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EQUITY
Key gauges end higher for fourth day
Nov-03-2026

Indian equity benchmarks continued their positive momentum for the fourth day in a row on Tuesday, ending over one and half per cent higher, led by gains in FMCG, Realty and Consumer Durables stocks. Sentiment remained supported by encouraging corporate earnings and signs of renewed foreign investor participation. According to exchange data, Foreign Institutional Investors (FIIs) bought equities worth Rs 3,114.68 crore on Monday.

Some of the important factors in trade:

Govt to support economic growth by undertaking Capex until private investment increases: Union Finance Minister Nirmala Sitharaman has said that the government will continue to support economic growth by undertaking capital expenditure (Capex) until private sector investment gains momentum. 

Central govt's fiscal deficit likely to exceed budget estimate in 2026-27: 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.

India pushes for stronger trade, investment partnership with EU during high-level talks in Brussels: India and the European Union (EU) have stepped up engagement to deepen their economic ties, with Commerce Secretary Rajesh Agrawal holding high-level meetings with key European Commission officials in Brussels. 

Trai tightens consumer grievances redressal mechanism for telecom, internet operators: The telecom regulator Telecom Regulatory Authority of India (Trai) has tightened the consumer grievances redressal mechanism for telecom and internet operators. Under the new rules, telecom operators and internet service providers may face a penalty of up to Rs 20 lakh per quarter per circle if they fail to dispose of consumer complaints. 

Global front: European markets were trading lower on growing pessimism about big tech and the artificial intelligence trade. Asian markets ended mostly lower as tech and AI-related shares remained shacky and oil prices rebounded on heightened fears of Middle East escalation.

Finally, the BSE Sensex rose 1225.07 points or 1.62% to 76,917.85 and the CNX Nifty was up by 370.05 points or 1.58% to 23,810.85.

The BSE Sensex touched high and low of 76,917.85 and 76,033.74, respectively. There were 25 stocks advancing against 5 stocks declining on the index. 

The top gaining sectoral indices on the BSE were FMCG up by 3.38%, Realty up by 2.33%, Consumer Durables up by 1.74%, Auto up by 1.64% and TECK up by 1.52%, while Utilities down by 0.86%, Power down by 0.79%, PSU down by 0.35% and Metal down by 0.14% were the top losing indices on BSE.

The top gainers on the Sensex were HDFC Bank up by 3.62%, Bharti Airtel up by 3.42%, Asian Paints up by 3.09%, ICICI Bank up by 2.87% and Hindustan Unilever up by 2.84%. On the flip side, Power Grid down by 2.80%, Infosys down by 1.98%, State Bank Of India down by 1.73%, NTPC down by 0.87% and Tata Steel down by 0.82% 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.

CNX Nifty touched high and low of 23,810.85 and 23,482.80, respectively. There were 39 stocks advancing against 10 stocks declining, while 1 stock remained unchanged on the index.     

The top gainers on Nifty were BSE up by 5.03%, Nestle India up by 4.47%, Tata Consumer Products up by 4.29%, Asian Paints up by 3.99% and Bharti Airtel up by 3.77%. On the flip side, Power Grid down by 3.04%, State Bank Of India down by 1.70%, ONGC down by 1.13%, Adani Enterprises down by 0.84% and Tata Steel down by 0.49% were the top losers.  

European markets were trading lower; UK’s FTSE 100 decreased 59.21 points or 0.55% to 10,702.12, France’s CAC fell 13.89 points or 0.17% to 8,033.80 and Germany’s DAX lost 166.09 points or 0.64% to 25,815.00.

Asian markets ended mostly lower on Tuesday, pressured by a deepening sell-off in US technology and artificial intelligence stocks alongside heightened fears of Middle East escalation. Investors were on edge as voting began in the crucial US midterm elections. Further, Chinese markets declined, even as Chinese regulators rolled out a series of support measures, ranging from conducting swap operations to upgrading a lending facility for stock buybacks by listed companies, as part of efforts to stabilise struggling capital markets. Moreover, South Korea’s Kospi tumbled amid foreign and institutional sell-offs driven by growing worries about massive artificial intelligence spending, while the country's consumer price inflation rose 2.8% year-over-year in October 2026. Meanwhile, Japanese market was closed in observation of Culture Day holiday. 

Asian Indices

Last Trade            

Change in Points

Change in %      

Shanghai Composite

3,608.10

-29.93

-0.82

Hang Seng

23,525.97

132.65

0.57

Jakarta Composite

4,904.29

-192.54

-3.93

KLSE Composite

1,621.85

2.34

0.14

Nikkei 225

--

--

--

Straits Times

5,269.29

-34.54

-0.65

KOSPI Composite

5,648.79

-210.29

-3.59

Taiwan Weighted

43,307.54

-1,612.60

-3.59
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