Indian equity markets extended their recovery for the fourth consecutive session on Tuesday, November 3, with the BSE Sensex rising 1,225 points to settle at 76,918 and the NSE Nifty gaining 370 points to close at 23,810.85, reaching two-month highs and crossing the 23,800 mark for the first time since August 2026. The Nifty has gained nearly 5% in four sessions, marking its biggest four-day advance in seven months, demonstrating sustained momentum across market segments. Gift Nifty futures for the November 23 contract traded at 23,265.00 at 7.53 am, up 25 points or 0.11% from the previous close of 23,240.00, signaling a positive opening for Tuesday's session. The sustained momentum builds on the previous session's strong performance when the Sensex climbed 1,233 points and the Nifty 50 gained 388 points.
FMCG emerged as the standout sector, gaining over 3%, led by stellar quarterly earnings that boosted consumer goods counters. Marico shares jumped 10% to ₹878.40 after reporting a 29.16% year-on-year rise in Q2FY27 consolidated profit, while ITC gained around 2.8% despite reporting an 18.7% year-on-year decline in Q2FY27 net profit to ₹4,168 crore, hit by higher taxes on its cigarette business. The FMCG index gained 3% following Marico's strong performance, with buying interest remaining visible across the broader market. Capital market stocks surged over 4.5%, with Angel One rising nearly 8%, buoyed by hopes of potential tax relief for equity investors following comments by Finance Minister Nirmala Sitharaman. BSE Limited and Tata Consumer Products were also among the top gainers, indicating strong participation across market segments.
The banking sector showed mixed performance with SBI posting a 14.3% year-on-year rise in Q2FY27 net profit to ₹23,038 crore, though the figure included a one-time gain of ₹7,288 crore, and operating profit fell 1.4%. The Nifty Bank rose 538 points to 55,540, while the Midcap index gained 613 points to 58,596, indicating strong participation across market segments. PSU banks and metals were the session's major laggards, with weakness in technology stocks coming amid a broader global reassessment of AI-related investments. The Nifty Capital Markets index surged 4.5% on the day, with Nestle India, Bharti Airtel, Asian Paints, ICICI Bank, UltraTech Cement and ITC among the major gainers, while Power Grid Corporation of India, Infosys, Oil and Natural Gas Corporation, NTPC, Tata Steel and Trent were the biggest laggards.
The session's broader significance was technical too, with Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities, noting that "the index has moved above its 100-day EMA for the first time since August 2026 and has also closed above the 61.8% Fibonacci retracement level of its previous corrective phase." On the currency front, the rupee extended gains for a third straight session, trading around 94.70 against the dollar, supported by foreign fund inflows. Spot USD/INR is expected to trade in a 94.30–95.40 range near term, though a rebound in crude tempered the rupee's gains. As many as 3,713 stocks traded on the NSE on Tuesday, with 2,127 advancing and 1,477 declining, indicating favorable market breadth supporting the sustained recovery trend.
With the results season peaking, analysts expect market activity to center on selective stocks, while the crucial US midterm election outcome remains in focus. Hemant Sood, Founder and MD of Findoc Group, said "sustained foreign institutional inflows and broader participation beyond index heavyweights will be critical for the next leg of the rally." Wednesday's earnings slate includes Apollo Hospitals, Dabur India, Nykaa and Zydus Lifesciences, among others, which are likely to keep stock-specific activity elevated. Analysts broadly place the next resistance for the Nifty at the 23,950–24,000 zone, coinciding with the 200-day EMA. The current market momentum suggests continued investor confidence, supported by both domestic earnings and favorable global factors, with Gift Nifty's positive gap-up opening indicating continued bullish sentiment.
