Benchmarks rally for fifth session, Nifty crosses 23,950 mark

The key equity benchmarks ended higher on Wednesday, extending their winning streak to five consecutive sessions. Easing crude oil prices, renewed foreign portfolio investor (FPI) buying and a broader recovery in equities supported sentiment. The Nifty settled above the 23,950 mark. Realty and metal stocks advanced, while information technology shares remained under pressure.

Foreign investors were net buyers of Indian equities in November, providing further support to the market. Brent crude prices fell below $102 a barrel, offering relief to oil-importing economies such as India. Investors also assessed the outcome of the US midterm elections, with Democrats securing control of both chambers of Congress. The result raised concerns over potential changes in US trade policy and tighter regulation of the technology sector.

The S&P BSE Sensex rose 383.55 points or 0.50% to 77,301.40. The Nifty 50 index rose 149.75 points or 0.63% to 23,960.60. In fifth consecutive session, Sensex and Nifty climbed 5.54% and 5.56%, respectively.

Titan Company (up 4.22%), Bajaj Finance (up 2.47%) and HDFC Bank (up 1.54%) boosted the Nifty higher today.

The broader market outperformed the frontline indices. The Nifty MidCap 150 Index gained 1.60% and the Nifty SmallCap 250 Index added 1.97%.

The market breadth was strong. On the NSE, 2,720 shares rose and 884 shares fell. A total of 100 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, fell 2.89% to 15.27.

Economy:

India's HSBC Services PMI rose to 55.8 in October 2026 from 55.2 in September, marking the fastest expansion in four months. However, the reading was below the flash estimate of 56.2. Growth was supported by stronger domestic demand, with new business and sales recording their fastest increases since June. In contrast, export order growth slowed to its weakest pace since February 2023. Employment growth also weakened, with hiring reaching its slowest pace in 10 months. Input cost inflation eased to its lowest level since August 2020, while output price inflation slowed to its weakest pace since June. Business confidence weakened from September and remained below its long-term average.

India's HSBC Composite PMI Output Index rose to 56.2 in October from 55.9 in September, marking the fastest expansion in private-sector activity since June. The reading was below the flash estimate of 56.7. Stronger services activity offset slower manufacturing output. New business orders increased at the fastest pace since June, while employment growth and business confidence moderated. Input cost inflation across the private sector eased to an 11-month low. Output price inflation also slowed to its weakest pace since February 2022, although price pressures remained more pronounced in manufacturing than in services.

Numbers to Track:

In the commodities market, Brent crude for the December 2026 settlement fell $1.95 or 1.88% to $101.65 a barrel.

The yield on India's 10-year benchmark federal paper declined 1.01% to 7.223 compared with the previous session close of 7.297.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 94.5925 compared with its close of 94.7500 during the previous trading session.

MCX Gold futures for the 4 December 2026 settlement rose 2.37% to Rs 1,42,789.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.47% to 101.38.

The United States 10-year bond yield shed 0.51% to 4.924.

Global Markets:

European shares traded higher on Wednesday as investors assessed the outcome of the US midterm elections. Democrats secured control of both chambers of Congress, raising concerns over tighter regulation of artificial intelligence and its potential impact on investment in the sector. However, markets appeared to draw some relief from greater clarity on the election outcome.

Asian equities recovered from early losses and ended mostly higher. Technology stocks remained under pressure amid concerns over elevated valuations, heavy AI investment and uncertain returns.

US equity futures rebounded sharply after the initial sell-off, as investors reassessed the election outcome. Dow futures surged 763 points, reflecting improved sentiment as markets weighed the implications of divided government for 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 on Wednesday. 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.

New Listing:

Shares of M.K.Sons Fine Jewels ended at Rs 162.20 on the BSE, representing a premium of 0.12% as compared with the issue price of Rs 162.

The stock debuted at Rs 171.60 on the BSE, a premium of 5.93% over its issue price. The stock has hit a high of Rs 174.90 and a low of Rs 162.10. On the BSE, over 16 lakh shares of the company were traded in the counter.

Stocks in Spotlight:

Multi Commodity Exchange of India (MCX) shares fell 5.02% after soaring 9.45% in the past two sessions. The company reported a 130.8% year-on-year increase in consolidated profit after tax to Rs 455 crore in Q2 FY27 from Rs 197 crore in Q2 FY26. Sequentially, net profit increased 10.1% from Rs 413 crore in Q1 FY27. Revenue from operations surged 113.9% year on year to Rs 800 crore in Q2 FY27 from Rs 374 crore. Sequentially, revenue increased 14% from Rs 702 crore in Q1 FY27.

Emcure Pharmaceuticals jumped 9.30% after the company reported a 29.3% year-on-year increase in consolidated adjusted profit after tax to Rs 325.1 crore in Q2 FY27 from Rs 251.4 crore in Q2 FY26. Sequentially, adjusted net profit increased 11.8% from Rs 290.9 crore in Q1 FY27. Revenue from operations increased 24.3% year on year and 9.3% quarter on quarter to Rs 2,820.5 crore in Q2 FY27.

Awfis Space Solutions surged 6.21% after the company reported a 93% year-on-year increase in consolidated reported profit after tax to Rs 31 crore in Q2 FY27. The company reported a 20% year-on-year increase in consolidated revenue from operations to Rs 439 crore from Rs 367 crore. Normalised revenue, including the adjustment for actual rent received on finance lease arrangements, increased 26% to Rs 451 crore from Rs 357 crore.

R Systems International surged 8.62% 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 2.55% 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.

Saregama India surged 13.27% after the company?s consolidated net profit jumped 47.62% to Rs 64.60 crore in Q2 FY27 compared with Rs 43.76 crore in Q2 FY26. Revenue from operations climbed 36.63% YoY to Rs 314.30 crore in Q2 FY27.

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