Nifty above 23,800 level; FMCG shares in demand
At 11:30 IST, the barometer index, the S&P BSE Sensex, jumped 47.27 points or 0.08% to 76,977.71. The Nifty 50 index rose 8.55 points or 0.05% to 23,822.15.
In the broader market, the BSE 150 MidCap Index gained 0.84% and the BSE 250 SmallCap Index added 1.03%.
The market breadth was strong. On the BSE, 2,665 shares rose and 1,315 shares fell. A total of 242 shares were unchanged.
Economy:
India's HSBC Services PMI was revised lower to 55.8 in October 2026 from the flash estimate of 56.2 but remained above September's reading of 55.2, marking the fastest expansion since June. Growth was supported by stronger output and sales, which reached four-month highs. However, export growth and employment creation moderated. Input cost inflation eased to its lowest level in over six years, while output price inflation slowed to its weakest pace since June. Business confidence remained positive but weakened from the previous month.
India's HSBC Composite PMI eased to 56.2 in October 2026 from the flash estimate of 56.7 but remained above September's reading of 55.9, marking the fastest expansion in private-sector activity since June. Growth was driven by stronger services activity, which offset slower manufacturing output. New orders rose at the fastest pace since June, while employment growth and business confidence moderated. Input cost inflation eased to an 11-month low, while output price inflation slowed to its weakest pace since February 2022.
Buzzing Index:
The Nifty FMCG index jumped 0.84% to 45,961.25. The index rose 5.43% in the three consecutive trading sessions.
ITC (up 2.68%), Godfrey Phillips India (up 2.43%), Varun Beverages (up 2.19%), Dabur India (up 2.19%) and Godrej Consumer Products (up 1.74%), Radico Khaitan (up 1.45%), Marico (up 1.3%), United Breweries (up 1.29%), Patanjali Foods (up 1.25%) and Colgate-Palmolive (India) (up 0.53%) rose.
Global Markets:
Dow futures fell 112 points, signalling a negative opening for US stocks.
Asian equities came under pressure on Wednesday as technology stocks extended losses amid concerns over foreign fund outflows and the returns from artificial intelligence investments. South Korea's Kospi and Taiwan's Taiex were among the worst performers.
Investors are closely watching the US midterm election results as vote counting gets underway. The outcome will determine control of Congress and could shape President Donald Trump's policy agenda for the remainder of his term.
The weakness in South Korea and Taiwan followed heavy selling in technology shares. The broader semiconductor sector remains sensitive to investor reassessments of spending on AI infrastructure.
Wall Street ended mixed on Tuesday, 3 November 2026, as a rebound in major technology stocks lifted the S&P 500 and Nasdaq, while the Dow remained lower. The Dow Jones Industrial Average fell 197.26 points, or 0.38%, to 51,786.72. The S&P 500 rose 27.52 points, or 0.36%, to 7,568.92, while the Nasdaq Composite gained 207.65 points, or 0.83%, to 25,372.01. The broader market remained subdued, with more S&P 500 stocks declining than advancing.
Technology shares recovered after recent losses. Nvidia rose 2.29%, Microsoft gained 2.74% and Amazon advanced 2.06%. Broadcom added 3.07%, while Micron gained 2.6%. The Philadelphia Semiconductor Index climbed around 3%, helping the Nasdaq end a three-session losing streak.
Apple fell 1.90% after warning that higher memory-chip costs could put pressure on its December-quarter gross margin. The company reported fiscal fourth-quarter revenue of $114.5 billion, up 12% year on year, against analyst expectations of $113.4 billion. Net income increased 12% to $30.71 billion, while earnings per share stood at $2.10, above the $1.99 estimate. However, its December-quarter gross margin forecast of 45% to 46% was below the 47.9% reported in the September quarter.
AMD shares were in focus in after-hours trading after the chipmaker reported record third-quarter revenue of $13.38 billion, up 45% year on year. GAAP net income increased 95% to $2.43 billion, while diluted earnings per share rose to $1.46 from $0.75. Non-GAAP earnings per share climbed 74% to $2.09. Data Centre revenue nearly doubled, rising 97% to $8.55 billion.
AMD forecast fourth-quarter revenue of approximately $17 billion, plus or minus 3%, with a non-GAAP gross margin of around 55%. The revenue outlook implies year-on-year growth of approximately 66% at the midpoint. The guidance is significant for semiconductor stocks as investors assess demand for AI processors and data-centre infrastructure.
Other notable movers included Shopify, which fell 8.74%, and DuPont, which surged more than 9% after reporting better-than-expected results and raising its outlook. Gartner and Thomson Reuters also declined following their earnings updates.
On the economic front, US job openings increased to 7.531 million in September from 7.147 million in August, according to the Bureau of Labor Statistics. The increase suggested stronger labour demand, although job openings alone do not establish the pace of actual hiring. The data will be watched for its implications for the Federal Reserve's assessment of labour-market conditions and interest rates.
Crude oil prices edged lower in early Asian trading on Wednesday. Brent crude fell 0.25% to $103.34 a barrel. Investors continued to assess prospects for a US-Iran agreement to end the conflict. However, a senior Iranian official told the media that the two sides remained far from a deal. The market is also awaiting official US inventory data after the American Petroleum Institute reported an unexpected 5.27-million-barrel decline in crude stocks for the week ended 30 October.
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