After seven consecutive sessions of losses, the longest losing streak since February 2023, the Nifty rebounded on November 19, driven by gains in energy and auto stocks. The Sensex, too, shook off its blues, snapping a four-day slump on November 19.

At about 9:45 am, the Sensex was up 820.40 points or 1.06 percent at 78,159.41, and the Nifty was up 251.90 points or 1.07 percent at 23,705.70. About 2,510 shares advanced, 499 shares declined, and 97 shares unchanged.

"While a recovery seems difficult in the near term, the deep correction is behind us," said Sandip Agarwal, Fund Manager and Co-Founder of Sowilo Investment Managers, in a conversation with Moneycontrol. He added, "Investors are worried about possible tariffs under Donald Trump and their impact on emerging markets. However, with most foreign hedge fund managers booking profits ahead of the new year, the sharp FII selloff seems to be largely over."

After Monday's slide, the Nifty and Sensex were down 11 percent and 12 percent from their respective peaks. Foreign investors offloaded Rs 1,400 crore in the cash markets in yesterday's trade, pushing their total selling in November to a staggering Rs 31,000 crore.

NTPC Green Energy's Rs 10,000-crore IPO is set to kick off today. The company, which is India's largest renewable energy public sector enterprise, mobilized Rs 3,960 crore via the anchor book on November 18. Before the launch of the IPO, NTPC was the only shareholder with a 100 percent stake.

Suzlon Energy, another renewable energy player, witnessed robust buying interest as the stock rose 5 percent to hit an upper circuit after Morgan Stanley upgraded its rating to 'overweight' from its earlier rating of 'equal weight.' This suggests that the recent stock correction provides investors an opportunity, given Suzlon's strong moat. The Suzlon share price has corrected 45 percent from its peak of Rs 86.

Recent market entrant Waaree Energies was also buzzing in trade, falling 5 percent after the company reported a marginal 1 percent increase in revenue from operations. The net profit for the quarter came in at Rs 361 crore, higher by 15 percent from the year-ago period.

The broader market found its footing and outperformed the headline indices with gains of 1.2 and 1.5 percent, respectively. Despite shedding 11 percent from their peaks, both indices still boast a robust 17 percent year-to-date gain, far outpacing the Nifty’s 9 percent rise. According to Sandip Agarwal, the broader market's moves are now driven by earnings—strong results fueling rallies, while weaker ones take their toll on stock prices.

All sectoral indices traded in positive territory. The top performers were Nifty Energy, Realty, IT, and Auto. Gains in NTPC, Reliance, ONGC, and Power Grid lifted sentiment. Realty majors like DLF and Brigade traded higher. Auto stocks like M&M, Tata Motors, and Bajaj Auto lifted the index nearly 2 percent higher.

"After a positive opening, Nifty can find support at 23,350, followed by 23,250 and 23,200. On the higher side, 23,550 can be immediate resistance, followed by 23,650 and 23,800," says Hardik Matalia, Derivative Analyst at Choice Broking. "The charts of Bank Nifty indicate that it may get support at 50,200, followed by 50,000 and 49,900. If the index advances further, 50,500 would be the initial key resistance, followed by 50,800 and 51,000," he added.

Trent, BPCL, Tata Motors, M&M, and NTPC were the top gainers on the Nifty. The major laggards were SBI Life Insurance, Kotak Mahindra Bank, Bajaj Finserv, HDFC Life, and Sun Pharma.