The Nifty rose for a fifth straight session on Wednesday, reclaiming the 23,900 mark to hit a two-month high. Heavyweights like Reliance Industries and HDFC Bank led the rally. Drew Pettit said, "Investors may be overthinking the risk," regarding US election results. Meanwhile, strong corporate earnings kept the market momentum alive.
Indian markets are keeping the winning streak alive! The Nifty rose for a fifth straight session on Wednesday, reclaiming the 23,900 mark and closing at its highest level in two months. Heavyweights Reliance Industries and HDFC Bank did much of the heavy lifting, while FMCG stocks chipped in too. The index has now clocked its longest winning run since June 2026.
Meanwhile, global markets are weighing what the US midterm election results could mean for the AI trade. A stronger-than-expected showing by Democrats has sparked concerns about tighter regulations for the sector. But Drew Pettit, Chief Investment Strategist at Roundhill Investments, believes investors may be overthinking the risk, with strong corporate earnings continuing to keep the AI story on track.
Closing Bell: Nifty reclaims 23,900, logs longest winning streak since June 2026
Indian equity benchmarks extended their winning run for a fifth consecutive session on Wednesday, with the Nifty reclaiming the 23,900 mark and ending at a two-month high. Buying in heavyweight stocks, including Reliance Industries and HDFC Bank, along with strength in FMCG shares, helped sustain the rally.
Also Watch: All Updates From Last Hour Of Trade | NSE Closing Bell | Sensex & Nifty
US midterm results unlikely to derail AI trade as corporate earnings remain strong: Drew Pettit
Global markets are likely overreacting to fears of increased artificial intelligence (AI) regulation following a strong Democratic showing in the US elections, according to Drew Pettit, Chief Investment Strategist at Roundhill Investments.
Markets are on a roll! The Nifty gained another 149 points on Wednesday to close at 23,960, its highest level in two months, extending its winning streak to five sessions. With nearly 1,800 points recovered from its recent low, analysts are now eyeing the 24,300–24,400 range. But there's another number worth watching — veteran banker Uday Kotak believes interest rates could rise by as much as 75 basis points this financial year. What could that mean for the RBI's next moves?
Meanwhile, the Q2 earnings season is keeping Dalal Street busy. Alembic Pharmaceuticals, Exide Industries and NLC India saw strong buying, while Aurobindo Pharma, Dabur, Lenskart and Nykaa delivered encouraging numbers. Not everyone had a good day, though, with PI Industries and Apollo Tyres facing pressure on profitability. Here's a quick roundup of the market outlook, the big RBI rate call and the earnings stories you shouldn't miss.
Nifty Outlook for November 5: Analysts see index testing 24,300 - 24,400 levels after recent rally
Nifty extended its winning run to a fifth consecutive session on Wednesday, November 4, rising 149 points to close at 23,960, its highest level in two months. The benchmark has now recovered nearly 1,800 points from its recent swing low of 22,179.
Uday Kotak's big RBI call: Interest rates could rise 75 bps this year
Veteran banker Uday Kotak expects interest rates in India to rise by as much as 75 basis points this financial year, signalling that the Reserve Bank of India may continue tightening policy through multiple review meetings until April 2027.
Earnings Central: Lenskart, Nykaa, Aurobindo Pharma shine; PI Industries, Apollo Tyres face margin heat
Wednesday's earnings rush kept investors busy, with Alembic Pharmaceuticals shares surging as much as 20% andExide Industries and NLC India also posting sharp gains. Aurobindo Pharma and Shipping Corporation reported strong profit growth, while Dabur, Lenskart and Nykaa delivered healthy performances. But it wasn't all smooth sailing, with margin pressure weighing on PI Industries and Apollo Tyres. Here's how the market reacted to the day's Q2 results.
It's been a busy day on the political and corporate front. The US midterm elections have delivered a big win for Democrats, who have taken control of both the House and the Senate, making gains even in traditionally Republican strongholds. Adding an Indian connection to the results, Indian-American candidate Pia Dandiya has won Florida's 22nd congressional district.
Closer home, Aditya Birla Group Chairman Kumar Mangalam Birla has hinted at fresh business bets over the next decade, backed by the group's strong balance sheet and low debt. Meanwhile, Mercedes-Benz chief Ola Källenius believes the global shift towards electric vehicles will pick up pace, but petrol and diesel cars aren't going away anytime soon. Here's a look at the big political and business developments making headlines.
US midterm elections 2026: 8 things that stood out in a dramatic election
Democrats made bigger-than-expected gains in the November 3 midterm elections, winning control of both the U.S. House of Representatives and the Senate. The party made inroads into traditionally Republican states, with strong support from its voters and independents helping it secure historic victories.
Who is Pia Dandiya? Indian-American wins US House election from Florida
Indian-American candidate Pia Dandiya has won the election to the US House of Representatives from Florida's 22nd congressional district, defeating Republican challenger Casey Askar, a Marine veteran.
Also Watch: How Indian-American Candidates Fared In The US Midterms
IBLA Exclusive | Kumar Mangalam Birla signals more Aditya Birla Group expansion, backs manufacturing for 2027
Mercedes-Benz says EV adoption to accelerate, but ICE engines here to stay
Mercedes-Benz Chairman Ola Källenius has said the global transition towards electric vehicles (EVs) remains firmly on track, although the pace of adoption varies across markets, with combustion-engine vehicles expected to remain part of the company's portfolio for years to come.
That's all from us tonight. See you tomorrow with another edition of Top 10@10.