Sensex jumps 756.80 points as oil falls and talks to end war continue
Key Facts
The Sensex rose 756.80 points, or 1.02%, to 75,216.33, while the Nifty 50 gained 195.70 points, or 0.85%, to 23,248.80 at 9:17 a.m. Indian time on November 2. Business Standard reported the levels as a morning trading reading, not a session close. The move coincided with oil prices falling by more than 1%, while talks between Iranian and Qatari officials on ending the U.S.-Israeli war on Iran continued for a third day. The two indexes thus began the week higher after the final session in October, when both closed below Monday morning’s reading. These figures alone do not establish that the decline in crude directly caused the rise in stocks.
Brent crude futures fell $1.59, or 1.40%, to $111.84 a barrel by 00:11 GMT, while West Texas Intermediate fell $1.56, or 1.50%, to $102.56. Reuters reported that crude’s decline followed a third day of Iranian-Qatari talks aimed at advancing an agreement to end the U.S.-Israeli war on Iran. Iranian Foreign Minister Abbas Araghchi said consultations with mediators were continuing and that his country was prepared for defense and diplomacy. He added that direct talks with the United States were not taking place at present. This puts the mediation process at the center of oil-market monitoring, without indicating that an agreement has been reached or that direct talks have begun.
The Sensex ended October up 2.7%, and the Nifty 50 rose 1.9%, ending a two-month losing streak for both indexes, Reuters reported. In the October 30 session, the Sensex closed at 74,459.53 and the Nifty 50 at 23,053.1, according to EL7 data. The comparison shows that the November 2 morning reading exceeded the previous Friday’s close for both indexes, but it is not enough to describe it as Monday’s close. On the corporate front, Reliance Industries, India’s largest company by market capitalization, reported a 40.6% increase in quarterly net profit. The company attributed this to strength in its energy businesses and Jio Platforms’ digital services, while Reuters said earnings beat expectations.
Against a broader market backdrop, the U.S. Bureau of Economic Analysis’ initial estimate showed real gross domestic product growing at an annual rate of 3.4% in the third quarter of 2026, compared with 2.2% in the second quarter. The bureau attributed the increase to higher investment, consumer spending and government spending, partly offset by a decline in exports. This provides economic context separate from the movement in Indian indexes, as the available facts do not link the U.S. GDP reading to the rise in stocks during morning trading. In energy markets, Brent had ended October at its highest level in six months, amid concerns that the U.S.-Iran conflict could escalate after the U.S. midterm elections scheduled for Tuesday. Senior market analyst Tim Waterer warned that an escalation in rhetoric over Iran after the elections could push Brent toward $120 a barrel.
The next scheduled date in the economic events cited is November 25, 2026, when the Bureau of Economic Analysis will release its next estimate of U.S. gross domestic product. In the oil market, the U.S. elections scheduled for Tuesday and mediation efforts over the war remain developments cited by analysts and officials in their monitoring of prices. The source did not specify a date for another round of Iranian-Qatari talks. The facts also do not include a later Indian market session or the indexes’ closing levels on November 2. The stock figures here therefore remain a snapshot of trading at 9:17 a.m. Indian time.