Sensex Surges 900 Points as Reliance and Auto Sales Boost Market

Indian equity markets opened November on a strong note, with the Sensex gaining nearly 900 points and the Nifty 50 crossing the 23,300 mark. This positive momentum was driven by robust corporate earnings from Reliance Industries, solid automobile sales figures, and impressive Goods and Services Tax (GST) collections. Despite some lingering concerns around global geopolitical tensions and foreign investor outflows, domestic factors provided a significant boost to investor confidence.

By midday on November 2, 2026, the Sensex had climbed 899.42 points, or 1.21%, reaching 75,358.95. The Nifty 50 index also advanced by 260.35 points, or 1.13%, to 23,313.45. Market participants closely monitored the quarterly results season, which has so far highlighted strong performances from key sectors including banking, automobiles, consumer goods, and industrials.

Automobile sales data released for October showed healthy growth, further supporting the market rally. Passenger vehicle registrations increased by 15.1% year-on-year, totaling 498,208 units. Two-wheeler sales experienced an even larger jump, rising 28.7% to 2,320,139 units. These figures underline sustained consumer demand in the automotive sector, which is often seen as a barometer of economic health.

In addition, GST collections hit ₹2.31 lakh crore for the month, marking the second-highest monthly collection on record. This strong tax revenue reflects continued economic activity and consumption, which helped lift market sentiment. However, investors remain cautious about elevated crude oil prices, which currently stand at ₹9,570 per barrel, and ongoing geopolitical uncertainties that could impact global markets.

Foreign institutional investors (FIIs) have been net sellers in October, with outflows amounting to approximately ₹45,160 crore. Though selling pressure moderated towards the end of the month, FII activity remains an important factor for market direction, especially amid the upcoming US midterm elections on November 3, which could influence global risk appetite and capital flows.

Technical indicators suggest a bullish outlook for the Nifty, which was trading above 23,290 at the time of reporting. Key resistance is seen at 23,330; a decisive move beyond this level could push the index towards 23,600. Conversely, failure to break this resistance might lead to a correction towards 23,200 to 23,150. November futures also remain positive with upside targets near 23,620. Traders are advised to consider long positions near 23,380, with stop-losses around 23,280 and profit booking at 23,580.

The session’s top gainers included Reliance Industries, which surged 7.65%, Shriram Finance with a 5.75% rise, Tata Steel up 4.53%, Jio Financial at 4.16%, and Coal India gaining 4.01%. On the flip side, some notable decliners were Infosys down 1.34%, ICICI Bank slipping 1.09%, Adani Ports lower by 1.01%, and Sun Pharma down 0.70%.

Other significant corporate updates during the day included Ambuja Cements’ announcement of a ₹14,500-crore investment plan to increase cement production capacity to 155 million tonnes per annum by fiscal year 2030. This expansion will involve new projects and upgrades across six Indian states, aiming to strengthen the company’s manufacturing footprint.

Meanwhile, South Eastern Coalfields Limited (SECL), a subsidiary of Coal India, filed draft papers for an initial public offering involving an offer for sale of over 668 million shares. This move is expected to broaden the coal sector’s market participation and provide additional capital for Coal India.

Bank of Baroda shares rose nearly 3% after the bank reported encouraging second-quarter results, leading to analyst upgrades and revised price targets. Similarly, Aditya Birla Capital received positive broker ratings following strong revenue and profit growth in Q2FY27.

On the corporate leadership front, HDFC Bank faced some headwinds as a senior executive departed amid ongoing management changes. This development contributed to a dip in the bank’s share price during the session.

In the aviation sector, IndiGo’s CEO Willie Walsh acknowledged the industry’s current challenges but highlighted opportunities ahead, including plans for long-haul route expansion and the development of a hub at Navi Mumbai. The airline is focusing on cost efficiency while navigating the evolving market landscape.

Economic data released on the manufacturing front showed India’s Purchasing Managers’ Index (PMI) easing slightly to 54.7 in October. Despite the moderation, export orders reached a six-month high and input cost inflation slowed to its lowest level since February, signaling a mixed but generally stable industrial environment.

Overall, the Indian equity markets demonstrated resilience in early November, supported by strong domestic triggers despite global uncertainties. As the September-quarter earnings season unfolds and key economic data continue to emerge, market participants will closely watch developments that could influence the direction in the weeks ahead.