Market Commentary - Quick Review
The domestic equity indices ended a volatile trading session with moderate gains on Monday, supported by easing crude oil prices, sustained foreign fund inflows and positive festive sentiment. Investors also tracked ongoing Q2 FY27 corporate earnings announcements for fresh cues on company performance and the broader earnings outlook. The Nifty settled near the 25,050 mark.
PSU Bank, pharma and realty shares advanced while IT, metal and FMCG shares declined.
As per provisional closing data, the S&P BSE Sensex added 107.25 points or 0.13% to 81,106.65. The Nifty 50 index rose 58.25 points or 0.23% to 25,044.65.
In the broader market, the BSE 150 MidCap Index rose 0.28% and the BSE 250 SmallCap Index fell 0.15%.
The market breadth was negative. On the BSE, 2,013 shares rose and 2,419 shares fell. A total of 247 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, fell 5.56% to 17.41.
Brent crude for December 2026 settlement declined 92 cents or 0.94% to $97.40 a barrel.
The NSE and BSE will remain closed on Tuesday on account of the Diwali-Balipratipada holiday.
Buzzing Index:
The Nifty PSU Bank index jumped 3.74% to 8,906. The index shed 0.32% in the past trading session.
Punjab National Bank (up 5.34%), Union Bank of India (up 5.33%), Bank of Baroda (up 4.38%), Bank of India (up 4.32%), Indian Bank (up 4.05%), Canara Bank (up 3.94%), State Bank of India (up 2.55%), Bank of Maharashtra (up 1.65%), Central Bank of India (up 1.27%) and UCO Bank (up 1%) surged.
Stocks in Spotlight:
Gland Pharma surged 4.86% after reporting strong Q2 FY27 results, with consolidated net profit rising 58.3% YoY to Rs 290.8 crore from Rs 183.7 crore in Q2 FY26. On a sequential basis, net profit declined 8.3% from Rs 317 crore in Q1 FY27. Revenue from operations increased 23.3% YoY to Rs 1,833.6 crore from Rs 1,486.9 crore. Sequentially, revenue rose 1.8% from Rs 1,800.3 crore.
Affordable Robotic & Automation hit the 5% upper circuit after securing an order worth approximately Rs 19 crore. The order is for its next-generation automated guided vehicle (AGV)-based car parking technology.
Larsen & Toubro (L&T) rose 1.82% after the construction major announced that its heavy civil infrastructure business vertical has secured a significant order from Noida Metro Rail Corporation for part design and construction of the Noida Metro Aqua Line Extension Project. The project scope encompasses part design and construction of a 15.1 km elevated viaduct from Botanical Garden to Noida Sector-142 and from Depot Station to Boraki. The scope includes the construction of 10 elevated metro stations, including architectural finishes.
Global Market:
Dow futures rose 324 points, signalling a strong opening for US stocks.
European shares advanced on Monday, despite last week's global sell-off in technology stocks.
Asian indices ended higher, tracking Friday's recovery on Wall Street. Investor attention remained on Nvidia after its board announced an independent investigation into reports that CEO Jensen Huang had been targeted in a suspected Chinese intelligence operation. The board said it had no reason to believe that Nvidia's confidential information or US national security had been compromised. The allegations added uncertainty to the technology sector amid concerns over AI-related investments and US-China tensions.
Meanwhile, China's October producer price inflation accelerated to 5.7% year-on-year from 5% in September. Consumer inflation slowed to 0.7% from 0.9%, while core inflation eased to 0.8% from 1%.
US stocks ended mixed on Friday, 06 November 2026, as technology shares recovered from the previous session's sharp sell-off. The S&P 500 rose 0.31% to 7,376.86, while the Nasdaq Composite advanced 1.09% to 24,579.42. The Dow Jones Industrial Average declined 0.46% to 51,285.73.
Semiconductor and AI-related stocks led Friday's recovery. Advanced Micro Devices (AMD) surged around 11%, while Nvidia gained 2.8% and Micron Technology advanced 5.1%. Intel also climbed 7.7% as investors bought beaten-down technology stocks. IREN jumped 20% following stronger-than-expected revenue and growth in its AI cloud business.
Airbnb gained 11.7% after reporting stronger third-quarter demand and raising its full-year revenue growth outlook to the high teens. The company also lifted its adjusted EBITDA margin forecast to around 36%.
The US labour market delivered a stronger-than-expected performance in October. Non-farm payrolls increased by 165,000, against expectations of around 65,000. September's job additions were revised upwards to 60,000 from 29,000. The unemployment rate declined to 4.1% from 4.2%.
Average hourly earnings rose 0.4% month-on-month and 3.1% year-on-year. The stronger employment data reinforced expectations that the Federal Reserve could raise interest rates in December. Market-implied odds of a 25-basis-point increase rose to around 79%, compared with 71% a week earlier.
The next major US data release is the October consumer price index (CPI), scheduled for Tuesday, 10 November 2026. The reading will be important in assessing whether inflationary pressures could prompt further monetary tightening.
Brent crude futures declined on Monday trading followed by comments from US President Donald Trump that fresh attacks on Iran were unlikely if negotiations to end the conflict continued.
Brent had fallen 17% last week, marking its steepest weekly decline since the start of the Covid-19 pandemic. However, reports of attacks on vessels near the Strait of Hormuz kept geopolitical risks in focus. Iraq also reached an understanding with the US to allow oil exports through the strait using a shipping lane near Oman.
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