Nifty rises 1.08% as Reliance gains 6% and Sensex climbs 1.27%
Key Facts
The Nifty 50 rose 1.08% to 23,304.90 points, while the Sensex climbed 1.27% to 75,404.64 points by 9:42 a.m. India time on November 2, 2026, according to Reuters. Reliance Industries, India’s largest company by market capitalization, led gains among major companies after its shares rose about 6%. The stock jump followed the company’s announcement of quarterly earnings that Reuters described as beating expectations, while a filing with the National Stock Exchange of India sets out the financial figures reported for the quarter. The stocks’ rise coincided with lower oil prices and Iranian-Qatari talks on ending the war, two developments covered in the market on Monday morning. The results and official data provide a picture of the company’s and economy’s performance, while the index figures reflect trading at a specific point in the session.
Reliance’s unaudited consolidated results showed revenue from operations of 3,32,86,100 lakh rupees for the three months ended September 30, 2026. Total net profit for the period was 29,55,000 lakh rupees, of which 25,54,800 lakh rupees was attributable to owners of the parent. Basic and diluted earnings per share were 18.88 rupees. The results are for the second quarter of fiscal year 2026-2027 and were approved by the company’s board on October 30, 2026. The three indicators provide separate readings on revenue, total profitability and earnings per share, while the description of the results as better than expected is attributed to Reuters’ coverage, not the financial filing alone.
Analysts at JPMorgan attributed the performance to strong refining and petrochemical margins, saying, "Quarterly results reflected the underlying strength of refining and petrochemical margins." The analysts, led by Sanjay Mukim, added, "Valuations are attractive, and retail momentum should improve gradually." Their assessment puts refining and petrochemicals at the center of their interpretation of the results, while pointing to their expectation of a sequential improvement in retail momentum. The shares’ roughly 6% rise on November 2 came after the quarterly earnings announcement, according to Reuters. The official financial filing did not provide an estimate comparing results with analysts’ expectations.
In the energy market, Brent crude fell to $110 a barrel on November 2, from a high of $118 on Friday, October 30, according to Reuters. The decline came as Iranian and Qatari officials held talks for a third consecutive day on an agreement aimed at ending the U.S.-Israeli war on Iran. Iranian Foreign Minister Abbas Araghchi said on November 1 that consultations with mediators were continuing and that Iranian negotiators were in Qatar to discuss a proposal that could reopen the Strait of Hormuz within two days if the United States met Iranian conditions. Araghchi said there were no direct talks with Washington. The oil decline and movement in negotiations provide geopolitical context for the stock session, while the available figures do not independently measure the talks’ effect on investor sentiment.
On economic activity, India’s industrial production index grew 6.7% year on year in September 2026, according to a statement from the Ministry of Statistics and Programme Implementation, compared with a quick estimate of 8.0% in August. Manufacturing grew 7.6%, while electricity and gas output rose 11.2% in September. The comparison shows the overall index slowing between the two months alongside continued growth in manufacturing and energy, without the statement establishing a causal link between these readings and stock movements on November 2. The figures were released in a ministry statement dated October 28 and cover September. They therefore provide economic context ahead of the session, not a confirmed explanation for its gains.
Manufacturing growth extended to 17 of 23 industrial groups in September compared with the same month a year earlier. Electrical equipment manufacturing recorded the highest growth among the three leading groups, at 33.9%, followed by rubber and plastic products manufacturing, up 19.9%, and motor vehicles, trailers and semi-trailers manufacturing, up 19.0%. The figures show positive growth across most classified industrial groups, with clear differences in expansion rates among activities. The sector details also show sources of manufacturing’s contribution to industrial production growth during the month, alongside growth in electricity and gas. These are year-on-year figures for September, not month-on-month measures of changes in output.
The Nifty 50 and Sensex ended a two-month run of monthly losses in October, rising 1.9% and 2.7%, respectively, during the month. The information technology index rose 17.7% in October, its strongest monthly performance in more than six years, according to Reuters. October’s gains provide recent context for the two indexes’ rise in the November 2 session, but they cover a full month and do not measure the current session’s performance. On upcoming data, the Ministry of Statistics said the quick estimate of the industrial production index is published on the 28th of each month, or on the next working day if the date falls on a holiday. This schedule puts the next monthly reading on its usual release date, without specifying a new figure or an advance result.