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Sensex, Nifty trade in fine-fettle in early deals
Nov-03-2026

Indian equity benchmarks made an optimistic start on Tuesday tracking overnight fall in crude oil prices. Crude oil prices slipped over 7% as signs of diplomatic progress between the United States and Iran eased concerns over potential supply disruptions. besides, investors remained optimistic about improving second-quarter earnings and foreign institutional investors turning buyers. Foreign institutional investors (FIIs) remained net buyers in Indian equities for the second straight session on November 02, purchasing shares worth Rs 3,114.68 crore.

Sensex and Nifty were trading in fine-fettle in early deals on account of value buying in almost all the sector indices except healthcare. Interglobe Aviation was leading the gainers on indices after the airline reported better-than-expected Q2FY27 earnings.

On the global front, most of the Asian markets were trading lower as investors remained cautious ahead of the US midterm elections and the US Treasury’s quarterly refunding announcement. Meanwhile, Japanese financial markets were closed for a national holiday.

The BSE Sensex is currently trading at 76410.69, up by 717.91 points or 0.95% after trading in a range of 76033.74 and 76421.48. There were 21 stocks advancing against 9 stocks declining on the index.

The top gaining sectoral indices on the BSE were FMCG up by 1.85%, Auto up by 1.24%, Basic Materials up by 1.08%, IT up by 0.94% and TECK up by 0.93%, while Healthcare down by 0.08% was the sole losing indices on BSE.

The top gainers on the Sensex were Interglobe Aviation up by 3.31%, HDFC Bank up by 2.52%, Ultratech Cement up by 2.35%, Hindustan Unilever up by 1.94% and Asian Paints up by 1.93%. On the flip side, Reliance Industries down by 1.15%, Sun Pharma down by 1.00%, Trent down by 0.75%, Infosys down by 0.73% and NTPC down by 0.49% were the top losers.

Meanwhile, SBI Research in its report has said that the central government's fiscal deficit is likely to exceed the budget estimate by Rs 1.2 lakh crore in 2026-27, primarily due to structural factors, including higher expenditure on fertiliser, LPG and petroleum subsidies, along with the impact of the revised GDP base year. The projected fiscal deficit of 4.7 per cent uses the 2022-23 base, while the 4.3 per cent budget estimate was calculated based on the 2011-12 base. It said the excise cut is expected to incur a loss of Rs 1.1 lakh crore due to an increase of Rs 90,000 crore in fertiliser subsidy and around Rs 48,000 crore in petroleum/LPG subsidy. It added the expected increase in the fiscal deficit is despite stronger-than-expected GST growth, better disinvestment receipts and a marginal cut in capital expenditure.

SBI Research said the Centre's wider fiscal deficit can be financed through government cash balances without increasing borrowings. The report estimated cash balance (adjusted with Core liquidity) at October-end 2026 at Rs 8.5 lakh crore as compared to Rs 2.2 lakh crore a year ago, and it may stand at Rs 2.5 lakh crore by March-end 2027. In H1 FY27 (as compared to H1 FY26), while both tax revenue and non-tax revenue receipts increased by 3.6-3.8 per cent, the total expenditure increased by 10.7 per cent. Consequently, the fiscal deficit (in actual Rs terms) has increased by 25 per cent to Rs 7.14 lakh crore, the report said.

SBI Research pitched for a layered long-term capital gains (LTCG) structure, which will generate additional revenue for the government. The report said the exemption threshold should better reflect the widening retail investor base. Instead of a flat threshold amount (currently Rs 1.25 lakh), an inflation-linked threshold would be beneficial for investors. Second, longer investment horizons could merit preferential treatment. It added that LTCG taxation should be reviewed together with Securities Transaction Tax (STT). The report said if the government increase STT by 50 per cent, then around Rs 45,000 crore extra revenue will be generated in FY28.

The CNX Nifty is currently trading at 23635.90, up by 195.10 points or 0.83% after trading in a range of 23482.80 and 23639.20. There were 35 stocks advancing against 15 stocks declining on the index.

The top gainers on Nifty were Interglobe Aviation up by 3.51%, Shriram Finance up by 2.98%, Hindustan Unilever up by 2.57%, Asian Paints up by 2.55% and Nestle India up by 2.51%. On the flip side, Power Grid down by 1.01%, Apollo Hospital down by 0.93%, ONGC down by 0.91%, Sun Pharma down by 0.85% and Infosys down by 0.79% were the top losers.

Asian markets were trading mostly in red; Taiwan Weighted lost 1302.34 points or 2.99% to 43,617.80, KOSPI dropped 213.06 points or 3.77% to 5,646.02, Jakarta Composite plunged 90.67 points or 1.81% to 5,006.16 and Shanghai Composite weakened 25.94 points or 0.72% to 3,612.09.

On the other hand, Hang Seng surged 97.68 points or 0.42% to 23,491.00 and Straits Times rose 21.38 points or 0.40% to 5,286.44.
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