ICICI Bank, and SBI.

On the flip side, Nifty Metal, Pharma, and Healthcare indices lagged, dragged down by stocks like Tata Steel, JSW Steel, and Hindustan Zinc.

V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, noted that earnings downgrades for FY25 could weigh on Indian stocks in the near term. Foreign Institutional Investors (FIIs) may continue to shift capital towards the US market, which has outperformed India so far this year. However, attractive valuations in India could spur a trend reversal in the medium term.

Key Gainers: Power Grid Corp, Tata Motors, and Wipro  
Key Losers: Asian Paints, Cipla, and Tata Steel

The afternoon session highlights renewed buying interest, particularly in the IT and auto sectors, offsetting weakness in metals and healthcare. Investors should keep an eye on upcoming global cues and sector-specific trends for a clearer market direction.