Nifty tops 23,700; private banks lead gains as crude prices ease

Key equity indices extended their rally on Tuesday, with the Sensex and Nifty gaining over 1.2% amid easing crude oil prices, continued foreign institutional investor buying and growing expectations of a review of long-term capital gains tax. Finance Minister Nirmala Sitharaman's remarks that the government would consider requests to review capital gains taxes on foreign investors further lifted sentiment. A weaker global AI trade, a stronger rupee and value buying in large-cap stocks also supported the market. Investors remained cautious about geopolitical developments involving Iran, while analysts cited improving valuations, strong Q2 earnings and renewed foreign fund inflows as potential drivers of further gains. The Nifty was trading above the 23,700 mark. Private sector banks were in demand.

At 13:30 IST, the S&P BSE Sensex jumped 1,024.29 points or 1.35% to 76,717.07 . The Nifty 50 index rose 285.65 points or 1.22% to 23,726.45.

In the broader market, the Nifty Midcap 150 Index gained 0.87% and the Nifty Smallcap 250 Index added 0.61%.

The market breadth was strong. On the NSE, 2,233 shares rose and 1,248 shares fell. A total of 110 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 3.46% to 16.04.

Buzzing Segment:

The Nifty Private Bank index rose 1.5% to 27,420.70. HDFC Bank led the gains, rising 2.94%. ICICI Bank advanced 2.42%, followed by Axis Bank (2.16%), IndusInd Bank (1.75%) and Bandhan Bank (1.67%). RBL Bank edged up 0.03%.

On the losing side, Federal Bank declined 1.44%, while Yes Bank fell 0.71% and IDFC First Bank shed 0.6%.

Stocks in Spotlight:

ITC rose 1.01% after the company reported a 5.1% year-on-year increase in consolidated net revenue to Rs 20,454 crore in Q2 FY27. However, EBITDA declined 15.7% to Rs 5,645 crore, while profit before tax fell 18.4% to Rs 5,695 crore. Net profit dropped 18.5% to Rs 4,229 crore from Rs 5,187 crore in the corresponding quarter last year.

Akums Drug and Pharmaceuticals added 2.65% after the company?s consolidated net profit surged 176.73% to Rs 112.85 crore in Q2 FY27 compared with Rs 40.78 crore in Q2 FY26. Revenue from operations climbed 31.93% YoY to Rs 1342.38 crore in Q2 FY27.

Sattrix Information Security jumped 3.44% after the company announced that it had received work orders aggregating to Rs 2.43 crore. The orders cover the supply of advanced cybersecurity products, software licences, annual maintenance and support services, and other related cybersecurity solutions.

Global Markets:

Dow futures fell 302 points, signalling a weak opening for US stocks.

European shares traded lower on Tuesday as investors mulled over Apple?s quarterly earnings report and awaited U.S. midterm elections.

Australia?s central bank raised its benchmark cash rate by 25 basis points to 4.85% on Tuesday, the highest level since November 2008. The move was in line with broader expectations, and marked its fifth rate increase this year.

Asian equities were trading lower on Tuesday, as technology shares remained under pressure amid concerns over the returns from heavy artificial intelligence investments. Japan's cash market remained closed for Culture Day.

Wall Street ended mixed on Monday, 2 November 2026, as weakness in technology shares offset gains across other sectors. The Dow Jones Industrial Average rose 213.67 points, or 0.41%, to 51,983.98. The S&P 500 declined 38.67 points, or 0.51%, to 7,541.40, while the Nasdaq Composite fell 272.68 points, or 1.07%, to 25,164.32.

Technology and semiconductor stocks remained under pressure as investors reassessed the scale and potential returns of AI-related investments. Nvidia fell 1.26%, Microsoft declined 2.83% and Apple lost 1.83%. Oracle also fell more than 8% amid plans to raise $20 billion through share and debt offerings.

Marvell Technology dropped 12.72%, while optical-components maker Lumentum plunged 18.59%. Marvell and Lumentum announced an all-stock agreement under which Marvell will acquire Lumentum in a deal with an implied enterprise value of $115 billion.

Apple reported fiscal fourth-quarter revenue of $114.5 billion, up 12% year on year and above the analyst estimate of $113.4 billion. Net income rose 12% to $30.71 billion, while earnings per share came in at $2.10 against expectations of $1.99. However, the company forecast a gross margin of 45% to 46% for the December quarter, below the 47.9% reported in the September quarter. Apple shares fell 1.83% during regular trading and declined further during the earnings call.

US manufacturing activity expanded at a faster pace in October. The Institute for Supply Management's manufacturing PMI rose to 55.5 from 54.5 in September, beating the market forecast of 54.5. The reading marked the 10th consecutive month of expansion in the manufacturing sector.

The US midterm elections on Tuesday are another focus for investors. The outcome could influence expectations for fiscal policy, government spending and regulation of the technology sector.

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