Sensex Jumps Over 700 Points as Nifty Surpasses 23,200; RIL Shares Surge 5%

The Indian stock market opened the week on a strong note with the Sensex rising sharply by over 700 points and the Nifty 50 index crossing the 23,200 mark. This upward momentum was largely fueled by a significant decline in global oil prices, driven by optimism over potential progress in the ongoing US-Iran negotiations.

By 9:17 AM on Monday, November 2, 2026, the Sensex had climbed 756.80 points, or 1.02 percent, reaching 75,216.33 points. The Nifty 50 index was up 195.70 points, or 0.85 percent, at 23,248.80. Among the key contributors to this rally were Reliance Industries, Tata Steel, and Maruti Suzuki India, all posting notable gains within the benchmark index.

In the broader market, midcap stocks outperformed with the Nifty MidCap index rising 0.47 percent, while smallcap stocks experienced a slight decline of 0.23 percent. Sector-wise, the Oil and Gas sector led the gains, reflecting the impact of lower crude prices, whereas the pharmaceutical sector saw a drop, marking the largest sectoral loss for the day.

The decline in oil prices came after reports suggested a possible breakthrough in talks between the United States and Iran, which could ease tensions and potentially increase global oil supplies. This development provided a positive backdrop for energy-linked stocks, particularly benefiting heavyweight companies like Reliance Industries.

Reliance Industries emerged as the top gainer on the Sensex, surging approximately 4.59 percent to ₹1,217 per share. Tata Steel and NTPC also delivered strong performances, each rising more than 3 percent. Conversely, stocks such as Sun Pharma, Infosys, and Tech Mahindra faced selling pressure, trimming some gains in the broader market.

Market participants also kept a close eye on a slew of quarterly earnings announcements scheduled for the day. Companies set to release their Q2 financial results include Akums Drugs & Pharmaceuticals, Amara Raja Energy & Mobility, Arvind Fashions, Balaji Amines, Balmer Lawrie & Company, Bosch Home Comfort India, ITC, Marico, Sun Pharma Advanced Research Company (SPARC), and many others. These reports are expected to influence market direction in the coming sessions as investors assess corporate performance amid a challenging macroeconomic environment.

On the initial public offering (IPO) front, Vedant Poly Fabs opened its subscription on Monday aiming to raise ₹56.68 crore from the primary market. Meanwhile, the IPOs of Johnsoncab Electricals, HGS (India), Vectras Enprocon, and Maxwell Engineering Solutions entered their second day of bidding. EAAA India Alternatives made its stock market debut on the same day, with reports indicating a grey market premium of ₹54, representing a listing gain of approximately 3.24 percent.

The broader indices continued to show strength post-opening, with the Nifty Midcap 100 gaining 0.78 percent and the Nifty Smallcap 100 advancing 0.27 percent. This suggests a generally positive risk appetite among investors, even as select sectors and stocks faced profit-taking.

Currency markets also reflected improved sentiment, with the Indian rupee strengthening by 7 paise to 94.89 against the US dollar, up from Friday's close of 94.96. This modest appreciation adds a supportive factor to the domestic equity markets.

Analysts noted increased interest in select stocks such as Coforge, ICICI Bank, and KPR Mill, citing medium-term bullish momentum. Additionally, Reliance Industries, Jio Platforms, NTPC, Muthoot Finance, Bank of Baroda, and PB Fintech were highlighted as focus stocks for trade due to their recent performance and corporate developments.

Trading activity at the GIFT City exchange mirrored the main market, with the GIFT Nifty index rising 172 points or 0.75 percent to 23,258. Overall, the market's positive start to the week reflects a combination of easing geopolitical concerns, encouraging corporate earnings previews, and favorable domestic macroeconomic indicators.

Investors will continue to monitor developments in global diplomacy, commodity prices, and quarterly results to gauge the sustainability of this bullish trend amid ongoing uncertainties. The performance of heavyweight stocks like Reliance Industries and Tata Steel remains crucial as they exert significant influence on the direction of the benchmark indices.