The Indian equity market extended its gains on Tuesday, November 3, as buying interest in FMCG and realty stocks supported the benchmark indices. Sentiment also drew support from easing crude oil prices and the unwinding of artificial intelligence (AI)-related trades in global markets, even as weakness in technology stocks and geopolitical developments remained in focus.
At closing bell, the BSE Sensex skyrocketed over 1,200 points and crossed 76,900, while the NSE Nifty 50 settled above 23,800, jumping more than 350 points.
FMCG, Realty Stocks Lead; IT, Metal Shares Under Pressure
Buying interest remained visible across the broader market, with mid-cap and small-cap stocks also trading higher. The Nifty MidCap index gained 0.82 per cent, while the Nifty SmallCap index advanced 0.55 per cent in afternoon trade.
Among the Nifty 50 constituents, InterGlobe Aviation, Shriram Finance and Nestle India were among the leading gainers, lending support to the benchmark index.
Sectorally, FMCG and realty stocks emerged as the strongest performers. In contrast, IT and metal shares faced selling pressure. The weakness in technology stocks came amid a broader global reassessment of AI-related investments, while market participants continued to track developments in crude oil and West Asia.
Global Cues, Crude Oil Remain in Focus
The domestic market’s advance followed a strong rally in the previous session, when the Sensex climbed 1,233 points and the Nifty 50 gained 388 points. Reliance Industries led the gains on Monday, while a sharp decline in crude oil prices provided additional support.
Global markets offered a mixed backdrop. US equities ended Monday’s session on a mixed note, as weakness in technology and AI-linked stocks weighed on the S&P 500 and Nasdaq, while the Dow Jones Industrial Average closed higher. Asian markets also recorded varied performances in their latest completed sessions.
Crude oil prices declined sharply on Monday following renewed diplomatic engagement involving the US and Iran, easing some of the geopolitical risk premium. Brent crude settled at $104.77 per barrel, down 7.6 per cent, while US West Texas Intermediate (WTI) fell 7.4 per cent to $96.46.
Lower crude prices could provide relief to sectors such as aviation, paints and oil marketing companies, although the impact on individual businesses will depend on their operating costs, pricing and inventory positions.
Disclaimer : This story is auto aggregated by a computer programme and has not been created or edited by DOWNTHENEWS. Publisher: abplive.com
