Sensex jumps 309 pts, Nifty regains 23,900 mark, chemical stocks rally

The key equity benchmarks traded higher in afternoon deals on Wednesday, supported by a recovery in global markets. European shares advanced, while Asian equities pared most of their early losses following the US midterm election results. The Nifty reclaimed the 23,900 mark. Chemicals stocks were in demand.

At 13:30 IST, the S&P BSE Sensex rose 309.38 points or 0.40% to 77,227.23. The Nifty 50 index rose 98.05 points or 0.41% to 23,908.90.

The broader market outperformed the frontline indices. The BSE 150 MidCap Index gained 1.13% and the BSE 250 SmallCap Index added 1.48%.

The market breadth was strong. On the NSE, 2606 shares rose and 898 shares fell. A total of 91 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, fell 1.62% to 15.47.

Buzzing Segment:

The Nifty Chemicals index rose 1.49% to 27,812.80, rising 4.48% in three days. Linde India led the gains, surging 7.14%, followed by Himadri Speciality Chemical (6.68%), Deepak Fertilisers (3.38%), Deepak Nitrite (3.35%), Navin Fluorine (3.01%) and Sumitomo Chemical India (2.95%).

Other gainers included Deepak Nitrite (3.35%), Coromandel International (1.45%), Atul (1.28%), UPL (1.19%), Aarti Industries (1.17%) and Jubilant Ingrevia (1.12%). Pidilite Industries declined 0.57%, while Tata Chemicals fell 0.85%.

Stocks in Spotlight:

R Systems International surged 9.98% after the company reported a 53.1% year-on-year increase in adjusted net profit to Rs 66.45 crore in Q3 2026 from Rs 43.40 crore in Q3 2025. Sequentially, adjusted net profit increased 5.7% from Rs 62.87 crore in Q2 2026. Revenue from operations increased 24.3% year on year to Rs 615.20 crore in Q3 2026. Sequentially, revenue rose 2.2% from Rs 601.70 crore in Q2 2026.

Bata India declined 3.45% after the company?s consolidated net profit declined 71.69% to Rs 18.11 crore in Q2 FY27 compared with Rs 63.98 crore posted in Q1 FY27. Revenue from operations declined 11.97% YoY to Rs 861.78 crore in Q2 FY27. However, on a YoY basis, the company's consolidated net profit increased 30.78%, while revenue from operations rose 7.54% during the quarter.

Global Markets:

European shares opened higher on Wednesday as investors assessed the outcome of the US midterm elections. Democrats won control of both chambers of Congress, raising concerns that tighter regulation of artificial intelligence could curb investment in the sector.

The Democrats secured victories in traditionally Republican strongholds, including South Carolina and Texas. The results marked a significant setback for President Donald Trump and his Republican Party. Investors were concerned that increased scrutiny of data centre construction could make technology companies more cautious about AI-related spending.

Asian equities were mixed, recovering from most of their early losses. Technology stocks remained under pressure amid concerns over elevated valuations, heavy AI investment and uncertain returns. The election outcome also raised the prospect of political gridlock in Washington. This could complicate discussions on fiscal policy, government spending and other economic priorities during the remainder of Trump's term.

US equity futures recovered from steeper losses. Dow futures rose 115 points as investors assessed the potential impact of the election result on technology investment, corporate regulation and fiscal policy.

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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