Sensex Jumps Nearly 800 Points, Nifty Opens Above 23,250; RIL, Tata Steel Lead Gains

Stock Market Today, November 2: The domestic equity markets opened higher on Monday, November 2, tracking broad-based buying across sectors, with oil and gas, public sector banks, auto and metal stocks leading the gains. The surge in markets comes as oil prices eased from a six-month high on talks to end the Iran war, while heavyweight Reliance Industries jumped after reporting stronger-than-expected September 2026 quarter profit.

At 9:21 am, the Sensex was trading at 75,253.03, up 793.50 points or 1.07%, while the Nifty rose 209.85 points, or 0.91%, to 23,262.95.

Broader markets also traded in positive territory. The Nifty Next 50 gained 0.96%, while the Nifty 100 and Nifty 200 advanced 0.92% and 0.86%, respectively. The Nifty 500 was up 0.81%,

indicating broad-based strength across the market.

Sectoral indices traded largely higher in early deals, with the Nifty Oil & Gas index emerging as the top performer, rising 2.33%. The Nifty PSU Bank index gained 1.45%, while the Nifty Auto and Nifty Metal indices advanced 1.29% and 1.22%, respectively.

The Nifty Consumer Durables index rose 0.99%, while the Nifty Realty and Nifty Financial Services indices gained 0.79% and 0.55%, respectively. The Nifty IT index was up 0.48%, while the Nifty FMCG index advanced 0.46%.

However, the Nifty Pharma index slipped 0.14%, and the Nifty Media index declined 0.11%. The Nifty Smallcap 100 was nearly flat, gaining just 0.04%.

Among Sensex constituents, Reliance Industries led the gains, rising 4.46% in early trade. Tata Steel advanced 3.55%, while NTPC gained 3.13%. Maruti Suzuki rose 2.35%, followed by Power Grid Corporation, up 1.70%, and State Bank of India, which gained 1.67%.

TCS advanced 1.58%, while Bharat Electronics gained 1.57%. Asian Paints, Bharti Airtel and Mahindra & Mahindra also traded higher.

On the downside, Sun Pharmaceutical Industries fell 1.80%, making it the biggest laggard among the stocks visible on the market screen. Titan Company edged down 0.03%.

The India VIX, which measures expected market volatility, rose 1.09% to 15.47. The uptick indicated a modest increase in near-term volatility expectations even as benchmark indices opened higher.

Brent crude prices fell to $110 per barrel from a six-month high of $118 on Friday, as Iranian and Qatari officials held a third straight day of talks aimed at pushing for a deal to end the US-Israeli war on Iran.

V K Vijayakumar, chief investment strategist at Geojit Investments, said, “There are clear indications of a turnaround in the Indian market assisted by positive external and domestic cues. Externally, the slight cooling of Brent crude prices from last week’s high of $118 to $110 now is a relief. Equally important is the decline in the US 10-year bond yield to 4.93%. But, perhaps, more important than these external tailwinds, is the sharp weakening of the AI trade which pulled down the Nasdaq by 2.8% last Friday. Weakening trend in AI trade is beneficial for India which is widely regarded as a counter AI play.”

He added that fundamental domestic cues are also supportive for a rally. The 17.94% credit growth in the economy and robust GST collections in October reflect a resilient economy, gathering momentum.

“Another strong positive, which can drive the market up, is the rising expectations surrounding a thorough rejig of the LTCGs tax in the coming Budget, most likely its abolition. The market, it appears, has started discounting this. In brief, for now, it is advantage bulls,” Vijayakumar said.

Reliance Industries Ltd on Friday reported its strongest-ever quarterly financial performance in the September quarter, with record revenue, EBITDA and net profit, as robust performance in its oil-to-chemicals business and growth in digital services and retail drove a 28 percent increase in revenue.

Its consolidated revenue rose to a record Rs 3.62 lakh crore in the fiscal second quarter. EBITDA grew 24 percent to an all-time high of Rs 62,409 crore, while net profit increased 34 percent to a record Rs 29,550 crore. The company’s net profit for the first half of FY27 crossed Rs 50,000 crore for the first time.

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