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Sensex Swings as Global Banks Turn Bullish on India; MakeMyTrip India Gets IPO Nod

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Indian equity benchmarks are trading with a slight negative bias this afternoon, with the Nifty hovering below the 25,000 mark, as investors digest mixed global cues and engage in profit-booking after a recent rally. A significant boost to market sentiment comes from global financial majors HSBC and Citigroup, which have turned bullish on Indian equities, with Citi raising its Nifty target to 28,000. Meanwhile, the travel tech sector is abuzz as MakeMyTrip's India subsidiary has received SEBI's approval to launch its initial public offering, marking a key development for the company.

Key highlights

• Nifty 50: Trading around 24,920, down 0.26% as of 1:00 PM IST, with IT stocks facing selling pressure.
• Global Banks: HSBC upgraded Indian equities to 'Overweight', and Citigroup raised its Nifty target to 28,000, citing strong earnings and lower oil prices.
• MakeMyTrip India: Received SEBI approval for its Initial Public Offering (IPO), a major step towards its market debut.
• SEBI Regulations: The new SEBI (Settlement of Administrative and Civil Proceedings) Regulations, 2026, have come into force, streamlining settlement processes.
• Dabur India: Received an administrative warning from SEBI for delayed disclosure of a USFDA communication, impacting its shares.

Global Financial Giants Turn Bullish on India; Citi Sets Nifty Target at 28,000

Global financial powerhouses HSBC and Citigroup have significantly upgraded their outlook on Indian equities, signaling a renewed confidence in the market's growth trajectory. This bullish sentiment comes amid resilient corporate earnings, more reasonable valuations, and expectations of lower crude oil prices, which are seen as beneficial for India's economy.

HSBC Holdings Plc has reportedly lifted its rating on Indian equities from 'Neutral' to 'Overweight', highlighting the market's strong fundamentals and potential for sustained growth. The bank's strategists emphasized India's ability to offer a compelling investment case, especially as global investors seek markets less exposed to the volatility surrounding AI stock valuations that have dominated other Asian markets.

Adding to the positive chorus, Citigroup Inc. has raised its 12-month target for the NSE Nifty 50 Index by nearly 8%, setting an ambitious new target of 28,000. Citi's revised forecast is underpinned by expectations of improving profit growth across Indian companies and the positive impact of declining oil prices on corporate profitability and the broader economy. Analysts at Citi project Nifty earnings to grow approximately 15%-16% annually for fiscal years 2026-2028. They also estimate that a $10 decline in oil prices could boost Nifty earnings per share by about 2%.

These upgrades from major global banks suggest a broader reset in sentiment towards India, following a period where the market might have been overlooked. The analysts believe there is significant scope for foreign institutional investor (FII) positioning to rebuild, with a percentage-point increase in active fund allocations to India potentially generating around $12 billion in inflows. This renewed interest from foreign investors, coupled with domestic resilience, is expected to provide strong tailwinds for the Indian stock market in the coming months.

MakeMyTrip India Secures SEBI Approval for Initial Public Offering

MakeMyTrip (India) Ltd, the Indian subsidiary of the Nasdaq-listed online travel giant MakeMyTrip, has received the green light from the Securities and Exchange Board of India (SEBI) to launch its Initial Public Offering (IPO). This marks a significant milestone for the company as it moves closer to listing on Indian bourses.

The company had initially filed its draft papers with SEBI through the confidential route in July. After a thorough examination of the submitted documents, the market regulator issued its final observations on November 6, paving the way for MakeMyTrip India to proceed with its public issue.

The proposed IPO is expected to involve the sale of equity shares in MakeMyTrip India by its parent company, MakeMyTrip, and its wholly-owned subsidiary, ibibo Group Holdings (Singapore) Pte Ltd. While the exact size and other details of the IPO are yet to be fully disclosed, the move is anticipated to enhance MakeMyTrip India's brand visibility within the domestic market and strengthen its ability to attract and retain talent in India's competitive technology landscape.

Furthermore, the net proceeds from the sale of shares by MakeMyTrip and ibibo Group Holdings are expected to bolster the parent company's cash position. These funds are earmarked for long-term growth initiatives, strategic inorganic expansion opportunities, and potential repurchases of various classes of securities by MakeMyTrip. Following the completion of the IPO, MakeMyTrip India will continue to operate as a subsidiary, with its financial results remaining consolidated with those of the parent entity.

More stocks and market news

SEBI's New Settlement Regulations Come into Force

The Securities and Exchange Board of India (SEBI) has announced the commencement of its new SEBI (Settlement of Administrative and Civil Proceedings) Regulations, 2026. These regulations, which were notified on October 8, 2026, became effective from November 7, 2026, replacing the earlier 2018 framework. The new rules aim to streamline the process for settling specified proceedings under securities laws, offering eligible entities the opportunity to apply for settlement at any stage, provided they comply with the prescribed requirements. SEBI has also introduced online application facilities, settlement amount calculators, and a dedicated help desk to facilitate the process.

