Indian equities enter Wednesday’s session with a strong earnings backdrop but a more uncertain global environment. The Nifty 50 surged 370.05 points, or 1.58%, to close at 23,810.85 on Tuesday, extending its winning streak to four consecutive sessions. The Sensex advanced 1,225.07 points, or 1.62%, to 76,917.85.
However, the next leg of the rally faces a test near the psychologically important 24,000 mark for the Nifty. While strong corporate earnings, renewed foreign investor buying and improving domestic sentiment have supported the recovery, weakness in parts of Asia and uncertainty surrounding the US midterm election outcome could influence Wednesday’s opening.
The earnings picture is equally divided. Multi Commodity Exchange (MCX) delivered a 130% jump in consolidated profit, while Fractal Analytics reported a 139% increase in net income. Lupin, meanwhile, recorded a 22.2% decline in profit despite double-digit sales growth. SBI’s improving asset quality, NSE’s earnings performance and HEG Advanced Materials’ expansion plans add further corporate triggers.
Here are the key stocks and developments investors should track on November 4.
Indian Market and Global Cues
Tuesday’s rally took the Nifty and Sensex to their strongest levels in approximately two months, with buying extending across several sectors. However, the global setup became less supportive as investors assessed early US midterm election results and their potential implications for fiscal policy, technology investment and geopolitical developments.
Market snapshot
| Market indicator | Latest available data |
|---|---|
| Nifty 50 (Nov 3 close) | 23,810.85 |
| Nifty gain | 370.05 points (+1.58%) |
| Sensex (Nov 3 close) | 76,917.85 |
| Sensex gain | 1,225.07 points (+1.62%) |
| GIFT Nifty | 23,724 at 5:42 AM IST |
| Brent crude | Around $104 per barrel |
| MSCI Asia-Pacific | -0.2% in the 6:34 AM IST report |
| Nasdaq-100 futures | -0.6% in the early election-driven report |
| S&P 500 futures | -0.3% in the same report |
Asian and global futures figures are time-specific snapshots, not live quotations at publication. GIFT Nifty’s 5:42 AM quote is also an early-session reading.
Asian markets trade mixed
Asian markets presented a mixed picture on Wednesday morning as investors reacted to the US midterm election developments.
At 6:37 AM IST, South Korea’s Kospi was up 1.6%, recovering from its previous-session decline. Japan’s Nikkei 225 fell 1.56%, while Australia’s ASX 200 declined 0.52%.
The MSCI Asia-Pacific index was reported down 0.2% in an earlier 6:34 AM IST update, despite gains in South Korea.
US equity futures also weakened after initially trading higher. S&P 500 futures slipped 0.6%, while Nasdaq-100 futures fell 0.5% in the Asian-market update.
Brent crude remained elevated near $104 per barrel, keeping energy costs and geopolitical developments on investors’ radar.
The immediate concern for Indian markets is whether domestic earnings strength can offset a less supportive global environment after the four-session advance.
Stocks in Focus Today, November 4
1. MCX: Consolidated Profit Jumps 130% to ₹454.57 Crore
Multi Commodity Exchange of India is among the strongest earnings stories of the session after reporting a substantial increase in its September-quarter financial performance.
MCX reported consolidated revenue of ₹799.66 crore in Q2 FY27, increasing 113.68% year-on-year against ₹374.23 crore in the corresponding quarter last year.
Consolidated EBITDA surged 145.33% to ₹662.86 crore from ₹270.19 crore, while net profit increased 130.20% to ₹454.57 crore compared with ₹197.47 crore a year earlier.
The EBITDA margin also improved to 76.44% from 65.10%.
The growth reflects the higher business activity and operating leverage associated with the exchange’s commodity derivatives platform.
MCX shares had already attracted buying interest on Tuesday, gaining 7.42% to ₹3,490.10 and touching a 52-week high.
The strong results could keep the stock in focus, although traders will also assess how much of the earnings momentum is already reflected in its valuation.
