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Below the Market Closing Comment Nov 06, 2026 from Ajit Mishra, SVP – research, Religare Broking

"Markets extended their winning streak for the seventh consecutive session on Friday, gaining over 1.5% despite mixed global cues. After opening on a flat note, the Nifty gradually strengthened through the session and settled near the day’s high at 25,030. The Sensex also reclaimed the 80,000 mark, reflecting resilience despite a sharp sell-off across major Asian markets and global technology stocks.

On the sectoral front, banking, financials and pharma stocks led the gains, supported by selective buying in heavyweight counters. However, energy and realty stocks remained subdued. Broader markets underperformed the benchmark indices, with midcap and smallcap stocks witnessing selling pressure, indicating a divergence in market breadth. The India VIX also moved higher, pointing to increased near-term uncertainty.

Among the key factors, sustained foreign institutional buying continued to support domestic equities, with FIIs recording substantial net purchases in the previous session. The sharp global sell-off in technology stocks, driven by concerns over AI-related investments, weighed on Asian markets, although Indian IT stocks remained relatively resilient. Brent crude rebounded towards $100 per barrel following its recent sharp decline, while geopolitical developments and global risk sentiment remained key variables for investors.

Following the sharp seven-session rally, some consolidation and sectoral rotation would be healthy. The Nifty’s ability to sustain above 24,500 will be important to preserve the positive momentum and pave the way towards the 25,200–25,500 zone. We recommend maintaining a selective positive bias, focusing on fundamentally strong stocks demonstrating relative strength, while keeping position sizes in check amid potential volatility arising from global developments."

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