The BSE Sensex surged 595.19 points (0.71%) to settle at 84,466.51, while the NSE Nifty50 advanced 180.85 points (0.7%) to finish at 25,875.80.
Broader indices also mirrored the upbeat sentiment — the Nifty Midcap 100 rose 0.79%, and SmallCap gained 0.82%, reflecting broad-based participation.
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Impact on the stock market
Sector-wise performance
Sectorally, the Nifty IT index was the star performer, climbing 2.04%. The Auto and Pharma indices followed with gains of 1.24% and 1%, respectively. The rally in technology shares was driven by global optimism over an anticipated US Fed rate cut, a potential India–US trade deal, and easing fears of a US government shutdown.
| Sector/Index | Performance |
| IT & BPM sector | 2.04% |
| Healthcare sector | 0.83% |
| Oil & Gas sector | 0.81% |
| Real estate sector | -0.49% |
| PSU Bank in India | 0.62% |
Top gainers today
| Company | Share Price (in ₹) | Change % |
| Adani Enterprises | 2,477.40 | 4.67 |
| Asian Paints | 2,769.80 | 4.24 |
| Tech Mahindra | 1,456.10 | 3.42 |
| TCS | 3,131.80 | 2.78 |
| HDFC Life | 784.90 | 2.75 |
Top losers today
| Company | Share Price (in ₹) | Change % |
| TMPV | 402.15 | -1.34 |
| Tata Steel | 178.61 | -1.34 |
| Shriram Finance | 822.50 | -1.18 |
| JSW Steel | 1,181.80 | -0.81 |
| Bharat Electronics | 424.70 | -0.61 |
Market aftermath: Impact on stocks
Max Financial Services: Stock hits record high despite profit plunge
Max Financial Services jumped nearly 5% to touch a 52-week high of ₹1,715.20, despite reporting a steep 96% YoY drop in Q2 FY26 net profit to ₹4.12 crore (from ₹112.56 crore). Revenue also slipped 27% YoY to ₹9,792 crore, but investors focused on the firm’s improving value of new business (VNB), which rose 27% YoY in H1 FY26.
Brokerages remained upbeat. JM Financial highlighted the strong APE and VNB growth (15% and 27% YoY), with a 25.5% VNB margin — a positive surprise driven by a favourable product mix. Jefferies called Max Financial its top insurance pick, citing improving margins and product diversification. Motilal Oswal echoed the sentiment, noting robust protection and annuity growth that offset weakness in ULIPs.
IT sector rally: Tech Mahindra, TCS, Infosys lead the charge
IT stocks extended their winning streak for a third straight session, with the Nifty IT index up over 2%, adding nearly 5% over three days. The optimism stemmed from expectations of a Fed rate cut, resolution of the US government shutdown, and hopes of a India–US trade deal.
Tech Mahindra led the rally, rising 3.7% to ₹1,460.20, followed by LTIMindtree (+2.95%) and Mphasis (+2.68%). Other major gainers included TCS, Infosys, HCL Tech, and Persistent Systems, all rising between 1–3%.
Brokerage firm Nuvama highlighted that Indian IT firms outperformed in the September quarter due to forex gains, operational efficiency, and robust deal wins. It maintained buy calls on Coforge, Persistent, Mphasis, LTIMindtree, Hexaware, TCS, and Infosys, while staying cautious on Tech Mahindra and Birlasoft.
Adding fuel to the rally, reports suggested the US and India were close to finalising a trade agreement, with President Trump indicating that it would “strengthen economic and security ties.” Analysts said the possibility of rate cuts and trade resolution revived sentiment for export-driven IT companies.
Tata Power: Mixed earnings amid Mundra plant shutdown
Shares of Tata Power fell over 2% to ₹387.50 after reporting muted Q2 numbers. The company’s net profit came in at ₹919.44 crore, a marginal 0.8% decline YoY, while revenue slipped 1% YoY to ₹15,544.91 crore. The key drag came from the Mundra Power plant shutdown since July, undertaken for technical overhauls.
Despite the near-term weakness, the company highlighted strong long-term growth drivers — 10 GW of clean energy capacity under construction, a 5 GW hybrid pipeline, and full-capacity solar manufacturing operations supporting India’s “Make in India” push.
The stock has dropped 3% in the past five days, and is down 1% in 2025, but remains a long-term clean energy bet with a P/E ratio of 28.
Crude oil: Global flows wobble under sanctions pressure
Crude oil prices edged lower amid uncertainty around Russian oil flows disrupted by sanctions. As of Wednesday morning, January Brent futures were at $65.01 (-0.23%), and WTI December futures at $60.87 (-0.28%). On the MCX, November crude oil traded flat at ₹5,402, while December contracts slipped marginally to ₹5,416.
Analysts from ING Think noted that Russian shipments had slowed to their lowest level since mid-September, with sharp declines to India and China. A large share of seaborne shipments now have “unknown destinations,” potentially heading toward Asian buyers.
While the outlook for oil remains bearish, refined product markets are tight due to Ukrainian drone strikes on Russian refineries and new US sanctions on Lukoil and Rosneft. Traders are awaiting key releases this week — OPEC+’s Monthly Oil Market Report (Nov 12) and the IEA’s Oil Market Report (Nov 13) — which could set the tone for prices ahead.
Meanwhile, on the NCDEX, natural gas futures were up 0.8% to ₹404.10, cottonseed oilcake rose 0.41% to ₹2,930, and dhania gained 0.38% to ₹8,450, reflecting mild optimism across agri-commodities.
Conclusion
It was a power-packed session for the markets — tech stocks led the charge, midcaps followed suit, and even as Tata Power stumbled on earnings, optimism returned to the broader indices. The rally in IT reflects global cues more than local fundamentals, while Max Financial and Aavas Financiers reminded investors that growth stories can survive short-term profit hits.
With crude oil steady and US developments signalling easing macro pressures, investors appear cautiously optimistic. But as the Q2 earnings season winds down, the market’s next direction could hinge on whether global liquidity flows stay supportive — or whether the rally starts running out of fuel.
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