IT stocks bleed as defence, consumer names rally; Nifty holds above 23,800

SENSEX 77,184.47

+ 266.62

NIFTY 23,886.65

+ 75.80

CRUDEOIL 9,085.00

 -19.00

GOLD 142,580.00

+ 3,128.00

SILVER 186,801.00

+ 7,103.00

SENSEX 77,184.47

+ 266.62

NIFTY 23,886.65

+ 75.80

NIFTY 23,886.65

+ 75.80

CRUDEOIL 9,085.00

 -19.00

CRUDEOIL 9,085.00

 -19.00

GOLD 142,580.00

+ 3,128.00

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On the BSE, 4,379 stocks were traded, with advances at 2,813 outnumbering declines at 1,323, while 243 stocks remained unchanged

By Anupama Ghosh

Updated - November 04, 2026 at 01:45 PM.

Markets were trading in positive territory in afternoon trade on Wednesday, November 4, with the Sensex at 76,974.41, up 56.56 points or 0.07 per cent as of 1.05 pm, while the Nifty 50 stood at 23,832.15, up 21.30 points or 0.09 per cent from its previous close of 23,810.85. The indices opened at 76,853.11 and 23,742.25 respectively, recovered from early weakness and have since held on to modest gains amid broad-based but uneven trade.

On the BSE, 4,379 stocks were traded, with advances at 2,813 outnumbering declines at 1,323, while 243 stocks remained unchanged. Ninety stocks hit fresh 52-week highs against 94 that touched 52-week lows. A total of 174 stocks were locked in upper circuits while 167 were in lower circuits. The market capitalisation of BSE-listed companies stood at ₹4,90,92,906.96 crore, equivalent to $5.18 trillion, with registered investor count at 26.85 crore.

Bharat Electronics Ltd led the Nifty gainers, surging 3.88 per cent to ₹394.85 from its previous close of ₹380.10, with 144.57 lakh shares traded worth ₹563.15 crore. Adani Enterprises followed with a gain of 3.61 per cent, rising to ₹2,687 from ₹2,593.30 on volumes of 13.09 lakh shares valued at ₹349.19 crore. Max Healthcare gained 2.59 per cent to ₹918.65 from ₹895.50, with 27.35 lakh shares changing hands for ₹251.09 crore. ITC rose 2.21 per cent to ₹279.95 from ₹273.90 on heavy volumes of 341.78 lakh shares worth ₹959.36 crore. Titan added 2.19 per cent to ₹4,662 from its previous close of ₹4,562, with 7.60 lakh shares traded for ₹351.23 crore.

Technology stocks bore the brunt of selling pressure. TCS was the top loser, falling 2.75 per cent to ₹2,430.40 from ₹2,499.10, with 17.79 lakh shares traded for ₹436.75 crore. Infosys slipped 2.33 per cent to ₹1,121.30 from ₹1,148.10 on volumes of 61.18 lakh shares worth ₹690.42 crore, among the most actively traded stocks by value. BSE Ltd declined 2.09 per cent to ₹3,589 from ₹3,665.70, with 30.11 lakh shares changing hands for ₹1,083.99 crore. Eternal shed 1.92 per cent to ₹342.75 from ₹349.45 on volumes of 139.12 lakh shares worth ₹478.61 crore. HCL Technologies fell 1.87 per cent to ₹1,412.20 from ₹1,439.10, with 13.06 lakh shares traded for ₹185.63 crore.

Ponmudi R, CEO of Enrich Money, noted that markets opened marginally lower but staged an early recovery, with “FMCG and realty stocks gaining more than 1 per cent in early trade” while “IT stocks traded mildly lower, pointing to some divergence in sectoral performance.” He added that “sustained buying interest, softer crude prices and continued strength in the rupee are lending support to domestic equities.”

On the currency front, the rupee strengthened to around ₹94.53 against the dollar, extending a four-session run of lower closes in the USD/INR pair. The pair opened near 94.73 and slipped further, with the immediate support zone placed at 94.40–94.50. A softer US dollar index, last seen at 101.5, and continued foreign fund inflows are driving rupee appreciation, though any recovery in crude prices could limit further gains.

Crude oil remained a key variable. WTI opened near $96.80 but slipped to around $95.53, down 1.26 per cent, weighed by the possibility of diplomatic progress on the Iran conflict even as confirmation of a US strike on Iran’s Qeshm Island kept geopolitical risks alive. MCX Crude Oil futures were trading near ₹9,072, down 0.35 per cent, holding just above the crucial ₹9,000 support level. Ponmudi noted that “crude oil prices remain sensitive to developments surrounding geopolitical tensions and diplomatic efforts to resolve the conflicts in Ukraine and Iran.”

On precious metals, COMEX Gold was trading around $3,947, up 0.16 per cent, but continued to struggle below the $3,970–4,000 resistance zone, with RSI hovering near 35 indicating weak momentum. MCX Gold futures were trading near ₹1,40,190, up 0.53 per cent, holding above the crucial ₹1,40,000 mark, though the rupee’s appreciation was limiting domestic price gains. COMEX Silver declined 0.84 per cent to around $49.34, with its RSI near 27 approaching oversold territory. In contrast, MCX Silver surged 2.27 per cent to around ₹1,83,780, sharply outperforming its international counterpart, a divergence Ponmudi flagged as one that “raises the possibility of some convergence in price movements, particularly if international silver prices remain under pressure.”

Technically, the Nifty 50 is holding above its 50-day EMA near 23,196 with RSI around 68, signalling strong momentum. The 200-day EMA near 23,904 and the psychological 24,000 level remain key resistance points. Ponmudi said “a decisive breakout above 24,000 would be necessary to confirm the next leg of the upward move,” while 23,600 remains immediate support. On Bank Nifty, the 55,800–56,000 range represents immediate resistance, with support at 55,200–55,000.

US midterm election results, where Democratic odds of a congressional sweep were placed at 82–85 per cent by prediction markets Kalshi and Polymarket, and Friday’s US payrolls report are the two key global events that traders said could determine near-term direction for both Indian and global markets.

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Published on November 4, 2026

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