Dalal Street delivered a Diwali dhamaka a day early. Benchmark indices extended their winning streak to seven straight sessions on Friday, marking first such run in three years, defying a global market rout after Nasdaq recorded steepest single-day decline in 19 months, as heavy buying in banking heavyweights and strong Q2 earnings lifted sentiment.
The BSE Sensex jumped 1,718.02 points or 2.17% to settle at day’s high of 81,028.02 at 3:32 PM IST. It opened at 79,413.66 versus previous close of 79,310.01, touched an intra-day low of 79,016.05, then climbed 2,011.97 points to a high of 81,028.02, closing at peak. By 3 PM it zoomed 1,309.41 points or 1.65% to 80,619.42. Previous close was 79,310.01. 52-week high 86,159.02, low 71,292.88.
The NSE Nifty 50 rallied 493.75 points or 2.01% to end at day’s high of 25,030.35 at 3:31 PM IST. It opened at 24,538.20 versus previous close of 24,536.60, hit a low of 24,388.05, then surged to a high of 25,030.35, closing at peak. By 3 PM it increased by 347.30 points or 1.42% to 24,883.90. Previous close was 24,536.60. 52-week high 26,373.20, low 22,179.90. The 1-day chart showed clean uptrend – gap-up at open, consolidation till noon around 24,700, then steady climb to 25,000 in last hour.
Seven Straight Gains, Strongest In Nine Months
Nifty reclaimed psychologically important 25,000 level for first time since February 27, 2026, while also recording strongest closing level in nine months and best closing since start of West Asia conflict. Sensex extended rally to seventh session.
For the week, Sensex and Nifty rallied around 8-9% each, marking biggest weekly gains in six years. Nifty surged 8.58% during week, gaining nearly 1,978 points to reclaim 25,000 mark for first time since March 2, 2026. Sensex rallied nearly 9% over week to close above 81,000 mark. Combined market capitalisation of BSE-listed companies rose from Rs 475.34 lakh crore to around Rs 503 lakh crore – Rs 28 lakh crore wealth added in week. On Thursday alone, investors added nearly Rs 8 lakh crore in a day as market cap jumped from Rs 4,93,44,359 crore at open to Rs 5,02,48,801 crore by 2:45 PM.
Technical Outlook
Nifty is now approaching immediate resistance zone of 25,150-25,200. Bank Nifty advanced 1,312 points to 59,086. Nifty MidCap 100 fell 0.02% and SmallCap 100 fell 0.82%, respectively, underperforming frontline. Broader markets flat despite frontline surge.
Why Market Up Today – Three Reasons
FII Buying And Lower Crude
Sustained Foreign Institutional Investor inflows amounting to Rs 14,974.68 crore on Thursday, and easing Brent crude oil prices down 1.50% to $96.82 per barrel fuelled optimism. FIIs bought Indian equities worth Rs 7,284 crore on Wednesday, highest single-day purchase since October 28, 2025. FIIs bought Rs 6,837 crore Tuesday. Three-day heavy buying powered rally.
Global AI Rout Helps India
Indian indices shrugging off global market rout after Nasdaq Composite recorded steepest single-day decline in 19 months amid concerns over tighter AI regulations. Analysts said unwinding of global AI trade helps Indian banks and old economy.
Muhurat Trading Ahead
NSE and BSE will remain open for special Muhurat trading session on Sunday, November 8, 2026, to mark Diwali Laxmi Pujan, adding to festive sentiment.
Sectoral Trends – Banks Shine, IT Drags
Top Gainers
Banking heavyweights led – SBI, ICICI Bank, HDFC Bank, Axis Bank up 2-4%. Nifty Bank index advanced 1,312 points to 59,086. Media index up 5% Thursday, now profit booking.
Today’s Move
Sensex and Nifty surge over two percent at close. In today’s session, Sensex gained 383.55 points to 77,301.40 Thursday, Nifty up 149.75 to 23,960.60, fifth consecutive session earlier, now seventh.
Business Beat – Bharti Airtel, Titan, ONGC, Britannia Lead Q2 Parade
Over 276 companies reported Q2 today.
Bharti Airtel – ARPU At Rs 271
Telecom operator reported 31% YoY rise in consolidated net profit at Rs 8,887-8,887.5 crore vs Rs 6,791.6 crore, revenue up 16.7% YoY to Rs 60,878 crore vs Rs 52,145 crore. ARPU rising to Rs 271 from Rs 264 QoQ and Rs 256 YoY, supported by withdrawal of cheaper Rs 299 prepaid packs in August, widening lead over Reliance Jio whose ARPU is Rs 218.8. India mobile revenue up 10.1% YoY and 3.4% sequentially to Rs 30,943 crore, India revenue Rs 42,308 crore up 9.4%, Africa revenue up 25.7% reported and 20.6% constant currency with 6.7% QoQ constant currency growth, standout quarter. EBITDA at Rs 35,240 crore up 18% YoY from Rs 33,599 crore, margin expanding to 57.9% from 57.4%. Added record 1.2 million postpaid customers during July-September, base to 31.2 million, India mobile base expanded by 716,000 to 377.2 million. Net income before exceptional items 11.9% higher than Q1’s Rs 8,057 crore, but missed Nuvama forecast Rs 9,955 crore due to higher network operating costs. Profit before tax up 27% to Rs 15,608 crore. Shares opened at Rs 2,120 up 3.06% from Rs 2,056.90 previous close.
