Nifty trade above 23,250 in early trade; breadth strong
At 09:30 IST, the barometer index, the S&P BSE Sensex, jumped 829.29 points or 1.04% to 75,271.53. The Nifty 50 index rose 204.75 points or 0.89% to 23,257.85.
In the broader market, the BSE 150 MidCap Index gained 0.70% and the BSE 250 SmallCap Index added 0.92%.
The market breadth was strong. On the BSE, 2,183 shares rose and 1,105 shares fell. A total of 242 shares were unchanged.
FPIs sold shares worth Rs 48,082.27 crore in October through 30 October 2026. This follows net selling of Rs 45,536.89 crore in September 2026, while FPIs were net buyers of Rs 17,366 crore in August 2026.
Stocks in Spotlight:
Bank of Baroda advanced 4.05% after the company reported a 35.81% year-on-year (YoY) jump in standalone net profit to Rs 6,531.54 crore in Q2 FY27, compared with Rs 4,809.39 crore in Q2 FY26. Total income increased 19.81% YoY to Rs 41,966.05 crore in Q2 FY27.
Sun Pharmaceuticals Industries fell 1.19%. The company reported an 11.88% year-on-year increase in consolidated net sales to Rs 16,198.71 crore in Q2 FY27 from Rs 14,478.31 crore. Revenue increased 5.87% sequentially from Rs 15,299.88 crore in Q1 FY27. Adjusted net profit stood at Rs 2,792.38 crore, down 10.44% year on year from Rs 3,117.95 crore. Sequentially, adjusted net profit declined 8.14% from Rs 3,039.73 crore.
Numbers to Track:
The yield on India's 10-year benchmark federal paper shed 0.24% to 7.394 compared with the previous session close of 7.412.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 94.8050 compared with its close of 94.7650 during the previous trading session.
MCX Gold futures for 4 December 2026 settlement rose 0.16% to Rs 1,38,695.
The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.07% to 101.95.
The United States 10-year bond yield shed 0.08% to 4.917.
In the commodities market, Brent crude for December 2026 settlement declined $3.49 or 3.08% to $109.94 a barrel.
Global Markets:
Dow futures rose 200 points, signalling a strong opening for US stocks.
Asian equities traded mixed on Monday, as concerns over the sustainability of the artificial intelligence investment boom weighed on technology stocks. The pressure followed a sharp selloff in US technology shares on Friday.
Wall Street ended sharply lower on Friday, 30 October 2026. The Dow Jones Industrial Average fell 572.25 points, or 1.09%, to 51,770.31. The S&P 500 declined 140.32 points, or 1.82%, to 7,580.07, while the Nasdaq Composite dropped 747.72 points, or 2.86%, to 25,437. The Nasdaq recorded its steepest one-day decline since 05 June 2026. The selloff was led by technology and semiconductor stocks, with the market reacting to concerns over AI-related spending and corporate cash generation.
Intel was among the biggest drags, with its shares plunging 28.6% on Friday after the chipmaker issued a weaker-than-expected fourth-quarter outlook. The company forecast revenue of $15 billion to $16 billion, against analyst expectations of $17.08 billion. Its adjusted third-quarter earnings of $0.52 per share and revenue of $16.5 billion had exceeded estimates. However, the outlook and concerns over manufacturing constraints, PC demand and cash flow overshadowed the results.
The semiconductor selloff extended to other major companies. Nvidia shares fell 4.2%, AMD declined 10.9% and the semiconductor index lost 7.2%. Sandisk dropped 13%, while Reddit also faced heavy selling. Shares of Amazon declined 1.4% during Friday's session after its quarterly results heightened concerns over the scale of AI infrastructure investment.
Amazon reported third-quarter net sales of $201.9 billion, up 12% year on year, while AWS revenue increased 39.3% to $46 billion. Operating income rose to $28.1 billion from $17.4 billion a year earlier. However, trailing 12-month free cash flow turned negative at $42.4 billion, compared with an inflow of $14.8 billion a year earlier. The company attributed the decline primarily to higher property and equipment spending, largely related to AI investments. Amazon forecast fourth-quarter revenue of $240 billion to $247 billion.
Energy stocks bucked the broader market trend. Exxon Mobil and Chevron rose after reporting third-quarter profits above market expectations, supported by higher refining margins amid disruptions to global fuel supplies. Both companies benefited from stronger downstream earnings as conflict-related disruptions constrained fuel production.
On the economic front, the US Employment Cost Index increased 0.8% in the third quarter of 2026, matching market expectations but easing from 0.9% in the previous quarter. Civilian worker compensation costs rose 0.8% over the three months ended September, while wages and salaries increased 0.7% and benefit costs rose 0.9%. The data indicated a moderation in labour-cost growth. The Chicago PMI fell to 55.3 in October from 58.8 in September, below the market forecast of 56.1.
Brent crude futures fell 1.5% to $111.72 a barrel. The pullback followed talks between Iranian and Qatari officials aimed at ending the US-Israeli war on Iran. However, continued attacks on tankers in the Strait of Hormuz remain a supply-side risk.
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