Sensex jumps more than 800 points and Nifty crosses 23,650 as easing oil and tax hopes lift Indian markets
Indian shares extended their gains on Tuesday morning, with the Sensex rising above 76,500 and the Nifty 50 above 23,650, as easing crude prices, hopes of a capital-gains tax review and heavyweight buying lifted sentiment. Figures checked on Tuesday morning, 3 November 2026 (Pakistan time).
Indian stock markets posted sharp gains on Tuesday morning, with the benchmark Sensex jumping more than 800 points and the Nifty 50 rising above 23,650, extending a rally fuelled by easing oil prices and growing hopes of a review of capital-gains taxation. Figures checked on Tuesday morning, 3 November 2026 (Pakistan time).
The BSE Sensex was trading at 76,495.16 at about 10:52am Indian time, up 802.38 points, or 1.06 per cent, from its previous close of 75,692.78, after touching an intraday high of 76,572.71. The Nifty 50 was trading at 23,660.10 at about the same time, up 219.30 points, or 0.94 per cent, from its previous close of 23,440.80, with 37 of its constituents in positive territory and 13 lower.
The gains added nearly 4 lakh crore rupees to the total market capitalisation of companies listed on the BSE, taking it to about 486 lakh crore rupees, as breadth on the National Stock Exchange favoured buyers, with 2,406 advances against 673 declines.
IndiGo and HDFC Bank led the gains on the Sensex, rising about 3 per cent each, followed by UltraTech Cement, Hindustan Unilever, Asian Paints, Bajaj Finance, Bajaj Finserv and Infosys, each up about 2 per cent. Bucking the trend, Reliance Industries fell a little over 1 per cent, after a historic 12 per cent surge in the previous session.
Among sectors, the Nifty Auto, Financial Services, FMCG, IT and Private Bank indices each rose more than 1 per cent, while Nifty Pharma slipped into negative territory. Broader markets also extended gains, with the Nifty Smallcap 250 and Nifty Midcap 100 rising up to 0.6 per cent.
Analysts pointed to several factors behind the rally. The first was easing crude oil: Brent crude had plunged 7.6 per cent in the previous session to close at $104.77 a barrel on hopes of progress in US-Iran peace negotiations, and was trading at about $104.50 to $104.81 on Tuesday morning, easing concern about further disruption to global energy supplies.
The second was a possible review of long-term capital gains tax. Finance Minister Nirmala Sitharaman said on Monday that the central government would consider a request from foreign investors to review the structure of taxes levied on equity capital gains, a signal that cheered overseas investors. The rupee also strengthened, gaining 0.26 per cent to open at 94.6550 against the US dollar, compared with 94.90 at the previous close.
The Indian rally stood out against a mixed picture elsewhere in Asia. Markets in the region traded lower overall as investors turned cautious ahead of the US midterm elections and tracked a technology-led sell-off on Wall Street, where the S&P 500 slipped 0.5 per cent overnight and the Nasdaq fell 1.07 per cent. South Korea’s Kospi slid almost 3 per cent and Taiwan’s Taiex fell 0.9 per cent, while Hong Kong’s Hang Seng rose 0.3 per cent and Shanghai’s Composite declined 0.7 per cent. Tokyo markets were shut for a holiday.
Strategists also pointed to value buying after a steep correction in 2026 so far, with analysts noting attractive valuations in large companies, and to continuing foreign institutional buying in domestic equities. Steady US Treasury yields, at near 4.91 per cent, were cited as another supportive factor for sentiment in early trade.
Whether Tuesday’s momentum holds will depend in part on the same forces that drove it: the path of crude oil as US-Iran talks develop, the outcome of the US midterm elections this week, and whether the tax-review signal turns into concrete action. For now, though, Indian markets have started the day firmly in positive territory, with heavyweight buying doing most of the lifting.
This post is market news information only, not financial advice.
More in Finance
FinanceChina's central bank to raise foreign-exchange reserve ratio to 6% from 15 November to slow the yuan's rapid gains
FinanceAsian stocks slide on Tuesday as chip sell-off deepens and Kospi drops more than 3%, while oil steadies after Monday’s plunge
Finance