Indian Equities Edge Higher as PSU Banks, Pharma Shine; Bajel Projects Secures ₹1,700 Crore Orders

Indian equity benchmarks closed Monday's volatile session with marginal gains, primarily driven by strong performance in Public Sector Banks and pharmaceutical stocks, while the IT sector faced selling pressure. The Sensex advanced by 0.13% to 81,106.65, and the Nifty 50 rose 0.23% to 25,044.65. This positive close follows a period of profit-booking after a significant rally, with foreign portfolio investors continuing to show strong buying interest in Indian equities.

Key highlights

• Nifty 50: Closed up 0.23% at 25,044.65, recovering from early volatility.
• Sensex: Ended 0.13% higher at 81,106.65, supported by select sectors.
• Sectoral Performance: PSU Bank index surged over 3%, with Pharma and Healthcare also outperforming, while IT stocks declined.
• Bajel Projects: Secured new EPC contracts worth approximately ₹1,700 crore, including a ₹1,500 crore Gujarat transmission project.
• FPI Inflows: Foreign Portfolio Investors have injected over $4.1 billion into Indian equities so far in November.

Indian Equities Edge Higher, PSU Banks and Pharma Lead, IT Sector Under Pressure

Indian benchmark equity indices, the Sensex and Nifty 50, concluded Monday's trading session with modest gains, navigating through a day marked by volatility and intermittent profit-booking. The 30-share BSE Sensex advanced by 107.25 points, or 0.13%, to settle at 81,106.65, while the broader NSE Nifty 50 climbed 58.25 points, or 0.23%, to close at 25,044.65. This upward movement came after both indices had experienced a subdued special Muhurat trading session on Sunday, which broke a seven-session winning streak.

Sectoral performance was varied, with Public Sector Banks leading the charge, witnessing a surge of over 3%. The Nifty Pharma and Nifty Healthcare indices also registered strong gains, outperforming their peers. Conversely, the Nifty IT index was the biggest laggard, facing significant selling pressure throughout the day. Other sectors like metal, auto, FMCG, and realty also saw some selling.

The market's resilience was partly attributed to a resurgence in foreign portfolio investor (FPI) activity. FPIs have demonstrated robust buying interest in Indian equities, with inflows exceeding $4.1 billion so far in November, marking their largest monthly purchases since September 2024. This strong institutional participation, coupled with improving corporate earnings expectations, continues to underpin market sentiment. Despite the day's volatility, the Nifty MidCap 100 and Nifty SmallCap 100 indices also closed in positive territory, rising by 0.55% and 0.1% respectively, indicating broader market participation.

Bajel Projects Secures Major EPC Contracts Worth ₹1,700 Crore

Bajel Projects has announced securing two significant Engineering, Procurement, and Construction (EPC) contracts totaling approximately ₹1,700 crore. These orders are expected to bolster the company's position in high-voltage transmission and substation infrastructure.

The larger of the two contracts, valued at approximately ₹1,500 crore (including GST), was awarded by Lakadia A Power Transmission. This special-purpose vehicle is 26% owned by Bajel Projects and 74% by the National Investment and Infrastructure Fund (NIIF) through AnantGrid Projects One. The project involves the construction of approximately 270 km of 765 kV double-circuit transmission lines between Halvad and Vadodara in Gujarat, along with additional work at substations in Halvad, Vadodara, and South Olpad. This project is a crucial part of a transmission system designed to evacuate nearly 14 GW of renewable power from Gujarat's Lakadia, Jam Khambhaliya, and Jamnagar regions. Bajel Projects is slated to execute this project over 36 months from the date of the purchase order.

In addition to the Gujarat project, Bajel Projects also secured an EPC contract worth over ₹200 crore from Tata Power. This contract involves developing 400 kV gas-insulated substation infrastructure at Dharavi and Ghatkopar in Mumbai. The scope of work for this project includes receiving substations, electrical systems, substation automation, communication infrastructure, balance-of-plant equipment, and civil works, with an execution timeline of 18 months. Bajel has categorized the Gujarat award as an "ultra-mega order" and the Mumbai contract as a "major order" based on its internal policy. The company clarified that the Gujarat transaction is a related-party transaction due to the ownership structure but was conducted at arm's length following prior shareholder approval, while the Tata Power contract is not a related-party transaction.

More stocks and market news

Citi Research Raises Nifty 50 Target to 28,000 by End-2027

Brokerage firm Citi Research has revised its target for India's benchmark Nifty 50 index, projecting it to reach 28,000 points by the end of 2027. This optimistic outlook is underpinned by expectations of strong earnings growth, a favorable environment of lower crude oil prices, and the prospect of slower capital expenditure related to Artificial Intelligence (AI) globally. Citi's analysis suggests that a $10 per barrel drop in oil prices could significantly benefit India's current account deficit by 30-40 basis points and reduce inflation by 50 basis points. The firm also highlighted that Foreign Portfolio Investors (FPIs) have already bought Indian shares worth over $4.1 billion in November, marking their biggest monthly inflows since September 2024, contributing to the positive sentiment.

