• The Indian stock market recovered after initial losses, despite a 9% drop in Asian Paints shares.
• The Sensex and Nifty experienced minor slips, with major losses in Axis Bank, IndusInd Bank, and Bajaj Finance.
• Foreign institutional investors continue to sell, moving money to the outperforming US market.
• Despite early losses and selling pressure, the Indian market showed resilience, with its future trajectory dependent on various domestic and international factors.

The Indian stock market rebounded on Monday after initial losses, with significant pressure from PSU banks, financial services, pharma, and FMCG sectors in early trading.

Asian Paints shares fell sharply by nearly 9% after the company's Q2 results disappointed investors. The company reported a 42.4% drop in net profit to Rs 694.6 crore for the July-September quarter, down from Rs 1,205.4 crore in the same period last year.

As of early trade, the Sensex stood at 79,388.77, while the Nifty traded at 24,140.15. Despite early volatility, market sentiment turned positive, with 563 stocks advancing and 1,439 declining on the National Stock Exchange (NSE).

Nifty Bank slipped 89.05 points (0.17%) to 51,472.15, while the Nifty Midcap 100 and Nifty Smallcap 100 indices dropped 0.64% and 0.96%, respectively.

Among the biggest Sensex laggards were Axis Bank, IndusInd Bank, Bajaj Finance, Reliance, ICICI Bank, UltraTech Cement, Bajaj Finserv, and NTPC. Tata Motors, Power Grid, Maruti, M&M, SBI, HCL Tech, and Infosys were the top gainers.

Asian markets were broadly in the red, with Shanghai, Hong Kong, Jakarta, Tokyo, Seoul, and Bangkok all trading lower. Meanwhile, the US markets closed higher in the previous session, buoyed by optimism around pro-business policies expected to boost corporate earnings.

Market analysts noted that U.S. market momentum has had limited positive impact on India, where weaker-than-expected earnings forecasts for FY25 are pressuring stock prices. Foreign Institutional Investors (FIIs) sold Rs 3,404 crore worth of equities on November 8, while Domestic Institutional Investors (DIIs) made net purchases of Rs 1,748 crore.