Last Updated on November 5, 2026 9:35 pm by INDIAN AWAAZ
By Our Business Correspondent
Domestic equity markets extended their remarkable recovery on Thursday, with benchmark indices registering their sixth consecutive session of gains as improving global sentiment, falling crude oil prices and easing bond yields encouraged investors to increase their exposure to equities.
The rally gathered momentum across sectors, lifting the Nifty 50 above the psychologically important 24,500 mark, while the Sensex surged more than 2,000 points. Buying interest was particularly strong in automobile, banking and financial services stocks, with heavyweight private sector lenders and non-banking financial companies emerging among the biggest contributors to the day’s gains.
The improving international backdrop also played an important role in strengthening domestic investor confidence. Expectations of an early resolution to the US-Iran conflict, sustained foreign portfolio investor (FPI) inflows and reduced concerns over US trade tariffs helped improve risk appetite. The decline in crude oil prices was particularly encouraging for India, which depends heavily on imported energy and remains vulnerable to fluctuations in international oil markets.
At the close, the S&P BSE Sensex had advanced 2,008.61 points, or 2.60 per cent, to 79,310.01. The NSE Nifty 50 climbed 576 points, or 2.40 per cent, to settle at 24,536.60.
With Thursday’s advance, the Sensex has gained 8.28 per cent over six consecutive trading sessions, while the Nifty has risen 8.10 per cent during the same period. The sustained upward movement indicates a significant improvement in market sentiment following the earlier phase of uncertainty and volatility.
The rally was not restricted to heavyweight stocks. Broader market indices also finished in positive territory, although gains were relatively stronger among mid-cap companies. The Nifty MidCap 150 index advanced 1.93 per cent, while the Nifty SmallCap 250 index gained 0.79 per cent.
Market breadth remained firmly positive, indicating widespread participation in the rally. On the NSE, 2,547 shares advanced, 1,084 declined and 92 remained unchanged.
Bajaj Finance emerged as one of the strongest contributors to the Nifty’s performance, climbing 7.65 per cent. ICICI Bank gained 5.33 per cent, while HDFC Bank advanced 3.16 per cent. The strength in financial stocks reflected renewed investor interest in lenders and consumer finance companies amid improving expectations for economic and credit growth.
The automobile sector also attracted substantial buying interest, supported by optimism over domestic demand and the broader improvement in market sentiment. Media stocks, however, were among the relatively few sectoral segments that ended lower.
Overall, Thursday’s session reflected a combination of domestic buying, improving global cues and a more favourable outlook for inflation and interest rates.
Global cues: Wall Street rallies after Democratic victory in US midterm elections
Developments in the United States provided a major boost to global financial markets. Wall Street staged a strong rally on Wednesday, November 4, after the Democratic Party secured majorities in both the Senate and the House of Representatives, ending the Republican Party’s control of both chambers of Congress.
The outcome was widely interpreted by investors as a potential check on President Donald Trump’s policy agenda, particularly on trade, geopolitical developments and government spending. Market participants also hoped that increased political pressure could encourage the US administration to seek an early resolution to the conflict involving Iran, reducing the risk of further disruptions to global energy supplies.
The Dow Jones Industrial Average jumped 1,569.40 points, or 3.03 per cent, to close at 53,356.12, marking its strongest daily percentage gain since April 2025. The S&P 500 advanced 1.58 per cent to 7,688.62, while the Nasdaq Composite gained 1.44 per cent to settle at 25,736.51. AP News+1
Technology stocks delivered a mixed performance. Microsoft rose 6.68 per cent, Amazon gained 6.12 per cent and Apple advanced 5.31 per cent. However, semiconductor companies faced selling pressure, with Nvidia declining 3.17 per cent and Micron Technology losing 7 per cent. Concerns that a Democratic-controlled Congress could scrutinise the rapid expansion of artificial intelligence infrastructure also weighed on data-centre companies. CoreWeave fell 9.9 per cent, while Tesla declined 3.34 per cent and Trump Media plunged 24.54 per cent.
Among individual corporate developments, Advanced Micro Devices (AMD) gained attention after reporting third-quarter revenue of $13.38 billion, representing 45 per cent year-on-year growth. Its data-centre business recorded a 97 per cent increase in revenue to approximately $8.5 billion. The company forecast fourth-quarter revenue of around $17 billion, with a margin of plus or minus 3 per cent. AMD Newsroom
McDonald’s advanced 6.5 per cent after reporting higher quarterly profit and revenue, while Uber gained 4.9 per cent following better-than-expected revenue and adjusted earnings. Qualcomm, however, declined 4.8 per cent in after-hours trading following its earnings announcement and outlook.
Economic indicators offered a mixed picture of the US economy. Private-sector employment increased by 86,000 jobs in October, according to ADP, compared with 90,000 in September. The Institute for Supply Management’s services Purchasing Managers’ Index (PMI) eased to 54.5 from 54.9 in September, below the market expectation of 54.8. Although the services sector continued to expand, the moderation suggested some cooling in economic activity.
