Market wrap, Nov 4: SENSEX rises 383 pts, NIFTY50 ends at 23,960; NIFTY Smallcap 100 jumps 2%, BEL top gainer

The Indian stock market ended higher for the fifth consecutive session on Wednesday, November 4, led by a strong rally in realty and defence stocks. The market sentiment was further supported by easing crude oil prices, foreign fund inflows and a pullback in US Treasury yields.

Data from Investing.com showed that the global crude oil prices were trading around $102 per barrel (bbl) on Wednesday. It has touched a high of $104 per bbl during the day.

Investors closely tracked the counting of votes in the US midterm elections on Wednesday. According to a Reuters report, the Democrats seized control of both the Senate and the House of Representatives, securing sweeping victories in Republican strongholds for the first time in generations.

According to exchange data, on Tuesday, the foreign institutional investors (FIIs) bought shares worth ₹6,836.81 crore, while the domestic institutional investors (DIIs) sold equities worth ₹3,678.85 crore on a net basis.

On the global front, most of the Asian indices ended the session in green as investors focused on the US midterm election vote count weighing heavily towards the Democratic side, amid the overall dented sentiment of an AI trade reversal resulting in a mass market selloff in equities.

Japan's Nikkei fell 1.9%, Singapore’s Straits Times slipped 0.1%, while Hong Kong's Hang Seng gained 1.4%, and China’s Shanghai Composite rose 2.12%. South Korea’s Kospi index also closed 0.62% higher.

On Wall Street, US stock market indices ended on a mixed note as investors focused on the midterm election polling amid a rebound in crude oil prices, elevated US Treasury yields, and reports of US attacks in West Asia on Tuesday.

The Dow Jones Industrial Average ended 0.38% lower at 51,786.72 points, while the S&P 500 index closed 0.36% higher at 7,568.92 points and the tech-heavy Nasdaq 100 index snapped its losing streak, closing 0.68% higher at 28,180.26 points.

Broader market

The broader market outperformed, with the Nifty Midcap 100 climbing 1.55% to settle at the 59,505.50 level, while the Nifty Smallcap 100 surged 2% to end at the 19,026.40 level.

Sectoral watch

Except for NIFTY IT (-1.5%), the other sectoral gauges ended in green. NIFTY Media (5.15%), NIFTY Realty (2.85%), NIFTY Metal (2.8%), NIFTY Consumer Durables (2.04%) and NIFTY Oil & Gas (1.54%) were the top gainers among sectors.

Top gainers and losers

On the NIFTY50 index, 36 stocks closed higher, while 14 declined by the end of the session.

Bharat Electronics was the most contributing stock, rising 4.71%, followed by Adani Enterprises (4.47%), Titan Company (4.22%), Jio Financial Services (3.73%) and Max Healthcare Institute (3.53%).

On the flip side, TCS (-2.52%), HCL Technologies (-2.37%), BSE (-1.75%), Infosys (-1.73%) and Eternal (-1.42%) were the top laggards on the 50-share index.