Market View 04th November, 2026

View on market: Volatility persists, eagerly searching for growth:

Asia-Pacific markets traded mixed on Wednesday as investors assessed mixed cues from Wall Street and monitored the US midterm election results. Early trends indicated a possible Democratic victory over Republicans, keeping global markets cautious. South Korea’s Kospi recovered from the previous session’s losses, while Japan’s Nikkei and Topix declined. Australia’s ASX also traded lower. US markets ended on a mixed note in the previous session. The Nasdaq and S&P advanced, supported by buying interest in technology stocks, while the Dow closed lower. US stock futures turned negative as investors reacted to early election trends, with expectations of Democrats gaining control of Congress influencing market sentiment. Domestic equity markets extended their gains for the fourth consecutive session, with the Nifty and Sensex rising sharply. Buying interest across FMCG, financial and realty stocks supported the rally, helping benchmark indices close firmly in positive territory.

Key Quarterly Results for Today:

AFCONS, APLLTD, APOLLOFI, APOLLOHOSP, APOLLOTYRE, APTUS, ASTAR, AUROPHARMA, BALKRISIND, BALRAMCHIN, BASF, BIOCON, BSE, CAPACITE, CENTUM, CONTAINER, CUMMINSIND, DABUR, DHOOTIN, ENTERO, ESABINDIA, EXICOM, EXIDEIND, GALAXYSURF, GOLKUNDIA, INTERARCH, IRCON, JYOTHYLAB, KIRLOSENG, LALPATHLAB, MAXESTATES, MAYURUNIQ, NIVABUPA, PREMIERENE, PRICOLLTD, REDINGTON, REFEXRENEW, SKFINDUS, UNICHEMLAB, UNIPARTS, ZYDUSLIFE.

Economic Calendar:

• USD: API & EIA Crude Oil Inventory, Import & Export, S&P global Composite & Services PMI and ISM Services PMI and ADP Employment Change Data and MBA 30-Year Mortgage Rate on 04^th November 2026.
• IND: HSBC Composite & Services PMI Data on 04^th November 2026.
• USD: Initial & Continuing Jobless Claims Data on 05^th November 2026.
• IND: Foreign Reserves Data on 06^th November 2026.

BROKERAGE

KOTAK ON BSE:

Target ₹4,000 Recommendation Add, Index options market share reaches 35%; expanding trading activity beyond expiry days supports profitability, Mutual fund platform, colocation and cash equities expected to deliver 20-25% annual growth through FY30, Projects 17% revenue CAGR over FY27-30; strong growth largely priced in, while derivatives concentration remains a risk.

KOTAK ON BHARAT ELECTRONICS:

Target ₹420 Recommendation Add, Retains FY27 revenue growth guidance of 15%+, EBITDA margin above 28% and core order target of Rs 25,000 crore, QRSAM and AMCA order awards remain key catalysts; timely conversion of defence pipeline critical, Cuts FY27-29 estimates by 1-2%; strong execution supports outlook despite order timing uncertainty.

KOTAK ON EUREKA FORBES:

Target ₹600 Recommendation Buy, Retains FY27 guidance for accelerating revenue growth while maintaining EBITDA margins, Water purifier market-share gains, premiumisation and new launches in air purifiers and water softeners support growth, Expanding retail presence and marketing investments strengthen distribution; commodity inflation remains a margin risk.

KOTAK ON SBI:

Target ₹1,250 Recommendation Buy, Rising interest rates expected to support lending margins and earnings growth through FY27, Healthy retail, SME and corporate loan demand, alongside low credit costs, strengthens profitability outlook, Strong capitalisation, resilient asset quality and attractive valuations underpin Kotak’s positive stance.

International Markets:

U.S & Europe:

*As per 04^th November.

Asian markets

Stocks strong on Chart:

Commodities & Currency:

FIIs & DIIs:

FII & DII Data in Cr.

News Updates:

Disclaimer:

InCred Markets Limited (“the Company”), Formerly known as Elite Wealth Limited (The company is Wholly Owned Subsidiary of InCred Capital Financial Services Limited) does/ does not do business with companies covered in its research reports. Investors should be aware that the Company may/may not have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only information in making their investment decision and must exercise their own judgment before making any investment decision.
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Disclosure Appendix
Analyst Certification (For Reports)
Vindhyachal Prasad, InCred Markets Limited, vindhyachal@elitestock.com
The analyst(s) certify that all of the views expressed in this report accurately reflect my/our personal views about the subject company or companies and its or their securities. I/We also certify that no part of my compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report. Unless otherwise stated, the individuals listed on the cover page of this report are analysts in the Company.
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InCred Markets Limited (Formerly known as Elite Wealth Limited) (IML henceforth), is a SEBI Registered Analyst having registration no. INH100002300, having its registered office at Casa Picasso, Golf Course Extension, Near Rajesh Pilot Chowk, Radha Swami, Sector-61, Gurgaon-122001 Haryana, Telephone: 0120-4477777, and Website: www.incredmarkets.com. There is no material conflict of interest with the subject company. The company and the Research Analyst have no actual or beneficial interest of one percent or more in the subject company.

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