Summary:
The Nifty and Sensex rallied on November 2 as easing crude oil prices, renewed diplomatic discussions around Iran, Reliance Industries' strong earnings and foreign investor buying lifted sentiment. Metal and energy stocks led gains, while IT and pharma shares declined.
Why Did the Nifty and Sensex Jump Today?
The Indian stock market rallied on Monday, November 2, 2026, with the Nifty 50 closing 1.68% higher at 23,324.55, while the Sensex gained over 1200 points or 1.66% to settle at the 75,692.78 mark. The primary trigger was falling crude oil prices amid renewed diplomatic efforts to end the Iran war. Brent crude slipped towards $110 per barrel from Friday's six-month high of $118, easing concerns over India's oil import bill and inflation.
US-Iran Peace Talks Improve Investor Sentiment
Iranian and Qatari officials held discussions for a third consecutive day, raising hopes of easing tensions in West Asia. Lower oil prices could reduce pressure on India's current account deficit and the rupee, encouraging buying across equities.
Reliance Earnings and Foreign Buying Support Gains
Reliance Industries gained nearly 11.6% following stronger-than-expected September-quarter earnings, supported by improved refining and petrochemical margins. Foreign institutional investors also provided support after purchasing ₹3,598.54 crore worth of Indian equities on Friday, October 30.
Sector-Wise Impact
Metal, energy and consumer durables stocks led the advance, with the Nifty Metal and Energy indices gaining over 3.5% on Monday. PSU banks and automobiles also attracted buying, surging over 1%, while Nifty IT, Nifty Media and Nifty Pharma stocks remained under pressure.
Top Gainers and Losers Today
Nifty 50 Top Gainers
| Company Name | % Change |
| Reliance Industries | +11.60% |
| Tata Steel | +5.83% |
| JSW Steel | +5.13% |
| Coal India | +4.88% |
| Shriram Finance | +4.88% |
Nifty 50 Top Losers
| Company Name | % Change |
| Infosys | -2.03% |
| ICICI Bank | -0.76% |
| Dr. Reddy's Laboratories | -0.74% |
| Kotak Mahindra Bank | -0.70% |
| Axis Bank | -0.66% |
Outlook: What to Watch Next
Investors will closely monitor developments in the Iran peace negotiations, crude oil prices and upcoming corporate earnings. Sustained strength above 23,300 on the Nifty could indicate improving market momentum, while renewed oil price increases remain a key risk.
