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Below the Daily Market Commentary for 17th November 2025 By Siddhartha Khemka - Head of Research, Wealth Management, Motilal Oswal Financial Services Ltd

Nifty ended higher by 103 points closing above the 26k mark, amidst investor optimism as the 2QFY26 corporate earnings concluded on a healthy note. NDA’s landslide victory in the Bihar assembly elections further reaffirmed its dominance in Indian politics and provided a sentiment boost for Indian equities. Broader market outperformed with Nifty Midacap100 and Smallcap100 rising 0.7% and 0.6% respectively. All sectoral indices ended in the green with PSU Banks and Financial services stocks leading with gains of over 1% each. Bank Nifty hit a fresh record high today, climbing above 58,900 for the first time. The advance comes after a steady upswing in the Bank Nifty over recent sessions, supported by sustained buying in PSU Banks, heavyweight private lenders and firm sectoral sentiment. The potential India-US trade deal remains a crucial trigger that market participants are closely watching. On the earnings front, the MOFSL Coverage Universe (330+ companies) grew 12% YoY (vs. estimated 9%) in 2QFY26, with overall growth driven by OMCs, Telecom, Metals, Technology, NBFCs – Lending, Cement, and Capital Goods. The current risk-reward setup remains broadly favourable, supported by stronger-than-expected results from Midcaps, that has reinforced confidence in growth revival and signal the potential for future earnings upgrades. Overall, we expect the market to witness continued up-move, driven by improving earnings momentum, strong domestic macros and stable policy support.

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