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Sensex Crosses 77,300, Nifty Above 23,950; RBI Forms New Financial Markets Panel

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Indian equity benchmarks extended their winning streak for the fifth consecutive session on Wednesday, with the Sensex closing above 77,300 and the Nifty settling near 23,960, driven by broad-based buying except in the IT sector. The Reserve Bank of India (RBI) announced the formation of a new Technical Consultative Committee for Financial Markets (TCCFM) to enhance engagement with market participants on policy and operational matters. Bharat Heavy Electricals Ltd (BHEL) also made headlines by securing a substantial ₹28,000 crore order from Adani Power, boosting sentiment in the power sector.

Key highlights

• Nifty 50: Closed 0.63% higher at 23,960.60, marking its fifth consecutive day of gains.
• BSE Sensex: Rose 383.55 points (0.50%) to settle at 77,301.40, reaching new highs.
• RBI: Constituted a Technical Consultative Committee for Financial Markets (TCCFM) to advise on market structure and policy.
• BHEL: Secured a large order worth ₹28,000 crore from Adani Power for four power projects.
• Sectoral Performance: Metal and Consumer Durables led gains, while Nifty IT slipped into the red.

RBI Constitutes New Technical Consultative Committee for Financial Markets

The Reserve Bank of India (RBI) on Wednesday announced the formation of a Technical Consultative Committee for Financial Markets (TCCFM), a significant move aimed at fostering structured engagement with market participants and stakeholders. This committee will deliberate on policy and operational matters concerning India's money, government securities, foreign exchange, and related derivative markets, along with their underlying infrastructure.

Chaired by the RBI Deputy Governor in charge of the Financial Markets Regulation Department (FMRD), the TCCFM comprises seven external experts. Notable members include Ridham Desai, Managing Director of Morgan Stanley India, and Ananth Narayan, former Whole Time Member of SEBI and Professor of Practice at IIT Bombay.

Why it matters

The establishment of the TCCFM follows an announcement in the RBI's Statement on Developmental and Regulatory Policies on October 7, 2026, underscoring the central bank's commitment to adapting to rapidly evolving financial markets. The committee's mandate includes examining issues related to market functioning, efficiency, liquidity, and resilience, as well as reviewing trading, clearing, settlement, and reporting infrastructure. It will also assess emerging policy and operational challenges, identify unintended market frictions, and analyze domestic and international developments, financial innovations, and emerging risks affecting Indian financial markets. This formalization of consultations is expected to provide the RBI with deeper insights into market dynamics, potentially leading to more informed and effective policy interventions. The committee is slated to meet at least once every quarter.

BHEL Secures Massive ₹28,000 Crore Order from Adani Power

Bharat Heavy Electricals Ltd (BHEL) witnessed a significant boost today after announcing it has secured a substantial order worth approximately ₹28,000 crore from Adani Power. The order pertains to the supply of equipment and services for four power projects, marking a major win for the public sector engineering and manufacturing giant.

According to regulatory filings, BHEL will be responsible for supplying critical equipment, including Boilers, Turbines, and Generators, along with other auxiliaries and allied services for these projects. Each project is estimated to be valued between ₹5,000 crore and ₹7,000 crore, excluding GST.

Market reaction and significance

Following the announcement, BHEL shares surged by as much as 6% during Wednesday's trading session, hitting an intraday high of ₹425.30 on the NSE. The stock was trading around ₹422.70 by midday, reflecting strong investor confidence in the company's order book and future prospects. This mega-order significantly bolsters BHEL's order book, which stood at ₹2,57,571 crore as of September 2026. The company had already secured orders worth ₹30,000 crore in the first half of FY27. This development underscores BHEL's crucial role in India's power infrastructure development and signals a positive outlook for the capital goods sector. Adani Power shares also traded higher by over 2.5% following the news.

More stocks and market news

Indian Markets Close Higher for Fifth Straight Session; IT Stocks Lag

Indian equity benchmarks concluded Wednesday's trading session on a positive note, extending their winning streak for the fifth consecutive day. The Nifty 50 advanced by 149.75 points, or 0.63%, to close at 23,960.60, while the BSE Sensex gained 383.55 points, or 0.50%, settling at 77,301.40. The market rally was broad-based, with sectors like Metal and Consumer Durables leading the gains. Bharat Electronics (BEL) emerged as the top Nifty 50 gainer, surging 4.7%, followed by Adani Ports and Titan. Conversely, the Nifty IT index experienced selling pressure, with major constituents like Tata Consultancy Services (TCS), Infosys, and HCL Technologies ending in the red. This divergence highlights a rotation of investor interest away from technology stocks towards other sectors.

