Sensex Surges Over 900 Points, Nifty Crosses 23,300; Reliance and Tata Steel Drive Market Rally

Stock Market Rally: Sensex Soars Over 900 Points, Nifty Crosses 23,300 as Reliance Shares Surge

Indian equity markets witnessed a strong rally on Monday, November 2, as benchmark indices extended their gains in morning trade. The BSE Sensex climbed more than 900 points, while the NSE Nifty moved above the 23,300 level, supported by heavy buying in leading stocks, particularly Reliance Industries, Tata Steel and Maruti Suzuki.

The positive momentum was driven by easing crude oil prices, improving global sentiment and strong quarterly earnings from Reliance Industries. Gains across oil and gas, metal and consumer durables stocks further strengthened the market’s upward movement.

At 10:16 am, the Sensex was trading at 75,385.32, gaining 925.79 points or 1.24% against its previous close of 74,459.53. The Nifty 50 climbed 258.25 points, or 1.12%, to reach 23,311.35.

Reliance Industries Leads Sensex and Nifty Gains
Reliance Industries emerged as the biggest contributor to the benchmark indices, with its shares rising 6.40% during morning trading. Tata Steel followed with a gain of 4.14%, while Maruti Suzuki advanced 2.96% and NTPC climbed 2.58%.

Other major gainers included Asian Paints, which rose 2%, along with UltraTech Cement, Larsen & Toubro and Tata Consultancy Services.

Among additional heavyweight stocks, HCL Technologies gained 1.84%, Mahindra & Mahindra advanced 1.73%, and Hindustan Unilever rose 1.61%.

However, some stocks remained under pressure. Sun Pharmaceutical Industries declined 0.52%, Trent slipped 0.44%, Infosys fell 0.31%, and Titan Company lost 0.21%.

Oil and Gas, Metal Stocks Drive Sectoral Rally
Most sectoral indices traded in positive territory, with the Nifty Oil & Gas index leading the gains at 3.30%.

The Nifty Cement index advanced 2.50%, while the Consumer Durables and Metal indices gained 1.93% and 1.83%, respectively.

The Nifty Auto index rose 1.22%, while the PSU Bank index gained 0.99%. The FMCG and IT indices also traded higher, advancing 0.78% and 0.63%, respectively.

The Nifty Private Bank index was the notable exception, declining marginally by 0.07%.

Midcap and Smallcap Stocks Also Trade Higher
The positive sentiment extended beyond large-cap stocks, with broader market indices also registering gains.

The Nifty Next 50 advanced 1.28%, while the Nifty Midcap Select gained 1.04%. The Nifty Midcap 100 rose 0.94%, and the Nifty Smallcap 100 climbed 0.85%.

Meanwhile, the Nifty 100 and Nifty 500 gained 1.15% and 1.14%, respectively, indicating widespread buying across different market segments.

Despite the strong rally, the India VIX, a measure of expected market volatility, increased 2.09% to 15.62, suggesting that investors continued to anticipate near-term market fluctuations.

Why Are Indian Stock Markets Rising?
Several domestic and international factors contributed to Monday’s market rally, including strong corporate earnings, easing crude oil prices and improving investor sentiment.

One of the biggest triggers was the sharp rise in Reliance Industries following its better-than-expected September-quarter results. Given the company’s significant weight in the Sensex and Nifty, its gains provided substantial support to the benchmark indices.

Internationally, crude oil prices eased to around $110 per barrel after touching a six-month high of $118 on Friday. The decline followed reports of discussions involving Iranian and Qatari officials aimed at advancing efforts to end the US-Israeli war on Iran.

Market expert V K Vijayakumar, Chief Investment Strategist at Geojit Investments, said improving domestic and international indicators were supporting a potential turnaround in Indian equities.

He pointed to the moderation in Brent crude prices and a decline in the US 10-year bond yield to 4.93% as positive external developments. He also highlighted the weakening of the artificial intelligence investment trade, which contributed to a 2.8% fall in the Nasdaq on Friday.

According to Vijayakumar, a moderation in the AI-driven investment trend could benefit Indian markets, which are often viewed as an alternative investment destination in this context.

He also identified strong domestic economic indicators, including 17.94% credit growth and robust October GST collections, as signs of economic resilience.

Additionally, expectations of changes to the long-term capital gains (LTCG) tax structure in the upcoming Union Budget could provide further support to market sentiment.

Reliance Reports Record September-Quarter Performance
Reliance Industries’ strong quarterly earnings have emerged as a major catalyst for the latest market movement.

The company reported its highest-ever quarterly revenue, EBITDA and net profit for the September quarter, supported by improved performance in its oil-to-chemicals business and continued growth in digital services and retail.

Consolidated revenue increased 28% to a record Rs 3.62 lakh crore during the second quarter of FY27.

EBITDA climbed 24% to an all-time high of Rs 62,409 crore, while net profit rose 34% to a record Rs 29,550 crore.

Another significant milestone was achieved in the first half of FY27, when Reliance’s net profit crossed the Rs 50,000 crore mark for the first time.

The strong financial performance has boosted investor interest in the company’s shares and contributed significantly to the broader market rally on Monday.