Last Updated on November 2, 2026 11:00 pm by INDIAN AWAAZ
Sensex surges 1,233 points, Nifty tops 23,400
By Our Business Correspondent
Indian equity markets staged a powerful rally on Monday, extending gains for the third consecutive trading session as investors cheered a combination of easing crude oil prices, robust corporate earnings, renewed foreign capital inflows and improving domestic macroeconomic indicators. Benchmark indices surged nearly 2%, led by heavyweight Reliance Industries, as investors looked past weakness in global technology stocks and focused on the strengthening outlook for India’s economy and corporate profitability.
The sharp rise came amid growing expectations that lower energy costs could ease inflationary pressures, improve corporate margins and reduce concerns over the country’s import bill. Market participants were also encouraged by the decline in government bond yields, relative stability in the rupee and speculation surrounding potential fiscal measures that could support capital market participation.
The optimism helped the NSE Nifty 50 settle comfortably above the key psychological level of 23,400, while the BSE Sensex posted one of its strongest single-session gains in recent weeks.
Benchmark Indices Log Strong Gains
The BSE Sensex advanced 1,233.25 points, or 1.66%, to close at 75,692.78, while the Nifty 50 rose 387.70 points, or 1.68%, to finish at 23,440.80.
The rally marked the third straight day of gains for domestic equities. Over the three-session winning streak, the Sensex has climbed 3.09%, while the Nifty has appreciated 3.27%, reflecting improving investor confidence following recent market volatility.
Index heavyweight Reliance Industries, which reported a strong quarterly performance, emerged as the biggest contributor to benchmark gains. The stock’s sharp jump significantly lifted market sentiment and triggered buying across energy, telecom and allied sectors.
State Bank of India and HDFC Bank also provided substantial support to the broader market, indicating sustained investor interest in the banking and financial space.
Reliance Results Trigger Broad-Based Optimism
The standout feature of the session was the stellar performance of Reliance Industries, whose shares soared 11.60% after the conglomerate reported a strong jump in second-quarter earnings.
Reliance Industries posted a 40.64% year-on-year rise in consolidated net profit to ₹25,548 crore in Q2 FY27 compared with ₹18,165 crore in the corresponding quarter last year. Consolidated gross revenue increased 27.8% year-on-year to ₹3.62 lakh crore, reflecting strength across key business segments.
The earnings surprise reinforced investor confidence in India’s largest listed company and prompted aggressive buying throughout the session.
Although Jio Platforms slipped marginally by 0.74%, its financial performance remained robust. The digital services company reported a 13.69% increase in net profit to ₹8,389 crore, while revenue rose 11.33% to ₹47,485 crore.
Jio’s operational metrics also remained strong. Its subscriber base expanded to 542.4 million, representing a 7.1% annual increase, while average revenue per user (ARPU) improved to ₹218.8, highlighting continued monetisation gains in India’s telecom sector.
Broader Market Participation Strengthens
The rally was not limited to frontline stocks.
Broader market indices also participated actively, signalling healthy investor appetite beyond large-cap counters.
The Nifty Midcap 150 Index gained 1.25%, while the Nifty Smallcap 250 Index rose 1.35%.
Market breadth remained decisively positive. On the National Stock Exchange, 2,445 stocks advanced, compared with 1,164 declines, while 104 shares remained unchanged.
The strong breadth suggests institutional and retail participation remained widespread, supporting the sustainability of the market upmove.
Oil & Gas, Metals Lead Sectoral Charge
Sectoral trends clearly reflected changing macroeconomic expectations.
Oil & gas stocks led the advance, benefiting from easing crude oil prices and strong earnings from energy giants. Metal shares also witnessed substantial buying as investors positioned for potentially lower input costs and improved industrial activity.
Consumer durable companies attracted fresh interest amid expectations that moderating inflation and stable interest rates could support discretionary consumption demand.
In contrast, information technology and media stocks remained under pressure. The weakness largely mirrored concerns emerging from global technology markets, particularly regarding elevated spending on artificial intelligence infrastructure and uncertain returns on those investments.
Falling Crude Oil Prices Boost Sentiment
One of the most significant market-moving factors during the session was the sharp correction in global crude oil prices.
Brent crude futures declined by $5.01, or 4.42%, to $108.42 per barrel, providing relief to oil-importing nations such as India.
Lower crude prices are generally viewed positively for the Indian economy because they can help reduce inflation, improve fiscal balances and support corporate profitability across sectors dependent on energy inputs.
Market participants also drew comfort from reports of diplomatic outreach involving regional stakeholders seeking ways to ease geopolitical tensions in the Middle East. While risks remain, hopes of reduced supply disruptions helped cool energy market concerns.
Bond Yields Fall, Supporting Risk Assets
The decline in government bond yields further strengthened market sentiment.
India’s benchmark 10-year government bond yield softened to 7.323%, down from 7.412% in the previous session.
Lower yields generally indicate expectations of easing inflationary pressures and can make equities comparatively more attractive.
