Markets Close Flat; Sensex, Nifty See Modest Gains Even After NDA’s Big Bihar Victory

Nifty 50 and Sensex Close Flat After Volatile Session as Bihar Poll Trends Spark Sharp Rebound

Index	Price	Change	% Chg
Nifty 50	25,910.05	30.90	+0.12%
Nifty Bank	58,517.55	135.60	+0.23%
Nifty Financial	27,491.85	95.70	+0.35%
BSE SENSEX	84,562.78	84.11	+0.10%

The Indian equity market witnessed a dramatic and highly volatile trading session on Friday, November 14, as the Nifty 50 and Sensex reversed deep intraday losses to close almost flat. The day began on a cautious note with the benchmark indices opening in the red, weighed down by weak global cues and persistent foreign investor selling. However, a late-session surge driven by public sector banks and pharma counters helped the market recover sharply, even as investors closely tracked the latest trends from the Bihar election results.

Despite the volatility, the Nifty 50 ended the day at 25,910.05, up 0.12 percent, while the Sensex settled at 84,562.78, higher by 0.10 percent. The Bank Nifty, which also opened lower, managed to rise 0.23 percent, closing at 58,517.55, reflecting a selective recovery in banking stocks.

A Late-Session Comeback Lifts the Nifty 50 Above Key Levels

For most of the trading session, the Nifty 50 hovered below the 25,900 mark as investors remained cautious amid political and global uncertainties. But as counting trends from Bihar pointed toward a decisive win for the BJP-led National Democratic Alliance (NDA), market sentiment improved sharply. The index rebounded nearly 500 points from the day’s low, marking a strong comeback driven by renewed confidence in policy continuity at both the state and central levels.

Analysts believe the market’s sharp late rebound highlights the strong domestic liquidity and the willingness of investors to accumulate quality stocks during dips. Though the Sensex and Nifty 50 ended flat, the sharp intraday recovery underscored the strength of underlying sentiment.

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Gainers Outshine as Select Large Caps Drag Sentiment

The market recorded a mixed close as select frontline stocks outperformed even as weakness persisted across heavyweights. Among the top gainers, TMCV advanced 3.20%, followed by ETERNAL at 2.15%. BEL rose 1.60%, while Axis Bank and Trent added 1.57% and 1.52%, respectively, helping cushion the broader market.

However, pressure from key index constituents kept overall sentiment subdued. Infosys was the biggest laggard, slipping 2.33%, while Eicher Motors fell 2.27%. Tata Steel declined 1.50%, and TMPV along with HDFC Life eased 1.27% each, reflecting broad weakness in IT, auto and metals.

Sectoral Trends Show Defensive Strength Amid Weakness in IT and Metals

Sector performance remained divided, with defensives leading the gains. Pharma rose 0.59%, followed by FMCG at 0.57%, supported by steady consumer spending. Consumer Durables inched up 0.13%, while Oil & Gas and Media ended marginally higher.

On the downside, the IT sector declined 1.03%, mirroring global tech weakness. Metals fell 0.89%, while the Auto and Realty indices slipped 0.52% and 0.08%, respectively, indicating cautious risk appetite.

Market Breadth Weakens as Volatility Eases

The broader market breadth remained soft with 1,483 advances against 1,623 declines, signaling mild selling pressure. Despite this, volatility cooled, with the India VIX falling 1.84% to 11.94, suggesting stable sentiment after the sharp intraday swings.

Highs, Lows and Price Band Movements

Market churn remained active, with 59 stocks hitting new 52-week highs and 116 stocks touching fresh lows, indicating ongoing rotation across themes. Meanwhile, 83 stocks hit their upper circuits, while 66 stocks slipped to their lower bands, reflecting pockets of aggressive buying and profit-taking.

Why Markets Remained Subdued Despite the NDA’s Decisive Victory

Interestingly, the benchmarks remained mostly unchanged, despite what appears to be a historic mandate in Bihar. Many analysts argued that the outcome had already been priced into the market over the past week. Equity indices often react preemptively to political expectations, and with an NDA majority widely anticipated, investors had shifted their focus toward external cues such as central bank actions and global macro trends.

Market experts noted that the real drivers for equities will now be the upcoming RBI Monetary Policy Committee (MPC) meeting and the US Federal Reserve’s FOMC meeting scheduled next month. Additionally, weak global sentiment and fading hopes of near-term rate cuts weighed on risk appetite.

Weak Global Cues Weigh on Sentiment as US Markets Tumble

The cautious mood in the Indian market was also shaped by overnight weakness on Wall Street. US equities saw sharp declines, with the Nasdaq falling 2.3 percent, the S&P 500 slipping 1.7 percent, and the Dow Jones losing 1.7 percent. Technology stocks led the selloff amid renewed concerns that persistent inflation might delay any plans for interest rate cuts.

Uncertainty surrounding key US economic indicators following the prolonged government shutdown also contributed to the risk-off sentiment. Asian markets mirrored the global weakness, with the Nikkei, Hang Seng, and Kospi all trading lower. Amid these global cues, investors in India preferred caution, even as domestic political signals appeared favorable.

Crude Oil Prices and Foreign Outflows Add Pressure on Indian Markets

Adding to the unease, Brent crude climbed 2.71 percent to USD 60.28 per barrel due to renewed supply pressures and falling US inventories. Rising crude prices typically hurt Indian markets, increasing import bills and raising inflation risk.