Track Live: MULTI COMMODITY EXCHANGE OF INDIA Options Chart
2. Fractal Analytics: Net Income Soars 139%, Adjusted EBITDA Margin Expands
Fractal Analytics delivered another strong earnings performance, with consolidated revenue increasing 20% year-on-year to ₹956.5 crore in Q2 FY27.
Net income surged 139% to ₹79.2 crore, while adjusted EBITDA margin expanded 123 basis points to 16%.
The company also reported net revenue retention of 115%, indicating higher spending from its existing client base.
Healthcare and Life Sciences revenue grew 79%, providing another important growth signal for the AI-focused analytics business.
The combination of revenue growth, higher profitability and client expansion strengthens the earnings narrative. However, investors will watch whether the margin improvement and net-income growth can be sustained as the company continues investing in its business.
3. Lupin: Profit Falls 22.2% Despite 14% Sales Growth
Lupin presents a contrasting earnings picture, with consolidated sales rising but profitability weakening during the September quarter.
The pharmaceutical company reported Q2 FY27 sales of ₹7,785.5 crore, up 14% year-on-year. However, consolidated net profit declined 22.2% to ₹1,155.3 crore.
EBITDA fell 10.7% to ₹2,171.2 crore, while the EBITDA margin contracted sharply to 27.9% from 35.6% in the corresponding quarter last year.
The margin decline is an important concern despite growth in the company’s major markets.
US sales increased 9.3% to ₹3,020.2 crore, while India sales grew 14.7% to ₹2,383.6 crore. Sales in other developed markets increased 45.7%, although emerging-market sales declined 3.5%.
US antitrust settlement: Lupin’s wholly owned US subsidiary, Lupin Pharmaceuticals Inc., settled one of its ongoing antitrust matters for ₹316.28 crore (US$35.8 million) during the six months ended September 30, 2026. The company stated that the settlement was made without admission of liability or wrongdoing. Provisions for other similar matters continue to be carried.
This settlement should be treated as a separate legal and financial development rather than automatically attributed as the sole reason for the quarterly profit decline.
The key concern for investors remains the disconnect between sales growth and declining operating profitability.
4. State Bank of India: Profit Rises 14.3%, Operating Profit Grows 7.28%
State Bank of India reported standalone net profit of ₹23,038 crore for Q2 FY27, increasing 14.28% year-on-year.
Net interest income rose 14.69% to ₹49,143 crore, while operating profit increased 7.28% to ₹34,226 crore from ₹31,904 crore in the corresponding quarter last year.
The improvement was supported by lower loan-loss provisions, which declined 33.23% to ₹2,759 crore.
Asset quality also strengthened:
- Gross NPA ratio improved to 1.39% from 1.73% a year earlier.
- Net NPA ratio declined to 0.36% from 0.42%.
- Credit cost reduced to 0.22%.
- Slippage ratio improved to 0.41%.
SBI’s performance combines healthy credit growth, higher interest income and improving asset quality. However, investors will continue tracking deposit mobilisation, margins and the sustainability of credit costs.
5. NSE: Consolidated Profit Rises 22.8%; National Coal Exchange Stake Sale Approved
The National Stock Exchange of India remains in focus following its Q2 FY27 earnings and a separate strategic development.
NSE reported consolidated profit of ₹2,577.62 crore, increasing approximately 22.8% year-on-year. Consolidated revenue from operations stood at ₹4,066.80 crore.
Normalized operating EBITDA increased 11% to ₹3,079 crore.
The year-on-year comparison needs context. The previous-year quarter included a substantial SEBI-related provision of approximately ₹1,297 crore, creating a base effect in the expense and profitability comparison.
Sequentially, NSE’s revenue declined 10.8%, and net profit fell 17.4%, indicating that the latest quarter was weaker than Q1 FY27.
Separately, the board approved the sale of up to 40% of its stake in National Coal Exchange of India Limited through secondary transactions.
Important listing clarification: NSE’s own shares are listed on BSE. NSE is therefore a tradable stock, even though it is not listed on its own exchange.
