Indian markets rallied sharply on Monday, adding more than Rs 6 lakh crore to total market capitalization as the benchmark Sensex surged over 1,000 points and the Nifty 50 cleared 23,300, driven by falling global crude oil prices, strong quarterly corporate earnings, and a surge in domestic buying.
Trading desks opened to broad-based gains on Monday, November 2, 2026, following a flat finish to the previous week. The benchmark Sensex opened at 75,242.57, climbing 1.05% in early trade before extending gains, while the Nifty 50 pushed past 23,300. The sharp upward momentum added more than Rs 6 lakh crore to the total market capitalization of all companies listed on the Bombay Stock Exchange in less than an hour, pulling total market capitalization up to Rs 480 lakh crore.
Crude Oil Declines and Earnings Strength Drive Dalal Street Higher
Market analysts pointed to a confluence of external relief and robust domestic numbers for the rally. Global crude oil prices dropped as Iranian and Qatari officials continued discussions to end the conflict that began in February earlier this year. Brent crude futures dropped 2% on Monday and were trading around $111 per barrel, down from a level near $118 the previous week. Lower oil prices offer substantial relief to India, which imports nearly 90% of its crude requirements.
Domestic heavyweights provided fundamental support through strong financial results. Reliance Industries led the Sensex higher, surging more than 5% after reporting a 41% year-on-year rise in consolidated net profit to Rs 25,548 crore for the July-September quarter of fiscal year 2027, up from Rs 18,165 crore in the year-ago period. Jio Platforms, which debuted on Dalal Street last week as India’s second most valuable company, saw its shares rally over 3% after posting a 14% year-on-year increase in consolidated net profit to Rs 8,389 crore.
Foreign Institutional Inflows and Rupee Pressures
Market participants monitored foreign exchange movements as the rupee traded under pressure. The rupee fell 21 paise and was trading at 94.97 against the dollar in early trade.
Exporters to keep selling the upticks while importers to buy the dips this morning as we keep a watch on FPI inflows as also RBI which may absorb these inflows but will ensure that dollar/ rupee does not fall much.
Anil Kumsr Bhansali, head of treasury and Finrex Treasury Advisors LLP
Data released by the Reserve Bank of India on Friday showed that India’s foreign exchange reserves declined by $1.269 billion to $719.748 billion in the week ended October 30, following a $5.011 billion contraction in the preceding reporting week ended October 16.
Sector Performance and Global Market Spillover
Sectoral performance reflected the strong risk-on environment. The Nifty Oil & Gas index jumped nearly 3% to lead sectoral gains, while Nifty Metal, Nifty PSU Bank, and Nifty Consumer Durables advanced more than 1% each. Bucking the wider trend, Sun Pharma shares fell 2%, and Nifty Pharma and Nifty Private Bank indices slipped into negative territory.
Asian markets were also supported by heavy selling in AI and tech companies in Wall Street amid concerns over valuations and returns.