India’s markets rise despite global tech selloff

On November 6, 2026, the BSE Sensex breached the 80,000 threshold during intraday trading, regaining a key benchmark last reached on March 5, 2026. The index peaked at 80,080.59 before settling at 80,027.74, climbing 717.73 points (0.90%) from its prior close of 79,310.01.

The Nifty 50 rose 161.60 points or 0.66 per cent to 24,698, touching an intraday high of 24,702.60, against a previous close of 24,536.60 and an opening of 24,538.20 at 1.11 pm.

Sensex and Nifty Performance

The rally came despite a severe overnight selloff on Wall Street, where the Nasdaq tumbled 5.52 per cent, the S&P 500 fell 4.36 per cent, and the Dow Jones dropped 3.45 per cent, triggered by a broad unwinding of artificial intelligence and semiconductor trades following Democratic gains in the US midterm elections.

Asian markets suffered significantly, with Japan’s Nikkei 225 dropping nearly 5.9% and South Korea’s Kospi losing over 8.5%, briefly activating a circuit breaker.

India’s Relative Resilience

India‘s market resilience was supported by a stronger rupee, falling crude oil prices, and consistent buying from foreign institutional investors. The USD/INR exchange rate was around 94.40, marking its sixth consecutive session of decline, aided by RBI measures to curb speculation and a weaker US dollar.

Ponmudi R, CEO of Enrich Money, noted that a sustained stronger rupee could ease imported inflation. WTI crude oil traded near $92 per barrel, up about 0.9% from the previous session, recovering from the $87 level.

MCX crude oil opened around ₹8,665 and traded near ₹8,700, a 1.7% increase. In contrast, Brent crude was on track for its sharpest weekly decline since April 2020, as markets considered potential de-escalation in the Middle East.

Market Trends

Among Nifty gainers, Mahindra & Mahindra led with a 3.55 per cent rise to ₹3,238.50, touching a high of ₹3,283.80. Titan climbed 2.52 per cent to ₹4,956.30, with an intraday high of ₹5,003.90. HDFC Bank advanced 2.43 per cent to ₹778.50, while ICICI Bank gained an equal 2.43 per cent to ₹1,536.50.

Information technology stocks defied global trends, rising over 1% and outperforming early in the session, despite their US counterparts being heavily sold off overnight. Banking and financial stocks drove the market, with HDFC Bank and ICICI Bank contributing significantly, trading volumes of ₹3,786 crore and ₹3,642 crore respectively.

On the BSE, 3,032 stocks advanced, 1,324 declined, and 187 remained unchanged out of 4,543 traded. A total of 117 stocks reached 52-week highs, while 60 hit 52-week lows. There were 213 upper circuit hits and 152 lower circuit stocks.

Precious metals came under pressure. COMEX gold opened with a gap down near $4,100 and was trading around $4,055, down approximately 1.4 per cent, retreating from a two-week high. MCX gold was trading near ₹1,42,150, down approximately 1.35 per cent.

COMEX silver fell roughly 1.75 per cent to around $51.50, while MCX silver dropped 1.6 per cent to approximately ₹1,84,200. Vikram Subburaj, CEO of Giottus, stated that the divergence between gold and silver calls for caution, and investors should avoid chasing short-term price moves.

Technical Analysis

Market attention was focused on the US nonfarm payrolls report due later in the day, which could influence Federal Reserve rate expectations and the dollar’s near-term direction. Technically, the Nifty’s RSI remained in the mid-70s, indicating strong bullish momentum but also suggesting overbought conditions.

Immediate resistance was placed at 24,700–24,800, with support at 24,300–24,400. Bank Nifty was facing resistance near the 58,000–58,200 zone, with support at 57,300–57,500. Hitesh Tailor, Technical Research Analyst at Choice Broking, stated that the domestic technical structure remains strongly bullish, supported by consecutive gains, major trendline breakouts and substantial FII inflows.

Some profit-booking may create intraday volatility, but the broader positive momentum remains intact. The Sensex’s return to 80,000 — last seen when it closed at 80,015.90 on March 5 before slipping into an eight-month correction — marked a significant technical milestone for domestic markets, reinforcing what analysts described as a fundamental recovery driven by earnings growth, large-cap valuations and renewed foreign participation.