- Sensex and Nifty extended gains for the seventh session, Sensex crossed 80,000 points
- FII buying in Indian equities exceeded Rs 35,000 crore, supporting the market rally
- Indian markets remained resilient despite a global tech sell-off impacting US indices
Indian benchmark indices, Sensex and Nifty 50, extended their gains for a seventh consecutive session on Friday, November 6, with the Sensex reclaiming the 80,500-mark and the Nifty 24,800 level.
The BSE Sensex rose 1,202.91 points, or 1.51%, to an intraday high of 80,512.92. The NSE Nifty 50 advanced 303.3 points, or 1.23%, to 24,839.90.
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Among Sensex constituents, Mahindra & Mahindra (M&M), Titan and ICICI Bank were the top gainers, while Power Grid Corporation, Bharat Electronics (BEL) and Asian Paints were the top losers.
The broader market underperformed, with the Nifty Smallcap 100 and Nifty Midcap 100 indices declining 1.69% and 1.17%, respectively.
Among sectoral indices, Nifty Private Bank and Nifty Consumer Durables gained, while Nifty Realty and Nifty Metal declined.
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The total market capitalisation of BSE-listed companies stood at Rs 4,98,25,288.58 crore at the time of writing.
Here Are Four Reasons Why The Stock Market Is Rising Today:
1. FII Buying Crosses Rs 35,000 Crore
Foreign institutional investors (FIIs) have stepped up buying in Indian equities, providing support to benchmark indices.
On November 5, FIIs were net buyers of Indian equities worth Rs 13,801.83 crore. Domestic institutional investors (DIIs), meanwhile, recorded net selling of Rs 10,107.11 crore.
Foreign investors purchased equities worth Rs 14,974.68 crore in the previous session, taking their cumulative net purchases over recent sessions to more than Rs 35,781 crore.
The sustained FII buying has supported the ongoing rally in domestic equities.
2. Indian Markets Hold Ground Amid Global Tech Sell-Off
Indian equities have remained relatively resilient despite a sharp sell-off in global technology and artificial intelligence (AI) stocks.
The Magnificent Seven, comprising seven of the world's largest technology companies, collectively lost an estimated $1.006 trillion in market capitalisation on Thursday, November 5.
READ | $1,000,000,000,000 Wiped Out: One Day, Seven Tech Giants, Massive Wealth Erosion
Nvidia accounted for the largest share of the losses, with $431 billion wiped off its market value. Tesla lost an estimated $181 billion, while Microsoft's market capitalisation declined by $123 billion.
The sell-off dragged all three major US indices lower. The Nasdaq Composite plunged 5.5%, entering correction territory after falling more than 10% from its recent high. The S&P 500 declined 4.4%, while the Dow Jones Industrial Average dropped more than 1,800 points, or 3.4%.
All 11 sectors of the S&P 500 ended in the red.
Indian equities have been relatively insulated from the global technology sell-off, given their lower direct exposure to high-valuation AI and semiconductor stocks.
3. Q2 Earnings Growth Drives Domestic Sentiment
Corporate earnings growth in the September quarter has provided support to Indian equities, with several companies reporting higher-than-expected profits.
Mahindra & Mahindra shares gained more than 4% after the company reported a 25% year-on-year increase in consolidated net profit.
According to Motilal Oswal Financial Services' interim review of the second-quarter earnings season, 230 companies in its coverage universe had announced results as of October 31.
These companies reported year-on-year growth of 26% in sales, 24% in EBITDA and 33% in profit after tax (PAT). The earnings growth was higher than Motilal Oswal's estimates of 19%, 14% and 19%, respectively.
Excluding oil marketing companies (OMCs), earnings grew 30%, against the brokerage's estimate of 22%.
Among the 35 Nifty companies that had announced results, earnings grew 22% year-on-year, compared with Motilal Oswal's estimate of 20%.
The brokerage also raised its Nifty earnings per share (EPS) estimate for FY27 by 1.1% to Rs 1,247. Its FY28 EPS estimate was increased by 1.6% to Rs 1,428 from Rs 1,406.
Financials, metals and oil and gas were the key contributors to earnings growth.
4. Crude Oil Prices Set For Weekly Decline Of Over 11%
Crude oil prices remain a key factor supporting India's macroeconomic outlook, given the country's dependence on imports.
Brent crude moved towards $100 per barrel on Friday but remained on course for a weekly decline of more than 11%.
The decline followed expectations of a quicker resolution to the Middle East conflict after the US midterm election results. Democrats secured control of both houses of Congress, potentially limiting President Donald Trump's support for the war against Iran.
Tehran is reportedly reviewing proposals submitted by mediators concerning its nuclear programme. However, uncertainty remains over the Strait of Hormuz, with Iran seeking the lifting of the US naval blockade, easing of sanctions and release of frozen assets before fully reopening the waterway.
At least five vessel-related incidents have been reported in the Persian Gulf since Sunday, keeping shipping risks elevated.
Despite these risks, Gulf crude exports have recovered close to pre-war levels, although transportation costs remain high.
Lower crude oil prices can ease India's import bill, reduce inflationary pressures and improve the outlook for corporate margins.
READ | Oil Prices Today: Brent Crude Near $99 Despite 13% Weekly Fall; Why Risks Remain
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