The equity markets continued their upward journey on Tuesday, November 3, as strong buying across key sectors lifted benchmark indices. The BSE Sensex climbed more than 750 points, while the NSE Nifty 50 moved past the 23,600 level, reflecting improved investor confidence and renewed interest in domestic equities.
The rally was supported by gains in banking, fast-moving consumer goods (FMCG), automobile and real estate stocks. Easing international crude oil prices and positive movement in select heavyweight shares also contributed to the upbeat mood on Dalal Street.
During morning trade, the Sensex advanced 765.99 points, or 1.01%, to 76,458.77. The Nifty gained 205.60 points, or 0.88%, to reach 23,646.40. The upward movement followed recent gains in the domestic market, suggesting that investors were gradually returning to equities.
The broader market also participated in the rally. Advancing shares comfortably outnumbered declining stocks on the exchanges, indicating that buying interest extended beyond the major index constituents. The Nifty Midcap 100 rose 0.69%, while the Nifty Smallcap 100 gained 0.57%.
Among individual stocks, Asian Paints emerged as one of the strongest performers on the Nifty 50, rising around 4.04% to Rs 2,439. HDFC Bank advanced approximately 2.74% to Rs 719.20, while BSE gained 2.66% to Rs 3,582.80. InterGlobe Aviation, which operates IndiGo, also recorded notable gains of more than 2.5%.
Banking shares played an important role in supporting the benchmark indices. HDFC Bank, ICICI Bank and Axis Bank witnessed strong buying, while IndusInd Bank and State Bank of India also traded higher. The movement reflected improving sentiment towards financial stocks, which carry considerable weight in the frontline indices.
However, not every sector joined the rally. Pharmaceutical shares remained under pressure, with Laurus Labs and Biocon among the notable losers. Ajanta Pharma, Zydus Lifesciences and Aurobindo Pharma also faced selling interest. The Nifty Pharma index declined around 0.5%, making it one of the weaker sectoral performers during the session.
FMCG stocks were among the biggest contributors to the market’s positive performance. The Nifty FMCG index climbed around 1.76%, supported by gains in major consumer companies. Realty stocks followed, with the Nifty Realty index advancing approximately 1.52%. Private banking shares also remained in demand, while the automobile index gained around 1.25%.
Individual corporate developments added to the positive movement. Marico shares surged nearly 6% after the company reported a 31% year-on-year increase in consolidated net profit to Rs 550 crore for the September quarter of FY27. The earnings performance attracted investor attention and supported the stock’s movement.
ITC shares also advanced around 2% following its quarterly results. The company’s consolidated net profit declined 18.5% year-on-year, but investors continued to track its performance across its consumer goods, agriculture and paper businesses.
Another factor providing support to domestic equities was the decline in crude oil prices. International oil prices remained below $105 per barrel for a second consecutive session amid expectations of progress in diplomatic efforts to resolve the US-Iran conflict.
Lower crude prices are particularly important for India, which relies heavily on imports to meet its energy requirements. A sustained decline can reduce the country’s import expenditure and ease inflationary pressure. It can also benefit industries such as aviation, paints and transportation, where fuel and petroleum-based inputs account for a significant portion of operating costs.
Aviation and oil-related stocks responded positively to the movement in crude prices. IndiGo, Bharat Petroleum, Indian Oil and Hindustan Petroleum were among the companies that attracted buying interest during early trade.
Market participants also remained attentive to foreign institutional investor (FII) activity, currency movements and expectations surrounding possible changes to long-term capital gains taxation. These factors have remained important considerations for investors assessing the outlook for Indian equities.
Despite the broader rally, some caution was visible in the market. The India VIX, which measures expected market volatility, increased 2.13% to 15.83. This suggested that investors were not entirely free from concerns about potential market fluctuations.
Sectoral performance reflected the selective nature of buying. While FMCG, banking, realty and automobile stocks advanced, information technology, pharmaceutical, metal and energy shares faced some pressure. This indicated that investors were favouring companies and sectors with stronger near-term momentum.
Investors are also tracking the September-quarter earnings calendar, with companies such as State Bank of India, Bajaj Finserv, Lupin and the Multi Commodity Exchange of India scheduled to announce their results on Tuesday.