6. HEG Advanced Materials: Q2 Profit at ₹208.89 Crore; ₹2,581 Crore Expansion Plan
HEG Advanced Materials reported consolidated revenue from continuing operations of ₹429.94 crore for Q2 FY27.
The company posted EBITDA of ₹312.78 crore and profit after tax of ₹208.89 crore.
For the first half of FY27, revenue from continuing operations stood at ₹725.80 crore, EBITDA at ₹438 crore and PAT at ₹269.07 crore.
The company also approved three major expansion projects:
- Anode capacity expansion: ₹1,606 crore.
- Crucible project: ₹475 crore.
- Graphene project: ₹500 crore.
The total proposed investment amounts to ₹2,581 crore.
The anode plant’s capacity is planned to increase from 20,000 MT to 44,000 MT. The first 20,000 MT expansion is expected to become operational by June 2027, with the remaining 24,000 MT targeted for March 2029.
One important qualification is that the graphite electrode business was transferred under a composite scheme effective September 1, 2026. Historical financial comparisons therefore need to be interpreted carefully, particularly when assessing continuing operations.
7. Minda Corporation: Profit Rises 69% YoY but Falls 30.55% Sequentially
Minda Corporation reported consolidated revenue of ₹2,189.30 crore in Q2 FY27, increasing 42.59% year-on-year.
EBITDA rose 43.99% to ₹260.42 crore, while consolidated PAT increased 69.06% to ₹143.09 crore.
However, the sequential comparison was weaker.
Consolidated PAT declined 30.55% from ₹206.03 crore in Q1 FY27 to ₹143.09 crore in Q2 FY27.
EBITDA also declined from ₹337.24 crore to ₹260.42 crore sequentially.
The contrasting annual and quarterly comparisons are important. Strong year-on-year growth does not eliminate the sequential moderation in profitability, making operating performance and margin sustainability key factors for investors.
8. Aarti Drugs: Profit Jumps 83%, EBITDA Margin Expands
Aarti Drugs reported a strong Q2 FY27 performance, with consolidated revenue increasing 27% year-on-year to ₹828.8 crore.
EBITDA increased 63% to ₹137.9 crore from ₹84.4 crore, while PAT rose 83% to ₹82.8 crore compared with ₹45.2 crore in Q2 FY26.
The EBITDA margin expanded to 16.6% from 12.9%, an improvement of 370 basis points.
For H1 FY27, consolidated revenue increased 23% to ₹1,532.4 crore, while EBITDA grew 48% to ₹234.8 crore.
The improvement in profitability alongside revenue growth makes Aarti Drugs an important pharmaceutical stock to monitor.
9. Happiest Minds Technologies: Adjusted PAT Grows 20.7%; Dividend Declared
Happiest Minds Technologies reported consolidated revenue of ₹645.43 crore for Q2 FY27, increasing 12.5% year-on-year.
Reported PAT stood at ₹62.19 crore, while adjusted PAT was ₹79.11 crore, reflecting 20.7% growth year-on-year.
The company reported operating margins of ₹119.11 crore, up 22.4% year-on-year. This is the operating-margin amount, not an operating margin percentage. The reported operating margin was 18.5%.
The board also declared an interim dividend of ₹3.05 per equity share, with November 6, 2026, as the record date.
The company’s proposed merger with ITC Infotech remains another strategic development investors will monitor.
10. Parag Milk Foods: Revenue Rises 23%; Adjusted PAT Grows 42%
Parag Milk Foods reported Q2 FY27 revenue of approximately ₹1,241 crore, increasing 23% year-on-year.
Volume growth stood at 12%, while EBITDA reached ₹101 crore, up 37% after excluding the previous-year one-off gain.
Reported PAT declined approximately 8% to ₹42 crore. However, adjusted PAT increased 42% after excluding a prior-year one-time gain of approximately ₹16 crore arising from the reversal of mark-to-market following FCCB conversion into equity.
The company also approved ₹205 crore of capacity expansion:
- Paneer capacity investment: ₹100 crore, increasing capacity from 20 MT to 80 MT per day.
