Sensex Gains 350 Points as Nifty Crosses 23,900 Amid US Midterm Election Watch

The Indian stock market demonstrated notable strength on the morning of November 4, 2026, with the Sensex climbing by 350 points and the Nifty index crossing the 23,900 mark. Market participants appeared cautious yet optimistic as they awaited the results of the US midterm elections, a key event poised to influence global economic trends and investor sentiment.

Domestic equities were supported by a mix of corporate earnings announcements, policy developments, and sector-specific news. Among the highlights, NTPC, the country's largest power producer, announced ambitious plans to increase its installed capacity to 149 gigawatts by 2032. This expansion includes adding 58 gigawatts of new capacity with a special focus on nuclear power and renewable energy sources. This move aligns with India’s growing energy demand and its broader strategy of sustainable growth.

On the commodities front, gold futures gained traction amidst steady spot demand, with December contracts on the Multi Commodity Exchange (MCX) rising by ₹510 or 0.37%, reaching ₹1,39,962 per 10 grams. This uptick reflects a cautious stance among investors seeking safe-haven assets amid geopolitical and economic uncertainties.

In technology and international business news, Oracle has reportedly withdrawn from a $7 billion agreement to lease AI chips to Chinese tech giant Tencent. The Financial Times attributed this cancellation to concerns raised by US regulatory authorities, highlighting ongoing tensions affecting cross-border technology deals.

Meanwhile, Bayer CropScience posted a 9% increase in its net profit for the second quarter, reaching ₹166.2 crore, despite a decline in revenue due to uneven monsoon patterns impacting demand for crop protection products. Similarly, Awfis, a flexible workspace provider, reported a 93% jump in quarterly profit to ₹31 crore, with revenues climbing to ₹464 crore, reflecting growing demand for office spaces in India's evolving work culture.

The capital markets also witnessed activity from newly listed companies. M K Sons Fine Jewels saw its stock dip slightly to ₹162 after debuting on the BSE with a modest 6% premium. The firm’s initial public offering was supported by anchor investors contributing ₹82.6 crore in a total IPO size of ₹275.4 crore.

Economic indicators showed mixed signals. The Indian services Purchasing Managers’ Index (PMI) rose to a four-month high of 55.8 in October, signaling expansion in the services sector. Nevertheless, employment growth slowed and export orders posted their weakest rise since February 2023. This suggests an improving domestic demand contrasted with subdued international market conditions.

In banking and finance, Kotak Mahindra Bank received approval from the Competition Commission of India (CCI) to acquire Deutsche Bank’s retail, private banking, and wealth management businesses in India. This acquisition is expected to strengthen Kotak’s position in the competitive financial services sector. Bajaj Finserv’s shares traded positively, gaining 3% to ₹1,765.80 on the NSE after reporting a 34.4% increase in standalone profit to ₹1,458.53 crore for the second quarter of fiscal year 2027.

Other corporate updates included Fractal Analytics, which recorded a significant increase in net profit to ₹79.2 crore in Q2, supported by revenue of ₹956.5 crore and a healthy adjusted EBITDA margin of 16%. Conversely, Embassy Developments experienced a wider loss of ₹271 crore in the same quarter, with revenues declining to ₹311 crore from ₹536.9 crore the previous year.

India’s edible oil imports also reached a 14-month high in October, with palm oil and soyoil purchases surging ahead of the festive season, indicating robust consumer demand during Diwali. Emcure Pharmaceuticals shares soared by 10% after reporting a 29.31% increase in consolidated net profit to ₹325.06 crore for the September quarter, driven largely by international business growth.

Further highlighting the startup ecosystem, a Hurun report revealed that India now hosts 51 startups valued above $500 million each, collectively worth $34.1 billion. The sector’s revenue grew by 50%, with financial technology firms leading the expansion.

Currency markets showed the Indian rupee strengthening by 14 paise to 94.61 against the US dollar in early trade, a movement influenced by the Reserve Bank of India's recent measures to curb speculative dollar hedging.

Additionally, HDFC Securities issued a statement clarifying its position regarding a recent Moneycontrol report involving Stockal and an FIR. The company emphasized that it is not named in the FIR, and its operational partnership with Stockal ended in 2024. HDFC Securities reaffirmed its commitment to regulatory compliance and customer trust.

Civil infrastructure also saw developments as Markolines Pavement Technologies secured two contracts worth ₹135 crore from the Brihanmumbai Municipal Corporation. The projects involve microsurfacing and resurfacing works on Mumbai’s Eastern and Western Express Highways.

Lastly, Sun Pharmaceutical Industries addressed recent news about a halt in eye-care drug production at its Assam facility, clarifying that the issue pertains to August 2026 and does not represent a new development. The company noted that the matter was evaluated at the time and did not require disclosure under listing regulations.

In summary, the Indian stock market opened firmly on November 4 amid a blend of corporate earnings, policy updates, and external geopolitical factors. Investors continue to keep a close eye on the US midterm election results, which could influence global markets in the near term. The developments across sectors reflect both the challenges and opportunities in India’s growing economy.