The Nifty 50 climbed 370.05 points, or 1.58%, to 23,810.85, while the Sensex surged 1225.07 points, or 1.62%, to 76,917.85 at the close on November 3, 2026. The rally was primarily driven by falling crude oil prices, which eased concerns over India's import costs and inflation. Brent crude traded near $105 per barrel after declining approximately 7% in the previous session.
Hopes of Easing Middle East Tensions Support Sentiment
Oil prices retreated amid hopes of progress towards ending the US and Israeli conflict with Iran. Lower energy costs are particularly beneficial for India, which depends heavily on imported crude oil. Airlines, paint manufacturers and other oil consuming businesses attracted buying interest as investors assessed the potential impact on operating costs.
Foreign Investors Return as Corporate Earnings Improve
Foreign institutional investors purchased Indian equities worth approximately ₹3,115 crore on November 2, providing additional support to the market. Strong September quarter earnings also improved sentiment, with Marico reporting a 31% rise in quarterly profit. The combination of renewed foreign buying and improving earnings helped extend Monday's rally.
Sector-Wise Impact
Banking, consumer and aviation stocks participated in the rally. HDFC Bank and Asian Paints advanced approximately 3.5% each, while Bharti Airtel gained 3.7%. However, energy utilities remained under pressure.
Top Gainers and Losers Today
Top 5 Gainers
| Company Name | % Change |
| BSE Ltd | +5.03% |
| Nestlé India Ltd | +4.47% |
| Tata Consumer Products Ltd | +4.29% |
| Asian Paints Ltd | +3.99% |
| Bharti Airtel Ltd | +3.77% |
Top 5 Losers
| Company Name | % Change |
| Power Grid Corporation of India Ltd | -3.04% |
| State Bank of India | -1.70% |
| Oil and Natural Gas Corporation Ltd (ONGC) | -1.13% |
| Adani Enterprises Ltd | -0.84% |
| Tata Steel Ltd | -0.49% |
Outlook: What to Watch Next
The sustainability of the rally will depend on crude oil movements, foreign institutional flows and upcoming corporate earnings. Investors will also monitor the November 3 US midterm elections, which could influence global market sentiment. Nifty's ability to sustain above 23,600 remains an important near term indicator.
