Sensex surges 1,225 points, Nifty tops 23,800 as rally extends to fourth session

The key equity indices ended sharply higher on Tuesday, extending their winning streak to a fourth consecutive session. Easing crude oil prices and continued FII buying supported sentiment. Expectations of a review of long-term capital gains tax also boosted investor confidence.

Finance Minister Nirmala Sitharaman said the government would consider requests to review capital gains taxes on foreign investors. A stronger rupee and value buying in large-cap stocks further supported the rally. Weakness in global AI-linked stocks also aided Indian equities.

However, investors remained cautious about geopolitical developments involving Iran. The Nifty closed above the 23,800 level. FMCG, realty and private bank shares were in demand. On the other hand, PSU banks and metal shares decined.

The S&P BSE Sensex jumped 1,225.07 points, or 1.62%, to 76,917.85, while the Nifty 50 rose 370.05 points, or 1.58%, to 23,810.85. In four consecutive sessions, the Sensex gained 5.01%, while the Nifty 50 added 4.47%.

Bharti Airtel (up 3.77%), HDFC Bank (up 3.64%) and ICICI Bank (up 2.67%) boosted the Nifty higher today.

The broader market underperformed the frontline indices. The Nifty MidCap 150 Index advanced 1% and the Nifty SmallCap 250 Index added 0.42%.

Market breadth was positive. On the NSE, 2,127 shares advanced, while 1,477 declined and 109 remained unchanged.

Numbers to Track:

In the commodities market, Brent crude for December 2026 settlement jumped 82 cents or 0.78% to $105.59 a barrel.

The yield on India's 10-year benchmark federal paper rose 0.15% to 7.324 compared with the previous session close of 7.313.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 94.7750 compared with its close of 94.8400 during the previous trading session.

MCX Gold futures for 4 December 2026 settlement declined 1.36% to Rs 1,38,282.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.06% to 101.81.

The United States 10-year bond yield rose 0.39% to 4.909.

Global Markets:

Dow futures fell 294 points, signalling a weak opening for US stocks.

European shares traded lower on Tuesday amid a global technology sell-off and caution ahead of U.S. midterm elections and the Bank of England?s rate decision later this week.

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 ended 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.

New Listing:

Shares of BLS Polymers ended at Rs 269.30 on the BSE, representing a premium of 79.53% as compared with the issue price of Rs 150.

The stock debuted at Rs 244.10 on the BSE, a premium of 62.73% over its issue price. The stock has hit a high of Rs 285.25 and a low of Rs 225. On the BSE, over 77.60 lakh shares of the company were traded in the counter.

Shares of SFC Environmental Technologies ended at Rs 424.85 on the BSE, representing a premium of 28.74% as compared with the issue price of Rs 330.

The stock debuted at Rs 354.05 on the BSE, a premium of 7.29% over its issue price. The stock has hit a high of Rs 424.85 and a low of Rs 354.05. On the BSE, over 17.33 lakh shares of the company were traded in the counter.

Stocks in Spotlight:

Marico rallied 10% after the company?s consolidated net profit jumped 30.95% to Rs 550 crore in Q2 FY27 compared with Rs 420 crore in Q2 FY26. Revenue from operations climbed 12.96% YoY to Rs 3897 crore in the quarter ended 30th September 2026.

State Bank of India fell 1.70%. The company reported a 14.28% year-on-year increase in net profit to Rs 23,038 crore in Q2 FY27 from Rs 20,160 crore in Q2 FY26. Net interest income rose 14.69% year on year to Rs 49,143 crore from Rs 42,847 crore.

KEC International slumped 9.36% after the company reported an 82% year-on-year decline in consolidated profit after tax to Rs 30 crore in Q2 FY27 from Rs 161 crore in Q2 FY26. The company reported a 10% year-on-year decline in consolidated revenue to Rs 5,468 crore from Rs 6,092 crore.

Akums Drug and Pharmaceuticals added 3.82% 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.

KRBL surged 10.59% after the company reported a 50.44% year-on-year (YoY) jump in consolidated net profit to Rs 258.93 crore in Q2 FY27 compared with Rs 172.11 crore in the corresponding quarter of the previous fiscal year. Revenue from operations climbed 14.31% YoY to Rs 1,727.36 crore in Q2 FY27.

Trident surged 7.11% after the company reported a 93.09% year-on-year increase in consolidated profit after tax to Rs 175.58 crore in Q2 FY27 from Rs 90.93 crore. The company reported a 3.79% year-on-year decline in consolidated revenue from operations to Rs 1,719.48 crore in Q2 FY27 from Rs 1,787.17 crore.

Kitex Garments surged 15.08% after the company reported an adjusted net profit of Rs 16.75 crore in Q2 FY27, compared with an adjusted net loss of Rs 15.13 crore in Q2 FY26. The company reported a 66.29% year-on-year increase in net sales to Rs 203.04 crore in Q2 FY27 from Rs 122.10 crore.

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