Indian benchmark indices are likely to see a strong opening on November 3, tracking GIFT Nifty, which is trading higher by 154 points at 23,551.50. Markets got a boost after Indian benchmarks ended higher on November 2, with the Nifty crossing the 23,300 mark supported by strong buying in heavyweight stocks.

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Indian benchmark indices are likely see a strong opening on November 3, tracking GIFT Nifty, which is trading higher by 154 points at 23,551.50 in early trade.

Track the latest updates on GIFT Nifty right here on Moneycontrol

Indian benchmarks ended higher on the third straight session on November 2, with the Nifty crossing the 23,300 mark supported by strong buying in heavyweight stocks, particularly Reliance Industries. RIL rallied around 11.5% after reporting strong Q2 earnings.

However, fall in US bond yield, cooling of Brent crude prices amid hopes of progress in talks to end the Iran war, and robust GST collections in October also supported sentiment.

Reliance Industries (RIL) shares surged over 11%, marking their biggest single-day gain since April 2020. The rally pushed the company's market capitalisation past Rs 17 lakh crore, following record Q2 FY27 earnings and bullish brokerage calls.

At close, the Sensex was up 1,233.25 points or 1.66 percent at 75,692.78, and the Nifty was up 387.70 points or 1.68 percent at 23,440.80.

Here is how financial markets across the globe fared overnight:

GIFT Nifty (Rises)

GIFT Nifty was trading firm at around 23,551.50 in early trade, indicating a gap-up start for the domestic equity markets.

Asian Markets (Down)

Asian stocks opened lower after a selloff in US chipmakers deepened, overshadowing a plunge in oil prices on optimism over diplomatic progress toward ending the war in Iran.

The MSCI Asia Pacific gauge dropped 0.4% with South Korea’s Kospi Index sliding almost 3%.

US Equities (Down)

The S&P 500 ended lower on Monday as oil prices tumbled ​on optimism about a potential US-Iran peace agreement, while Apple shares dipped ahead of the iPhone maker's quarterly report and investors awaited ‌Tuesday's US midterm elections.

The S&P 500 declined 0.51% to end the session at 7,541.40 points.

The Nasdaq dropped 1.07% to 25,164.32 points, while the Dow Jones Industrial Average rose 0.41% to ​51,983.98 points.

Dollar Index (Up)

The dollar wavered alongside oil prices on Tuesday on hopes for a diplomatic breakthrough between the US and Iran, while the Aussie was steady ahead of the Reserve Bank of Australia's rate decision.

The dollar index, which measures the currency against a basket of currencies including the yen and the euro, last traded a shade weaker at 101.76 after dropping to a one-month low on Monday.

US Bond Yield (Up)

The yield on the benchmark US 10-year Treasury note was steady at 4.9145%, while that on the 30-year bond was also flat at 5.2868%. Both had dipped to their lowest levels in nearly two months in the previous session.

Asian Currencies (Mixed)

Asian currencies traded on a mixed note against the US dollar, with the Philippine peso gaining the most, rising 0.23 percent, followed by the South Korean won, which appreciated 0.18 percent. The Chinese renminbi and Japanese yen also strengthened by 0.12 percent and 0.013 percent, respectively. Meanwhile, the Indonesian rupiah slipped 0.05 percent, while the Thai baht declined 0.07 percent. The Malaysian ringgit and Singapore dollar weakened 0.10 percent each, while the Taiwan dollar fell the most, losing 0.28 percent against the US dollar.

Crude (Down)

Oil steadied after its biggest slump in more than three months, with the US and Iran signaling a willingness to pursue peace talks as the war in the Middle East enters its ninth month.

West Texas Intermediate traded near $96 a barrel after sinking 7.4% on Monday. Brent closed below $105.

Gold (Gains)

Gold was steady, after jumping the most in two months on Monday as hopes of a breakthrough in US-Iran peace talks sent oil prices plunging and eased anxiety over accelerating inflation.

Bullion traded above $3,950 an ounce, after climbing 1.9% in the previous session.

Silver was up 0.3% at $50.77, after rising more than 3% on Monday. Platinum and palladium edged higher.

Fund Flow Action

Foreign institutional investors (FIIs) extended their buying streak for the second consecutive session, purchasing equities worth Rs 3,114 crore on November 2. Meanwhile, domestic institutional investors (DIIs) remained net sellers for the second straight session, offloading equities worth Rs 392 crore.

Hope you're all set for today's trade. We wish you a profitable day ahead.