The Sensex surged 1,233.25 points, or 1.66%, to close at 75,692.78 on Monday, November 2, 2026, while the Nifty gained 387.70 points to settle at 23,440.80. It was the third straight session of gains for both indices. Falling crude oil prices, hopes of progress in US-Iran talks and a strong rally in Reliance Industries after its record quarterly profit lifted the market.
Sensex and Nifty Closing Levels on November 2
Both benchmarks opened sharply higher, with the Sensex up about 719 points and the Nifty crossing 23,200 in early trade, and they held most of the gains through the session. The Nifty’s rise of 1.68% was marginally larger than the Sensex’s 1.66%.
| Index | Close, November 2 | Change | Change (%) |
|---|---|---|---|
| Sensex | 75,692.78 | Up 1,233.25 points | Up 1.66% |
| Nifty 50 | 23,440.80 | Up 387.70 points | Up 1.68% |
| Nifty MidCap 100 | Not reported | Down | Down 1.19% |
| Nifty SmallCap 100 | Not reported | Down | Down 0.71% |
The rally came after a volatile week. On October 28, the Nifty had been trading near 22,500 as the Sensex fell as much as 995 points intraday.
Which Stocks and Sectors Led the Rally
Coal India, Tata Steel and JSW Steel were among the leading Nifty gainers. Energy and metal stocks drew strong buying, and the Nifty Oil & Gas and Nifty Metal indices recorded the strongest sectoral gains. Reliance Industries contributed heavily to the benchmark’s rise after posting its strongest quarterly financial performance.
On the other side, the Nifty IT and Nifty Media indices ended in negative territory.
- Leading gainers: Coal India, Tata Steel, JSW Steel.
- Strongest sectors: Nifty Oil & Gas and Nifty Metal.
- Weak sectors: Nifty IT and Nifty Media.
Reliance Industries’ Contribution to the Rally
Reliance Industries was the largest positive contributor to the Nifty and the most actively traded stock on both NSE and BSE during the day. In morning deals the stock had risen 8.2% to ₹1,259, taking its market capitalisation to ₹16.77 lakh crore, after the company reported a net profit of ₹25,548 crore for the September quarter, up 40.64% from a year earlier.
Because Reliance carries a large weight in both the Sensex and the Nifty, a sharp move in the stock can lift the indices even when most other stocks do not move in the same direction. That is what the broader market data below shows.
Why Crude Oil and US-Iran Talks Mattered
International crude prices fell as optimism grew around US-Iran negotiations. WTI crude declined nearly 3% to about $99.70 a barrel, while Brent traded below $109. Lower crude prices are generally positive for India because the country depends heavily on energy imports.
The Indian rupee traded around 94.90 against the US dollar. Crude oil has been a key variable for Indian markets in recent weeks, and the company results that followed it also show the effect: Reliance’s oil-to-chemicals business reported record fuel cracks in the September quarter.
Narrow Breadth: Midcaps and Smallcaps Fall
The benchmark indices rose strongly, but the broader market did not follow. The Nifty MidCap 100 declined 1.19% and the Nifty SmallCap 100 lost 0.71%. This indicates that buying was concentrated mainly in select large-cap stocks, which is why the Sensex and Nifty gained far more than the rest of the market.
When large caps rise while midcaps and smallcaps fall, index levels can give a more optimistic picture than the average stock experience. Investors who hold midcap or smallcap shares may have seen the opposite of the headline move on the day.
Technical Levels Cited by Market Analysts
Market analysts noted that the Nifty closed above its 50-day simple moving average, which they described as improving technical momentum. They placed immediate support between 23,250 and 23,350, with resistance near 23,500. These are analysts’ views on price levels, and the index can move outside such ranges.
| Level cited by analysts | Nifty 50 |
|---|---|
| Immediate support | 23,250 to 23,350 |
| Resistance | Near 23,500 |
| Close on November 2 | 23,440.80 |
What Investors Can Track From Here
The day’s move was driven by a small group of heavyweight stocks and by falling crude prices, so the direction of crude and the progress of US-Iran talks remain the main external variables. Company results continue to arrive through November, which will show how corporate earnings are holding up across sectors.
Investors who want to buy shares of the stocks that led the rally need to open a demat account, and an online trading platform that offers access to NSE and BSE can be used to follow prices and place orders. A three-session winning streak does not guarantee that the next session will also end higher, and prices can reverse quickly.
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