Indian Stock Market Today: Sensex and Nifty Gain as Banking Rally Lifts Markets

Indian stock market today: The Indian equity market continued its upward trajectory on Monday, November 17, as a sharp surge in banking stocks pushed Nifty Bank to a fresh lifetime high. The Nifty Midcap 100 also climbed to a record 61,156.65 during the afternoon trade, indicating strong sentiment across broader indices.

At 12:38 PM, the S&P BSE Sensex rose 290.98 points or 0.34% to 84,853.76 while the Nifty50 gained 76.65 points or 0.3% to trade at 25,986.70. Bajaj Auto led the rally with a 1.72% rise, followed by Shriram Finance, Eicher Motors, Kotak Mahindra Bank, and Mahindra & Mahindra.

Among the top drags, Tata Motors PV fell 4.58%, followed by HDFC Life Insurance, Bharat Electronics, UltraTech Cement, and IndiGo.

Tata Motors PV Slides After Weak Q2 Results

Tata Motors Passenger Vehicles shares fell as much as 7.2% to ₹363 after the company reported weaker-than-expected quarterly results due to a sharp decline in Jaguar Land Rover performance. Although the stock recovered partially, it remained over 4% down by midday.

Analysts described the September quarter as one of the company’s most challenging periods in recent years. They expect PV ICE profitability to stay subdued for one more quarter due to pricing pressure and rising commodity costs before improving in Q4 with the Sierra launch.

JLR revenue fell 24.3% to 4.9 billion pounds, significantly impacted by a cyber incident that pushed EBIT margins to –8.6%.

IRB Infrastructure Surges as NHAI Award Boosts Sentiment

IRB Infrastructure Developers shares jumped 7% after IRB Infrastructure Trust secured a major NHAI project worth ₹9,270 crore. The award covers 366 km of the Lucknow-Ayodhya-Gorakhpur corridor and part of the Lucknow-Varanasi corridor.

Management noted that the TOT 17 project strengthens the company’s presence, expanding its market share in the TOT segment to 42%. The stock traded nearly 5% higher at midday.

Kotak Bank Gains Ahead of Stock Split Decision

Kotak Mahindra Bank rose close to 2% as investors reacted to the bank’s announcement of a potential stock split. The board is scheduled to discuss the proposal on November 21.

The stock opened strong and continued gaining, trading above ₹2,104 by noon. Despite a 4.5% decline over the last month, the stock has risen 18% since the start of the year.

SpiceJet Jumps as Airline Plans Fleet Expansion

SpiceJet shares advanced 7% as the airline revealed plans to double its operational fleet and triple ASKM by year-end. It plans to bring back eight grounded Boeing aircraft by April 2026, with four returning by early winter to meet high travel demand.

The airline expects improved fleet utilisation and increased capacity to reduce CASK and strengthen profitability.

Groww Extends Winning Streak, Hits New High

Groww’s parent company, Billionbrains Garage Ventures, continued its strong market debut momentum, rising over 14% intraday. The stock is now up almost 70% from its issue price.

With a market cap crossing ₹1 lakh crore, the company has become one of the strongest fintech listings of the year.

SBI Touches 52-Week High Amid Merger Buzz

State Bank of India climbed nearly 1% to hit a 52-week high as reports suggested the bank supports another round of PSB mergers. SBI’s chairman highlighted the need for rationalisation to build scale and support India’s economic growth.

The government reportedly plans to implement mergers in 2–3 phases.

Marico Hits Record High Despite Marginal Profit Drop

FMCG major Marico surged to an all-time high after posting its Q2 FY26 results. Despite a 1% dip in net profit to ₹420 crore, revenue grew 31% YoY to ₹3,482 crore. EBITDA increased 7.3%, although margins contracted from 19.59% to 16.08%.

The stock traded nearly 3% higher during the session.

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