Sensex soars 1,718 points, Nifty crosses 25,000 as market rally extends to seven sessions

The key equity benchmarks extended their winning streak to a seventh consecutive session on Friday, defying a sharp sell-off in global technology stocks. Strong foreign institutional investor (FII) inflows, a recovery in the rupee to a six-month high and expectations of lower crude oil prices supported sentiment. Foreign investors bought Rs 14,975 crore worth of Indian equities on Thursday, marking their largest single-day purchase in nearly six years. The rupee's appreciation to 93.90 against the US dollar further improved the market outlook. Optimism ahead of Diwali added to the positive sentiment. The Nifty settled above 25,000, led by private bank stocks, while media shares declined.

The S&P BSE Sensex jumped 1,718.01 points or 2.17% to 81,028.02. The Nifty 50 index rose 493.75 points or 2.01% to 25,030.35. In seven consecutive sessions, the Sensex and the Nifty jumped 10.62% and 10.27%, respectively.

ICICI Bank (up 4.75%), HDFC Bank (up 3.72%) and Bharti Airtel (up 2.45%) boosted the Nifty higher today.

In the broader market, the Nifty MidCap 150 Index declined 0.09% and the Nifty SmallCap 250 Index fell 0.85%.

The market breadth was weak. On the NSE, 1,438 shares rose and 2,141 shares fell. A total of 127 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 13.35% to 17.66.

On Sunday, 8 November, the Indian equity exchanges will conduct a special Muhurat trading session for Diwali Laxmi Pujan from 2:20 pm to 3:30 pm, marking the beginning of Samvat 2083. The pre-open session will run from 2:05 pm to 2:20 pm.

Numbers to Track:

In the commodities market, Brent crude for December 2026 settlement declined 70 cents or 0.71% to $97.59 a barrel.

The yield on India's 10-year benchmark federal paper rose 0.22% to 7.185 compared with the previous session close of 7.192.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 93.9000 compared with its close of 94.4100 during the previous trading session.

MCX Gold futures for 4 December 2026 settlement declined 1.29% to Rs 1,42,242.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.41% to 102.01.

The United States 10-year bond yield rose 0.23% to 4.841.

Global Markets:

Dow futures fell 438 points, signalling a weak opening for US stocks.

European equities extended losses on Friday, tracking a global sell-off in technology stocks that had spread from Wall Street to Asian market earlier in the day. Concerns over tighter scrutiny of artificial intelligence (AI) infrastructure, lofty valuations and the sustainability of data-centre investments weighed on sentiment.

Asian market also ended sharply lower on Friday, as the sell-off in US technology and semiconductor stocks spread across the region. The decline followed a sharp fall in the Nasdaq on Thursday, amid concerns that regulatory curbs could slow AI infrastructure spending and weaken returns on data-centre and chip investments.

US market suffered their steepest sell-off in more than a year on Thursday, with technology and AI-linked stocks leading the decline. The S&P 500 tumbled 4.36% to 7,353.73, its biggest one-day fall since April 2025. The Dow Jones Industrial Average dropped 1,833 points, or 3.44%, to 51,523.06, while the Nasdaq Composite plunged 5.52% to 24,315.

The Nasdaq's decline pushed the index more than 10% below its October record, placing it in correction territory. The sell-off followed concerns that Democratic victories in the US midterm elections could lead to tighter scrutiny of data-centre construction and AI infrastructure spending. Investors also reassessed valuations of companies that had benefited from the AI investment boom.

Semiconductor stocks led the losses. Nvidia fell more than 9%, while Qualcomm dropped 9% after its fourth-quarter smartphone chip sales outlook missed estimates. Sandisk declined 22.3%, Lumentum lost 18.7% and Micron Technology fell 17.5%. AppLovin bucked the trend, rising around 31% after reporting stronger-than-expected quarterly profit.

Investors will focus on the US October employment report, scheduled for release on Friday. The data could influence expectations for the Federal Reserve's interest-rate trajectory.

Comments from Federal Reserve officials on inflation and interest rates will also remain in focus. Cleveland Fed President Beth Hammack said interest rates need to remain restrictive to bring inflation back to the central bank's target.

Stocks in Spotlight:

Bharti Airtel advanced 2.45%. The company reported a strong performance for Q2 FY27, with consolidated net profit income before exceptional items rising 32.7% YoY to Rs 9,015 crore from Rs 6,792 crore in Q2 FY26. Consolidated revenue rose 16.7% YoY to Rs 60,878 crore from Rs 52,145 crore. Sequentially, revenue increased 4.0% from Rs 58,539 crore.

Titan Company rallied 3.42% after the company reported 113.66% surge in consolidated net profit to Rs 2,393 crore in Q2 FY27 compared with Rs 1,120 crore in Q2 FY26. Revenue from operations increased 23.55% YoY to Rs 20,337 crore in Q2 FY27.

Sai Life Sciences surged 11.95%. The company reporting a strong performance for Q2 FY27, with consolidated net profit rising 17% YoY to Rs 98 crore. Revenue from operations increased 22.7% YoY to Rs 659 crore in Q2 FY27 from Rs 537 crore in Q2 FY26.

Thermax tumbled 17.27%. The company reported a 4.28% year-on-year (YoY) decline in consolidated net profit to Rs 114.54 crore in Q2 FY27, compared with Rs 119.66 crore in the corresponding quarter of the previous fiscal year. However, revenue from operations increased 11.4% YoY to Rs 2,755.87 crore in the quarter ended 30 September 2026.

Rubicon Research fell 4.67% after surging 11.51% in the past five sessions. The company reported a strong performance for Q2 FY27, with consolidated adjusted net profit rising 68.0% YoY to Rs 90.48 crore from Rs 53.85 crore in Q2 FY26. On a sequential basis, adjusted net profit increased 6.7% from Rs 84.78 crore in Q1 FY27. Revenue from operations rose 39.9% YoY to Rs 576.38 crore from Rs 412.02 crore. Sequentially, revenue increased 7.9% from Rs 534.34 crore.

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