Indian shares started November on a strong note, with Reliance Industries leading a stock market rally on Monday, November 2. Strong quarterly earnings and falling crude oil prices helped lift both benchmark indices by more than 1% during morning trading.
The Sensex climbed as much as 1,030 points to 75,489.70, while the Nifty 50 gained around 278 points to reach 23,330.70. The advance extended the indices’ winning streak to a third trading session. These figures reflect intraday trading, rather than closing levels.
Reliance was a major driver of the gains. Its shares rose around 6% in early trade after September-quarter profit exceeded expectations. Stronger refining and petrochemical margins supported the results, giving investors a reason to buy the heavyweight stock.
Lower oil prices also helped sentiment. Brent crude eased towards $110 a barrel from approximately $118 on Friday as diplomatic efforts raised hopes of progress towards ending the Iran conflict. For India, which relies heavily on imported oil, cheaper crude could ease pressure on energy costs and inflation if the decline continues.
Buying extended beyond Reliance. Mid-cap and small-cap indices advanced, while metal, public-sector banking, FMCG and realty stocks attracted interest. Pharmaceutical shares were an exception, with the sector trading lower.
Foreign investment provided another supportive signal: overseas institutional investors bought roughly ₹3,598 crore of Indian equities on Friday. Together with earnings optimism and easing oil prices, those inflows strengthened the mood on Dalal Street as the new trading week began.
