Indian stocks surge 1.7% on Reliance earnings, falling oil prices

Indian benchmark indices surged 1.7% on November 2, 2026, extending a three-day winning streak, as Reliance Industries led gains with an 11.6% jump following strong Q2 earnings. Falling oil prices, foreign investor buying, and expectations of potential tax relief on capital gains supported the broad-based rally across energy and metals sectors.

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Indian benchmark indices closed higher for third consecutive session
Reliance Industries reported 32% increase in profit after tax
Jio Platforms reported 14% year-on-year increase in consolidated net profit
Brent crude fell over 4% following renewed Iran-Qatar peace talks
Energy and metals sectors led sectoral gains

Indian benchmark indices closed significantly higher on Monday, November 2, 2026, extending their winning streak to a third consecutive trading session. The BSE Sensex rose 1,233 points to 75,682.78, while the NSE Nifty 50 gained 387.70 points to 23,440, both advancing 1.7% for the day. The rally added more than ₹8 lakh crore to overall market capitalisation, pushing the BSE's total above ₹482 lakh crore.

Reliance Industries led the market surge, with shares jumping 11.6% to their highest level in over six years following strong quarterly results. The company reported a 32% increase in profit after tax to ₹29,250 crore for the quarter ended September 2026, driven by a 28% rise in gross revenue. Jio Platforms, which debuted on the exchange the previous week as India's second most valuable company, also gained over 3% after reporting a 14% year-on-year increase in consolidated net profit to ₹8,389 crore for the same quarter. Broader market participation remained healthy, with 2,445 advances against 1,164 declines on the NSE.

Energy and metals sectors led sectoral gains, with Nifty Metal rising over 3% and Nifty Oil & Gas jumping nearly 6%. Other strong performers included Nifty Auto, Nifty PSU Bank, and Nifty Consumer Durables, each rising 1–2%. By contrast, Nifty Pharma, Nifty IT, and Nifty Private Bank slipped into negative territory. Individual gainers included Tata Steel (around 6%), UltraTech Cement, SBI, NTPC, and Maruti Suzuki, while Infosys dropped nearly 2%.

Crude oil prices declined sharply on renewed diplomatic efforts to resolve regional tensions. Brent crude fell over 4% to approximately $108 per barrel, while US West Texas Intermediate crude traded at $99.71 per barrel. The decline followed reports of continued discussions between Iranian and Qatari officials regarding a draft proposal to end the US-Israeli conflict that began in February 2026 and had previously pushed oil prices to six-month highs above $118 per barrel following Houthi attacks on shipping in the Strait of Hormuz.

Market analysts attributed the rally to multiple factors beyond corporate earnings and oil prices. Foreign investors turned net buyers after weeks of sustained selling, purchasing approximately $1.2 billion in Indian equities over the prior ten trading sessions. Additionally, expectations of potential government relief on long-term capital gains (LTCG) tax and securities transaction tax (STT) provided support, following statements by Finance Minister Nirmala Sitharaman that discussions on these measures were ongoing. According to Motilal Oswal Financial Services, 35 Nifty companies that had disclosed results as of October 31 showed aggregate earnings growth of 22% year-on-year.

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#Reliance Industries #Nifty 50 #Indian stock market #metals sector #market rally #earnings #foreign investors #oil prices #Sensex #Iran-Qatar talks

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Indian stock market capitalization increased by ₹8 lakh crore to exceed ₹482 lakh crore as BSE Sensex and NSE Nifty 50 each gained 1.7%. Reliance Industries' 11.6% surge reflects Q2 earnings of ₹29,250 crore profit (32% year-on-year growth); falling oil prices (Brent crude -4%, now ~$108/bbl) reduce input costs for energy-dependent sectors. Foreign investor inflows ($1.2 billion over ten trading sessions) and market expectations of potential tax relief on long-term capital gains and securities transaction tax create near-term demand. Energy and metals sectors, historically sensitive to commodity prices and geopolitical risk, rallied 3–6%, signaling sectoral rotation away from IT and pharmaceuticals.

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