European equities also traded higher on Thursday, supported by falling oil prices and easing bond yields. Asian markets, meanwhile, ended mixed. Selling in semiconductor stocks weighed on South Korea’s market and triggered a temporary trading curb, offsetting the positive impact of lower energy prices.
Oil, bonds and currency
Crude oil remained a major influence on investor sentiment. Brent crude for December 2026 delivery was quoted at $96.04 per barrel, up $1.42, or 1.50 per cent, during the session. However, the modest recovery followed a sharp decline in the previous session, when expectations of geopolitical de-escalation triggered heavy selling in international oil markets.
For India, lower crude prices are particularly significant because they can help reduce the import bill, ease pressure on the current account and limit imported inflation. They may also provide some relief to oil marketing companies, airlines, paints and other industries with substantial energy-related costs.
The Indian 10-year government bond yield declined to 7.152 per cent from 7.192 per cent in the previous session, reflecting improved sentiment in the debt market.
The rupee also edged higher against the US dollar. It was trading at 94.4475 against its previous close of 94.4600. The US Dollar Index was marginally lower at 101.51, while the US 10-year Treasury yield eased to 4.875 per cent.
In the domestic commodity market, MCX gold futures for December 4 delivery advanced 1.13 per cent to Rs 1,44,850.
New listing: Bombay Coated & Special Steels gains 15.38%
Shares of Bombay Coated & Special Steels made a positive debut on the BSE on Thursday. The stock opened at Rs 92.02, representing a premium of 12.22 per cent over its issue price of Rs 82.
The shares extended their gains during the session, touching a high of Rs 96.62 and a low of Rs 91.08 before closing at Rs 94.61, up 15.38 per cent over the issue price. Trading activity was also strong, with more than 30.44 lakh shares changing hands on the BSE.
Stocks in focus: Strong earnings lift M&M, LG Electronics and BSE
Mahindra & Mahindra advanced 5.59 per cent after reporting a 24.9 per cent year-on-year increase in consolidated net profit attributable to owners at Rs 4,587.88 crore for the September 2026 quarter. Income from operations rose 24.8 per cent to Rs 57,553.13 crore. However, on a sequential basis, net profit declined 15.9 per cent from Rs 5,454.54 crore in the June quarter, while operating income fell 1.1 per cent.
Tonbo Imaging India hit its 20 per cent upper circuit after reporting a turnaround in profitability. Consolidated net profit stood at Rs 23.54 crore in Q2 FY27 against a loss of Rs 9.61 crore in the corresponding quarter last year. Revenue from operations surged to Rs 183.29 crore from Rs 8.88 crore.
LG Electronics India gained 5.11 per cent after its standalone net profit increased 25.66 per cent to Rs 489.34 crore. Revenue from operations grew 19.53 per cent to Rs 7,380.04 crore.
BSE Ltd advanced 5.23 per cent after consolidated net profit rose 44.90 per cent year-on-year to Rs 809.15 crore. Revenue from operations increased 34.1 per cent to Rs 1,432.66 crore.
Parag Milk Foods surged 10.88 per cent. Its adjusted consolidated net profit, excluding a one-time gain in the year-ago quarter, rose 41.5 per cent to Rs 42 crore. Revenue increased 23.1 per cent to Rs 1,240.89 crore, supported by 12 per cent volume growth.
Lenskart Solutions climbed 4.15 per cent after consolidated profit more than doubled to Rs 232 crore from Rs 113 crore a year earlier. Revenue grew 32.5 per cent to Rs 2,845 crore.
In contrast, Nykaa parent FSN E-Commerce Ventures declined 1.46 per cent despite reporting a 207 per cent increase in consolidated net profit to Rs 101 crore. Revenue rose 28 per cent to Rs 3,006 crore, while gross merchandise value increased 30 per cent to Rs 6,151 crore.
PI Industries was among the major losers, plunging 19.07 per cent after adjusted consolidated net profit fell 70.14 per cent year-on-year to Rs 122.2 crore. Revenue declined 9.11 per cent to Rs 1,701.8 crore.
CESC slipped 0.53 per cent despite a 6.46 per cent increase in quarterly revenue to Rs 5,607 crore. Consolidated net profit declined 2.23 per cent to Rs 438 crore.
Market outlook
The six-session advance has significantly improved the near-term technical outlook for domestic equities. The Nifty’s return above 24,500 and the Sensex’s strong recovery indicate that buying interest has broadened beyond a handful of heavyweight stocks.
However, investors will continue to monitor developments in West Asia, international crude oil prices, foreign institutional investment flows and the trajectory of US monetary policy. The sustainability of the rally will also depend on whether corporate earnings support the improvement in valuations.
Disclaimer: This report is for informational purposes only and should not be construed as investment advice or a recommendation to buy or sell any security. Investors should consult qualified financial advisers before making investment decisions.