Sensex jumps more than 1,000 points and Nifty tops 23,300 as Reliance surge and falling oil lift Indian markets
Indian benchmark indices rallied sharply on Monday, with the Sensex jumping more than 1,000 points intraday and the Nifty 50 crossing 23,300, led by an 8 per cent surge in Reliance Industries after record quarterly profit and by crude oil falling towards $110 a barrel. Figures checked on Monday late morning, 2 November 2026 (Pakistan time).
Indian stock markets rallied sharply on Monday, with the benchmark Sensex jumping more than 1,000 points intraday and the Nifty 50 crossing 23,300, in a broad-based advance led by Reliance Industries and helped by a sharp fall in crude oil prices. Figures checked on Monday late morning, 2 November 2026 (Pakistan time).
The BSE Sensex rose 1,030 points, or 1.38 per cent, to an intraday high of 75,489.70, while the NSE Nifty 50 climbed as much as 278 points, or 1.20 per cent, to 23,330.70. At 11:00am Indian time the Sensex was trading at 75,439.94, up 980.41 points, and the Nifty at 23,329.45, up 276.35 points, with all sectoral indices in positive territory. The rally added more than 6 lakh crore rupees to the total market capitalisation of companies listed on the BSE in less than an hour of trading, taking it to about 480 lakh crore rupees.
Reliance Industries, India's most valuable listed company, did most of the heavy lifting. Its shares surged by about 8 per cent intraday, touching 1,254.30 rupees on the National Stock Exchange in what market reports described as its best single-day gain since 2020, and contributing roughly 400 points — about a quarter — of the Sensex's rise. The surge followed results that beat expectations: Reliance reported a record consolidated profit after tax, including the share of associates and joint ventures, of 29,550 crore rupees for the July-September quarter, up 33.8 per cent from a year earlier, with net profit attributable to owners rising about 40 per cent to 25,548 crore rupees and earnings before interest, tax, depreciation and amortisation reaching a record 62,409 crore rupees, up 23.9 per cent.
The company's oil-to-chemicals business, which benefited from strong global fuel margins, and growth in its telecom arm Jio Platforms were cited as the main drivers of the result, while retail was relatively subdued. Jio Platforms itself reported a 13.7 per cent year-on-year rise in quarterly net profit to 8,387 crore rupees, and its shares gained more than 3 per cent on Monday. Other leading gainers included Tata Steel, up about 4 per cent, Maruti Suzuki and Max Healthcare, while the Nifty Oil and Gas index emerged as the top sectoral performer, rising about 3.9 per cent, followed by metals at 2.6 per cent and consumer durables at 2.4 per cent.
Falling crude oil prices provided the second major lift. Brent crude futures fell about 3 per cent to around 110 dollars a barrel on Monday, down from about 118 dollars last week, while US West Texas Intermediate crude fell to about 101 dollars a barrel. The retreat came as Iranian and Qatari officials continued discussions for a third consecutive day aimed at ending the US-Israeli war on Iran, raising hopes of a diplomatic breakthrough. For India, the world's third-largest crude importer, lower oil prices ease pressure on inflation, the rupee, corporate margins and the external balance, and they were cited by several market commentators as a key reason for the rally.
Other factors supported sentiment. Foreign portfolio investors bought Indian equities worth 3,600 crore rupees on Friday, according to provisional exchange data, and the yield on the benchmark 10-year US Treasury bond eased below 5 per cent, to about 4.93 per cent, relieving pressure on global markets. Strong earnings from heavyweights, expectations of possible relief on long-term capital gains tax after the finance minister said discussions were under way, and a broader recovery after the benchmarks snapped a two-month losing streak in October, with the Nifty and Sensex gaining 1.9 per cent and 2.7 per cent respectively, all added to the positive mood.
The Indian rally stood in contrast to the morning's wider Asian picture, where share markets had mostly slipped after a sharp Wall Street sell-off on Friday. The Dow Jones Industrial Average fell 1.09 per cent to 51,770.31, the S&P 500 dropped 1.82 per cent to 7,580.07, and the Nasdaq Composite closed 2.86 per cent lower at 25,437.00, as worries about the scale and returns of artificial intelligence spending hit technology stocks. Japan's Nikkei 225 fell 0.44 per cent on Monday, although South Korea's KOSPI bucked the trend. India's market, widely described as a counter-play to the AI trade, benefited from that rotation, according to market strategists quoted in Indian business coverage.
Broader Indian markets joined the advance, with the Nifty Midcap 100 and Nifty Smallcap 100 indices each gaining about 0.8 to 1 per cent. Among stocks in focus after results were NTPC, which reported a 39 per cent year-on-year rise in quarterly net profit to 7,030 crore rupees, Muthoot Finance, whose net profit rose 27 per cent to 2,977 crore rupees, and Bank of Baroda, while logistics firm Delhivery surged about 9 per cent after turning profitable in the September quarter. Shares of PB Fintech, the parent of Policybazar, fell as much as 7 per cent after its earnings missed estimates, a reminder that the rally was broad but not universal.
What happens next will depend on whether the drivers of Monday's rally hold. Traders will watch the next batch of September-quarter results, including ITC, further developments in the US-Iran talks and crude prices, Tuesday's US midterm elections, foreign fund flows and domestic macroeconomic data. A sustained fall in oil prices would support Indian equities further, while any breakdown in the Gulf talks or a renewed spike in crude could quickly reverse the mood. For now, Monday's session marks the third straight day of gains for both benchmarks and a strong start to the trading week.
This post is market news information only, not financial advice.
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