Indian Equities Extend Rally for Fourth Session; Rupee Firm

An end-of-day recap of all that transpired in the Indian markets, highlighting the major price movements and the factors driving them

iStock.com

By Dehuti Jani

November 3, 2026 at 12:42 PM IST

Indian equities rose for the fourth consecutive session on Tuesday, supported by strong corporate earnings, easing crude oil prices, and early signs of revival in foreign investor inflows.

The Nifty50 gained 1.58% to 23,810.85, while the Sensex advanced 1.62%, or 1,225.07 points, to 76,917.85. Both benchmarks closed at two-month highs and have gained around 5% over four sessions.

Domestic equities outperformed subdued Asian markets as investors unwound global artificial intelligence-related trades and viewed Indian stocks as a hedge against the technology-led volatility. Thirteen of the 16 major sectoral indices advanced, led by FMCG, which rose 3%, while PSU banks declined the most. The Nifty MidCap 100 and SmallCap 100 gained 1.06% and 0.31%, respectively.

Foreign portfolio investors were net buyers in four of the past five sessions, supported by expectations of a long-term capital gains tax cut, and steady corporate earnings. Brent crude rose around 1% to $106 a barrel after falling 7% on Monday, as investors assessed Iran-Qatar mediation efforts and reports of US strikes on Iran's Qeshm Island.

The rupee strengthened to 94.74 per US dollar from 94.90 on Monday, although it pared early gains as crude prices rebounded after their sharp previous-session decline. Dollar-rupee forward premiums also retreated as investors awaited the US midterm election outcome and developments surrounding the Iran conflict.

Indian government bond yields declined marginally at the end of day as crude oil eased after rising nearly 3% intraday following reports of US strikes on Iran's Qeshm Island. The yield on the benchmark 6.94%, 2036 bond ended down 7.3012% from 7.3154% on Monday as traders remained cautious ahead of the US midterm elections.

Top Movers of the Day

Marico surged 10% to close at ₹878.40, emerging as a standout performer in the FMCG space. The stock was heavily accumulated after reporting a strong quarterly performance with net profit jumping 29.2% and revenue growing 12.9% year-on-year.

Garden Reach Shipbuilders & Engineers advanced 7.98% to settle at ₹2,209.10. Investor sentiment was significantly boosted by a massive 320-billion-rupee contract with the Indian Navy for five Next Generation Corvettes, alongside a 44.2% year-on-year jump in quarterly net profit.

BSE climbed 5.03% to reach ₹3,665.70. The exchange operator surged following robust volume growth, with intraday trading reaching over 6 million shares.

Tata Consumer Products gained 4.29% to close at ₹1,073. The stock extended its upward recovery after it posted a 14% year-on-year increase in revenue and 16% gain in net profit.

Asian Paints rose 3.99% to end at ₹2,437.80 as investors rushed to buy the stock before Wednesday which is both the ex-date and record date for the ₹5.75 interim dividend declared for the current financial year. The stock gained momentum in early trade today as crude oil prices fell.

KEC International plunged 6.94% to close at ₹315.35. The stock faced severe selling pressure after reporting weak quarterly numbers, including a 10.2% revenue decline and an 81.4% drop in net profit.

Power Grid Corporation of India fell 3.04% to settle at ₹259.55. The state-run transmission company was dragged lower by sector-wide unwinding and profit-taking among major utility stocks.

Infosys dropped 1.11% to close at ₹1,148.10. Information technology stocks faced localised selling pressure as concerns over global tech valuations prompted investors to trim positions in major software exporters.

ONGC declined 1.13% to end at ₹231.17. The state-run energy explorer faced direct headwinds from cooling global crude oil prices, which kept buyers hesitant.

Reliance Industries shares were marginally higher, gaining 0.61% to close at ₹1,307.90. The index heavyweight recorded massive turnover but experienced mild, persistent institutional selling that weighed on the broader benchmark indices.

Futures & Options
The Nifty November futures contract closed at 23,780, a discount of 30.85 points to the Nifty 50's cash market close of 23,810.85. The benchmark index gained 370.05 points, or 1.58%, during the session.

The NSE India VIX, which gauges the market's expectation of near-term volatility, rose 1.09% to 15.67. HDFC Bank, Reliance Industries and State Bank of India were the most-traded individual stock futures contracts in the NSE's futures and options segment. November 2026 F&O contracts will expire on November 27.

Bonds
Indian government bond yields ended down on Tuesday, with the benchmark 6.94%, 2036 bond yield easing to 7.3012% from 7.3154% on Monday, as lower crude prices overnight supported sentiment.

However, bonds gave up most of their intraday gains after Brent crude rebounded towards $107 a barrel following reports of US strikes on Iran's Qeshm Island, raising concerns over potential disruptions to energy supplies from West Asia. Traders also remained cautious ahead of the US midterm election results, which could influence US Treasury yields and global risk sentiment.

Today, 12 states raised 278.06 billion rupees through state bond auctions, out of 299 billion rupees notified.

Forex
The Indian rupee strengthened modestly to 94.74 per US dollar on Tuesday, compared with 94.90 in the previous session, in range-bound trading as investors awaited the outcome of the US midterm elections and developments surrounding the Iran war. The currency had risen to 94.62 earlier in the session but pared gains as oil prices rebounded after falling nearly 11% on Monday.

Markets will focus on the election results and their potential implications for US President Donald Trump's policy direction. Dollar-rupee forward premiums also retreated during the session.

Crypto
The cryptocurrency market capitalisation fell 2.85% over the previous 24 hours to $2.60 trillion on Tuesday, amid cautious sentiment ahead of the US midterm elections and concerns over persistent liquidity gaps. Bitcoin declined 1.87% to around $76,787, accounting for 59.9% of the total market.

Ethereum fell 1.05% to around $2,249 as investors remained cautious ahead of the election outcome and upcoming technology updates.

US Stock Futures
US stock futures were mixed on Tuesday as investors assessed Apple's quarterly results and awaited the US midterm elections. Dow futures fell 0.5%, S&P 500 futures declined 0.1%, while Nasdaq-100 futures gained 0.24%.

Apple shares fell 2% in extended trading after the company issued a disappointing margin outlook and reported fiscal fourth-quarter iPad sales below Wall Street expectations. Investors were also watching election developments, with prediction market traders pricing in a near 75% chance of Democrats taking control of the Senate. JPMorgan warned that a Democratic sweep of both the House and Senate could trigger a sell-off in artificial intelligence stocks.

US Treasury Notes
US Treasury yields edged higher on Tuesday, with the 10-year yield rising around 2 basis points to 4.91%, as investors repositioned ahead of the US midterm elections. A rebound in crude oil prices, which recovered towards $97.90 a barrel earlier in the day after Monday's sharp decline, added some upward pressure on longer-dated yields amid concerns over energy-driven inflation.

Trading remained cautious ahead of the election outcome and a busy economic calendar, including JOLTS job openings data and the Treasury Department's quarterly refunding announcement. Investors also assessed potential changes to the regulatory and fiscal outlook following the elections.

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Indian Equities Extend Rally for Fourth Session; Rupee Firm