Indian Equities Edge Higher for Fifth Day as FMCG, Realty Stocks Lead Gains

An end-of-day recap of all that transpired in the Indian markets, highlighting the major price movements and the factors driving them

By Dehuti Jani

November 4, 2026 at 12:23 PM IST

The Indian equities benchmark extended their rally for a fifth consecutive session on Wednesday, supported by optimism over foreign fund inflows, easing crude oil prices and strong corporate earnings, as investors assessed the implications of a Democratic sweep in the US midterm elections.

The Nifty50 rose 0.1% to 23,830.60, while the Sensex gained 0.1% to 77,020.48. Both indices have advanced around 5% over the past five sessions. Twelve of the 16 major sectoral indices ended higher, led by FMCG, realty and metal stocks. Nifty IT fell more than 1%, making it the worst-performing sector, while small-cap and mid-cap indices gained 0.5% and 0.6%, respectively.

Market sentiment also drew support from speculation over potential changes to capital gains tax in next year's Budget, following reports that the market regulator had backed removing long-term capital gains tax for foreign investors. Brent crude futures fell 0.6% to $103 a barrel.

The rupee ended marginally higher at 94.64 per US dollar, compared with 94.74 on Tuesday, supported by a weaker dollar and lower oil prices. However, a Reuters poll showed expectations of further depreciation in the currency remained intact.

Indian government bonds yield fell sharply, as further declines in crude oil prices following the Democratic sweep in the US Congress and continued diplomatic efforts to restore peace in West Asia supported sentiment. The benchmark 6.94%, 2036 bond yield fell to 7.1880% from 7.3012% on Tuesday.

Top Movers of the Day

Bharat Electronics surged 4.71% to ₹398, topping Nifty 50 gainers amid heavy institutional accumulation as foreign investors shifted into attractively valued large-cap defence and infrastructure stocks. Motilal Oswal Financial Services maintained a buy rating with a ₹540 target.

Adani Enterprises advanced 4.47% to settle at ₹2,709.20 amidst a broader recovery in infrastructure stocks. Strong buying interest in the counter helped lift the broader market as investors cheered solid corporate earnings and attractive valuations in the large-cap space.

Titan jumped 4.22% to end at ₹4,754.40, showcasing strong resilience ahead of its quarterly results scheduled for November 5. Investors showed buying interest after Citi and Motilal Oswal has projected a strong year-on-year growth in profit after tax, and revenue.

ITC rose 2.23% to close at ₹280 on value buying after a cigarette-led decline in July–September consolidated net profit pushed the stock near its 52-week low. The FMCG segment’s strongest growth in 14 quarters and improving margins helped offset cigarette-business headwinds.

Adani Ports and Special Economic Zone climbed 2.31% to reach ₹1,910, tracking the positive momentum across the wider Adani group. Steady foreign institutional buying supported the stock as funds re-entered the Indian equity market following consecutive sessions of net buying.

TCS plunged 2.52% to close at ₹2,436, emerging as the biggest drag on the benchmark indices. The IT heavyweight faced intense selling pressure as foreign investors rotated away from the sector amid a broader weakening of the global artificial intelligence trade.

HCL Technologies dropped 2.37% to settle at ₹1,405 in a weak session for software exporters. Concerns over near-term tech spending and stretched global IT valuations prompted market participants to trim their long positions across the sector.

BSE declined 1.75% to close at ₹3,601.50, facing localized profit-taking after its recent strong run and ahead of its July-September quarter results today.

Eternal slipped 1.42% to settle at ₹344.50, marking a pullback during an otherwise positive day for the broader mid-cap market.

Futures & Options
The Nifty November 2026 futures contract closed at 23,960.10, a discount of 0.50 points to the Nifty 50's cash market close of 23,960.60. The benchmark index rose 149.75 points, or 0.63%, during the session.

The NSE's India VIX fell 3.24% to 15.21, indicating lower expectations of near-term market volatility. HDFC Bank, Reliance Industries and MCX were the most-traded individual stock futures contracts on the NSE. November 2026 F&O contracts will expire on November 23.

Bonds
The benchmark 6.94%, 2036 government bond yield fell to 7.1880% on Wednesday from 7.3012% on Tuesday, its lowest level since September 30, as Brent crude prices declined towards $102 a barrel amid hopes of progress in West Asia peace talks. Traders expect the yield to test 7.20%, with some seeing scope for a further fall towards 7.14% if external conditions remain supportive. A rise in the 10-year US Treasury yield to above 4.92%, however, capped the decline in domestic yields.

Traders will monitor further US military action against Iran and progress in peace negotiations. At Wednesday's Treasury bill auction, the Reserve Bank of India rejected all bids for the 182-day paper, while setting cut-off yields of 5.8970% for the 91-day bill and 6.6485% for the 364-day paper.

Forex
The Indian rupee ended modestly higher on Wednesday, supported by a weaker dollar and lower oil prices, as investors assessed the outcome of the US midterm elections. The currency closed at 94.64 per US dollar, compared with 94.74 on Tuesday.

The dollar index, which measures the greenback against a basket of six major currencies, fell 0.4% to 101.3, with the euro, sterling and Swiss franc leading gains. The rupee touched a two-week high in early trade but pared gains as importer and interbank dollar bids gathered pace around the 94.50 mark.

Crypto
The cryptocurrency market capitalisation stood at $2.64 trillion on Wednesday, recovering from an early sell-off as uncertainty surrounding the US midterm election results faded. Bitcoin rebounded to $78,491.10 after briefly falling towards $75,700, while Ethereum recovered above $2,325. The broader market staged a V-shaped recovery, erasing much of its earlier losses as political uncertainty eased.

However, institutional sentiment remained cautious, with more than $1.2 billion flowing out of US spot Bitcoin exchange-traded funds over the past few sessions. Investors continued to weigh easing political uncertainty against broader macroeconomic pressures and exchange security concerns.

US Stock Futures
US stock futures turned positive early on Wednesday after trading lower earlier, as investors assessed the implications of Democrats taking control of both chambers of Congress in the midterm elections.

Futures tied to the S&P 500 and Nasdaq-100 rose 0.2% each, while Dow Jones Industrial Average futures gained 0.5%. Democrats also secured several key victories. The Associated Press projected that Democratic candidate Gina Hinojosa had defeated Republican incumbent Greg Abbott in Texas.

US Treasury Notes
US Treasury yields fell across the curve on Wednesday after Democrats were projected to take control of both chambers of Congress, prompting investors to seek safe-haven assets. The 10-year Treasury yield declined 3 basis points to 4.92%, while the two-year yield eased to 4.62%.

Markets expect political gridlock to constrain the Trump administration's fiscal expansion plans, potentially limiting deficit spending and future debt supply. Weakness in equity futures, particularly in data centre and AI-related stocks amid concerns over tighter regulatory oversight, also supported demand for government bonds.

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Indian Equities Edge Higher for Fifth Day as FMCG, Realty Stocks Lead Gains