Markets close on a flat note; Banking, Metal stocks underperformed

Markets witnessed a negative day of trade, with the benchmark index trading in a narrow band during the trade.

Bank Nifty underperformed the Nifty by ~0.7% with both the indices closing lower. Financial stocks were among the top underperformers with stocks like HDFC Bank, ICICI Bank & Bank of Baroda leading the laggards, closing around the intraday lows along with an addition of short positions.

Nifty Midcap 100 index closed ~0.45% lower.

Market breadth ended in the favour of the advances with the advance/decline ratio closing at 1:1x. Bank Nifty saw an addition of short
positions during the day.

On the options front (November 25, 2021 expiry), across the board writing was seen in the call option strikes as the Bank Nifty index trended lower. India Vix index closed at 16.35, up ~2%.