Sensex Jumps 1,233 Points and Nifty Tops 23,400 as Reliance Posts Its Biggest One-Day Gain Since 2020

The Sensex rose 1.66% to 75,692.78 and the Nifty 50 gained 1.68% to 23,440.80 on Monday, both closing at the day's high, as Reliance Industries surged 11.6% after its September-quarter results.

Nov 02, 2026 - 07:18

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Indian equity benchmarks rose for a third straight session on Monday, November 2, 2026, led by a sharp rally in Reliance Industries and a drop in crude oil prices. The BSE Sensex climbed 1,233.25 points, or 1.66%, to close at 75,692.78, India Today reported. The index opened at 75,178.24 and finished at its intraday high.

The NSE Nifty 50 gained 387.70 points, or 1.68%, to settle at 23,440.80, also its high for the day, after opening at 23,222.30 and touching a low of 23,207.05.

Reliance leads the rally

Reliance Industries rose 11.64%, its biggest single-day gain since April 2020, Moneycontrol reported. The stock ended at the day's high of about â‚¹1,300, compared with Friday's close of â‚¹1,164.90, lifting the company's market capitalisation above â‚¹17.5 lakh crore. Reliance was the top Nifty gainer, the largest contributor to the index's rise and the most actively traded stock on both the NSE and BSE.

The move followed the conglomerate's results for the July-September quarter, which included record revenue and operating profit. Gross revenue rose about 28% from a year earlier to â‚¹3.62 lakh crore, according to Business Standard, and Moneycontrol reported that earnings before interest, tax, depreciation and amortisation (EBITDA) at the oil-to-chemicals business rose 67.9% to â‚¹25,203 crore as refining margins hit historic highs. The retail business was weaker, with revenue up 1% and EBITDA down 10%, Business Standard said.

Brokerages kept positive ratings after the results, though several trimmed price targets. Goldman Sachs set a target of â‚¹1,840 and Nomura â‚¹1,560, Moneycontrol reported, while Jefferies has a target of â‚¹1,710 and Emkay Global cut its target by about 8% to â‚¹1,550, according to Business Standard. Those targets are the brokerages' own views.

Other movers

Among other heavyweights, Tata Steel gained 5.64%, UltraTech Cement rose 2.75%, State Bank of India advanced 2.71%, NTPC climbed 2.37% and Maruti Suzuki added 2.16%, India Today said. Infosys was the biggest laggard, falling 1.61%, followed by Kotak Mahindra Bank, down 0.65%, ICICI Bank, down 0.63%, Sun Pharma, down 0.58%, and Axis Bank, down 0.47%.

The Nifty Oil and Gas index was the best-performing sector gauge, up 5.95%, followed by the Nifty Metal index, up 3.21%, and Consumer Durables, up 2.70%. The Nifty Auto index rose 1.33% and the PSU Bank index gained 1.36%. The Nifty Media index fell 0.76% and the IT index declined 0.50%. In the broader market, the Nifty Midcap 100 climbed 1.19% and the Nifty Smallcap 100 rose 0.71%. The India VIX volatility gauge rose 1.40% to 15.52.

Oil, earnings and domestic data

Crude prices fell more than 4% amid renewed diplomatic efforts involving the United States and Iran. Brent crude was trading at $108.57, down 4.28%, and West Texas Intermediate at $99.72, down 4.23%, at the time of India Today's report. Brent had touched a six-month high of $118 a barrel on Friday, The Hindu reported.

September-quarter earnings have also supported sentiment. Motilal Oswal Financial Services estimated that, as of October 31, earnings of 35 Nifty companies that had reported results grew 22% from a year earlier, The Hindu said.

Vinod Nair, head of research at Geojit Investments, said domestic data added to the move. "Domestic macro indicators provided an additional boost to sentiment with October passenger-vehicle sales growth reflecting healthy festive demand, while gross GST collections increased, reinforcing the resilience of domestic consumption and economic activity," he said. Nair also cited foreign investors turning buyers and a global rotation away from AI-related stocks.

"Benchmark indices extended their winning streak to a third consecutive session," Pabitro Mukherjee, deputy vice president of research at Bajaj Broking, said in a note quoted by The Hindu, adding that Reliance "led the rally following its Q2 results."