Sensex jumps 996 pts; metal shares in demand
At 11:30 IST, the barometer index, the S&P BSE Sensex, jumped 996.22 points or 1.34% to 75,455.75. The Nifty 50 index rose 286.20 points or 1.22% to 23,338.00.
In the broader market, the BSE 150 MidCap Index gained 1.21% and the BSE 250 SmallCap Index added 1.68%.
The market breadth was strong. On the BSE, 2,764 shares rose and 1,309 shares fell. A total of 265 shares were unchanged.
IPO Update:
Bombay Coated & Special Steels received bids for 14,37,59,980 shares as against 1,65,33,012 shares on offer, according to stock exchange data at 11:25 IST on 1 November 2026. The issue was subscribed 8.70 times.
The issue opened for bidding on 29 October 2026 and will close on 2 November 2026. The price band of the IPO is fixed between Rs 78 and 82 per share. An investor can bid for a minimum of 182 equity shares and multiples thereof.
Buzzing Index:
The Nifty Metal index jumped 2.27% to 12,052.60. The index shed 0.54% in the past trading session.
Tata Steel (up 4.53%), Jindal Steel (up 4.13%), National Aluminium Company (up 2.73%), Steel Authority of India (up 2.48%), JSW Steel (up 2.09%) were the top gainers. Among the other gainers were Hindalco Industries (up 2.02%), Vedanta (up 1.95%), NMDC (up 1.83%), Hindustan Zinc (up 1.27%) and Jindal Stainless (up 1.25%) rose.
Global Markets:
Dow futures rose 198 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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