Markets closed higher; Financial stocks outperformed

Markets traded with a positive bias throughout the day, however financial stocks steal the show for the second consecutive trading session with Bank Nifty index positing a ~800 point rally.

Bank Nifty outperformed the Nifty index by ~2% led by its major heavyweights like ICICI Bank & SBI. 

Shares of Reliance Industries continued to witness selling pressure, closing ~1.5% lower along with an addition of short positions. 

The Nifty Midcap 100 index closed ~0.6% higher. Market breadth ended in the favour of the declines with the advance/decline ratio closing at 1:1x. Nifty and Bank Nifty index saw addition of long positions during the day.

On the options front (November 05, 2020 expiry), across the board buying positions were formed in Bank Nifty call options as the index trended higher.

India Vix index closed higher at 24.5, down ~2.5%.