Indian Stock Market Opens Strong for Second Consecutive Day, Sensex Surges Over 700 Points

Mumbai, November 3 (Daily Kiran) : The Indian stock market opened on a positive note for the second consecutive trading session, with significant gains. On November 3, 2026, the Sensex and Nifty rose by nearly 1% in early trading, buoyed by a drop in crude oil prices, strong second-quarter results from companies, and increased buying by foreign institutional investors (FIIs).

The BSE Sensex opened at 76,288.65, up 595.87 points or 0.78% from its previous close of 75,692.78. During the day, it reached a high of 76,421.48, reflecting a gain of 728.7 points or 0.96%. Meanwhile, the Nifty 50 opened at 23,582.25, climbing 141.45 points or 0.60% from its last close of 23,440.80, and peaked at an intraday high of 23,639.20, up 198.4 points or 0.84%.

Sector-wise, financial stocks saw the most buying activity, with the Nifty Financial Services Ex-Bank Index rising by nearly 1%. Other sectors, including chemicals, FMCG, and media, also showed strength, with their indices climbing up to 0.77%. Private banks, cement, IT, and consumer durables stocks traded in the green as well.

Conversely, profit-taking was observed in healthcare and energy sector stocks, creating some downward pressure in those areas.

Market experts believe the current conditions are favorable for sustaining the ongoing market rally. They noted that Brent crude prices dropping to $104 per barrel, a slowdown in AI-themed global investments, improved corporate earnings, and the resurgence of FIIs are all positive signals for Indian markets.

From a technical standpoint, analysts consider the market’s position strong. The Nifty has regained its 50-day exponential moving average (EMA) around the 23,170 level. The Relative Strength Index (RSI) has climbed to 61.03, indicating robust momentum in the market. The put-call ratio (PCR) stands at 1.28, reflecting a positive trend in the derivatives market.

Experts identify the support range for the Nifty at 23,200-23,300, while the immediate resistance level is seen at 23,600-23,700.

The recent surge is largely attributed to value buying and short covering. Investors took advantage of price declines to purchase large-cap stocks, which is now yielding visible benefits. Patience in value buying could offer better returns, experts suggest.

They also mentioned that many strong large-cap stocks had short positions established by bears, anticipating continued FII selling. However, as conditions have shifted, these positions are now being covered, providing additional support to the market.

On Monday, FIIs continued their buying spree for the second session, acquiring a net equity worth ₹3,114 crores. In contrast, domestic institutional investors (DIIs) remained net sellers for the second consecutive day, offloading ₹392 crores.

Looking ahead, analysts believe investors will be closely watching the results of the upcoming U.S. midterm elections and their geopolitical implications, as these events could influence global financial markets and investment flows.