Stocks rally: Sensex jumps 1,233 points to 75,693 as crude eases

Indian stocks rallied for a third straight session on Monday, November 2, 2026, as lower crude oil prices and a sharp rise in Reliance Industries shares lifted buying across the market. The BSE Sensex gained 1,233.25 points, or 1.66%, to close at 75,692.78, finishing the day at its intraday high. The NSE Nifty 50 rose 387.70 points, or 1.68%, to end at 23,440.80. The Sensex had opened at 75,178.24 against Friday's close of 74,459.53, and widened its gains through the day as Brent crude fell to about $109 a barrel during talks involving Iran and Qatar.

For India, oil is the single price that moves the market most in the current climate. The country imports most of the crude it uses, so every dollar off the price of a barrel eases pressure on the rupee, on inflation and on the government's subsidy and fiscal sums. Brent had climbed above $110 on supply fears linked to the conflict around Iran and the Strait of Hormuz, and the market had fallen over several sessions in late October as it did. Monday's move came as talks mediated by Qatar raised hopes of shipping through the strait resuming, which pulled oil back from its highs.

The second force was Reliance Industries, one of the most heavily weighted companies in the benchmarks. Its quarterly results, announced at the end of last week, showed strong growth in telecom and petrochemicals, and its shares rose from the opening bell. Because Reliance carries a large weight in both the Sensex and the Nifty, a big move in its shares alone shifts the indices noticeably. Reports on the size of its closing gain differed, but all agreed it was the day's main driver.

The rally also came at the start of a busy week. Hundreds of listed companies, including ITC, Bharti Airtel, NSE, BSE and LIC, are due to report quarterly numbers, and the United States holds its midterm elections on Tuesday, an event that global investors are watching for its effect on trade and interest rates.

Peepals calculation: Brent's slide from about $118 to about $109 is a fall of roughly 7.6% from Friday's six-month high ((118 − 109) ÷ 118 ≈ 0.076). The Sensex's 1,233.25-point gain on a base of 74,459.53 works out to 1.656%, which rounds to the reported 1.66%, and the Nifty's 387.70 points on its previous close of 23,053.10 give the reported 1.68%. Our calculation from the reported figures.

Short-term: Lower oil and strong results from India's biggest company gave the market its best day in weeks. The direction over the coming days will depend heavily on whether crude keeps easing, on the flow of quarterly results, and on how global markets react to the US vote.

Long-term: A sustained fall in crude would help India's trade balance, inflation and the rupee, which in turn supports company profits. If oil climbs back above recent highs, the gains could prove short-lived, as they did after earlier rallies in October.

Who is affected: Retail and institutional investors in Indian shares, mutual fund holders whose schemes track the Sensex or Nifty, Reliance shareholders, and oil-sensitive sectors such as airlines, paints and oil marketing companies.

What to watch next: quarterly results from ITC, Bharti Airtel, NSE, BSE and LIC this week, and the US midterm elections on Tuesday, November 3.

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