Closing Bell: Nifty Surges 1.68% to 23,441 as Reliance Rallies 11.6% on Record Profit, Crude Cools Below $110

2 Nov 2026 , 04:34 PM

Indian benchmark indices surged on 2 November 2026, with Nifty rising 387.70 points to 23,440.80 and Sensex adding 1,233.25 points to 75,692.78, as Reliance Industries soared 11.60% after posting its highest-ever quarterly profit. Energy, Infrastructure and Metal stocks led the rally, while softer crude oil prices and a rotation away from US tech stocks supported broader sentiment. IT and Media stocks lagged, even as heavyweight-led buying helped the market begin Diwali week on a strong note.

Market Overview: Nifty, Sensex, and Bank Nifty Performance 

• Nifty 50 closed at 23,440.80 up 387.70 points (1.68%) 

• Sensex ended at 75,692.78, up 1,233.25 points (1.66%) 

• Nifty Bank settled at 55,002.20, up 315.25 points (0.58%) 

Top Gainers 

1. Reliance Industries Limited – closing at 1,300.00 up by 11.60%
2. Tata Steel Limited – closing at 177.37 up by 5.83%
3. JSW Steel Limited – closing at 1,309.90 up by 5.13%
4. Coal India Limited – closing at 408.00 up by 4.88%
5. Shriram Finance Limited – closing at 863.35 up by 4.88%

Top Losers  

1. Infosys Limited – closing at 1,161.00 down by 2.03%
2. ICICI Bank Limited – closing at 1,387.40 down by 0.76%
3. Dr. Reddy’s Laboratories Limited – closing at 1,342.00 down by 0.74%
4. Kotak Mahindra Bank Limited – closing at 458.35 down by 0.70%
5. Axis Bank Limited – closing at 1,209.00 down by 0.66%

Trending stocks  

1. Reliance Industries Limited– 

• Closed at ₹1,300.00, up 11.60% 

⮚ Record Quarterly Profit Boosted Sentiment: Reliance reported its highest-ever quarterly profit of ₹29,550 crore, up 33.8% YoY from ₹22,092 crore (and above ₹23,196 crore in the previous quarter), while consolidated revenue rose 27.8% to ₹3,62,268 crore and EBITDA climbed 23.9% to a record ₹62,409 crore.

⮚ Oil-to-Chemicals Business Delivered a Record Quarter: The O2C segment’s EBITDA jumped 67.9% to ₹25,203 crore on revenue growth of 44.2% to ₹2.32 lakh crore, helped by higher transportation fuel margins, stronger petrochemical margins and refining margins at historic highs.

⮚ Jio Platforms Added to Earnings Growth: Jio Platforms’ revenue rose 11.3% to ₹47,485 crore and EBITDA grew 16.6% to ₹21,879 crore, offsetting a relatively subdued performance from the retail business.

⮚ Brokerages Stayed Positive on the Stock: Goldman Sachs retained its Buy rating with a target of ₹1,840, saying Q2 EBITDA beat its estimates by 9%, while Nomura kept Buy with a target of ₹1,560. Both flagged weak retail performance, and Goldman expects refining margins to ease in the December quarter.

⮚ Heavy Index Weight Lifted the Nifty: With a weight of roughly 7.3% in the Nifty 50, Reliance emerged as the top Nifty gainer and the biggest contributor to the index, with traded value of about ₹11,004 crore.

2. Infosys Limited– 

• Closed at ₹1,161.00, down 2.03%  

⮚ Weak Global Tech Cues Weighed on IT Stocks: Infosys was the top loser on the Nifty 50, while the Nifty IT index closed 0.50% lower at 32,442.50, even as the broader market rallied.

⮚ Nasdaq Sell-off on AI Spending Worries Hit Sentiment: The Nasdaq fell nearly 2.9% on Friday as investors questioned heavy AI spending and whether it will pay off, triggering selling in Indian IT counters, with Infosys trading lower alongside Tech Mahindra.

⮚ Money Rotated Away From Tech Towards the Broader Market: Analysts said the weakening AI trade is beneficial for India as funds rotate out of expensive tech, leaving IT as a relative laggard. Infosys also saw heavy turnover, with 129.18 lakh shares worth ₹1,508.18 crore changing hands.

