Closing Bell: Sensex gains 901 pts, Nifty around 24,500; all sectors in the green

Indian equity indices ended on strong note with Nifty around 24,500 on November 6. At close, the Sensex was up 901.50 points or 1.13 percent at 80,378.13, and the Nifty was up 270.70 points or 1.12 percent at 24,484.

We wrap up today's edition of the Moneycontrol live market blog, and will be back tomorrow morning with all the latest updates and alerts. Please visit https://www.moneycontrol.com/markets/global-indices for all the global market action.

The market extended its rebound, gaining over 1% amid positive global cues. Following a flat opening, the Nifty gradually climbed, largely driven by the upbeat performance in the U.S. markets as early polling results pointed towards Trump potentially returning as U.S. President. All sectors contributed to the recovery, with IT, real estate, and energy emerging as the top gainers. Broader indices also mirrored this momentum, each advancing by over 2%.

The Nifty has retested resistance at the 24,500 mark after two days of recovery, and sustaining this level could lead to a further rise toward 24,800. While all sectors are showing strength, we expect banking and IT to be the primary drivers of the market going forward. Traders should consider aligning their positions accordingly, focusing on index majors and large midcap counters for long trades.

After witnessing a fine upside bounce from the lows on Tuesday, Nifty continued with decisive follow-through upmove on Wednesday and closed the day higher by 270 points. After opening with a positive note, the market extended its gains in the mid to later part of the session. Minor consolidation movement was seen at the hurdle of 24500 levels and Nifty finally closed near the highs.

A long bull candle was formed on the daily chart, which is back-to-back for the two sessions. The present upside bounce of last couple of sessions is confirming a formation of crucial bottom reversal pattern around 23800 levels. Hence, a decisive move above the key overhead resistance of 24500 could open more upside ahead.

Present reversal in Nifty from the lows is also signaling a formation of larger degree higher bottom formation as per weekly timeframe chart. This is positive indication and more upside from here could confirm the higher bottom reversal.

The underlying short-term trend of Nifty continues to be positive. A sharp upside breakout of immediate resistance of 24500 levels is likely to open the next upside target of 25K mark in a quick period of time. Immediate support is placed at 24350.

The global markets experienced a relief rally following the US election results, reducing political uncertainty with Trump securing a strong mandate. This has led to strong risk-on sentiments, driven by expectations of tax cuts and increased government spending. The domestic buying was broad-based, with IT leading the charge in anticipation of rebound in IT spending in the US. BFSI spending in the US has improved as per the IT Q2 result which is positive for Indian players.

It was the day for IT stocks. After a knee-jerk reaction in the opening trade, a one-way up-move was seen across the board and Nifty50 advanced by 270.75 points to settle trade at 24,484.05. All the sectors ended the day in green with IT and Realty being the top gainers. Mid and Smallcaps soared over 2% and outperformed the Benchmark Index.

The Index is on the verge of giving a breakout from a Descending Broadening Wedge formation and in the case of a successful breakout, the approximate target comes to 25,130 while on the flip side, the support level is moved higher to 24,300.

Indian rupee ended at fresh record low at 84.28 per dollar on Wednesday versus Tuesday's close of 84.10.

Indian equity indices ended on strong note with Nifty around 24,500 on November 6.

At close, the Sensex was up 901.50 points or 1.13 percent at 80,378.13, and the Nifty was up 270.70 points or 1.12 percent at 24,484.00. About 2852 shares advanced, 964 shares declined, and 84 shares unchanged.

Biggest gainers on the Nifty were Bharat Electronics, Adani Enterprises, TCS, Tech Mahindra and Infosys, while losers included SBI Life Insurance, Titan Company, IndusInd Bank, HDFC Life and HUL.

All the sectoral indices ended in the green with IT index rose 4 percent, oil & gas, power, capital goods, realty up 2 percent each.

BSE Midcap index up more than 2 percent and Smallcap index up nearly 2 percent.