Foreign institutional investors (FIIs) were net sellers for the fourth consecutive session, offloading ₹383.68 crore on Thursday. Persistent FII outflows continue to exert pressure, particularly on large-cap stocks within the Nifty 50 and Sensex.

Mixed Performance Among Nifty 50 Stocks as IT and Metals Lag

Within the Nifty 50, the market displayed mixed trends. Infosys, Eicher Motors, and Tata Steel were notable laggards, falling up to 3 percent amid weakness in global technology and commodity prices. On the other hand, Asian Paints and Jio Financial Services gained around 1 percent, helping the index stabilize in the second half.

The broader market showed a similarly cautious pattern, with declines outnumbering advances. There were 1,483 advancers versus 1,623 decliners, reflecting the underlying risk-off tone prevalent throughout the session.

Sector Performance Shows Strength in Pharma and FMCG as IT and Metal Slide

Sectoral performance showed resilience in defensive pockets. Pharma, FMCG, Consumer Durables, and Oil & Gas ended in the green. Meanwhile, IT and Metal stocks were the biggest drags, reflecting global weakness in tech and softening commodity sentiment. The realty sector also ended slightly lower.

The volatility index, India VIX, cooled by 1.84 percent to 11.94, suggesting that despite intraday volatility, overall market positioning remains largely stable.

Election-Driven Volatility Persists as Bihar Results Become Key Trigger

The Bihar elections remained the largest domestic trigger for market sentiment. Analysts emphasized that markets may experience one or two days of noise around the results, but medium-term direction will depend on structural factors such as earnings growth, central government policies, macroeconomic stability, and fiscal discipline.

Some research firms reiterated that while an NDA victory is priced in, any deviation from projections could prompt a temporary correction. InCred Research even suggested the possibility of a 5–7 percent decline if the outcome surprises markets, though such a scenario appears less likely given current trends.

Newly-Listed Groww Parent Continues Uptrend as Broader Markets Stay Cautious

While benchmark indices remained flat, newly-listed Billionbrains Garage Ventures Ltd., the parent of investment platform Groww, saw strong buying interest. The stock gained 8 percent, adding to its impressive 48 percent gain over its IPO issue price of ₹100. From its BSE listing price of ₹114, the stock has now climbed nearly 30 percent, reflecting strong investor enthusiasm for new-age financial platforms.

Rupee Weakens Slightly Against Dollar as Crude Prices and Dollar Strength Rise

The Indian rupee ended marginally weaker, slipping 3 paise to close at ₹88.73 against the US dollar. Rising crude prices and a stronger dollar contributed to the pressure on the local currency.

Derivatives Update: SAIL in Ban; Several Stocks Near the Threshold

In the F&O derivatives segment, SAIL remained in the ban list with an MWPL above 130 percent. Several stocks, including Bandhan Bank, Amber, HFCL, IRCTC, Titagarh and RBL Bank, moved closer to the ban threshold, reflecting increased trader participation ahead of major domestic triggers.

Market Outlook: All Eyes on RBI, Global Cues and Post-Election Stability

As the Nifty 50 and Sensex digest the Bihar poll outcome, markets are expected to shift their focus back to broader macro indicators. Analysts anticipate continued volatility but believe the long-term outlook remains stable, supported by strong earnings momentum and domestic economic resilience.

The coming weeks will be crucial as investors watch global central bank commentary, bond yield movements, crude oil prices and the trajectory of foreign flows. For now, the Nifty 50 holds above key psychological levels, suggesting consolidation with a positive bias.

• Nifty 50
• Bank Nifty
• Sensex

FAQs

Why did the Nifty 50 and Sensex close flat despite a late rebound driven by Bihar election trends?

The indices closed flat because the market had already priced in the likely NDA victory in Bihar, and global factors such as weak US market cues, rising crude oil prices, and persistent FII outflows overshadowed the temporary election-driven optimism.

How did Bihar poll trends influence intraday volatility in the Nifty 50 and Sensex?

Early counting trends pointing to an NDA lead improved market sentiment sharply, triggering a late surge of over 500 points in Nifty and 175 points in Sensex from their intraday lows. This reversal reflected expectations of policy continuity and political stability in the state.

Which sectors contributed to the sharp late-session rebound in the Nifty 50 and Sensex?

Public sector banks, pharma companies, and select FMCG names drove the late recovery, attracting strong buy-side interest as investors shifted toward defensives and government-linked sectors amid political certainty.

What caused weakness in the markets earlier in the session before Bihar poll trends emerged?

Weak global cues from the US and Asian markets, alongside concerns over delayed rate cuts, a spike in crude prices, and fears of higher volatility due to election results, pushed indices lower during early trade.

How do election results, such as the Bihar polls, typically affect the Nifty 50 and Sensex in the short term?

Election outcomes often trigger short-term volatility as markets recalibrate expectations regarding governance stability, policy continuity, and economic reform momentum. However, the impact usually fades within a few sessions as markets refocus on earnings, RBI policies, and global macro indicators.

What explains the muted market reaction even after a decisive mandate for the NDA in Bihar?

The reaction was muted because markets had already factored in the expected outcome. Investors were instead focused on upcoming RBI MPC cues, global central bank actions, inflation data, and foreign investor flows—factors that have a deeper impact on long-term market direction.

How did FII activity and global sentiment shape the closing movement of Nifty 50 and Sensex today?

FIIs remained net sellers, exerting pressure on large-cap stocks. Meanwhile, global weakness—especially a tech sell-off in US markets—kept sentiment subdued. These negative triggers offset the positive influence of Bihar election trends, resulting in a flat close.