The BSE Sensex surged 1,006.58 points on November 2, while the Nifty touched 23,360.50 as markets rallied. Reliance Industries led the gains after strong quarterly results. Lower crude oil prices helped sentiment, though experts noted the rise remained uneven. “The broader market advance remained uneven, with gains concentrated in select heavyweight stocks.”
Markets extended their morning gains sharply by mid-session on Monday, November 2, 2026, with the BSESensex surging 1,006.58 points or 1.35 per cent to 75,466.11 as of 11.16 am, touching an intraday high of 75,557.06 against a previous close of 74,459.53. The Nifty50 climbed 284.60 points or 1.23 per cent to 23,337.70, touching an intraday high of 23,360.50, against its previous close of 23,053.10 and an opening of 23,222.30.
On the BSE, 2,730 stocks advanced against 1,299 declines, with 71 stocks hitting 52-week highs and 154 stocks in the upper circuit. The Nifty50 showed 36 advances against 14 declines, with total value traded at ₹15,367.80 crore and volume at 1,737.82 lakh shares.
Reliance Industries remained the standout mover, extending its gains after strong quarterly results declared on Friday. “Reliance Industries surged nearly 5 per cent following its strong quarterly results announced on Friday, lending support to the benchmark indices,” said Ponmudi R, CEO of Enrich Money. However, he cautioned that “the broader market advance remained uneven, with gains concentrated in select heavyweight stocks.”
The primary driver behind the rally was a sharp decline in crude oil prices, triggered by diplomatic progress in US–Iran negotiations. WTI crude fell approximately 1.90 per cent to $100.98 a barrel from an open near $102.40, while Brent retreated to around $109–$110 from last week’s high of $118. Iranian Foreign Minister Abbas Araqchi described three consecutive days of discussions with Qatari mediators as “ongoing and progressing.” U.S. President Donald Trump separately said Washington would refrain from attacking Iran ahead of Tuesday’s midterm elections, citing progress in negotiations, though he did not rule out military action thereafter.
Technically, the Nifty50 has reclaimed its 50-day EMA, with RSI improving to around 58. Immediate resistance stands at 23,300–23,400, while support lies at 23,150–23,100 and the psychological 23,000 level. Bank Nifty, which opened near 54,837, continues to show relative weakness against the broader market, facing selling pressure at the 55,000–55,200 band. “A decisive move above 55,200 will be important to establish a stronger recovery,” Ponmudi said, warning that “a decisive break below 54,400 could intensify selling pressure.”
Attacks on tankers in the Strait of Hormuz continue to pose residual risks to shipping and energy supplies, keeping transportation costs elevated. OPEC+ has also maintained its December production targets unchanged, limiting the prospect of near-term additional supply. “A sustained decline in crude prices and tangible progress in US–Iran negotiations will be important in supporting further gains,” Ponmudi cautioned, “while any renewed escalation could quickly reverse the improvement in market sentiment.”