SEBI's New Settlement Regulations Come into Effect

The Securities and Exchange Board of India (SEBI) has implemented its new SEBI (Settlement of Administrative and Civil Proceedings) Regulations, 2026, which became effective on November 7. These new regulations replace the previous 2018 framework and introduce fast-track settlement routes for administrative and civil proceedings. The application fee for individuals is set at ₹25,000, while other applicants will incur a fee of ₹35,000. In a move to streamline the process, SEBI has also launched an online application facility, a settlement calculator, and a dedicated help desk to assist market participants.

RBI Conducts ₹50,000 Crore Variable Rate Repo Auction

The Reserve Bank of India (RBI) conducted a 4-day Variable Rate Repo (VRR) auction for a notified amount of ₹50,000 crore on Monday, November 9, 2026. This liquidity management operation, under the Liquidity Adjustment Facility (LAF), aims to manage short-term liquidity conditions in the banking system. The auction window was from 9:30 AM to 10:00 AM, with the reversal date set for November 13, 2026. The RBI regularly uses such tools to inject or absorb liquidity, influencing short-term interest rates and ensuring financial stability.

Market context

On Monday, November 9, 2026, the Sensex closed at 81,106.65, up 0.13%, and the Nifty 50 ended at 25,044.65, gaining 0.23%. The Nifty Bank index also saw gains, while the Nifty IT index was a significant drag. The India VIX, a measure of market volatility, was trading at ₹17.28, down 6.24% as of 1:07 PM IST, indicating easing investor anxiety. In global markets, Asian equities traded higher, recovering from a tech and AI sell-off last week. Crude oil prices were mixed, with Brent futures at $97.73 per barrel and US WTI at $90.64 per barrel, influenced by developments in the US-Iran conflict. The Indian Rupee strengthened to 93.70 against the US Dollar by midday, benefiting from foreign inflows and falling crude oil prices.

Why these stories matter

The marginal gains in Indian equities, led by PSU banks and pharma, suggest a rotation of capital within the market, with investors favoring defensive and value sectors amidst broader volatility. Bajel Projects' substantial order wins highlight continued momentum in India's infrastructure development, a key driver for economic growth. Citi's raised Nifty target provides a bullish long-term outlook, reinforcing confidence in India's macroeconomic fundamentals, especially with sustained FPI inflows and moderating oil prices. The new SEBI regulations aim to enhance market efficiency and investor protection through streamlined settlement processes. Lastly, RBI's VRR auction is crucial for maintaining systemic liquidity, directly impacting banking sector operations and credit availability.

What to watch next

• Corporate Earnings: Investors will continue to monitor upcoming quarterly results for further insights into corporate health and sector-specific trends.
• Global Geopolitical Developments: The US-Iran conflict and its impact on crude oil prices will remain a key watchpoint for Indian markets.
• FPI Flows: Sustained foreign investment will be crucial for market momentum.
• RBI's Liquidity Management: Future RBI actions on liquidity, including further repo operations, will be closely watched.
• Government Policy: Any further announcements regarding FDI limits in sectors like banking could impact investor sentiment.

Sources

• Legal500.com: One-time Relaxation: SEBI has granted a one-time relaxation to extend the validity of SEBI observation letters that are expiring between April 1, 2026, and September 30, 2026, such that their validity will stand extended till September 30, 2026.
• The Banking Updates: The Banking Frontline 09 November 2026
• Business Standard: Stock Market Highlights on Monday, Nov 9, 2026
• Construction World: Bajel Projects bags Rs 17 bn EPC contracts
• Kotak Neo: INDIA VIX • 09 Nov, 2026 | 01:07 PM

FAQ

1. What were the key movements in Indian stock markets today?

The Sensex closed up 0.13% at 81,106.65, and the Nifty 50 gained 0.23% to 25,044.65. PSU banks and pharma sectors were strong performers, while the IT sector saw declines.

2. Why did PSU bank stocks perform well today?

The Nifty PSU Bank index surged over 3%, indicating strong buying interest in the sector. This could be attributed to improving asset quality, robust credit growth, or expectations of policy support, such as the reported proposal to increase the FDI cap.

3. What is the significance of Bajel Projects' new orders?

Bajel Projects secured approximately ₹1,700 crore in new EPC contracts, including a large ₹1,500 crore transmission project in Gujarat. These orders are substantial and signal growth in India's infrastructure sector, which is a positive for the company and the broader economy.

4. What is Citi's new target for the Nifty 50?

Citi Research has raised its target for the Nifty 50 to 28,000 points by the end of 2027. This bullish forecast is based on factors like strong corporate earnings, lower crude oil prices, and significant foreign portfolio investor inflows into Indian equities.

5. How do the new SEBI settlement regulations impact investors?

SEBI's new Settlement Regulations, effective November 7, 2026, streamline the process for administrative and civil proceedings. They introduce fast-track routes and provide online facilities, potentially making regulatory compliance and dispute resolution more efficient for market participants.

6. What was the India VIX doing today?

The India VIX, a measure of market volatility, declined by 6.24% to ₹17.28 as of 1:07 PM IST. A falling VIX generally indicates easing investor fear and increased market stability.

Disclaimer

Disclaimer: This article is for educational purposes only. It does not constitute investment advice. Please consult a SEBI-registered financial advisor before making investment decisions.