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Below the Market Closing Comment Nov 09, 2026 from Ajit Mishra, SVP – research, Religare Broking

"Markets witnessed a largely range-bound session on Monday, taking a breather after the sharp seven-session rally. The consolidation remained orderly, with the benchmark indices holding on to most of their recent gains and ending marginally higher. The Nifty settled at 25,044.65, while the Sensex closed at 81,106.65.

On the sectoral front, pharma and select financial stocks outperformed, supported by stock-specific buying and encouraging earnings. IT stocks remained under pressure, while metals and other cyclical segments witnessed profit-taking. Broader markets also remained subdued, with midcap and smallcap indices showing limited movement, indicating some moderation in market breadth following the recent rally.

Among the key factors, investors appeared to consolidate positions after the sharp upmove of the previous week. Foreign investor participation continued to provide support, with overseas investors having infused over $4.1 billion into Indian equities so far in November. Brent crude hovered around $98 per barrel, while easing concerns over further escalation in West Asia offered some comfort. However, weakness in global technology stocks and uncertainty surrounding the broader geopolitical and economic outlook continued to warrant caution.

After the sharp rally, some consolidation would be healthy for the market. The Nifty’s ability to sustain above the 24,600–24,800 zone will be important to preserve the positive bias and pave the way for a potential move towards 25,200–25,600. We recommend using any further consolidation to selectively accumulate quality stocks, with a focus on banking, pharma, auto, infrastructure and capital markets themes."

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