Indian equities rise as oil prices fall and US midterm results boost risk appetite
India's Sensex and Nifty edged higher on lower crude prices and a positive reaction to the US midterm elections, while several Indian companies reported earnings growth and cryptocurrency markets rebounded.
Indian equity benchmarks closed in the green on November 4, with the Sensex up 0.50% to 77,301.40 and the Nifty 50 gaining 0.63% to 23,960.60. The rally was supported by a near-9% slide in Brent crude to below $95 a barrel, easing the oil-import drag on Indian stocks and strengthening the rupee.
Banking and financial stocks led the gains, as Bank of Maharashtra and Federal Bank posted record quarterly profits and low non-performing assets, reinforcing a credit-cycle tailwind. Consumption-linked firms such as e-commerce platform Nykaa also benefited from festive-season demand, while industrial materials company APL Apollo Tubes gained on continued capex activity.
In corporate news, digital-trust firm eMudhra reported a 19.6% rise in total income to Rs 2,093 million for the quarter ended September 30, 2026, and Shiprocket, an e-commerce enablement platform, turned to a profit after tax of Rs 6 million, reversing a loss of Rs 203 million a year earlier. Allcargo Logistics posted a 13% year-on-year increase in gross profit and a 24% rise in EBITDA for the same period, citing pricing discipline and operational efficiencies.
The US midterm elections, which gave Democrats control of both chambers of Congress, lifted global risk sentiment. US equities rallied, with the S&P 500 gaining 1.6% and the Nasdaq rising 1.4%. The improved sentiment helped cryptocurrency markets; Bitcoin climbed about 4.5% to around $80,500 and Ethereum rose roughly 7% to $2,430. Short-covering activity contributed to the rebound, though Bitcoin ETFs recorded net outflows of $115.6 million.
Analysts noted that while the election outcome may not shift long-term US equity trends, it could affect sector-specific policies, especially for AI infrastructure, data centres, energy and healthcare. In India, lower crude prices are expected to ease the current-account deficit, support the rupee and reduce commodity-price pressure, benefiting exporters and margin-sensitive sectors.
The next major macro event is the US October employment report due on November 6, which will be watched for clues on Federal Reserve policy and its impact on yields, the dollar and commodity markets.