Sectoral Snapshot Today, November 2, 2026: Energy, PSU Banks, Auto, Metal Stocks Lead Sectoral Rally; IT, Pharma Buck Trend

Mumbai, November 2: Indian equity markets witnessed broad-based buying on Monday, November 2, as 13 of the 16 major sectoral indices ended higher, with energy, public sector banks, consumer durables, infrastructure, automobile and oil and gas stocks leading the gains. Easing crude oil prices, hopes of progress in negotiations to end the Iran war and strong quarterly earnings from Reliance Industries supported risk appetite, while hopes over tax breaks provided an additional boost. 

The Nifty Energy, Nifty Oil & Gas, Nifty PSU Bank, Nifty Consumer Durables, Nifty Infrastructure and Nifty Auto indices advanced between 1% and 5.9%, while metal stocks also witnessed strong buying interest. The rally extended to broader markets, with the Nifty Midcap index gaining 1.2% and the Nifty Smallcap index advancing 0.7%. 

Energy, Oil & Gas Stocks Rally As Reliance Surges 

Energy and oil and gas stocks were among the biggest contributors to the market’s advance, with Reliance Industries emerging as the standout performer. The conglomerate’s shares surged 11.6%, marking their strongest single-day gain since April 2020, after the company reported better-than-expected September-quarter earnings. 

Reliance accounted for approximately half of the Nifty 50’s gains during the session. Its consolidated quarterly profit rose 40.6% year-on-year to Rs 25,548 crore, supported by stronger refining and petrochemical margins.  

Fuel retailer 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. 

The broader energy pack also benefited from a decline in crude oil prices. Brent crude fell to around $109 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 a deal to end the US-Israeli war on Iran. 

The prospect of easing geopolitical tensions and improved energy supplies helped ease concerns over India’s import bill and inflation outlook, providing support to oil-sensitive sectors. 

Auto Stocks Gain On October Sales Optimism 

Automobile stocks advanced, with the Nifty Auto index rising 1.3%. Maruti Suzuki India and Tata Motors Passenger Vehicles gained 2.4% and 2.6%, respectively, amid optimism over monthly sales performance. 

Improving automobile sales, alongside resilient goods and services tax collections and loan growth, has helped reinforce expectations of sustained domestic economic activity despite global uncertainties. 

Metal Stocks Advance, Tata Steel And JSW Steel Among Top Gainers 

Metal stocks also attracted strong buying interest, with Tata Steel and JSW Steel among the biggest gainers on the Nifty 50. Their shares advanced 5.8% and 5.13%, respectively. 

Coal India was also among the leading benchmark gainers, rising 4.9% after the state run miner recorded the highest ever monthly output in October and its unit filed for IPO. Buying in metal and infrastructure-linked stocks reflected the broader improvement in investor sentiment, with interest extending beyond heavyweight energy stocks. 

Public sector banking stocks and consumer durables also registered strong gains, contributing to the advance across domestic cyclical sectors. Bank of Baroda gained 2.7% following a strong set of operating results and an upward revision to its FY27 growth forecast. 

IT, Media And Pharma Stocks Buck Broad Market Trend 

Information technology, media and pharmaceutical stocks were among the few sectors to end in the red, declining around 0.5% each. 

The Nifty IT index fell 0.5%, with investors booking profits following an almost 18% rally in the sector during October. The weakness in technology stocks contrasted with the strength in domestic cyclical sectors. 

Pharmaceutical and media stocks also remained under pressure, even as 13 of the 16 major sectoral indices finished higher. 

Overall, the sectoral performance reflected a shift towards cyclical and domestic economy-linked stocks, supported by easing oil prices, improving corporate earnings and resilient domestic macroeconomic indicators. 

Source

• NSE