A nearly 12 per cent surge in Reliance Industries, its third-biggest single-day gain in the past 10 years, powered Indian equities sharply higher on Monday.
The stock accounted for about 61 per cent of the Sensex’s gains and nearly half of the Nifty 50 rise, helping the benchmarks extend their winning streak to a third consecutive session amid falling crude oil prices, foreign fund inflows and improving risk sentiment.
The 30-share BSE Sensex rose 1,233.25 points, or 1.66 per cent, to close at 75,692.78, while the NSE Nifty 50 gained 387.70 points, or 1.68 per cent, to settle at 23,440.80. Both indices closed at their day’s highs.
The market breadth remained firmly positive, with advances comfortably outnumbering declines.
The broader market also participated in the rally, with the Nifty MidCap 100 rising 1.19 per cent and the Nifty SmallCap 100 gaining 0.71 per cent.
Metals shine
Besides Reliance, metal stocks were among the biggest contributors to the rally, with Tata Steel and JSW Steel posting strong gains.
Oil marketing companies also advanced as global crude prices fell sharply on hopes of progress in negotiations between the US and Iran, easing concerns over energy costs for import-dependent economies such as India.
Asian markets largely ended higher, with gains across Japan, South Korea, China and Hong Kong, supported by improving risk sentiment and lower oil prices.Positive regional cues supported domestic equities through the session.
Foreign portfolio investors (FPIs) were net buyers of equities worth ₹3,115 crore, while domestic institutional investors were net sellers for ₹392 crore.
Limited triggers
Nitin Bhasin, Head of Institutional Equities at Ambit, said: “The broader market narrative has not changed materially. Geopolitical risks and concerns around the global AI trade persist. Today’s move was largely a Reliance-led rally, with the stock catching up after the strong performance seen in Jio post-listing. Because of Reliance’s heavy weight in the indices, its sharp gain translated into a disproportionate impact on both the Sensex and the Nifty. Beyond that, I do not see any immediate catalyst for a sustained market bounce.”
Dhananjay Sinha, Co-Head of Institutional Equities at Systematix, said markets were likely pricing in the prospect of lower oil prices and a gradual revival in foreign institutional investor flows, both supportive of Indian equities.
A correction in AI-led global trades could also improve India’s relative appeal to foreign investors, he said.
However, these remained hypotheses rather than established trends. Given the uncertainty, markets were likely to remain largely range-bound and trading-oriented, with no strong trigger for a sustained directional move, he added.
Bond, rupee
Government bond yields also declined, with the benchmark 10-year yield falling to 7.31 per cent, its lowest in six months, amid lower crude prices and continued foreign inflows. Expectations of stable liquidity conditions also supported sentiment.
Brent crude prices fell about $10 to $108 a barrel. The rupee depreciated marginally by 5 paise to close at ₹94.90 against the US dollar.
Published on November 2, 2026
