Sensex Surges Over 1,200 Points, Nifty Tops 23,800 on Easing Crude and Strong FII Inflows
Indian equities extended gains for a fourth session, driven by declining crude oil prices and continued foreign institutional investor buying, ahead of fresh macro data.
The story
Indian benchmark equity indices saw a significant rally on Tuesday, November 3, extending their winning streak for the fourth consecutive session. The Sensex surged 1,225.07 points, or 1.62%, to close at 76,917.85, while the Nifty 50 advanced 370.05 points, or 1.58%, to settle at 23,810.85.
This upward momentum was primarily fueled by easing international crude oil prices, with Brent crude trading around $105.6 per barrel, providing relief for India's import bill and inflation concerns. Foreign Institutional Investors (FIIs) continued their buying spree, injecting a net ₹6,836.81 crore into Indian equities on November 3.
Domestic Institutional Investors (DIIs) were net sellers, offloading equities worth ₹3,678.85 crore on the same day. Sectorally, FMCG, Realty, and Financial Services led the gains, with the Nifty FMCG index rising 3.65% and Nifty Realty gaining 2.33%.
Power Grid Corporation, State Bank of India, and ONGC were among the top losers. On Wednesday, November 4, Indian markets opened lower, snapping the four-day rally, as investors engaged in profit booking amid mixed global cues.
The tape
| Instrument | Last | Change |
|---|---|---|
| Nifty 50 | 23,810.85 | +370.05 (1.58%) |
| Sensex | 76,917.85 | +1,225.07 (1.62%) |
| Bank Nifty | 55,540.05 | +537.85 (0.98%) |
| USD/INR | 94.71 | +0.13 (Rupee strengthened) |
| India VIX | 15.64 | +0.97% |
Flows & data
| Item | Reading | Read |
|---|---|---|
| FII Net Flows | +₹6,836.81 crore (Nov 3, 2026) | Foreign Institutional Investors continued net buying in Indian equities. |
| DII Net Flows | -₹3,678.85 crore (Nov 3, 2026) | Domestic Institutional Investors were net sellers in the cash segment. |
| HSBC India Services PMI | Final data for October released (Nov 4, 2026) | The final data for the services sector activity in October was published. |
IPOs & the primary market
In the primary market, M.K. Sons Fine Jewels debuted on November 3, listing at ₹171.00, a 5.56% premium over its issue price of ₹162.00.
On November 4, Carver Roboweld made its BSE SME debut at ₹90 per share, a 12.5% premium against its issue price of ₹80. Bombay Coated & Special Steels also listed on November 4, after closing its subscription on November 1.
Meanwhile, the SME IPO for Vedant Poly Fabs concluded on November 4, with an estimated Grey Market Premium (GMP) of ₹11 against an issue price of ₹94. The IPO pipeline remains substantial, with 124 companies holding SEBI approvals to raise ₹2.45 trillion, and another 130 awaiting regulatory clearance. However, investors are becoming more selective, prioritizing valuations and business models over growth narratives.
Valuation watch — India & global
India's market rally, extending over four sessions, has pushed benchmarks to two-month highs, leading to some caution regarding valuations. The Nifty's Relative Strength Index (RSI) is reportedly approaching overbought territory, with the index trading above its upper Bollinger Band, suggesting potential for intermittent profit booking.
Globally, the unwinding of AI-related trades has influenced sentiment, leading to a rotation of funds into other sectors. US markets showed mixed performance, while European and broader Asian markets traded lower on November 3 and 4.
The IPO market, both in India and globally, is also seeing investors become more discerning, shifting focus from growth stories to fundamentals, earnings visibility, and corporate governance. This selective approach indicates a reality check for the IPO boom, where frothier valuations are facing increased scrutiny.
What we'll be watching
- Final HSBC India Services PMI data for October is expected.
- The Reserve Bank of India (RBI) will release foreign exchange reserves data for the week ended October 30 on November 6.
- Investors will continue to assess the outcomes and implications of the US midterm elections.
- Ongoing Q2 corporate earnings announcements will provide further market direction.
- The RBI recently constituted a new Technical Consultative Committee for Financial Markets to examine policy and operational issues.
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