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Below the Quote on Daily Market Commentary for November 5th 2026 by Siddhartha Khemka - Head of Research, Wealth Management, Motilal Oswal Financial Services Ltd

Indian equities are expected to maintain a positive trajectory as festive season starts 2 days ahead due to a sharp correction in crude oil prices, resumption of FII buying and firm global cues. Brent crude has declined nearly 16% this week to around US$94/bbl on easing concerns around the West Asia conflict. The US midterm election outcome has further lifted global sentiment, with expectations of a more measured approach to trade and tariffs, alongside a weaker US dollar and the 10-year US Treasury yield easing to around 4.85%. Indian equities have also outperformed their Asian peers so far in Q3FY27, with the Nifty gaining 8.5% while the MSCI Asia Pacific index declined 7.6%. The Q2FY27 earnings are running ahead of estimates, while improving earnings visibility and healthy domestic demand are expected to sustain the positive near-term bias. On Thursday, Nifty reclaimed the 24,000 mark for the first time in nearly two months, closing at 24,536, up 2.4%, supported by easing crude prices, FII buying and firm global cues. The index has gained 8.1% over six consecutive sessions. Broader markets also advanced, with the Midcap 100 and Smallcap 100 rising 1.8% and 0.5%, respectively. Nifty Bank outperformed, gaining 3.3%. Sectorally, Nifty Auto, Realty and Private Banks led the gains, while Media and Chemicals were the major laggards. The Nifty Auto index surged 4.1%, supported by strong Q2 earnings from M&M, Samvardhana Motherson and Uno Minda, alongside buying interest across auto stocks. The PSU Bank index gained 3.1%, driven by renewed buying interest amid easing crude prices and strong quarterly earnings from leading public sector banks. Nifty Capital Markets advanced 4.2%. FIIs have infused rs 20,834 crore into Indian equities over the past four sessions, marking a sharp reversal from the record outflows recorded in September and October. Investors will track Q2FY27 results from Hindalco, Bosch, Siemens, Aster DM Healthcare, Gland Pharma, Voltas, Jubilant FoodWorks and Data Patterns (India), among others. On the macroeconomic front, India's foreign exchange reserves data will also be released tomorrow.

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