Lenskart Reports Strong Q2 FY27 Earnings

Eyewear retailer Lenskart announced robust financial results for the second quarter of fiscal year 2027. The company reported a significant 106% year-on-year increase in profit, while revenue grew by 33% compared to the same period last year. This strong performance indicates healthy consumer demand and effective business strategies. The positive earnings report comes as the company continues its expansion both domestically and internationally, leveraging its omnichannel presence. Investors will be watching how Lenskart sustains this growth momentum in the competitive retail landscape.

Biocon Q2 FY27 Net Profit Declines Amidst Stable Revenue Growth

Biocon Limited, the innovation-led global biopharmaceuticals company, reported its consolidated financial results for the second quarter ended September 30, 2026. The company posted a net profit of ₹41 crore, a decline from the previous year, despite a 2% year-on-year increase in consolidated operating revenue to ₹4,389 crore. Biopharma revenue grew by 5% year-on-year to ₹3,583 crore, driven by a 10% rise in Generics revenue and a 3% increase in Biosimilars revenue. Services revenue also saw a healthy 13% quarter-on-quarter growth. The decline in net profit was noted despite a 12% year-on-year reduction in interest costs, indicating other operational factors impacting the bottom line.

Market context

The Indian equity markets displayed resilience, with the Nifty 50 closing at 23,960.60 and the Sensex at 77,301.40. The broader market also saw positive momentum, with Nifty Midcap 100 and Nifty Smallcap 250 indices also advancing. The India VIX, a measure of market volatility, remained relatively stable. Globally, investors continued to monitor the outcome of the US midterm elections, which could have implications for global trade and energy prices. Brent crude oil prices hovered around $103-$104 per barrel, a key factor for India's import bill. The Indian Rupee strengthened slightly against the US Dollar, settling at 94.64.

Why these stories matter

The RBI's formation of the TCCFM signals a proactive approach to financial market regulation and development, which could lead to greater stability and efficiency, benefiting all market participants. BHEL's massive order win highlights a resurgence in the capital goods and power sectors, indicating potential for increased industrial activity and infrastructure development. The continued rally in benchmark indices, despite global uncertainties and sectoral rotation, reflects underlying domestic strength and investor confidence. Strong Q2 results from companies like Lenskart underscore consumption resilience, while Biocon's mixed results point to ongoing challenges and opportunities within the pharmaceutical sector.

What to watch next

• US Midterm Election Results: Full outcome and market reaction to the US midterm elections.
• RBI TCCFM Meetings: Initial discussions and potential policy recommendations from the newly formed committee.
• Corporate Earnings: Upcoming Q2 FY27 results from other major Indian companies.
• Global Crude Oil Prices: Movement in international crude oil benchmarks and their impact on inflation and currency.
• FII Flows: Continued trend of Foreign Institutional Investor (FII) activity in Indian equities.

Sources

• Investment Guru India: Stocks in News
• ET NOW: Stock Market Live Updates
• Business Today: RBI names Ridham Desai, Ananth Narayan to new financial markets panel
• Indiainfoline: BHEL shares surge 6% after company receives orders worth ₹28,000 crore from Adani Power
• Biocon: Biocon Q2FY27 Total Income at Rs 4,423 Cr; EBITDA at Rs 865 Cr; Net Profit at Rs 41 Cr; Biopharma Revenue Up 5%

FAQ

1. What is the RBI's new Technical Consultative Committee for Financial Markets (TCCFM)?

The TCCFM is a committee constituted by the Reserve Bank of India to engage with market participants and stakeholders on policy and operational matters related to money, government securities, foreign exchange, and derivative markets.

2. What is the significance of BHEL's order from Adani Power?

BHEL secured a large order worth ₹28,000 crore from Adani Power for four power projects, which significantly boosts BHEL's order book and signals strong activity in the capital goods and power sectors.

3. How did the Indian stock market perform today?

Indian equity markets closed higher for the fifth consecutive session, with the Nifty 50 gaining 0.63% to 23,960.60 and the Sensex rising 0.50% to 77,301.40.

4. Which sectors performed well and which lagged today?

Metal and Consumer Durables sectors led the gains, while the Nifty IT index experienced selling pressure and ended in the red.

5. What were Lenskart's Q2 FY27 results?

Lenskart reported a 106% year-on-year increase in profit and a 33% year-on-year growth in revenue for the second quarter of fiscal year 2027.

6. What were Biocon's Q2 FY27 financial highlights?

Biocon reported a 2% year-on-year increase in consolidated operating revenue to ₹4,389 crore, but its net profit declined to ₹41 crore for Q2 FY27.

Disclaimer: This article is for educational purposes only. It does not constitute investment advice. Please consult a SEBI-registered financial advisor before making investment decisions.