Indian stock markets opened the week with a powerful rally on Monday, November 2, 2026, as the BSE Sensex surged more than 1,000 points and the NSE Nifty 50 climbed above the 23,300 mark in morning trade. The sharp gains were led by a steep rise in Reliance Industries after the conglomerate reported record quarterly earnings, supported by cooling crude oil prices, fresh foreign fund inflows and a positive trend in Asian markets.
The 30-share BSE Sensex opened with a gain of 764.72 points at 75,216.80, and the momentum only strengthened as the session progressed. By around 10 am, the index had extended its rise beyond the 1,000-point mark, touching a morning high of 1,033 points. The 50-share NSE Nifty opened 201.40 points higher at 23,255.90 and went on to gain as much as 277 points, reclaiming the 23,300 level.
At the time of early reports, the Sensex was trading 952.47 points, or 1.28 per cent, higher at 75,412, while the Nifty was up 253.15 points, or 1.10 per cent, at 23,306.25.
The scale of the rally was reflected in the wealth created for investors. In less than an hour of trading, the total market capitalisation of all companies listed on the BSE rose by more than Rs 5.42 lakh crore to Rs 480.76 lakh crore, with some estimates putting the early gain above Rs 6 lakh crore.
Market watchers described the session as one of the strongest morning performances in recent weeks, with buying spread across heavyweight stocks rather than confined to a single sector.
Reliance Industries, India's most valuable listed company, was the clear leader of the rally. The stock surged more than 6 per cent, rising 6.36 per cent to Rs 1,237.50 in early trade, after the company reported a record quarterly profit for the July-September quarter. The earnings beat market expectations, driven by strong performances in its energy business and its digital services arm.
Jio Platforms, which made its stock market debut last week as India's second most valuable listed company, also advanced more than 3 per cent after reporting a rise of around 14 per cent in its September quarter net profit.
Tata Steel was another major gainer, jumping 4 to 5 per cent, while Maruti Suzuki, NTPC and Asian Paints also supported the Sensex. On the Nifty, the leading gainers included Reliance, Max Healthcare, Tata Steel, Jio Financial and Coal India. The breadth of the advance suggested that investors were buying across sectors, encouraged by a combination of corporate earnings and easing external pressures.
One of the biggest supports for sentiment was the fall in crude oil prices. Brent crude futures cooled to around 110 dollars per barrel, down from last week's high of 118 dollars, while US West Texas Intermediate crude slipped to around 101 dollars.
Oil prices dropped more than 3 per cent on Monday as Iranian and Qatari officials continued discussions for a third consecutive day, seeking an agreement to end the US-Israeli war on Iran that began in February and has rattled energy markets through the year. For India, which imports a large share of its oil, lower crude prices ease worries about inflation, the import bill and the fiscal deficit, and they tend to lift sentiment across equities.
Foreign investors also returned as buyers, extending a recent shift in flows. Foreign Institutional Investors bought equities worth Rs 3,598.54 crore on Friday, according to provisional exchange data, marking their sixth session of net buying in the past 10 trading sessions.
After heavy selling through much of 2026, foreign portfolio investors have purchased nearly 1.2 billion dollars of Indian equities over the past 10 trading sessions, a tentative improvement that traders read as a sign of stabilising sentiment. Domestic benchmarks also snapped a two-month losing streak in October, with the Nifty gaining 1.9 per cent and the Sensex 2.7 per cent during the month.
The rally came despite a weak lead from overseas markets. US markets ended sharply lower on Friday, and Asian markets traded mixed, with caution around technology stocks. Indian markets, however, drew strength from domestic cues, with analysts pointing to strong earnings from heavyweights as the decisive factor. Market strategists noted that Reliance's results, combined with softer oil and returning foreign money, gave bulls the confidence to push benchmarks higher.
The rupee, meanwhile, declined 21 paise to 94.97 against the US dollar in early trade, weighed down by a stronger greenback, even as softer crude and gains in domestic markets offered some support. Currency traders said the rupee's movement was being watched closely, since a weaker currency can raise import costs even as equities rally.
On Friday, the last trading session before the rally, the Sensex had climbed 308.49 points, or 0.42 per cent, to settle at 74,459.53, while the Nifty rallied 116.35 points, or 0.51 per cent, to end at 23,053.10. Monday's surge built on that base, with analysts saying the market was rewarding companies that delivered earnings ahead of expectations.
Nomura noted that Reliance's consolidated operating profit rose 19 per cent quarter-on-quarter, beating estimates by 9 per cent, a detail that added to the enthusiasm around the stock.
Looking ahead, traders said the market's direction will depend on whether foreign inflows continue, how crude prices behave as diplomatic talks progress, and how the rest of the earnings season unfolds. Tata Steel, which was among Monday's top gainers, is set to report its quarterly earnings on Saturday, and its numbers will be closely watched.
For now, though, Monday's session gave investors a strong start to the week, with benchmarks reclaiming key levels and heavyweight earnings doing much of the heavy lifting.
The morning's rally also served as a reminder of how quickly sentiment can turn when several positives line up at once. A record result from the country's largest company, a sharp fall in oil, and foreign investors returning to buy after months of selling combined to produce a session in which the Sensex added more than 1,000 points before midday.
Whether the gains hold through the week will depend on global cues and the next set of corporate results, but for Monday morning at least, Dalal Street had plenty to cheer.
(Reporting based on The Indian Express, The Economic Times, Fortune India and The Week.)