Titan – Profit Doubles
Tata Group-owned Titan Company reported 54% rise to more than twofold jump in consolidated net profit to Rs 1,722 crore per one filing and Rs 2,393 crore per other vs Rs 1,120 crore YoY, revenue from operations up 23.54% to Rs 20,337 crore vs Rs 16,461 crore, consolidated revenue Rs 20,614 crore up 10% YoY, driven by strong demand for jewellery, premium watches and eyewear. Marks sequential moderation after 40% growth for three consecutive quarters. Bharti Hexacom reported 34.4% YoY rise in net profit to Rs 566 crore, revenue up 11.4% to Rs 2,582 crore.
ONGC – Profit Jumps 57%
State-run Oil and Natural Gas Corporation reported 57.3% YoY jump in standalone net profit to Rs 15,488.6-15,488.64 crore vs Rs 9,841 crore YoY, revenue rose 32.8% to Rs 43,875.2 crore, as higher crude realisations and gas prices boosted earnings.
Britannia – Biscuit Growth
FMCG major Britannia Industries reported 10.2-10.82% YoY increase in consolidated net profit to Rs 721-725.99 crore vs Rs 655.06 crore, revenue up 15.6-15.64% YoY to Rs 5,597.79-5,597.8 crore vs Rs 4,840.63 crore, revenue growth outpaced profit. EBITDA rose 7.1% YoY to Rs 1,023 crore, margin contracted to 18.3% from 19.7%.
Others
LIC reported 20% rise in Q2 net profit to Rs 12,076-12,115 crore, six-month Value of New Business grew 33.95% with Net VNB margin improving to 22.3%. Hindalco, Honasa Consumer, Siemens, Aster DM Quality Care, Blue Dart Express, Bombay Dyeing, CMR Green Technologies, Cohance Lifesciences, Coromandel International, Gland Pharma, Jubilant FoodWorks, Nuvama Wealth Management and Voltas lined up for results today.
Geopolitics – Oil Set For Biggest Weekly Fall Since 2020
Brent Reclaims $100 After Crash To $94.62
Brent crude jumped on Friday Nov 6 with Brent crude futures rising $3.67 to $98.29 or 3.88% over Middle East peace, Murban Crude at $95.89 down 4.96%, WTI futures rose 55 cents or 0.61% to $91.07, Brent-WTI spread at $7.22. Brent reclaims $100 as tanker attacks lift oil prices – Brent gained 2% to $100.3 per barrel, WTI advanced 1.5% to $91.8 per barrel. Earlier Brent briefly climbed to $98.44 Thursday, then to $100.61 up 2.36% on ICE London, WTI up 1.73% to $92.09 on NYMEX.
But Weekly Plunge 16%
Despite two-day rebound, Brent headed for weekly decline of approximately 12-16%, WTI set to shed around 12.1-13% decline, biggest weekly drop since 2020 and biggest in absolute terms in LSEG data going back to 1988. After early gains in see-saw session Friday, Brent futures for January were down 74 cents or 0.8% to $97.55 a barrel by 0826 GMT, WTI dipped 73 cents or 0.8% to $89.79.
Why Oil Fell
Oil prices continued to decline to lowest levels in nearly two months as market sought signals on direction of US-Iran war after Democrats resoundingly won in US midterm elections. Brent slid 8.47% to $94.83 at 8:58 PM UAE time Thursday, WTI shed 7.5% to $88.88, both retreated more than 15% this week. Brent futures settled $8.98 or 8.7% lower at $94.62 a barrel Wednesday, WTI fell $7.97 or 8.3% to $88.12, both benchmarks closed at lowest since August 31. US held midterm elections in which Democratic Party took control of House and Senate, throwing Trump’s agenda into further uncertainty. Trump acknowledged Iran war played role in party’s sweeping defeat, told Financial Times Tuesday US had no immediate plans to strike Iran. US carried out defensive strikes on Iran’s Qeshm Island targeting surface-to-air missiles used against US assets Tuesday, but official said limited and did not signal return to major combat operations.
Supply Side
Gulf exports of crude, condensate and refined products averaged 17.1 million bpd in October per Vortexa, down from 18.9 million bpd September but still roughly three-quarters of pre-war levels. Crude inventories fell by 865,000 barrels to 409.8 million barrels in week ended October 30 per EIA vs analysts expectation of 877,000-barrel rise, gasoline and distillate fell too. Indian basket of crude oil averaged nearly $120 per barrel in October, highest so far this fiscal, eased to $105.39 so far in November per PPAC.
Rupee Surges
Rupee surges 52 points to close at 93.89 against US dollar Thursday-Friday, after ending 10 paise higher at 94.64 Wednesday vs 94.74, helped by oil crash and FII inflows.
Outlook
Nifty crossing 25,030.35 decisively opens doors to 25,150-25,300, support at 24,536-24,700, but global AI regulation concerns and oil’s $100 reclaim need watch.
