Stock market opened sharply higher on Monday, November 2, with the Sensex jumping over 800 points and the Nifty approaching the 23,260 mark. Easing crude oil prices, strong buying in heavyweight stocks and improving global sentiment supported the rally.
At around 9.23 am, the BSE Sensex was trading at 75,261.40, up 801.87 points or 1.08%. The NSE Nifty 50 advanced 205.95 points, or 0.89%, to 23,259.05.
The positive start came after crude oil prices retreated from last week’s six-month highs amid hopes of progress in talks to end the Iran war. Brent crude was trading around $110.01 per barrel, down 3.02%, while WTI crude fell 3.05% to $100.94.
RELIANCE, METAL AND PSU BANK STOCKS LEAD GAINS
Reliance Industries was among the biggest contributors to the rally, rising 4.42% after reporting better-than-expected September-quarter earnings. Tata Steel gained 3.52%, while NTPC advanced 3.16%. Maruti rose 2.46%, and Power Grid and BEL gained 1.80% and 1.79%, respectively.
The Nifty Oil and Gas index was up 2.39%, while the Metal index gained 1.47%. PSU Bank stocks advanced 1.63%, and the Auto index rose 1.20%. The Nifty IT index was also higher by 0.46%.
Broader markets participated in the rally, with the Nifty 100 rising 0.95%, the Nifty 200 gaining 0.92% and the Nifty 500 advancing 0.89%. The Nifty Midcap 100 was up 0.78%, while the Nifty Smallcap 100 gained 0.27%.
India VIX, the market volatility gauge, rose 1.71% to 15.57.
The decline in crude oil prices has eased some concerns around India’s import bill and inflation. Foreign investor buying has also offered support, with overseas investors purchasing Rs 3,600 crore worth of Indian shares on Friday, according to provisional data.
Investors are also reacting to strong quarterly earnings from Reliance Industries, while a selloff in global AI-linked stocks has improved sentiment towards markets such as India, which are seen as relatively less exposed to the AI investment trade.
Market participants will continue to track crude oil prices, foreign fund flows, corporate earnings and developments around the Iran conflict for further direction.
