The Indian rupee made a modest comeback, strengthening by 11 paise to reach 88.66 against the dollar as falling global crude oil prices offered some relief. Nevertheless, the strength of the dollar alongside the withdrawal of foreign investments kept the rupee in check. The domestic stock markets also faced a setback during this period.

Nifty and Sensex fell 0.64% each as IT, auto, and metal stocks dragged markets. Key movers included Hitachi Energy, Thangamayil Jewellery, 3M India, City Union Bank, and Hero MotoCorp.

Even as the Sensex fell 519 points to 83,459, nine BSE 200 stocks including Shriram Finance, SBI, Bharti Airtel, and Titan touched new 52-week highs, signaling strong bullish momentum.

Market expert Neeraj Dewan expects the next leg of the market rally to be driven by PSU banks, telecom, cement, and value retail, backed by improving earnings and policy support. He remains bullish on Bharti Airtel, Jio, and SBI, sees cement correction as a buying opportunity, and predicts a broader midcap recovery as corporate results strengthen.

Adani Enterprises, the flagship Adani Group company, announced on Tuesday, November 4, that its board has approved raising up to Rs 25,000 crore through a rights issue of partly paid-up equity shares with a face value of Re 1 each.

ICICI Direct’s Dharmesh Shah expects the Nifty to retest record highs of 26,300 by December 2025, advising investors to buy on dips as the market consolidates healthily. He sees PSU banks and midcaps leading the next rally, with Union Bank of India as a top pick, targeting ₹168. Strong support for Nifty lies near 25,400.

Nifty closed at 25,597.65, down 165.70 or 0.64% while the 30-stock Sensex settled at 83,459.15, falling 519.34 points or 0.64%.

Groww launches its IPO today, aiming to raise Rs 6,632 crore. The investment platform, a market leader in India, faces regulatory challenges, particularly concerning futures and options trading, which has historically driven its growth. Despite these headwinds, Groww is diversifying its offerings to ensure continued expansion.

The US economy is surprisingly strong, with significant corporate spending projected. In contrast, global investors are cautious about India, underweighting its market due to an earnings slowdown. However, a turnaround is anticipated with expected rate cuts, GST reductions, and PSU pay hikes. Improved corporate earnings are seen as the key to attracting foreign investment back to India.

India Inc’s Q2 FY26 earnings are outperforming expectations, led by oil & gas, capital goods, and technology sectors. Motilal Oswal notes modest Nifty EPS upgrades as midcaps continue to outperform largecaps, margins expand 170 bps YoY, and the earnings cycle shows signs of bottoming out for sustained growth.