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Below the Quote on Daily Market Commentary for November 4th 2026 by Siddhartha Khemka - Head of Research, Wealth Management, Motilal Oswal Financial Services Ltd

Indian markets are likely to remain supported by improving domestic economic indicators and easing crude oil prices, although volatility may persist amid global uncertainties. Brent crude traded slightly lower at around USD 102/bbl. The Nifty 50 extended its rally for the fifth consecutive session, following a nearly   5% gain over the previous four sessions, and had closed at a two-month high in the previous trading session. Post the US midterm elections, investor focus will shift to the US administration’s next course of action on West Asia, as any further escalation or diplomatic progress could significantly influence crude oil prices and global market sentiment in the near term. The Nifty 50 gained 0.6%, while Midcap100 and Smallcap100 advanced 1.6% and 2%, respectively. Sectorally, Nifty Media led the gains, rising 5.2%, followed by Nifty Realty (+2.9%) and Nifty Metal (+2.8%), supported by strong momentum across metal and mining stocks. Nifty FMCG advanced 1.5%, extending its recovery, with ITC gaining around 3% following its 2QFY27 results. In contrast, Nifty IT declined 1.5%, tracking a broader sell-off in Asian technology stocks amid concerns over rising artificial intelligence spending and potential regulatory scrutiny following the US election outcome. On the domestic macro front, the HSBC India Services PMI rose to 55.8 in October from 55.2 in September, marking a four-month high, supported by stronger domestic demand and new business orders. Investors will track US Services PMI data today, followed by the Bank of England's interest rate decision and US initial jobless claims tomorrow. The Union Cabinet approved the Rs 1.86 lakh crore Green Energy Corridor Phase-III scheme, aimed at facilitating the evacuation of up to 135 GW of renewable energy and deploying 50 GWh of battery energy storage systems by FY 2032-33. The scheme includes rupees 50,000 crore for battery storage and rupees 1.36 lakh crore for intra-state transmission infrastructure, supporting grid modernisation, renewable energy integration and domestic energy storage manufacturing.

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