Stock Market Rally: Sensex Soars 900 Points, Nifty Tops 23,300 as Reliance and Tata Steel Shine

Sensex Rockets 925 Points, Nifty Reclaims 23,300 as Reliance Shares Jump 6.4%

Indian stock markets opened the week on a strong note on Monday, November 2, with benchmark indices witnessing sharp gains amid widespread buying across major sectors. The BSE Sensex surged more than 900 points, while the NSE Nifty crossed the 23,300 mark, supported by a rally in heavyweight stocks, particularly Reliance Industries and Tata Steel.

Improved investor sentiment, declining crude oil prices and encouraging quarterly earnings from Reliance Industries were among the key factors behind the market’s upward movement. Oil and gas, metal and consumer durables stocks emerged as major drivers of the rally.

At 10:16 am, the Sensex stood at 75,385.32, gaining 925.79 points or 1.24% from its previous close of 74,459.53. The Nifty advanced 258.25 points, or 1.12%, to trade at 23,311.35.

Reliance, Tata Steel Among Top Gainers
Reliance Industries led the market rally, with its shares climbing 6.40% in morning trade following its strong September-quarter earnings. Tata Steel gained 4.14%, while Maruti Suzuki advanced 2.96% and NTPC rose 2.58%.

Asian Paints also registered a 2% gain. UltraTech Cement, Larsen & Toubro and Tata Consultancy Services were among the other stocks trading higher.

HCL Technologies advanced 1.84%, Mahindra & Mahindra gained 1.73%, and Hindustan Unilever rose 1.61%.

On the losing side, Sun Pharmaceutical Industries declined 0.52%, Trent fell 0.44%, Infosys slipped 0.31%, and Titan Company was down 0.21%.

Oil and Gas Index Leads Sectoral Gains
Buying was visible across most sectoral indices, with the Nifty Oil & Gas index emerging as the top performer, rising 3.30%.

The Nifty Cement index gained 2.50%, while Consumer Durables and Metal indices advanced 1.93% and 1.83%, respectively. The Auto index climbed 1.22%, followed by PSU Bank at 0.99%.

The Nifty FMCG and IT indices also traded in positive territory, gaining 0.78% and 0.63%. However, the Nifty Private Bank index remained marginally lower by 0.07%.

The broader market also participated in the rally. The Nifty Next 50 rose 1.28%, Midcap Select gained 1.04%, Midcap 100 advanced 0.94%, and Smallcap 100 increased 0.85%.

The Nifty 100 and Nifty 500 registered gains of 1.15% and 1.14%, respectively. Meanwhile, India VIX rose 2.09% to 15.62, indicating higher expectations of near-term volatility.

What Is Driving the Stock Market Rally?
The latest rally reflects a combination of favourable domestic developments, easing international crude prices and renewed buying interest in large-cap companies.

A major boost came from Reliance Industries, whose strong quarterly performance triggered significant buying in its shares. The company’s substantial weight in the benchmark indices also helped lift the Sensex and Nifty.

Global developments provided additional support. Brent crude prices declined to approximately $110 per barrel from a six-month high of $118 recorded on Friday. The easing followed discussions involving Iranian and Qatari officials over efforts to end the US-Israeli war on Iran.

V K Vijayakumar, Chief Investment Strategist at Geojit Investments, said improving domestic and global indicators were pointing towards a possible recovery in Indian equities.

He highlighted lower crude oil prices and a decline in the US 10-year bond yield to 4.93% as encouraging external signals. He also noted that weakness in the artificial intelligence investment trade, which contributed to a 2.8% decline in the Nasdaq on Friday, could benefit Indian markets.

On the domestic front, credit growth of 17.94% and strong GST collections in October indicate continued economic resilience, according to Vijayakumar.

He also pointed to expectations of changes in the long-term capital gains tax structure in the upcoming Union Budget as another factor influencing market sentiment.

Reliance’s Record Earnings Boost Investor Confidence
Reliance Industries reported its strongest-ever quarterly financial performance for the September 2026 quarter, recording unprecedented revenue, EBITDA and net profit.

The company’s consolidated revenue increased 28% to Rs 3.62 lakh crore in the second quarter of FY27, supported by its oil-to-chemicals operations and expansion in digital services and retail.

EBITDA rose 24% to a record Rs 62,409 crore, while net profit increased 34% to Rs 29,550 crore.

Reliance also achieved a significant milestone in the first half of FY27, with its net profit crossing Rs 50,000 crore for the first time.

The impressive results strengthened buying interest in the company’s shares, making Reliance one of the biggest contributors to Monday’s rally in the Indian stock market.