Stock Market Update: Surge in Banking, Metal, and Oil Stocks Pushes Indices Higher

On Tuesday, the stock market saw a notable rally, with indices closing higher as banking, metal, and oil stocks gained buying support. The Sensex, which initially dropped 485 points during intraday trading, recovered to end with a gain of 694 points, driven by positive global cues. The rupee also appreciated slightly, rising by 2 paise to close at 84.09 against the dollar, while crude oil was trading at $75.53 per barrel, up 0.60%. Across Asian markets, all major indices performed well, except Seoul. European indices also showed strong performance.

The total market capitalization of companies listed on the Bombay Stock Exchange (BSE), often seen as a measure of investor wealth, increased by ₹2.77 lakh crore, reaching ₹444.88 lakh crore. The Sensex opened at 78,542.16, down 240 points from the previous close of 78,782.24. Despite early losses and an intraday low of 78,296.70, the index rallied in the afternoon, hitting a high of 79,523.13 and eventually closing at 79,476.63, up by 694.39 points. The Nifty rose by 217.95 points, settling at 24,213.30, after fluctuating between 23,842.75 and 24,229.05 throughout the day.

Out of the 30 Sensex stocks, 21 closed in positive territory. Leading the gainers were JSW Steel, up 4.72%, Tata Steel with 3.64%, Axis Bank at 2.73%, and HDFC Bank, which gained 2.56%. Other top performers included IndusInd Bank (2.49%), SBI (2.33%), Ultratech Cement (1.60%), Kotak Mahindra Bank (1.59%), and ICICI Bank (1.53%). On the other hand, Adani Ports fell by 1.46%, ITC by 0.96%, Asian Paints by 0.91%, and Bharti Airtel by 0.80%. Sector-wise, metals rose 2.38%, banking 2.09%, commodities 1.84%, and financial services 1.58%, while IT, tech, and services sectors saw declines. On the BSE, 2,468 stocks advanced, 1,478 declined, and 112 remained unchanged.

Corporate Developments:

L&T to Acquire Stake in E2E Networks: Larsen & Toubro (L&T) announced its plan to acquire a 21% stake in cloud services provider E2E Networks for ₹1,407.02 crore, aiming to strengthen its presence in cloud and AI services. The acquisition is expected to be completed by December 31.

IHCL Acquires Majority Stake in Rajscape Hotels: The Indian Hotels Company Ltd. (IHCL) announced its acquisition of a 55% stake in Rajscape Hotels, which operates boutique hotels under the Tree of Life Resorts brand. The deal, valued at ₹18 crore, will expand IHCL’s portfolio in the luxury boutique segment.

Requests for SEZ Cancellations: Seven developers, including Kerala State Information Technology Infrastructure, have requested to cancel all or part of their Special Economic Zones (SEZs). An inter-ministerial board will review these applications on November 8. Four requests are from IT/ITES sectors, with the remaining from textile and pharma sectors.

IL&FS Group Pursues Legal Action: IL&FS Group is seeking legal advice to take action against former directors and two subsidiaries to recover ₹187 crore in excess remuneration.

Agility India's IPO: Agility India’s IPO received a 22% response on its first day, with bids received for 8.66 million shares out of the 38.7 million shares offered.

Xiaomi India Leadership Change: Xiaomi India’s head, B. Muralikrishnan, has stepped down. The company announced that he will transition to a research role.

Swiggy’s IPO Plans: Food delivery giant Swiggy is set to launch an IPO valued at $11.3 billion (₹95,000 crore). The issue is scheduled for November 6–8, with a price range of ₹371–₹390 per share. At the upper price limit, the IPO is expected to raise ₹11,327 crore.

Board Meetings Scheduled Today: Several major companies are holding board meetings, including Apollo Hospitals, Granules India, PowerGrid Corporation, Tata Steel, Jindal Steel and Power, Blue Star, Gujarat Gas, Endurance Technologies, JB Chemicals, Chambal Fertilizers, Aadhaar Housing Finance, Trident, JK Lakshmi Cement, Dhanuka Agritech, and TeamLease Services.