Diwali Dhamaka On D-Street: Sensex Soars 1,500 Points, Nifty Above 24,900 Despite Global Tech Rout

Last Updated:November 06, 2026, 15:22 IST

Despite the global risk-off sentiment, domestic equities continue to attract buying interest amid FPI buying, extending their winning streak to a seventh consecutive session.

Stock Market Today.

Indian Stock Market Today: Indian equities extended their spectacular Diwali rally on Friday, November 6, with benchmark indices surging further in afternoon trade. The Sensex jumped more than 1,500 points to cross 80,800, while the Nifty climbed above 24,900, as aggressive buying in banking, automobile, financial services and consumer stocks powered Dalal Street’s seventh consecutive session of gains.

The rally gathered momentum despite a severe technology-led sell-off across global markets, with Wall Street and Asian equities witnessing heavy losses. The resilience of Indian markets stands in stark contrast to the global sell-off, as investors continued to favour select Indian blue-chip stocks amid renewed foreign fund inflows.

At 3:07 pm, the BSE Sensex was trading at 80,815.14, up 1,505.13 points, or 1.90%. The index had opened at 79,413.66 and touched an intraday high of 80,820.24.

The NSE Nifty 50 was trading at 24,917.80, gaining 381.20 points, or 1.55%, over its previous close of 24,536.60. The index touched an intraday high of 24,919.40, moving closer to the psychologically important 25,000 mark.

The latest surge marks a significant acceleration from the morning session, when the Sensex had initially struggled amid weak global cues before staging a sharp recovery.

Sensex stocks: M&M, ICICI Bank, Titan power the rally

Buying was widespread among heavyweight constituents, with automobile and banking stocks leading the gains. Mahindra & Mahindra surged 5.03%, emerging as the biggest Sensex gainer. ICICI Bank advanced 4.46%, Titan climbed 3.43%, HDFC Bank gained 3.28% and Axis Bank rose 3.14%.

Adani Ports gained 2.19%, while Sun Pharma advanced 2.02%. Kotak Mahindra Bank, Tata Steel, UltraTech Cement, ITC and Maruti Suzuki were also among the notable gainers.

On the losing side, Power Grid declined 0.94%, while HCL Technologies slipped 0.05%. Most other heavyweight constituents were trading in positive territory.

Banking stocks drive sectoral rally; private banks jump 2.7%

Banking and financial services stocks emerged as the biggest contributors to the market rally. The Nifty Private Bank index surged 2.73%, while Nifty Financial Services advanced 2.02% and Nifty Bank gained 1.90%. Nifty Consumer Durables rose 1.65%, Nifty Pharma gained 1.07% and Nifty Auto advanced 0.46%.

However, not all sectors participated in the rally. Nifty Media declined 1.47%, while Nifty MidSmall IT & Telecom fell 1.09%. Nifty Realty was also down 0.45%.

Broader markets show signs of recovery, but smallcaps remain weak

The recovery in frontline indices was not fully reflected across the broader market, although selling pressure moderated compared with the morning session. The Nifty Midcap 100 was down 0.31%, while the Nifty Smallcap 100 declined 0.84%. The Nifty Midcap 150 fell 0.34%, and the Nifty Smallcap 250 lost 0.88%. The Nifty Next 50 was down 0.48%, while the Nifty 500 advanced 0.65%.

This indicates that buying interest was increasingly concentrated in large-cap banking and financial stocks, with broader-market investors remaining relatively cautious.

India VIX jumps nearly 10% despite strong market rally

One of the notable features of Friday’s session was the sharp rise in India VIX, which climbed 9.91% to 17.13, after touching an intraday high of 17.50.

The rise in volatility alongside a strong benchmark rally suggests that traders continue to anticipate significant price swings. It also reflects the uncertainty surrounding global markets following the technology-led sell-off.

Why is India rallying while global markets are bleeding?

The Indian market’s resilience is particularly striking given the scale of the global sell-off. On Thursday, the Nasdaq Composite plunged 5.52%, while the S&P 500 declined 4.36% and the Dow Jones Industrial Average fell 3.44%. The sell-off wiped out nearly $3 trillion in S&P 500 market value.

In Asia on Friday, South Korea’s Kospi plunged as much as 8.8%, triggering a temporary trading halt, while Japan’s Nikkei 225 fell around 6%. Technology and semiconductor stocks were among the worst hit.

Concerns over stretched AI valuations, the enormous capital expenditure required for AI infrastructure and possible regulatory scrutiny following the US midterm election results triggered the global correction.

India, however, has benefited from its relatively limited exposure to the global AI hardware trade, alongside renewed foreign investor interest and improving sentiment around crude oil prices.

Record FII buying fuels Dalal Street optimism

Foreign institutional investors (FIIs) made a strong comeback in Indian equities on Thursday, purchasing shares worth Rs 14,974.68 crore on a net basis. This was their biggest single-day net purchase since September 2024 and extended their buying streak to five consecutive sessions.

The sharp reversal in foreign flows has emerged as a major source of support for domestic equities after months of persistent overseas selling.

Crude oil, US-Iran tensions remain key triggers

Crude oil prices are another important factor influencing the domestic market outlook. Brent crude had fallen below $95 per barrel during Thursday’s session, raising hopes of easing inflationary pressures and a lower import bill for India. However, prices rebounded on Friday, with Brent trading around $98-$100 per barrel amid renewed geopolitical uncertainty.

For India, a sustained decline in crude oil prices could improve the current account balance, ease pressure on the rupee and support corporate profitability.

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How did Indian benchmark indices perform on Friday, November 6, 2026?

Indian equities extended their Diwali rally as the Sensex surged more than 1,500 points to cross 80,800, and the Nifty climbed above 24,900 for its seventh consecutive session of gains.

Which specific stocks and sectors drove the gains on Dalal Street?

The rally was powered by aggressive buying in banking, automobile, and financial services, with Mahindra & Mahindra surging 5.03% as the top gainer, alongside strong performances from ICICI Bank, Titan, HDFC Bank, and Axis Bank.

Why did Indian markets rise despite the global tech-led sell-off?

India benefited from limited exposure to the global AI hardware trade, renewed foreign fund inflows with a net purchase of Rs 14,974.68 crore by FIIs, and improving sentiment around crude oil prices.

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Mohammad HarisDeputy News Editor (Business)

Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to personal finance, markets, economy and companies. Having over a decade of experience in financial journalis…Read More

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