Indian stock market traded sharply higher on Monday, November 2, as the key equity indices- Sensex and Nifty- skyrocketed in early trade amid buying in Reliance shares after the Oil major posted Q2 earnings. A decline in crude rates, Foreign fund inflows and a positive trend in Asian equities also added to the market's optimism.
Sensex, the 30-share BSE index, jumped 1,030 points to hit an early high at 75,489.70 as compared to last closing of 74,459.53. The 50-share NSE Nifty soared 277 points to an early high of 23,330.70 from the previous day's closing of 23,053.10.
Key Factors Behind Stock Market Rally
Reliance Share Price
Reliance Industries share price jumped over 6 per cent in early trade after the Mukesh Ambani-led conglomerate posted a record quarterly profit of Rs 29,550 crore for the second quarter of the current financial year (Q2 FY26), registering a surge of 33.8 per cent year-on-year (YoY).
2. Ease In Crude Rates
Crude prices took a sharp decline in the past two days after surging to over $117 per barrel. Last seen, Brent Crude, the global oil benchmark, was trading below $110 per barrel. Brent Crude was quoted at $109.8, $3.59 or 3.16 per cent.
3. Foreign Fund Inflow
Foreign Institutional Investors (FIIs) returned as buyers in the last trading session as they bought equities worth Rs 3,598.54 crore on Friday, according to exchange data.
4. Firm Cues In Asian Market
Major Asian markets were trading in positive territory. South Korea's Kospi, Japan's 225 index, Shanghai's SSE Composite index and Hong Kong's Hang Seng index were quoted higher.
Meanwhile, US markets ended in red on Friday.
Top Gainers And Losers
From the Sensex Basket..
Top Gainers: Reliance Industries, Tata Steel, Maruti, NTPC, Ultratech Cement, SBI, L&T, Hindustan Unilever, Asian Paint, BEL, Mahindra And Mahindra, Bajaj Finance, TCS, and Eternal
Top Losers: Infosys, Sun Pharma, Adani Ports, Trent, and Axis Bank