Overview
- Benchmarks jumped in early trade on Monday, November 2 after heavy buying in Reliance and other large caps lifted the Sensex by more than 1,000 points at its intraday high and pushed the Nifty above 23,300.
- Reliance Industries reported a record September‑quarter net profit (reported around Rs 29,550 crore), and its stock accounted for a large portion of the rally as investors re-rated the company’s energy and digital earnings.
- Brent crude fell from roughly $118 to about $109–$111 a barrel on reports of talks between Iranian and Qatari officials, easing immediate concerns about oil supply and India’s import bill.
- Provisional exchange data showed renewed foreign institutional investor buying of roughly Rs 3,600 crore on the prior trading session, which traders said amplified the early‑November rebound across oil, metals and PSU bank stocks.
- Analysts warn the recovery’s durability depends on the next set of Q2 results, any reversal in oil prices driven by Middle East developments, and moves in US Treasury yields and the dollar that could alter FII flows and rupee pressure.