Daily Market Update - 2nd November 2026 by Ventura Securities Ltd
Market Outlook: Indian markets are likely to open positive, with Gift Nifty gaining 0.24%, despite weak overnight global cues as the S&P 500 declined 1.82%, Dow Jones fell 1.09% and Nasdaq 100 dropped 3.46%. The Nifty 50 closed at 23,053 on 30 October, gaining 0.51%, while market breadth remained weak with NSE witnessing 1,013 advances against 2,511 declines. Options positioning indicates immediate support at 22,932, followed by 22,812, while resistance is placed at 23,145 and 23,238. The broader trend remains positive, although elevated crude prices and weak global technology stocks remain key risks.
FII & DII Activity: Institutional flows turned supportive, with FIIs/FPI recording net buying of Rs 3,599 crore on 30 October, while DIIs were net sellers of Rs 818 crore. FII buying provided support to large-cap equities after a prolonged period of selling, although the sustainability of foreign flows remains dependent on global risk appetite, crude prices and currency movements. In the derivatives market, Nifty PCR stood at 0.96, with maximum Call OI at 23,500 and Put OI at 22,700, indicating a cautious near-term setup.
Sector Activity: Sectoral performance was mixed, with IT and healthcare leading the gains. Nifty IT rose 2.32%, driven by Wipro (+4.32%), Coforge (+4.23%), LTM (+3.39%) and Infosys (+3.36%). Nifty Pharma gained 1.55%, led by Laurus Labs (+7.20%), Zydus Lifesciences (+5.16%), Apollo Hospitals (+3.02%) and Fortis (+1.76%), while Nifty Healthcare rose 1.58%. On the downside, Financial Services fell 2.24%, dragged by CAMS (-6.22%), Bandhan Bank (-4.64%), PNB Housing (-4.50%) and Motilal Oswal (-4.48%), while Consumer Durables declined 1.78%.
F&O Activity: Long build-up was witnessed in Navin Fluorine, Ather Energy, Trent, Zydus Lifesciences and United Spirits, indicating fresh buying interest. Short build-up was seen in Data Patterns, Sagility, CUB, Suzlon and Syrma SGS, reflecting increased bearish positioning. Long unwinding was observed in Bandhan Bank, Power India, Blue Star, Angel One and Muthoot Finance, while short covering emerged in Laurus Labs, Coforge, Wipro, LTM and Infosys.
Top 5 News:
Affle 3i: The company signed an agreement to acquire Perion Network for approximately US$420 million in cash at US$11.70 per share, representing a 34.5% premium to Perion’s previous closing price. Completion is expected in early 2027, subject to shareholder and regulatory approvals.
Tata Motors: Tata Motors completed the initial settlement of its Iveco tender offer, acquiring 238.16 million shares representing 89.42% of Iveco’s share capital excluding treasury shares. Iveco became part of Tata Motors following settlement on 30 October, while the offer will reopen from 2–6 November.
Sun Pharma: The US FDA approved ILUMYA (tildrakizumab-asmn) for adults with active psoriatic arthritis, expanding the drug’s approved indications beyond moderate-to-severe plaque psoriasis. The approval follows positive results from the INSPIRE-1 and INSPIRE-2 Phase III trials.
Reliance Industries: Q2 FY27 consolidated gross revenue increased 27.8% YoY to Rs 3,62,268 crore, while EBITDA rose 23.9% to Rs 62,409 crore and consolidated PAT increased 33.8% to rs 29,550 crore. Oil-to-Chemicals EBITDA surged 67.9%, while Digital Services EBITDA grew 17.7%; net debt declined to Rs 1,17,140 crore from Rs 1,22,914 crore in June.
Polycab India: NCLAT set aside the insolvency proceedings against Polycab, overturning the NCLT Ahmedabad order dated 7 October 2026. The proceedings originated from a disputed Rs 2.79 crore operational creditor claim, which Polycab had contested citing a pre-existing dispute over payments and credit notes.
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