Sensex Rises 1.66% on Nov 2, 2026 as Reliance Jumps 11.60%

Key takeaways

• The BSE Sensex rose 1.66%, or 1,233.25 points, to 75,692.78 at the close (10:00 UTC) on Monday, Nov 2, 2026, its third straight gain, according to Yahoo Finance data and ChiniMandi.
• The Nifty 50 gained 1.68%, or 387.70 points, to 23,440.80 at the 10:00 UTC close, after opening at 23,222.30 and dipping to 23,207.05 during the session.
• Reliance Industries jumped 11.60% to ₹1,300.00 after reporting record quarterly profit of ₹29,550 crore, up 34% from a year earlier, and was the biggest contributor to the Nifty's rise, Moneycontrol reported.
• January Brent crude futures fell 3.20% to $109.80 a barrel in Monday morning trade, Outlook Money reported at 06:00 UTC, as Iranian negotiators held talks with Qatari mediators on reopening the Strait of Hormuz.
• Metals rallied, with the Nifty Metal index up 3.21%, while IT lagged: the Nifty IT index slipped 0.50% and Infosys fell 2.03%.

Session recap

Indian shares extended their rebound on Monday, Nov 2, 2026, with the Sensex closing at 75,692.78 at 10:00 UTC (15:30 IST), up 1.66%, as a record quarter from Reliance Industries and a drop in crude oil prices lifted heavyweights. For the regional picture, see Asian and global market closes. Over three sessions the Sensex has gained 3.34% from its Oct 28 close of 73,246.03, extending the moves covered in our Oct 30 India market brief and the Oct 29 brief.

The Sensex opened at 75,178.24 and its session low was 74,978.12, according to Yahoo Finance data, so the index never traded below Friday's close of 74,459.53. Gains were broad: ChiniMandi reported that energy, PSU bank, consumer durables, infrastructure, auto and oil and gas indices rose between 1% and 4.6%, the Nifty Midcap gained about 1% and the Nifty Smallcap about 0.7%, while IT, media and pharma each fell about 0.5%. India VIX, a gauge of expected volatility, rose 1.30% to 15.50, ChiniMandi said.

The rupee firmed. ChiniMandi reported that it closed at 94.90 per dollar against 94.95 previously, and the RBI website showed the FBIL USD/INR reference rate at ₹94.8755 per dollar as of 07:30 UTC (1:00 pm IST) on Nov 2. The Yahoo Finance quote in the table is compared with Yahoo's Oct 30 daily close and can differ from onshore closing rates.

What drove it

Reliance's record quarter

Reliance Industries did most of the lifting. Moneycontrol, in a report carried by TradingView News, said the company's consolidated revenue for the July–September quarter rose 28% to ₹3.62 lakh crore, EBITDA rose 24% to ₹62,409 crore and net profit rose 34% to ₹29,550 crore, all records. Outlook Money put the year-earlier profit at ₹22,092 crore.

The oil-to-chemicals business was the main engine: its EBITDA rose 67.9% to ₹25,203 crore as transportation fuel cracks, a key gauge of refining profitability, reached historic highs, Moneycontrol reported. Jio Platforms' revenue rose 11.3% to ₹47,485 crore, while retail was described as relatively weak. The stock closed at ₹1,300.00, up 11.60%, giving a market value of ₹17.59 lakh crore, Moneycontrol said. Outlook Money noted that Reliance carries a weight of about 7.30% in the Nifty 50, which explains its outsized effect on the benchmark.

Lower oil prices and Iran talks

Cheaper crude helped an economy that imports most of its oil. Outlook Money reported at 06:00 UTC (11:30 am IST) that January Brent crude futures were down $3.62, or 3.20%, at $109.80 a barrel and WTI was down 3.23% at $100.80; January is the front-month Brent contract after December futures expired on Oct 30. A later Associated Press report, updated early Monday U.S. time, put Brent 3.9% lower at $109.01. The AP said Iran's top diplomat stated that Iranian negotiators were in Qatar for talks on a proposal that could reopen the Strait of Hormuz within two days if U.S. conditions are met, and that no direct talks were being held with the U.S. For how oil shocks feed into prices and rates, see our explainer on oil price shocks.

Metals and global cues

Tata Steel rose 5.83% and the Nifty Metal index 3.21%. HDFC Sky's opening report said Wall Street had ended sharply lower on Friday in a tech-led sell-off, with the Nasdaq down 2.86%. Outlook Money argued that worries about heavy AI spending in US tech could make markets with less AI exposure, such as India, relatively attractive; that is an interpretation, not a measured flow. Indian IT stocks gave back part of Friday's gains, with Infosys among the top Nifty losers.

Fund flows

Provisional exchange data for Friday, Oct 30, showed foreign institutional investors were net buyers of ₹3,598.54 crore in the cash market, while domestic institutions were net sellers of ₹817.51 crore, according to Kotak Neo's FII/DII table. Figures for Nov 2 had not been published when this brief was written.

Political & policy watch

• US–Iran and the Strait of Hormuz: HDFC Sky reported that Iranian negotiators held a third straight day of talks in Doha with Qatari mediators and that no final conclusion had been reached. It also reported that President Donald Trump has said the US will not launch new attacks on Iran before the Nov 3 midterm elections, without ruling out action afterwards.
• Fuel export levies: Outlook Money reported that the government scrapped the export duty on petrol, raised the diesel export levy by ₹3 per litre and raised the levy on jet fuel exports by 50 paise per litre. These changes matter for refiners such as Reliance.
• Tax speculation: Outlook Money said some market participants hope for a cut in long-term capital gains tax in the next Union Budget, while noting there is no official confirmation of such a proposal.
• Reserve Bank of India: The RBI website showed the policy repo rate at 5.50%. The next Monetary Policy Committee meeting is scheduled for Dec 2–4, 2026, according to the RBI's published calendar.

What to watch next

• Tuesday, Nov 3, 2026: US midterm elections, which HDFC Sky cited as a reference point for US policy on Iran.
• Doha talks: Any agreement or breakdown on reopening the Strait of Hormuz could move Brent and, through it, the rupee and Indian oil-sensitive stocks.
• Friday, Nov 6, 2026: US non-farm payrolls report, flagged by HDFC Sky.
• Dec 2–4, 2026: RBI Monetary Policy Committee meeting.
• Dec 8–9, 2026: US Federal Reserve FOMC meeting, with a Summary of Economic Projections, according to the Fed's calendar.

Risk checklist for readers

• Index concentration: a single heavyweight such as Reliance, with a weight of about 7% in the Nifty 50, can drive much of a day's move, so check how many stocks actually rose.
• Oil is a major swing factor for India's import bill, inflation and the rupee. When reading crude prices, check the benchmark, contract month and time of the quote.
• Geopolitical headlines can reverse quickly; reports of talks are not the same as a signed agreement.
• Earnings-day jumps reflect one quarter's results; segment details, such as Reliance's weaker retail business, can matter for later quarters.
• Provisional FII/DII numbers published by the exchanges are preliminary and can differ from final depository data.
• Rupee quotes vary by source and time: the FBIL reference rate, the onshore close and international quotes are different measures.
• For official figures, check NSE, BSE, the RBI and company filings directly.

This article is for information only and is not investment advice.