The movement also suggests investors are becoming increasingly optimistic about macroeconomic stability and the potential trajectory of monetary policy.
Currency Markets Remain Stable
In currency markets, the rupee traded with a mildly negative bias against the US dollar.
The partially convertible rupee was quoted at 94.81 per dollar, compared with the previous closing level of 94.765.
Despite the marginal weakness, traders indicated that the currency remained relatively stable given recent volatility in global markets and fluctuating commodity prices.
The US Dollar Index, which measures the greenback against a basket of major currencies, eased 0.20% to 101.68, providing some support to emerging market assets.
Global Markets Present Mixed Picture
International markets offered a mixed backdrop.
European equities advanced after declining oil prices improved risk sentiment. Investors also monitored manufacturing activity across major eurozone economies and assessed incoming corporate earnings reports.
Meanwhile, Asian markets closed mixed as concerns surrounding the sustainability of the global artificial intelligence investment cycle weighed on technology shares.
The weakness followed a sharp selloff on Wall Street at the end of last week.
US equity markets suffered significant declines on Friday, with technology stocks leading losses.
The Dow Jones Industrial Average fell 1.09%, while the S&P 500 declined 1.82%. The technology-heavy Nasdaq Composite tumbled 2.86%, recording its most severe one-day fall since June 2026.
Investor concerns focused on whether the enormous capital expenditure plans being undertaken by technology companies are generating sufficient returns and cash flows.
Semiconductor Selloff Jolts Global Technology Sector
Technology and semiconductor stocks were at the centre of Friday’s global market weakness.
Intel shares plunged nearly 29% after the company issued a disappointing outlook despite reporting quarterly earnings above expectations. Investors focused on concerns relating to future revenue growth, manufacturing constraints and cash-flow generation.
The weakness spread across the broader semiconductor space.
Nvidia declined 4.2%, AMD lost 10.9%, while the semiconductor index dropped 7.2%.
Market participants interpreted these developments as a signal that investors are becoming increasingly selective about artificial intelligence-related investments and future profitability expectations.
Amazon Earnings Raise AI Spending Questions
Technology spending concerns were further intensified by Amazon’s quarterly earnings report.
While Amazon delivered strong revenue growth and improving operating income, investors were unsettled by a significant deterioration in free cash flow caused largely by heavy investments in infrastructure and AI-related projects.
Despite robust performance from its cloud computing business, questions remain regarding the long-term monetisation of massive AI investments across the global technology sector.
These concerns contributed to broader risk aversion in international technology stocks, although the impact on Indian markets remained limited due to strong domestic earnings and favourable macroeconomic conditions.
Notable Corporate Movers
Several companies delivered earnings-driven moves during Monday’s session. Muthoot Finance gained 4.41% after reporting a nearly 36% increase in consolidated profit after tax, supported by strong growth in business volumes and income.
Motherson Sumi Wiring India surged 10.36% after reporting robust growth in both revenue and profitability, reflecting strong demand from the automotive industry.
Engineers India jumped 15.01% as investors cheered a more than doubling in quarterly profits despite lower year-on-year sales.
Indian Oil Corporation advanced 3.41% after reporting a spectacular rise in net profit, aided by improved refining and operational performance.
Among technology and defence-oriented stocks, Zen Technologies gained 8.32% following strong earnings growth and a sharp rise in sales.
On the downside, Indigo Paints plunged 12.76% after reporting a steep decline in profitability due to rising raw material costs, highlighting margin pressures within parts of the manufacturing sector.
PC Jeweller fell 3.62% after regulatory concerns emerged following administrative warning letters issued by market regulator SEBI regarding compliance-related matters.
New Listing Delivers Positive Debut
Shares of EAAA India Alternatives ended their debut day at ₹1,727.05, representing a premium of 3.73% over the issue price of ₹1,665.
The stock listed at ₹1,673 and witnessed considerable trading activity during the session, indicating healthy investor participation despite broader market volatility in recent weeks.
IPO Market Remains Robust
Primary market activity continued to remain buoyant.
Bombay Coated & Special Steels IPO received bids for more than 98.52 crore shares against an offer size of approximately 1.65 crore shares, translating into an impressive subscription of 59.59 times as of the latest available data.
The strong response underlines sustained retail and institutional appetite for new listings despite elevated equity valuations.
Outlook
The strength of Monday’s rally suggests investors are increasingly focusing on domestic growth drivers rather than external uncertainties. Falling crude oil prices, resilient corporate earnings, improving market liquidity and broad-based participation have provided a favourable backdrop for equities.
However, market participants will continue to monitor geopolitical developments in the Middle East, global technology sector volatility, foreign fund flows and upcoming macroeconomic data releases. The durability of the current rally could depend on whether corporate earnings continue to justify prevailing valuations and whether external risks remain contained.
Disclaimer
This report is based on market data, corporate disclosures and exchange updates available at the time of publication. Market conditions are subject to change, and investors should consult qualified financial advisers before making investment decisions. The article is intended solely for informational and journalistic purposes and does not constitute investment advice, a recommendation, or an offer to buy or sell any security.