Indices end nearly 2% higher on Monday, RIL posts best gains since 2020

Benchmark indices soared for the third consecutive trading day on Monday (November 2, 2026) and settled higher despite paring some gains. Sensex ended 1,233 points higher at 75,682.78, while the Nifty 50 closed 387.70 points higher at 23,440, both up 1.7%. 

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“Benchmark indices extended their winning streak to a third consecutive session. Reliance Industries led the rally following its Q2 results, while broad-based buying across sectors and sustained participation in large-cap stocks supported the positive momentum. The broader market also witnessed healthy buying interest,” Pabitro Mukherjee, deputy vice president-research at Bajaj Broking said in a note.

Reliance Industries marked its highest level since over six years and jumped 11.6% following a higher-than-expected earnings for Q2FY27. Mukesh Ambani-led Reliance posted a 32% increase in profit after tax (PAT) to ₹29,250 crore for the quarter ended September driven by a near 28% rise in gross revenue.

The rally lifted major sectors including energy, metals, PSU banks and automakers while IT, Media and Pharmaceuticals remained laggards.

Strong corporate earnings for the quarter ended September has lifted investor sentiments despite uncertainty surrounding the West Asia conflict. According to estimates by Motilal Oswal Financial Services, as of October 31, earnings of 35 Nifty companies which have disclosed their financial results have grown 22% on year led by Reliance Industries, JSW Steel, ICICI Bank, Coal India and Axis bank. 

Further, crude prices too declined in early trade following a progress in peace talks in the Iran-US war. The benchmark Brent crude fell over 4% on Monday (November 2) on renewed hopes after Iranian negotiators spoke with their Qatari counterparts and a draft proposal is being circulated, according to a report by Reuters. 

At 4 p.m., the benchmark Brent crude fell nearly 4.2% to $108 per barrel while the West Texas Intermediate crude traded at $99.71 a barrel. Brent crude surged to a six-month high of $118 per barrel last Friday following Houthi attacks on Saudi Arabia.