Daily Market Update - 03rd November 2026 by Ventura Securities Ltd
Market Outlook: Indian markets are likely to open flat, with Gift Nifty declining 0.02%, following mixed global cues. The S&P 500 declined 0.50%, while Dow Jones gained 0.42% and Nasdaq 100 fell 1.39%. The Nifty 50 rallied 1.68% on 2 November to close at 23,440.80, extending gains for the third consecutive session, with breadth remaining positive. Immediate support is placed at 23,284 and 23,129, while resistance stands at 23,517 and 23,595. The 23,500–23,600 zone remains the key hurdle, with a sustained breakout potentially opening the way towards 23,800–24,000.
FII & DII Activity: Foreign investors turned meaningful buyers on 2 November, recording net buying of Rs 3,114.7 crore, while DIIs were net sellers of Rs 392.2 crore. The return of FII buying, alongside the sharp decline in crude prices, provides a supportive near-term setup for Indian equities. However, sustained foreign inflows will remain dependent on crude prices, US yields and the outcome of the US midterm elections.
Sector Activity: Sectoral performance was strongly positive on 2 November, led by Oil & Gas, Metals, Cement and Consumer Durables. Nifty Oil & Gas surged 5.95%, driven by Reliance (+11.60%), GAIL (+5.41%) and ONGC (+4.19%), while Nifty Metal gained 3.21%, led by Tata Steel and JSW Steel. Nifty Cement rose 2.92% and Consumer Durables gained 2.70%, with Dixon advancing 11.99%. Energy, India Manufacturing and PSE also gained 3.92%, 2.24% and 2.34%, respectively. IT was the key laggard, declining 0.50%, while Media fell 0.76%.
F&O Activity: Fresh long build-up was witnessed in NBCC, Ujjivan Small Finance Bank, Enrin, Tata Steel and Data Patterns, indicating positive price and open-interest action. Fresh short build-up was seen in Syrma SGS, Karur Vysya Bank, PB Fintech, CUB and Lodha. Long unwinding was observed in Blue Star, ICICI Lombard, Laurus Labs, Dr Reddy's Laboratories and APL Apollo, while short covering emerged in Dixon, Reliance Industries, Inox Wind, Amber Enterprises and IEX.
Top 5 News:
GRSE: Garden Reach Shipbuilders & Engineers signed a Rs 32,000 crore contract with the Indian Navy for five Next Generation Corvettes. Execution is scheduled over nine years and four months, with the order forming part of the rs 53,866.5 crore programme for eight corvettes.
Ambuja Cements: The company announced a Rs 14,500 crore growth capex programme to add around 30 MTPA of cement capacity. The expansion, along with ongoing projects and debottlenecking, is targeted to take capacity to 155 MTPA by FY30 from 113.5 MTPA currently.
Trident: The board gave in-principle approval for a Rs 4,650 crore capacity expansion and modernisation programme, including 99,840 new spindles at Budhni, a 1,99,680-spindle yarn facility at Dhar, additional sheeting looms and higher paper capacity.
Affle 3i: Affle agreed to acquire Perion Network for approximately US$420 million in cash at US$11.70 per share, representing a 34.5% premium. Completion is expected in early 2027, subject to shareholder and regulatory approvals.
L&T: L&T secured significant building contracts worth Rs 1,000–2,500 crore across Mumbai, Bengaluru and Hyderabad, covering residential towers, commercial development and additional orders for ongoing projects.
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