Sectoral Snapshot Today, November 9, 2026: PSU Banks, Pharma Stocks Lead Gains; IT, Metals Drag

Mumbai, November 9: Public sector banks and pharmaceutical stocks led sectoral gains on Monday, helping Indian equity benchmarks recover from intraday losses and close higher. The Nifty PSU Bank index surged 3.7%, emerging as the top-performing sector, while buying interest in banking and healthcare stocks supported the broader market. 

The Bank Nifty advanced 1.5%, while the Nifty Pharma index gained 1.6%. Financial Services and Private Bank indices rose 0.7% each, reflecting strength across banking and financial stocks. State Bank of India (SBI) was among the leading Nifty 50 gainers, advancing 2.6%. 

Banking and pharma stocks lead rally 

Public sector lenders witnessed strong buying interest, with SBI and other state-owned banking stocks attracting investor attention. The rally in PSU banks came even as investors booked profits in several other pockets of the market following the sharp gains recorded over the recent rally. Punjab National Bank rose 5.3% while Union Bank of India jumped 5.6%. Bank of Baroda rose 4.5%.  

Pharmaceutical stocks also outperformed, with Divi’s Laboratories rising 4.2% and Gland Pharma gaining 4.9% following upbeat quarterly results. The gains in the two stocks helped lift the Nifty Pharma index 1.6%. 

The Nifty Healthcare index also recorded gains, reflecting buying interest in healthcare-related stocks. 

Consumer Durables, Realty, Media among other gainers 

Other sectoral indices ending in positive territory included Consumer Durables, which advanced 0.9%, and Realty, which gained 0.8%. Media rose 0.5%, while the Auto index edged up 0.3%. Among consumer durables, Kalyan Jewellers India rose 3.2% after Diwali and jeweller and lifestyle firm Titan Company was relatively muted rising 0.3%. Air conditioning firm Voltas rose 3.2% despite brokers flagging weak margins and earnings quality. Fast moving electrical goods and power distribution equipment manufacturer Havells India rose 3.2% after rise in profit.   

IT, Metals among top sectoral laggards 

On the losing side, the Nifty IT index declined 1.2%, emerging as the worst-performing sector. The weakness in technology stocks came due to profit booking and investors dumping IT for AI in Asia. Infosys dropped 1.5% while HCL Technologies declined 2.4%. Tata Consultancy Services slid 0.9%. 

The Nifty Metal index slipped 0.5%, while FMCG declined 0.1%. The Nifty Commodities and Services indices also ended lower. Among metals, Tata Steel declined 2.8% after brokers flagged sharper losses in UK operations’ Ebitda. 

The broader market recovery remained selective, with investors rotating towards banking and pharmaceutical stocks while booking profits in some of the sectors that had participated in the recent rally. 

Overall, 13 of the 16 major sectoral indices ended higher. Market participants are likely to track corporate earnings and foreign institutional inflows for further cues, with stock-specific action expected to remain prominent following the recent sharp rally. 

Source: NSE