- Cheese capacity investment: ₹105 crore, increasing capacity from 60 MT to 120 MT per day.
The underlying earnings trend is stronger than the reported PAT comparison initially suggests.
11. Clean Max Enviro Energy Solutions: Q2 Profit Jumps 82.3%
Clean Max Enviro Energy Solutions reported consolidated revenue from operations of ₹727.7 crore in Q2 FY27, up 37.1% year-on-year.
Net profit increased 82.3% to ₹64.9 crore from ₹35.6 crore in the corresponding quarter last year.
Operating profit increased 87.3% year-on-year, while the operating margin improved to 16% from 14.8%.
For H1 FY27, PAT stood at ₹120 crore, compared with ₹19 crore in the year-ago period.
The company has also disclosed the incorporation of a wholly owned subsidiary in GIFT City as a separate corporate development.
12. Indian Energy Exchange: October Electricity Trading Volume Rises 16.5%
Indian Energy Exchange will remain in focus after reporting a 16.5% year-on-year increase in electricity traded volume to 13,092 million units (MU) in October 2026.
The operating breakdown, however, shows differing trends across market segments:
- Real-Time Market volume increased 23.7% to 5,670 MU.
- Day-Ahead Market volume declined 3.8% to 4,508 MU.
- Term-Ahead Market volume surged 138.8% to 2,175 MU.
- Green Market volume declined 30% to 738 MU.
The average Day-Ahead Market clearing price increased 149% to ₹6.66 per unit.
The higher average price reflects tighter demand-supply conditions during the period, although the company also attributed part of the increase to a low-base effect. Weather conditions and electricity demand influenced market activity.
The contrasting volume movements across segments will be important when assessing the sustainability of IEX’s operating momentum.
Other Stocks in Focus: November 4 Results and Corporate Calendar
Apart from companies that have already announced their quarterly numbers, a few stocks remain on the radar because of scheduled corporate developments.
BSE Limited: The company is scheduled to consider its Q2 FY27 financial results on November 4. Investors should distinguish the scheduled board meeting from the actual results announcement. The stock could react to the earnings release once available.
Power Finance Corporation (PFC): The board is scheduled to meet on November 4 to consider Q2 FY27 results and a possible second interim dividend for FY27.
Premier Energies: The company has also scheduled its Q2 results for November 4, with an investor earnings call planned for November 5 at 10 AM IST.
These should be treated as results-day watchlist triggers, not as already-announced earnings.
What Should Traders Watch Today?
The market enters Wednesday with two competing forces.
On one side, MCX, Fractal, Aarti Drugs and several other companies have delivered strong earnings growth. SBI’s asset-quality improvement and HEG’s expansion programme also add to the positive corporate backdrop.
On the other side, Lupin’s margin contraction, Minda Corporation’s sequential profit decline and weakness in selected IEX trading segments show why headline growth alone may not tell the complete earnings story.
For the Nifty 50, 24,000 remains the immediate psychological resistance to monitor after Tuesday’s sharp advance. A sustained move above this level could improve the near-term technical outlook, while failure to hold the recent gains may invite profit-booking.
The opening direction will also depend on how investors interpret the US midterm developments, Asian market performance and crude oil prices.
Bottom Line: Wednesday’s stock-specific action is likely to be driven more by earnings quality than headline profit growth. MCX and Fractal offer strong growth numbers, Lupin highlights margin pressure despite rising sales, while SBI and NSE provide important financial-sector earnings signals. Traders should track the distinction between year-on-year growth, sequential performance and one-off adjustments before drawing conclusions from the results.
Read Next: F&O Build-up November 3: 93 Stocks Show Long Signals; SBI, Biocon Lead Short Build-up
Disclaimer: This article is for informational and educational purposes only and should not be construed as investment advice or a recommendation to buy or sell any security. Investors should independently assess company fundamentals, valuations and market risks before making investment decisions. Market prices and earnings expectations are subject to change.
