Sensex and Nifty Set for Higher Open Amid Global and Corporate Updates

Indian stock markets are expected to open on a positive note on Tuesday, November 3, 2026, with the Nifty index suggesting a gap-up of approximately 150 points. Investors remain attentive to several key factors including the ongoing US midterm elections, second quarter corporate earnings, fluctuations in crude oil prices, developments in the Middle East, as well as derivative positions in the Nifty index.

The Sensex closed the previous session at 75,692.78 points, advancing by 1,233.25 points, while the Nifty ended at 23,440.80, up 387.70 points. These gains have set an optimistic tone for the market opening, supported by positive global cues and upbeat corporate results.

Oil prices continue to play a major role in market sentiment. Crude oil futures are currently trading at 9,108.00, down by 829 points, reflecting broader concerns about supply and geopolitical tensions in oil-producing regions. The ongoing negotiations between the US and Iran, with Qatar acting as mediator, have added complexity to the oil outlook. Former US President Donald Trump recently commented that Iran appears more eager than ever to reach a deal, even as Washington contemplates the possibility of resuming military actions against Tehran.

Corporate earnings for the second quarter of fiscal year 2027 have been a mixed bag but generally positive, contributing to market optimism. Kanohar reported a sharp rise in net profit, reaching ₹54 crore, a 180% increase year-over-year and 97% quarter-over-quarter, along with significant revenue and EBITDA growth. Similarly, Akums Drugs and Pharmaceuticals posted strong results with revenue increasing to ₹1,342.39 crore, a 31.93% rise year-over-year, and net profit surging by over 168% compared to the previous year.

Petronet LNG also delivered solid numbers, with net profit at ₹1,256 crore, up 51% year-over-year, despite a decline in sales revenue. Its operating margin improved to 23.1% compared to 10.1% last year. Meanwhile, ITC's quarterly results showed a revenue increase but a decline in net profit to ₹41.37 billion, reflecting some margin pressures.

In the technology sector, Anthropic's Q3 financials revealed extraordinary revenue growth of 1,127% year-over-year, reaching $17 billion. However, the company swung back to an operating loss of $567 million after a prior quarter profit, primarily due to increased costs for compute resources and a significant noncash donation-matching charge. The firm reported a net loss of $23.3 billion for the quarter, highlighting the high costs associated with scaling AI infrastructure.

Market participants are also watching a range of other developments. Several stocks closed at lifetime highs on November 2, including Coforge, Divi’s Laboratories, and Krishna Phoschem, indicating pockets of strong investor interest. Foreign institutional investors (FIIs) showed a net buying interest of 3,114 crore on November 2, while domestic institutional investors (DIIs) were net sellers.

On the macro front, regulatory discussions continue regarding equity taxation in India. The Securities and Exchange Board of India (SEBI) has proposed tax relief measures for foreign and mutual fund investors amid ongoing reviews of capital gains and securities transaction taxes. This comes at a time when Indian taxpayers increasingly diversify their income sources, with more individuals engaging in investment and trading activities, as per recent data from ClearTax.

With multiple factors influencing the market, including global political events, corporate earnings, commodity prices, and domestic regulatory changes, traders and investors should prepare for a dynamic trading session ahead. The upcoming days will be crucial in shaping the market direction as more Q2 earnings are released and geopolitical developments unfold.