Stock News Highlights
Saregama India (+13.27%): Stock rose after Q2 FY27 revenue from operations surged 37% YoY to ₹314.3 crore, while adjusted EBITDA increased 39% to ₹118 crore and profit before tax grew 43% to ₹85.8 crore. Strong performance in the core music business, which grew 35%, and a 101% jump in live events revenue boosted investor sentiment.
ITC (+2.82%): Stock rose despite Q2 FY27 consolidated net profit declining 18.6% YoY to ₹5,126 crore due to pressure on cigarette volumes. However, revenue surged 44% to ₹30,578 crore, while the non-cigarette FMCG business recorded 19% growth, its highest in 14 quarters, supporting investor sentiment.
Multi Commodity Exchange of India (-5.02%): Stock declined despite a more than two-fold jump in Q2 FY27 net profit to ₹455 crore, as earnings missed analyst estimates by 14%. Higher operating expenses and tax costs weighed on profitability, triggering investor disappointment despite strong year-on-year profit growth.
JNK India (+5.82%): Stock rose after the company secured a major order worth ₹300–600 crore from JNK Global, South Korea, for the design, engineering, supply and transportation of a heater package for an overseas project in Nigeria. The significant order win strengthened its project pipeline and boosted investor sentiment.
Sectoral Performance
Nifty Media (+5.15%): Sector advanced amid positive market sentiment, with strong buying in heavyweight constituents. Zee Entertainment, Saregama India and Nazara Technologies led the gains, as improving investor appetite and stock-specific buying supported the media and entertainment space.
Nifty Realty (+2.85%): Sector extended its gains for the third consecutive session, with all constituents traded in green. The rally was supported by improved market sentiment, easing crude oil prices, renewed foreign investor buying and optimism around domestic real estate demand.
Nifty Metal (+2.80%): Sector rallied amid improving global metal sentiment, supported by renewed optimism over potential Chinese stimulus measures and interest rate cuts, raising expectations of stronger commodity demand. Adani Enterprises, Hindalco and Tata Steel led the gains, lifting the index.
Nifty IT (-1.50%): Sector declined despite a broader market rally, with just 1 gainer and 9 losers among its constituents. Selling pressure in global technology stocks, concerns over AI-led spending and potential US regulatory changes weighed on investor sentiment.
Market Insights
Technical Level: Nifty opened with a sharp gap-down but witnessed only marginal downside movement, finding strong support near 23,700. The index rebounded sharply from this level, gaining momentum and forming successive higher highs throughout the session. It closed near the day’s high, with 23,960 emerging as a key resistance level, indicating strong buying interest and a bullish recovery.
Advance-Decline Ratio: Market breadth remained strongly positive, with 2,720 stocks advancing against 883 declining, resulting in an A/D ratio of 3.08, indicating broad-based buying interest across the market.
The Big Picture: Gold rose 2.34% to cross $4,023 an ounce and silver neared $52, lifted by a weaker dollar, softer crude and uncertainty after the US midterms. Democrats won control of both chambers of Congress and flipped key Republican-held seats, casting doubt over Trump’s legislative agenda, with inflation, living costs and the Iran conflict weighing on voters. US Treasury yields slipped as money moved into safe-haven bonds, the 10-year falling 2 bps to 4.9291%.
FII/DII Activity (November 03, 2026): FIIs were net buyers at ₹6,837 crore, while DIIs were net sellers at ₹3,679 crore, indicating strong foreign institutional buying despite domestic institutional outflows.
Watch Out For Tomorrow
Market Watch: For investors, the market is climbing while the global backdrop turns less certain. Strong breadth shows real participation, but stock reactions are tied to earnings quality. Watch how US policy uncertainty and the dollar’s direction shape foreign flows in the coming sessions. BSE, PhysicsWallah, Dabur India, Bharti Airtel, Titan, Samvardhana Motherson and M&M report Q2 results today and tomorrow.
Word of the day
Earnings Momentum
Meaning: The pace at which a company’s profits grow over successive quarters, indicating whether its financial performance is strengthening or weakening.
In Simple Words: When a company consistently reports rising profits, it shows positive earnings momentum.
Market Example: Marico showed strong earnings momentum in Q2 FY27, with net profit rising 31% YoY to ₹550 crore.
Why It Matters: Strong earnings momentum can improve investor confidence and influence stock valuations.