Market Close Report Today, November 2, 2026: Diwali Arrives Early On D-Street As Reliance Powers Mega Rally

Mumbai, November 2: Indian equity benchmarks kicked off the Diwali week on a strong note on Monday, with the Nifty 50 crossing the 23,400 mark and the Sensex surging more than 1,200 points, as strong quarterly earnings from Reliance Industries, easing crude oil prices and hopes of progress in diplomatic efforts to end the Iran war lifted investor sentiment. Buying was broad-based, with energy, public sector banks, consumer durables, infrastructure, automobile and oil and gas stocks leading the advance, while information technology, media and pharmaceutical shares bucked the trend. 

The BSE Sensex surged 1,233.25 points, or 1.66%, to close at 75,692.78, a near two-month high, while the NSE Nifty 50 advanced 387.70 points, or 1.68%, to settle at 23,440.80. 

Market breadth remained firmly positive, with 2,668 shares advancing, 1,469 declining and 162 remaining unchanged on the NSE. The Nifty Midcap index gained 1%, while the Nifty Smallcap index added 0.7%, indicating that the rally extended beyond frontline stocks. 

Reliance Industries Leads Nifty Gainers 

Reliance Industries emerged as the biggest contributor to the benchmark rally, with its shares jumping 11.6%, its strongest single-day performance since April 2020. 

The rally followed a stronger-than-expected September-quarter performance. Reliance reported a 40.6% year-on-year jump in consolidated net profit to Rs 25,548 crore, comfortably beating analysts’ estimates of Rs 21,419 crore. Stronger refining and petrochemical margins supported earnings, while its Jio Platforms business added to the positive outlook. 

Analysts highlighted the underlying strength in refining and petrochemical margins, attractive valuations and the prospect of improving retail momentum in the coming quarters. 

Other major Nifty gainers included Tata Steel, Shriram Finance, Coal India and JSW Steel. Delhivery also advanced 5.9% after returning to quarterly profitability, while Bank of Baroda gained 2.7% following a strong set of operating results and an upward revision to its FY27 growth forecast. 

On the other hand, Infosys, Adani Ports, Sun Pharmaceutical Industries, Axis Bank and HDFC Life were among the biggest Nifty laggards. 

Crude Oil Retreat On Iran War Talks Supports Sentiment 

A pullback in crude oil prices provided another important tailwind for Indian equities. Brent crude prices eased to around $110 per barrel from a six-month high of $118 touched on Friday, as Iranian and Qatari officials held a third consecutive day of discussions aimed at securing an agreement to end the US-Israeli war on Iran. 

Hopes of a diplomatic breakthrough raised expectations of easing supply disruptions and improved energy flows, helping reduce concerns over India’s import bill, inflation and external balances. 

Market participants also pointed to continued momentum in corporate earnings, strong credit growth and resilient domestic economic growth as supportive factors, despite persistent inflationary risks from elevated energy prices and poor rainfall. 

The improvement in sentiment was reflected in the broader market, with midcap and smallcap stocks also participating in Monday’s advance. 

Energy, PSU Banks, Auto Stocks Drive Sectoral Rally 

Sectoral performance was overwhelmingly positive, with energy, PSU banks, consumer durables, infrastructure, automobile and oil and gas stocks advancing between 1% and 4.6%. 

Energy and oil and gas stocks benefited from strength in Reliance Industries, while metal stocks attracted substantial buying interest, with Tata Steel and JSW Steel among the leading index gainers, rising 5.8% and 5.13% respectively. 

Indian Oil Corporation also advanced 3.4% after reporting nearly a threefold year-on-year increase in September-quarter profit, supported by government compensation for domestic LPG losses. 

However, information technology, media and pharmaceutical stocks declined around 0.5% each, emerging as the principal pockets of weakness in an otherwise strong session. 

With the Nifty reclaiming the 23,400 mark and the Sensex posting a gain of more than 1.6%, domestic equities began the Diwali week on a strong footing. Investors will continue to track corporate earnings, foreign institutional investor flows, developments in the Middle East and crude oil prices for further directional cues. 

Source

•  NSE
• BSE