Indian Markets Surge for Fourth Straight Session as Nifty Hits One-Month High While US Stocks Close Mixed

Indian equities extended their winning streak to a fourth consecutive session on November 2-3, 2026, with the NSE Nifty 50 surging 387.70 points, or 1.68%, to close at 23,440.80, its strongest closing level in a month, while the BSE Sensex rallied 1,233.25 points, or 1.66%, to settle at 75,692.78. Both indices closed at their intraday highs, signaling broad bullish conviction. By the opening bell on November 3, the Sensex added a further 730 points and the Nifty pushed above 23,600, extending the rally into a fifth day.

The advance was driven by a sharp 7.6% drop in Brent crude prices, sustained foreign investor buying, and positive corporate earnings. Cyclical sectors led the charge, with Nifty Energy climbing 3.92% and Nifty Metal rising 3.21%, while defensive and technology counters lagged, as Nifty IT fell 0.50% and Nifty Pharma dipped 0.07%. Market breadth was heavily bullish, with 2,443 of 3,709 NSE-traded stocks advancing against 1,167 decliners. Within the Nifty 500, 391 stocks closed higher versus 105 lower. Midcap and smallcap indices also participated, with the Nifty Midcap 100 gaining 1.19% and the Nifty Smallcap 100 adding 0.71%.

From a technical standpoint, the Nifty closed decisively above its 50-day exponential moving average for the first time since late August, forming a higher high and higher low structure on the daily chart. The daily RSI crossed above the 60 threshold alongside expanding MACD histograms, reinforcing the bullish setup. Key resistance now sits at 23,600, with a breakout potentially targeting 23,750, while support is established in the 23,250-23,270 zone. The Nifty Bank index reclaimed the 55,000 level, closing at 55,002, though it continues to trade in a range-bound structure with resistance at 55,500-55,600.

US markets closed mixed on November 2, with the Dow Jones Industrial Average rising 213.67 points, or 0.41%, to 51,983.98, while the S&P 500 fell 38.67 points, or 0.51%, to 7,541.40 and the Nasdaq Composite dropped 272.68 points, or 1.07%, to 25,164.32. An early S&P 500 gain of 1.1% evaporated as Nvidia reversed its initial advance and technology and AI stocks remained under pressure following the prior week's sell-off. The Russell 2000 slipped 0.21% to 2,805.88. Year-to-date, the Russell 2000 leads all major US indices with a gain of 13.1%, followed by the S&P 500 at 10.2%, the Nasdaq at 8.3%, and the Dow at 8.2%.