Sensex Surges Over 1,000 Points, Nifty Tops 23,300 on Strong RIL Earnings and Easing Crude
Indian equities extended gains as robust Q2 earnings from Reliance Industries, falling crude oil prices, and renewed foreign buying buoyed investor sentiment.
The story
Indian equity benchmarks saw a significant rally on Monday, November 2, with the Sensex surging over 1,000 points and the Nifty 50 crossing the 23,300 mark. The market's upward momentum was largely driven by strong quarterly results from Reliance Industries, which reported a 40.6% jump in September-quarter net profit, exceeding expectations.
Reliance Industries' shares climbed over 6% following the earnings announcement, contributing significantly to the benchmark indices' gains. Adding to the positive sentiment, Brent crude oil prices eased to around $110 per barrel, retreating from recent highs and offering relief amid concerns over elevated energy costs.
Foreign Institutional Investors (FIIs) also showed renewed buying interest, recording net inflows of ₹3,598.54 crore in the cash market on October 30. Broad-based buying was observed across sectors, with energy, IT, auto, and PSU banks leading the charge, while pharmaceutical stocks saw some decline.
The tape
| Instrument | Last | Change |
|---|---|---|
| Nifty 50 | 23,319.55 | +266.45 (+1.16%) |
| Sensex | 75,387.92 | +924.45 (+1.24%) |
| USD/INR | 94.89 | -0.07 (+0.07%) |
| India 10Y Yield | 7.3612% | -5.5 bps |
| India VIX | 15.66 | +2.42% |
Flows & data
FII Net Flows
Reading: +₹3,598.54 Cr (Oct 30, 2026)
Read: Foreign Institutional Investors were net buyers in Indian equities.
DII Net Flows
Reading: -₹817.51 Cr (Oct 30, 2026)
Read: Domestic Institutional Investors were net sellers in Indian equities.
Manufacturing PMI
Reading: 54.7 (October 2026)
Read: India's manufacturing activity eased slightly from September but remained in expansion territory, data released on November 2 showed.
IPOs & the primary market
India's primary market saw mixed activity at the start of November. EAAA India Alternatives, an arm of Edelweiss Financial Services, made its stock market debut on November 2, listing at a premium of 0.48% at ₹1,673 on the BSE against its issue price of ₹1,665.
Meanwhile, the SME IPO of Vedant Poly Fabs, aiming to raise ₹56.68 crore with a price band of ₹88-94 per share, opened for subscription on Monday, November 2, and will close on November 4. Additionally, the IPOs for Bombay Coated and Special Steels and Antala Industries closed for subscription on November 2.
In the grey market, BLS Polymers IPO was commanding a premium of +₹62, or 41% over its price band, as of November 2. Maxwell Engineering Solutions IPO also showed a strong Grey Market Premium of ₹70, or 44.30%.
Valuation watch — India & global
Global valuation signals showed some caution, with the US market experiencing a technology-led sell-off on Friday, October 30. The Nasdaq fell 2.86%, the S&P 500 declined 1.82%, and the Dow dropped 1.09%.
This was accompanied by a rise in the India VIX, which surged 2.42% to 15.66 in early Monday trade, indicating increased demand for protection against market swings. Experts noted that global investors had been re-allocating capital towards growth opportunities and relatively cheaper valuations, often chasing the AI and semiconductor trade in markets like the US, Taiwan, and South Korea. A weakening trend in the global artificial intelligence trade was also cited as a factor influencing market dynamics.
What we'll be watching
- Q2 earnings from State Bank of India, ITC, Marico, and others on November 2.
- US midterm elections on Tuesday, November 3, watched for policy implications.
- Q2 results from Bajaj Finserv on Tuesday, November 3.
- HSBC Services PMI data release on Wednesday, November 4.
- US employment report for October on Friday, November 6.
- RBI foreign exchange reserves data for the week ended October 30 on November 6.
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