QIB – 0.0 times

NII - 0.05 times

Retail – 0.49 times

Employee Reserved - 0.67 times

Overall – 0.10 times

#1 Strong revenue momentum continued; revenue and adjusted EBITDA were better than our estimate

#2 Adjusted EBITDA margin was steady QoQ

#3 Valuation is expensive

#4 Good revenue performance could support stock in near term\\

#1 EBITDA rose 7% YoY & marginally below estimate on better gas tax and petchem

#2 New pipelines driving market share gains, see this continuing

#3 More pipelines are commissioned by mid-CY25

#4 Trading profitability should continue on muted henry hub price

#5 Project 9% EBITDA CAGR over FY24-27

#6 20% correction from recent peak makes risk reward favourable

#1 Reported 19% integrated RoE for gas pipes, with volume growth continuing to see benefits

#2 At 1.2x F26e P/B with rising domestic gas penetration, see multiple triggers for stock to re-rate

#1 Q2 missed estimates on topline and margins

#2 EBITDA margin was at the lower end of management guidance

#3 Management expects topline growth to improve in H2

#4 No major impact from competition, so far

Indian Rupee touched fresh record lows as the US Dollar index rallied amid rising prospects of Donald Trump winning the US Presidential elections. FII outflows also weighed on the Rupee. However, a decline in crude oil prices positive domestic markets prevented a sharp fall in the Rupee.

We expect Rupee to trade with a negative bias on strength in the US Dollar and FII outflows. However, rise in risk appetite in global markets and a decline in commodity prices may support the Rupee at lower levels. Any intervention by the RBI may also support the Rupee at lower levels.

Investors may remain cautious ahead of FOMC meeting outcome later this week. USDINR spot price is expected to trade in a range of Rs 84.10 to Rs 84.40.

The Sensex was up 876.24 points or 1.10 percent at 80,352.87, and the Nifty was up 262.10 points or 1.08 percent at 24,475.40.

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Gold and most other commodities are trading in the negative territory, weighed by a strong U.S. dollar as Donald Trump leads the U.S. Presidential race with a bigger margin. However, prices have recovered nearly 50% of the losses on bargain buying around support levels and the focus now turns on the U.S. Fed's policy outcome tomorrow and other economic data.

On chart... gold prices have hit crucial support at 77500 on MCX and around $2700 on international spot. We expect more correction only if the given supports are breached and sustained, failing to which prices may again resume its upward journey. Resistance is seen at 78000 on MCX and $2755 in international spot.

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The company approved the proposal to acquire up to 60% equity stake in R. G. Pigments Private Limited (RGP) for a consideration of Rs 56.75 crore.

The company approved signing of definitive agreement (s) with Dr. Narayan Dutt Shrimali Foundation International Charitable Trust Society (Society) to operate and manage~ 750 bedded hospital in Pitampura, New Delhi.

#1 Trim F2026-27e EPS by 1-2 percent mainly on lower loan growth

#2 F2025e EPS increase 7 percent owing to F2Q25 beat

#3 Valuation remains cheap; however, given RBI ban on MFI subsidiary

#4 Think investor interest could take a while to return

#1 Cautious in short term, but bullish over long term

#2 EPS cut for CY24F/CY25F/CY26F by 4%/7%/7% on slower than estimated execution rate

#3 Witnessing an uptick in large cycle contracts

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#1 Profit zooms 29 percent to Rs 658.9 crore Vs Rs 511.2 crore, YoY

#2 Revenue grows 13.6 percent to Rs 3,076.5 crore Vs Rs 2,708.1 crore, YoY

#3 EBITDA increases 24.5 percent to Rs 850 crore Vs Rs 682.7 crore, YoY

#4 Margin expands 240 bps to 27.6 percent Vs 25.2 percent, YoY

#1 Profit tanks 43.8 percent to Rs 139.8 crore Vs Rs 248.6 crore, YoY

#2 Revenue declines 7.08 percent to Rs 3,621.6 crore Vs Rs 3,897.5 crore, YoY

#1 Profit grows 1.9 percent to Rs 281.8 crore Vs Rs 276.7 crore, YoY

#2 Revenue jumps 25.3 percent to Rs 1,707.5 crore Vs Rs 1,363.2 crore, YoY

Tata Steel, Power Grid Corporation, Apollo Hospitals Enterprise, Aadhar Housing Finance, Jindal Steel & Power, Blue Star, Chambal Fertilisers, Delta Corp, Endurance Technologies, Gandhar Oil Refinery, GE Power India, Granules India, Gujarat Gas, JB Chemicals, JK Lakshmi Cement, RITES, Sonata Software, TeamLease Services, Thangamayil Jewellery, and Trident will announce quarterly earnings on November 6.

Shares of Oil India surged 7% on November 6, following a robust earnings report. The state-owned firm reported a substantial net profit increase to Rs 2,069 crore, up from Rs 640 crore in the same quarter last year—an impressive 464% growth. However, revenue for the quarter fell 8% year-on-year to Rs 8,136 crore.

Analysts at Motilal Oswal and Kotak Institutional Equities had anticipated a net profit range of Rs 1,667.7 crore to Rs 2,123.2 crore, with revenue estimates between Rs 5,587.2 crore and Rs 5,977 crore. Read More