Sensex, Nifty Edge Higher Amid Global Market Volatility (4 Nov)

Global markets decline amid US election uncertainty

Asian markets declined on Wednesday, as the Kospi in South Korea fell 3%, the Nikkei in Japan dropped 4%, and the ASX 200 in Australia slipped 0.76%. US stock futures also trended downward, with S&P 500 futures down 1.2%, Nasdaq-100 futures down 2.1%, and Dow Jones Industrial Average futures down 413 points or 0.8%.

Projections from the CNBC Election Desk indicated Democrats would win the House, while Kalshi odds for Democrats retaining the House and gaining control of the Senate climbed above 99%. Four Republican-held Senate seats were also leaning Democratic.

Q2 earnings reports show mixed results

SAMHI Hotels reported a consolidated net profit of ₹33.5 crore, a 63.7% year-on-year decline, with revenue rising 15.4% to ₹338 crore. EBITDA increased 11.3% to ₹119.2 crore, while the EBITDA margin fell to 35.3% from 36.6%.

Bayer CropScience posted a net profit of ₹166.2 crore, up 8.8% year-on-year, despite revenue falling 19.5% to ₹1,251 crore. The company reported a 6% rise in EBITDA to ₹217.7 crore, an improved margin of 17.4% compared to 13.2%, and declared an interim dividend of ₹90 per share.

Shalby recorded a 1.2% decline in consolidated net profit to ₹8.2 crore, with revenue up 9.7% to ₹313.1 crore and EBITDA down 0.5% to ₹41.3 crore. HG Infra Engineering reported a 51.5% rise in consolidated net profit to ₹79.1 crore, with revenue up 7.6% to ₹973.5 crore.

Subros saw a 9.6% increase in consolidated net profit to ₹44.6 crore, as revenue grew 36% to ₹1,199 crore and EBITDA rose 23% to ₹84.1 crore.

Its EBITDA fell 13.3% to ₹3,079 crore, with the margin contracting to 75.7% from 77.9%.

Sai Silks posted a 22.4% decline in net profit to ₹31.1 crore, with revenue falling 2.3% to ₹434 crore.

Northern Arc Capital saw a 41% increase in consolidated net profit to ₹129.3 crore, with total income rising 39% to ₹874 crore. V-Mart revenue grew 18.1% to ₹953 crore, and EBITDA increased 20.1% to ₹86.1 crore.

Corporate developments and leadership changes

Bharat Heavy Electricals Ltd secured four contracts, each valued between ₹5,000 crore and ₹7,000 crore, and received equipment supply orders from Adani Power.

This expansion adds 27.04 lakh shares to the total offering.

Ajay Menon resigned as CEO of wealth management and Suresh Shukla replaced him. Pratik Oswal became Chairman of private wealth, while Ashish Shankar resigned as MD and CEO of private wealth. Anupam Guha and Akash Hariani were appointed as MDs and CEOs of private wealth.

The company is buying 3.84 crore shares to make HATSOFF a wholly-owned subsidiary.

Monthly traded volume at the exchange rose 16.5% to 13.1 billion units.

Revolve Group shares fall after Q3 results

Revolve Group shares fell 6.09% in after-hours trading on Tuesday, November 3, 2026, to $20.22. The company had closed the regular session at $21.53, down 2.14% from the previous close of $22.

The company reported third-quarter 2026 revenue of $355.96 million, a 20% year-over-year increase that beat the $344.88 million forecast by analysts. However, the company posted diluted earnings of $0.20 per share, missing the $0.22 estimate by $0.02, which negatively impacted the stock.

The company added 202,000 active customers during the third quarter, its largest quarterly gain on record, bringing the total active customer increase to 18% year-over-year. Gross margin for the quarter was 53.9%, down from the previous year, while adjusted EBITDA fell 7% year-over-year to $23.5 million. Inventory levels reached $293 million, a 23% increase year-over-year.

Management explained that October sales growth slowed to the mid-teens compared to the 20% pace seen in the third quarter due to month-to-month variation and tougher comparisons. The company expects fourth-quarter sales growth to be lower than the mid-teens percentage range and projects gross margin between 52.3% and 52.8%.

Revolve Group held $285 million in cash and cash equivalents with no debt at the end of the third quarter and maintained a current ratio of 2.48. The stock has a price-to-earnings ratio of 21.87 and a PEG ratio of 0.36, while the company holds a Financial Health score of 2.83, rated as "GOOD".

Management anticipates a return to EBITDA margin growth supported by gross margin expansion, physical retail, and owned-brand penetration. The Grow-Good beauty line is already accretive to profit, while the new Donatella Versace joint venture and an AI-powered store associate app are expected to support long-term efficiency and growth.

In unrelated industry news, the Gift of Hope Organ & Tissue Donor Network is a nonprofit headquartered in Itasca, Illinois, operating in the hospitals and health care industry.

Macroeconomic indicators and commodity prices

Brent crude oil prices rose 0.74% to $104.30 a barrel on November 4, 2026. Goldman Sachs projected that US WTI crude could reach $94 a barrel, up from its previous level of $81.

Qatar's Foreign Ministry said the United States and Iran were considering fresh proposals to resolve their differences, though Iran's national security chief said the United States response remained unsatisfactory.

Sectoral performance on the BSE and NSE

The Nifty FMCG index was the top sectoral gainer, rising over 1%, while the Nifty IT and Nifty Metal indices lagged.