 

Sectoral Performance Index 

• Bottom of Form 

Indices	Change
Nifty Media	-0.76%
Nifty IT	-0.50%
Nifty Metal	3.21%
Nifty Infrastructure	3.70%
Nifty Energy	3.92%

 

Sectoral Performance & Key Reasons 

Sectoral performance was broadly positive on 2 November 2026, with 9 of the 13 major sectoral indices ending in the green as investors reacted to Reliance’s record earnings and easing crude oil prices. Nifty Energy (+3.92%) emerged as the best-performing sector, led by Reliance Industries’ 11.60% surge after its record quarterly profit. Nifty Infrastructure (+3.70%) and Nifty Metal (+3.21%) also rallied sharply, with steel majors Tata Steel (+5.83%) and JSW Steel (+5.13%) among the top Nifty gainers. Nifty PSU Bank (+1.36%), Nifty Auto (+1.33%) and Nifty Realty (+1.03%) also closed higher. On the other hand, Nifty Media (-0.76%) and Nifty IT (-0.50%) ended in the red, with IT stocks weighed down by a sharp fall in US tech shares on AI-spending worries, while Nifty Private Bank (-0.14%) and Nifty Pharma (-0.07%) slipped marginally as ICICI Bank, Kotak Mahindra Bank, Axis Bank and Dr. Reddy’s Laboratories declined.

Main Reasons for Stock Market Up Today  

• Reliance’s Record Quarterly Profit Powered the Heavyweight Rally 

Reliance Industries surged 11.60% to ₹1,300.00 after posting its highest-ever quarterly profit of ₹29,550 crore, up 33.8% YoY. With a weight of roughly 7.3% in the Nifty 50, the stock was the biggest contributor to the index gain, lifting both the Sensex and Nifty sharply.

• Decline in Crude Oil Prices Eased Inflation and Import Bill Worries 

Brent crude fell about 3% to nearly $110 per barrel, cooling from last week’s high of $118, following Iranian and Qatari talks aimed at ending the US-Israeli war on Iran. Lower crude prices ease concerns over India’s import bill, inflation and corporate input costs, supporting buying in domestic equities.

• Sell-off in US Tech Stocks Favoured Indian Markets 

The Nasdaq fell nearly 2.9% on Friday on worries over heavy AI spending and whether it will pay off. Analysts see India, with limited exposure to the AI-driven rally, as a beneficiary of money rotating out of expensive tech, with markets strategist V K Vijayakumar noting that the weakening AI trade is beneficial for India. 

• Lower US Bond Yields and Foreign Buying Boosted Sentiment 

The US 10-year Treasury yield slipped below 5% (4.927% on 2 November), making emerging markets like India more attractive. Foreign portfolio investors bought ₹13,213.41 crore of Indian equities in the last week of October, while FIIs bought ₹3,598.54 crore on Friday.

• Budget Tax Hopes and Positive Asian Cues Supported Risk Appetite 

Hopes of a cut or possible abolition of the long-term capital gains (LTCG) tax in the upcoming Union Budget lifted sentiment, though there is no official confirmation of such a proposal. Asian markets also traded higher, encouraging investors to add equity exposure at the start of Diwali week.

Summary– 

Indian benchmark indices ended sharply higher on 2 November 2026, with Nifty gaining 1.68% and Sensex 1.66%, supported by Reliance Industries’ record quarterly profit, a decline in crude oil prices, weakness in US tech stocks and sustained foreign inflows. However, gains were capped by weakness in IT, Media, Pharma and private banking stocks.

• Energy, Infrastructure and Metal stocks led the market, driven by Reliance’s 11.60% surge and strong buying in steel majors Tata Steel and JSW Steel, while Coal India and Shriram Finance also gained 4.88% each. PSU Bank, Auto and Realty stocks also ended higher.

• Investor sentiment was supported by easing crude oil prices, lower US bond yields, foreign buying and hopes of LTCG tax relief in the Budget. IT stocks lagged as the Nasdaq sell-off on AI-spending worries weighed on Infosys (-2.03%), while ICICI Bank, Kotak Mahindra Bank and Axis Bank slipped up to 0.76%.

With the Nifty 50 closing at 23,440.80, up 387.70 points (1.68%), the Sensex ending at 75,692.78, up 1,233.25 points (1.66%), and the Nifty Bank rising 315.25 points (0.58%) to 55,002.20, the day’s trade reflected heavyweight-led buying in energy and metal stocks, helping the market begin Diwali week on a firm footing despite weakness in IT.