India’s stock markets witnessed a record-breaking rally on Thursday morning, November 13. After a slightly weak start, a wave of buying momentum took over around 10 AM, pushing indices to historic highs. The Bank Nifty surged past 58,600 for the first time ever, while the Nifty Midcap Index also touched a fresh record level.
Bank Nifty: Historic Breakout After 13 Sessions
After remaining range-bound between 57,200–58,000 for nearly two weeks, Bank Nifty finally broke out to scale 58,600, marking its highest level since October 23, 2025.
Key Highlights
First strong breakout in 13 sessions
Fresh high after October 23, 2025
Clear indication of heavy buying in banking stocks
Leading contributors included HDFC Bank, ICICI Bank, Axis Bank, and SBI, all of which saw strong upward moves.
Why the Banking Rally?
Strong Credit Demand: Retail and MSME loan growth continues to support banking momentum.
Improved NPAs: Asset quality has strengthened, boosting investor confidence.
Rate Cut Hopes: Cooling inflation and expectations of an RBI rate cut have fueled optimism.
Robust Fund Inflows: Both FII and DII inflows into banking are rising.
Midcap Index at Record High
The Nifty Midcap 100 also hit a new all-time high, reflecting broad-based market strength.
Buying was particularly strong in:
Capital Goods
Defence
Industrials
Chemicals
Retail-themed stocks
This signals renewed investor confidence beyond large caps.
Market View
According to V.K. Vijayakumar of Geojit Financial, the market needs fresh triggers to sustain higher levels. The Bihar election impact is largely priced in, but any surprise results could trigger volatility. He also pointed to a potential India–US trade deal and reciprocal tariff cuts as possible upside drivers.
On the technical side, Nifty remains comfortably above its 10- and 20-DEMA, indicating a positive short-term trend.
Dipesh Dhamecha of SAMCO Securities noted that the 25,700–25,780 gap support remains strong, and staying above 25,650 will keep sentiment bullish.
Resistance is seen near 25,950, above which the next leg of the rally may accelerate.
Market Snapshot: 11:00 AM
Bank Nifty soars past 58,600 – first-ever record high.
New peak after 23 Oct 2025 – breakout after 13 trading sessions.
Broad-based banking rally – gains in HDFC Bank, ICICI Bank, Axis Bank, Kotak Bank; PSU banks also surged.
Short-covering + FII activity – supported sharp upside.
PSU Bank Index joins the rally – SBI, BoB, and Canara Bank saw heavy volumes.
Midcap Index at record high – small and mid-sized stocks continue to shine.
Bullish sentiment dominates – indicating strong grip of the bulls in the market.
Technical Outlook
Support: 25,650–25,700
Resistance: 25,950
Trend: Buy-on-dips remains the preferred strategy.
