Stock Market Today (November 3): Sensex, Nifty Rally As FM Sitharaman Says She Will Consider Investors’ Tax Concerns

Both the Nifty and the Sensex began the trading day on a firm note. The Nifty gained over 100 points and opened at 23,582.25 and the Sensex gained over 500 points and opened at 76,288.65. All sectoral indices witnessed gains in early trade. The Indian rupee opened at 94.66 to the dollar versus Monday’s close of 94.90 to the dollar. Crude oil prices gained after reports of US striking Iran’s Qeshm Island emerged. Fresh concerns over an escalation in the US-Iran conflict and supply disruption worries via the Strait of Hormuz persisted. Brent crude oil prices traded near 105 dollars per barrel (at the time of filing this copy).
Experts believe investors are cheering Finance Minister Nirmala Sitharaman’s comments on considering investors’ concerns on equity taxation. “I understand circumstances have changed, so voices of concerns are louder. I quite appreciate it. I will consider all this,” she had said.
G. Chokkalingam Head of Research at Equinomics Research told Times Now Digital, “we need to remain alert regarding oil prices and, consequently, the rupee exchange rate. Huge mobilisation of foreign capital through FCNR deposits and record high RBI’s net short dollar forward position of $239 billion as of September 2026 are the key factors to monitor going forward. The government has sought the views of investors, market functionaries and tax experts on long-term capital gains (LTCG) tax and securities transaction tax (STT) as it begins a reassessment of capital market levies amid an exodus by overseas investors. We firmly believe that any possible tax concessions to foreign investors – like taxing them on capital gains in terms of dollars or reducing the long-term capital gain tax itself – will enable the rupee to firm up and thus help the RBI make possible mega profits through transactions in the forward currency markets. FPI inflows will rebound and markets will also rise substantially, if tax concessions are given to foreign equity investors, in our view. We believe that the government may offer some concessions to foreign investors which will lead to a rise in Indian markets post-Budget.”