Stock News Highlights
Uno Minda (+11.54%): Stock emerged among the top gainers after Q2 FY27 net profit surged 38.2% YoY to ₹420 crore, supported by matching revenue growth of 38.2%. The board also approved an investment of ₹85 crore to expand sunroof manufacturing capacity, strengthening its growth prospects and boosting investor sentiment.
BSE Ltd (+5.23%): Stock advanced despite a sequential decline in Q2 FY27 revenue and net profit, which fell 8.5% and 7.4%, respectively. However, strong YoY performance, with net profit rising 44.9% to ₹809.15 crore and revenue growing 34.1% to ₹1,432.6 crore, supported investor sentiment.
PI Industries (-19.07%): Stock plunged to a fresh 52-week low after Q2 FY27 net profit crashed 70% YoY to ₹122.2 crore, while revenue declined 9.1%. EBITDA margin also contracted sharply to 13.7%, reflecting weakening operational performance and triggering investor concerns.
Cummins India (-14.11%): Stock declined after Q2 FY27 net profit fell 27% YoY to ₹467 crore, despite a 4% rise in sales to ₹3,247 crore. Higher commodity and freight costs squeezed margins, weighing on profitability and dampening investor sentiment.
Sectoral Performance
Nifty Auto (+4.14%): Sector extended its gains for the fifth consecutive session, emerging as the top-performing sectoral index amid a sharp correction in global crude oil prices and improving investor sentiment following the US midterm elections. Mahindra & Mahindra, Maruti Suzuki and Ashok Leyland led the gains.
Nifty Financial Services (+3.99%): Sector advanced amid broad-based buying, with all constituents trading in the green. Easing bond yields, supported by a sharp decline in crude oil prices, reduced inflationary concerns, while sustained foreign investor buying over recent sessions further strengthened sentiment across banking and financial stocks.
Nifty India Defence (-1.69%): Sector declined amid profit booking following elevated valuations, concerns over delays in converting large order books into revenue and earnings, and sectoral rotation towards financials and auto stocks. Solar Industries, Bharat Electronics and Hindustan Aeronautics (HAL) were among the biggest drags on the index.
Nifty Media (-0.84%): Sector traded under pressure, with 4 gainers and 6 losers among its constituents, as selective profit booking and mixed investor sentiment weighed on media stocks. Weakness in select entertainment and broadcasting companies offset gains in other constituents, keeping the sectoral index subdued.
Market Insights
Technical Level: Technical Level: Nifty opened with a sharp gap-up and initially consolidated, finding strong support near 24,300. The index gained momentum from this level and moved steadily higher throughout the session, facing resistance near 24,580. It closed near the day’s high, indicating sustained buying interest and strong bullish momentum.
Advance-Decline Ratio: Market breadth remained strongly positive, with 2,547 stocks advancing against 1,084 declining, resulting in an A/D ratio of 2.35, indicating broad-based buying interest across the market.
The Big Picture: Cheaper oil eases inflation, supports the rupee and takes some pressure off the RBI. Sensex and Nifty rose close to 2%, extending the winning run to six sessions. Banks led, FIIs bought for a fourth straight session, and midcaps and smallcaps joined in. Breadth was strong, with about 2.35 advances for every decline. But this rally rests on a political bet, not a peace deal. Iran’s leadership says US hostility will continue whichever party governs, and the latest talks ended without a breakthrough. Both indices are still down more than 6% for the year.
FII/DII Activity (November 03, 2026): FIIs were net buyers at ₹7,284 crore, while DIIs were net sellers at ₹3,712 crore, indicating strong foreign institutional buying despite domestic institutional outflows.
Watch Out For Tomorrow
Market Watch: Enjoy the relief, but don’t extrapolate it. Be selective, build positions gradually rather than chase a 6 day run, and let crude and the Iran talks confirm the trend. The results season stayed unforgiving. PI Industries fell around 19% after profit dropped 70%, and Cummins India closed 14% down as costs outran sales.
Word of the day
Resilience
Meaning: The ability to recover quickly from difficulties or setbacks.
In the Stock Market: The ability of a stock or index to bounce back after a sharp decline and maintain its upward momentum.
Example: Nifty showed resilience by recovering from early volatility and sustaining gains throughout the trading session.