Among sectoral indices, Nifty FMCG led the gainers, rising 2.5 percent, followed by Nifty Realty (2.10 percent), Nifty Private Bank (1.98 percent), Nifty Auto (1.7 percent), Nifty Bank (0.8 percent) and Nifty Media (0.5 percent).
Indian benchmark indices extended their winning streak for a fourth consecutive session on November 3, with the Nifty crossing the 23,800 mark and climbed to their highest levels in nearly two months amid strong Q2 earnings and buying in auto, FMCG, realty and private banking stocks. At close, the Sensex was up 1,225.07 points or 1.62 percent at 76,917.85, and the Nifty was up 370.05 points or 1.58 percent at 23,810.85.
The broader indices also ended higher but underperformed the main indices with Nifty midcap index rising 0.8 percent and smallcap index gaining 0.3 percent. Top Nifty gainers were BSE Limited, Tata Consumer, Asian Paints, Bharti Airtel, Nestle, while losers included Infosys, SBI, ONGC, Power Grid Corp and Adani Enterprises. Among sectoral indices, Nifty FMCG led the gainers, rising 2.5 percent, followed by Nifty Realty (2.10 percent), Nifty Private Bank (1.98 percent), Nifty Auto (1.7 percent), Nifty Bank (0.8 percent) and Nifty Media (0.5 percent).
On the losing side, Nifty PSU Bank declined 1.4 percent, and Nifty Energy declined 0.4 percent. Among individual stocks, LIC Housing Finance shares rose 2 percent after CLSA maintained its 'outperform' rating on the stock. Akums Drugs gained 4 percent on better-than-expected Q2 earnings, while Carborundum Universal jumped 1.5 percent despite reporting an 83.8 percent year-on-year decline in Q2 profit.
KRBL and VRL Logistics shares rallied 6-10 percent following their Q2 results, while Sheela Foam fell more than 7 percent after reporting its earnings. Trident surged more than 8 percent on a 93 percent jump in Q2 profit, while Marico gained 9.4 percent after posting a 29 percent rise in net profit. Among other stocks, KEC International declined 9 percent following weak Q2 earnings, Trident share price surged 11 percent on 93% profit surge, while shares of Marico added 9 percent after posting 29% profit increase.
The Indian rupee strengthened for the third consecutive session, rising 16 paise to close at 94.74 against the US dollar on Tuesday, compared with the previous close of 94.90. Nearly 100 stocks touched 52-week high, including Stocks of Shyam Metalics, Bosch, Welspun Living, PVR INOX, Indian Hotels, Eternal, Anand Rathi, Ather Energy, Divis Labs, Sona BLW, Coforge, Zydus Life, among others. Click to View More
SFC Environmental Technologies ended 29 percent higher at Rs 426.10 after making a strong stock market debut, listing at a premium of around 8 percent over its IPO price of Rs 330 per share. BLS Polymers surged 81.3 percent to close at Rs 272 after a stellar debut, listing at Rs 248 per share, a premium of around 65 percent over its IPO price of Rs 150 per share. Outlook for November 4 Shrikant Chouhan, Head Equity Research, Kotak Neo
The benchmark indices continued their positive momentum, with the Nifty ending 370 points higher and the Sensex gaining 1,225 points. Among sectors, the Capital Market index outperformed, rallying over 4.5 percent, whereas the PSU Bank index declined the most, shedding 1.25 percent. Technically, after a strong gap-up opening, the market maintained positive momentum throughout the day. It formed a bullish candle on the daily charts and maintained a higher-bottom formation on the intraday charts, supporting a further uptrend from current levels.
For trend-following traders, 23,650/76500 and 23,600/76300 would now act as key support levels. As long as the market trades above these levels, bullish sentiment is likely to continue. On the upside, it could rally towards 23,950–24,000/77500-77800. However, below 23,600/76300, the uptrend would become vulnerable, and traders may prefer to exit their trading long positions. Ajit Mishra, SVP – Research, Religare Broking
Markets extended their recovery on Tuesday, with benchmark indices registering gains for the fourth consecutive session. The Nifty crossed the 23,800 mark, gaining over 1.5%, while the Sensex advanced more than 1,200 points to settle near 76,917. Sentiment remained supported by easing crude oil prices, encouraging corporate earnings and signs of renewed foreign investor participation. On the sectoral front, performance was mixed, with FMCG, realty and financials emerging as the key outperformers, while metal, energy and IT stocks remained subdued.
Broader markets also participated in the upmove, with the midcap and smallcap indices advancing around 1% and 0.3%, respectively, indicating a reasonably healthy market breadth. Among the key drivers, a sharp decline in crude oil prices—amid diplomatic efforts involving the US, Iran and Qatar that raised hopes of de-escalation and eased concerns over potential supply disruptions—boosted investor sentiment.
Foreign institutional investors also returned as net buyers in the previous session, providing additional support to domestic equities. However, mixed global cues and caution ahead of the US midterm election outcome remain important factors to monitor. The ongoing recovery is encouraging, although the Nifty may encounter resistance in the 23,800–23,900 zone. On the downside, the 23,200–23,500 range is likely to act as immediate support in the event of a pullback.
We reiterate our preference for stocks demonstrating relative strength, while maintaining prudent overnight risk management amid global event-related uncertainties.
