Indian Equity Benchmarks Surge on Strong Reliance Profits
Indian stock markets opened significantly higher on Monday, driven by record Reliance Industries profits, easing crude prices, and strong domestic credit growth.
Indian equity benchmarks opened with strong gains on Monday, November 2, 2026. The BSE Sensex jumped 764.72 points to 75,216.80, while the NSE Nifty rose 201.40 points to 23,222.30 in early trade. The rally was primarily driven by Reliance Industries, which saw its shares increase by more than 6 per cent after reporting a record quarterly profit of Rs 29,550 crore for July-September, a 33.8 per cent year-on-year increase.
Market growth was supported by a combination of domestic and external factors. Domestically, investors reacted positively to 17.94 per cent credit growth, robust October GST collections, and expectations that the upcoming Budget may abolish the Long Term Capital Gains tax. Externally, Brent crude prices moderated to approximately $110 per barrel and the US 10-year bond yield dropped to 4.93 per cent.
Analysts noted that a downturn in US AI-related stocks, which saw the Nasdaq fall 2.8 per cent, actually benefited Indian markets as investors viewed them as a counter-play to the weakening AI trade. V K Vijayakumar of Geojit Investments characterized the current market sentiment as being in favor of the bulls.
