Nifty holds firm despite crude and bank drag

Gift Nifty signalled a flat start for Indian equities on 03 Nov 2026 as crude traded above $108 a barrel and weakness in parts of the banking sector weighed on sentiment. The Nifty 50 nevertheless closed at ₹23,811, up 1.58%, according to OI Charts data, with traded volume at 408.4 million shares. The index finished at a fresh 52-week high after gaining 4.7% over five sessions and 5.3% over 20 sessions. 📈

The market advance was broad but uneven. HDFC Bank rose 3.64% and ICICI Bank gained 2.67%, while State Bank of India fell 1.70%. Energy stocks faced pressure: ONGC declined 1.13% to ₹232.17, and Power Grid Corporation fell 3.04%. Consumer and defensive names provided support, with Nestle up 4.47%, Tata Consumer Products higher by 4.29%, Asian Paints up 3.99% and Hindustan Unilever gaining 3.40%. Information technology remained softer, with Infosys down 1.11% and TCS marginally lower.

ONGC’s derivatives positioning pointed to continued caution despite the broader index strength. OI Charts data showed futures open interest rising 2.8% to 67.44 million shares, a short build-up, while the futures contract traded at a 0.08% premium to the underlying. Its put-call ratio stood at 0.59, indicating a heavier call-side position relative to puts. The ₹230 max-pain level was below the cash close, with the largest call open interest at ₹240 and the largest put open interest at ₹220. ⚡

The immediate focus is whether crude remains above $108 and whether the Nifty can sustain its record closing level while financial stocks broaden their contribution. For ONGC, the 23 Nov 2026 expiry leaves 20 days for positioning to change; ₹220 and ₹240 are the key option open-interest boundaries, while ₹230 is the derivatives equilibrium level. Further changes in futures open interest, crude prices and the next session’s banking leadership will shape the near-term market tone.

Source: HDFC Sky, 03 Nov 2026

Not investment advice. For informational purposes only.