Nifty tops 23,600 at midday as Banks, Telecom lead broad rally

SENSEX 76,590.53

+ 897.75

NIFTY 23,682.00

+ 241.20

CRUDEOIL 9,307.00

+ 235.00

GOLD 138,500.00

 -1,686.00

SILVER 177,833.00

 -5,946.00

SENSEX 76,590.53

+ 897.75

NIFTY 23,682.00

+ 241.20

NIFTY 23,682.00

+ 241.20

CRUDEOIL 9,307.00

+ 235.00

CRUDEOIL 9,307.00

+ 235.00

GOLD 138,500.00

 -1,686.00

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Market breadth on the BSE was firmly positive, with 2,580 stocks advancing against 1,587 declining and 228 unchanged, out of 4,395 stocks traded

By Anupama Ghosh

Updated - November 03, 2026 at 01:28 PM.

Markets extended gains into the afternoon session on Tuesday, with the Nifty 50 trading at 23,689.85, up 249.05 points or 1.06 per cent, and the Sensex at 76,588.30, up 895.52 points or 1.18 per cent, as of 1 PM. The rally, now in its fourth consecutive session, has been driven by broad-based buying across financials, telecom and consumer stocks, supported by a sharp fall in crude oil prices and improving foreign investor sentiment.

Market breadth on the BSE was firmly positive, with 2,580 stocks advancing against 1,587 declining and 228 unchanged, out of 4,395 stocks traded. As many as 85 stocks hit 52-week highs, while 88 touched 52-week lows. Stocks in the upper circuit numbered 175, compared with 158 in the lower circuit.

Among the top Nifty 50 gainers, BSE Ltd led with a 4.87 per cent rise to ₹3,660, followed by Bharti Airtel, which surged 3.61 per cent to ₹2,061.70 on volumes of 82.85 lakh shares worth ₹1,681.29 crore. HDFC Bank gained 3.12 per cent to ₹721.85, with the highest traded value among gainers at ₹1,697.04 crore on volumes of 236.51 lakh shares. Asian Paints rose 2.98 per cent to ₹2,414.10, while Tata Consumer Products added 2.83 per cent to ₹1,058.

On the losing side, ONGC was the biggest decliner, falling 1.60 per cent to ₹231.08 on volumes of 74.09 lakh shares worth ₹171.35 crore. Power Grid dropped 1.44 per cent to ₹263.85, while NTPC fell 1.22 per cent to ₹319.05. Tech Mahindra declined 0.78 per cent to ₹1,773, and Tata Steel slipped 0.74 per cent to ₹176.06.

The broader recovery has been anchored by easing crude oil prices. WTI crude was trading in the $96–$97 per barrel range after Monday’s steep decline of roughly 7 per cent, following reports that Iran’s Supreme Leader had expanded the government’s mandate to negotiate, raising hopes of a resolution to the West Asian conflict. Ponmudi R, CEO of Enrich Money, said “the sustainability of the recovery will depend on the stability of crude prices, continued foreign investor participation and further progress in diplomatic negotiations.”

The rupee strengthened to around 94.70 against the dollar, from Monday’s close of 94.89, aided by lower crude import costs and a softer dollar index near 101.6. A firmer rupee was, however, weighing on domestic gold and silver prices. MCX Gold was trading around ₹1,38,980, down 0.86 per cent, retreating from the ₹1,40,000 resistance zone. MCX Silver fell sharper, down 2.15 per cent to around ₹1,79,830, testing the ₹1,78,000–₹1,80,000 support zone.

On COMEX, gold futures were trading around $3,940, down 0.80 per cent, after Monday’s rebound from a one-year low of $3,870 stalled near the $3,970–$4,000 resistance zone. Markets are pricing in approximately 73 per cent odds of a US Federal Reserve rate hike in December, down from 80 per cent a week earlier. COMEX Silver was down 2.12 per cent at around $49.80, with its RSI near 28, approaching oversold territory. The gold-silver ratio near 78 reflects silver’s greater sensitivity to global growth concerns, Enrich Money noted.

MCX Crude Oil was trading around ₹9,163, up 1 per cent, attempting a modest recovery after Monday’s sharp decline. However, prices remained below the ₹9,200–₹9,300 resistance zone. Ponmudi R noted that “a sustained move above ₹9,200–₹9,300 is needed to stabilise prices,” warning that “a decisive break below ₹9,000 could open the way for a further decline towards ₹8,700–₹8,800.”

On the global front, Wall Street ended Monday on a mixed note, with the Dow Jones rising 0.4 per cent while the Nasdaq fell 1.07 per cent, dragged by continued selling in technology and artificial intelligence-related stocks. Asian markets were largely in the red, with South Korea’s KOSPI down over 3 per cent. The US midterm election results, due later in the day, were being closely watched for their implications on fiscal policy, trade and the Iran conflict.

Technically, the Nifty has moved above its 100-day EMA and is testing the 23,600 resistance zone. Ponmudi R said “a sustained move above 23,600, supported by continued buying participation, could extend the upward momentum towards 23,800–24,000,” with immediate support placed at 23,500–23,450. Bank Nifty opened near 55,436 and needs to sustain above 55,500 to extend its recovery towards the 55,800–56,000 zone, with 55,000 now acting as immediate support.

Published on November 3, 2026

Companies to follow

• Bharti Airtel Ltd
• Asian Paints Ltd
• Tata Consumer Products Ltd
• Power Grid Corporation of India Ltd
• NTPC Ltd
• Tech Mahindra Ltd
• Tata Steel Ltd

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