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Below the Comment on Market Closing November 05, 2026f rom Ajit Mishra, SVP – research, Religare Broking

"Markets extended their winning streak for the sixth consecutive session on Thursday, with benchmark indices witnessing strong buying interest. The Nifty traded around 24,540, up nearly 2.5%, while the Sensex advanced close to 2,000 points to around 79,373, reflecting a sharp improvement in investor sentiment.

On the sectoral front, buying was broad-based, with rate-sensitive sectors such as auto, financials and realty leading the gains. Banking, IT and pharma stocks also witnessed positive participation, while energy remained relatively subdued. Broader markets joined the rally, with midcap and smallcap indices gaining around 0.4%–1.9%, reflecting healthy market breadth and improving risk appetite.

Among the key triggers, the Democratic victory in the US midterm elections lifted investor sentiment, with expectations of a possible shift in US policy and progress towards de-escalation in the Middle East. Consequently, Brent crude declined towards $93–94 per barrel after falling sharply in the previous session, easing concerns over imported inflation and India's external balance. Strong foreign institutional buying, along with encouraging domestic earnings, further supported the rally.

The broad-based strength in heavyweight stocks across sectors has helped the Nifty recover its losses over the past three months, putting the index on course to retest its August high of around 24,800. The renewed momentum in banking and financial stocks is an additional positive. We therefore maintain a positive market bias, while emphasising disciplined stock selection and prudent overnight risk management in anticipation of potential volatility ahead."

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