Dabur India Receives SEBI Warning for Disclosure Delay

FMCG major Dabur India Ltd saw its shares decline after SEBI issued an administrative warning to the company. The market regulator flagged a delay in Dabur's disclosure of a warning letter received from the US Food and Drug Administration (USFDA) in July. According to SEBI, the company failed to make the disclosure within the prescribed timeline under Regulation 30(6)(iii) of the SEBI Listing Obligations and Disclosure Requirements (LODR) Regulations. While Dabur clarified that the warning has no financial or operational impact, SEBI viewed the lapse seriously, advising the company and its board to ensure timely disclosures in the future.

Indian Markets Trade Choppy; IT Drags, Pharma Gains

Indian equity benchmarks are experiencing a choppy trading session this afternoon, with both the Sensex and Nifty oscillating between gains and losses. As of 1:00 PM IST, the Sensex was down 0.27% at 80,778.44, and the Nifty 50 declined 0.26% to 24,920. Sectoral performance remains mixed, with the Nifty IT index being the weakest pocket, declining by 2%. Conversely, the Nifty Pharma index is showing strong gains, rising 2.8% to a new high, led by stocks like Divi's Laboratories and Laurus Labs. PSU banks and healthcare sectors are also performing well, while cement, metal, auto, FMCG, and realty stocks face selling pressure.

Market context

As of 1:00 PM IST, the BSE Sensex is trading at 80,778.44, down 220.96 points or 0.27%, while the NSE Nifty 50 is at 24,920, down 65.20 points or 0.26%. The Nifty Bank index is showing resilience, trading slightly higher. The India VIX, a measure of market volatility, declined by 5.53% in early trade to 17.41, indicating some easing of investor anxiety. Globally, Asian markets are attempting a recovery after a tech-led selloff last week, while European shares are subdued as investors weigh the outlook for the global AI trade. Brent crude oil prices are hovering near $97 per barrel.

Why these stories matter

The bullish calls from HSBC and Citi are crucial for investor sentiment, potentially driving significant foreign capital inflows and providing a strong foundation for the broader market rally. MakeMyTrip India's IPO approval signifies growth in the digital travel sector and offers a new investment avenue. SEBI's new settlement regulations enhance regulatory clarity and efficiency, impacting corporate governance. The administrative warning to Dabur underscores the market regulator's strict stance on disclosure compliance, reminding all listed entities of their obligations. The choppy market action reflects ongoing sector rotation and profit-booking, indicating that investors are carefully evaluating valuations after the recent sharp gains.

What to watch next

• MakeMyTrip India IPO: Investors will closely watch for the official announcement of the IPO dates, price band, and offer details.
• FII Flows: Continued monitoring of foreign institutional investor activity will be key, especially following the bullish outlook from global banks.
• Corporate Earnings: More Q2 FY27 results are expected in the coming days, which will provide further insights into corporate performance.
• Global Cues: Developments in global markets, particularly regarding AI trade and crude oil prices, will continue to influence domestic sentiment.

Sources

• Business Standard: Sensex Today | Stock Market LIVE Updates, Monday, Nov 9, 2026
• The Economic Times: HSBC, Citi turn bullish as Indian stocks draw record inflows
• Rediff.com: MakeMyTrip India Gets Sebi Nod for IPO Launch
• ETLegalWorld: SEBI's new settlement regulations come into force with online filing, fast-track mechanism
• Business Today: Dabur shares fall 2% as SEBI flags delay in disclosure of USFDA warning letter

FAQ

1. Why are global banks turning bullish on Indian stocks?

Global banks like HSBC and Citigroup are turning bullish on Indian stocks due to resilient corporate earnings, more reasonable valuations compared to other markets, and the positive impact of lower crude oil prices on India's economy and corporate profitability.

2. What is the new Nifty target set by Citigroup?

Citigroup has raised its 12-month target for the NSE Nifty 50 Index by nearly 8%, setting a new target of 28,000.

3. Has MakeMyTrip India received approval for its IPO?

Yes, MakeMyTrip (India) Ltd, the Indian subsidiary of MakeMyTrip, has received approval from SEBI to launch its Initial Public Offering (IPO).

4. What are the new SEBI settlement regulations?

The new SEBI (Settlement of Administrative and Civil Proceedings) Regulations, 2026, which became effective on November 7, 2026, aim to streamline the process for settling administrative and civil proceedings under securities laws, offering online application facilities and a dedicated help desk.

5. Why did Dabur India receive a warning from SEBI?

Dabur India received an administrative warning from SEBI for a delayed disclosure of a warning letter issued by the US Food and Drug Administration (USFDA). SEBI cited a violation of its Listing Obligations and Disclosure Requirements (LODR) Regulations.

6. Which sectors are performing well in the Indian market today?

Today, the Nifty Pharma index is performing strongly, rising 2.8%, with PSU banks and healthcare sectors also showing gains.

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.