Sensex Jumps Nearly 1,000 Points, Nifty Tops 23,300: Reliance Rally, Cheaper Oil and Record GST Power November's Strong Start

Indian markets began November with a bang on Monday, November 2, 2026. The Sensex surged nearly 1,000 points in morning trade and the Nifty crossed 23,300, powered by three forces coming together at once: a sharp rally in Reliance Industries after its record quarterly results, a fall in crude oil prices on hopes of easing US-Iran tensions, and confirmation that October's GST collections were the second-highest ever.

By 10:00 am, the Sensex was up 970 points, or 1.30 per cent, at 75,429.53, while the Nifty had gained 260.10 points, or 1.13 per cent, to 23,313.20. The benchmarks had opened strongly too — the Sensex at 75,178.24, up 718.71 points, and the Nifty at 23,222.30, up 169.20 points from Friday's close of 23,053.10 — and they kept climbing through the morning. Friday's closes, for reference, were Sensex 74,459.53 and Nifty 23,053.10.

The rally was broad, not just a one-stock story. By 10:00 am, about 2,408 shares had advanced against 1,105 declines on the exchanges, and the broader market joined in: the Nifty Midcap rose 0.96 per cent and the Smallcap 0.86 per cent.

1. Reliance leads the charge after a record quarter

The day's biggest driver was Reliance Industries. The stock jumped more than 6 per cent in early trade, touching a day's high of Rs 1,237.30 on the National Stock Exchange, up 6.22 per cent, and at one point surging over 7 per cent — a move that added over Rs 1 lakh crore to the company's market value.

The trigger was the September-quarter result announced after market hours on Friday. Reliance's consolidated net profit attributable to shareholders rose about 41 per cent year on year to Rs 25,548 crore, with gross revenue of Rs 3.62 lakh crore, up 27.8 per cent, and record quarterly EBITDA of Rs 62,409 crore, up 23.9 per cent. Its oil-to-chemicals business delivered its best-ever quarter on stronger fuel-refining margins, while newly listed Jio Platforms reported a 13.7 per cent rise in net profit to Rs 8,387 crore, lifting its shares over 3 per cent to Rs 1,475 in intraday trade.

Because Reliance carries a heavy weight in both benchmark indices, a move of this size lifts the whole market — and it pulled other heavyweights with it. Tata Steel rose 3.88 per cent to Rs 174.10, NTPC gained 2.96 per cent to Rs 325.60, Maruti Suzuki added 2.54 per cent to Rs 11,687, and Jio Financial Services rose 2.13 per cent to Rs 208.85 in early trade.

2. Crude cools from $118 to $110 on US-Iran talk hopes

The second tailwind came from oil. Brent crude, the global benchmark, traded about 3 per cent lower at $110 a barrel on Monday, down from last week's high of $118, as diplomatic efforts involving Iran and Qatar raised hopes of de-escalating the US-Israel war on Iran and easing fears of supply disruption.

For India, which imports most of its oil, cheaper crude is a direct relief: it lowers the import bill, eases inflation pressure and takes pressure off the rupee. Geojit Investments chief investment strategist V. K. Vijayakumar called the cooling of Brent from $118 to $110 a relief, and also pointed to the US 10-year bond yield easing to 4.93 per cent. He added a less obvious point in India's favour: the weakening of the AI trade that pulled the Nasdaq down 2.8 per cent last Friday benefits India, which is widely seen as a counter-play to the AI boom.

Sectorally, the oil story showed up immediately. The Nifty Oil and Gas index led the gains, up 2.33 per cent in early trade, followed by PSU banks at 1.45 per cent, autos at 1.29 per cent and metals at 1.22 per cent. Consumer durables rose 0.99 per cent and realty 0.79 per cent, while pharma and media traded marginally lower.

3. GST at Rs 2.31 lakh crore: festive demand, strong imports

The third support came from the government's own numbers, released on Sunday. Gross GST collections surged 22.9 per cent year on year to Rs 2.31 lakh crore in October — the second-highest monthly collection ever on a like-for-like basis, behind only April 2026's record of about Rs 2.43 lakh crore, and the fastest growth pace of the current financial year.

The details show both domestic strength and an import surge. Domestic GST revenue grew 15.8 per cent to Rs 1.59 lakh crore, while import-linked revenue jumped 42.2 per cent to Rs 72,246 crore. After refunds of Rs 27,934 crore, net GST revenue stood at Rs 2.03 lakh crore, up 25.6 per cent. October was the fourth consecutive month above Rs 2 lakh crore, and April–October gross collections reached about Rs 14.77 lakh crore, up 13.2 per cent year on year. Maharashtra led the states at Rs 35,150 crore.

Strong GST numbers matter to the market because they are a real-time read on economic activity — festive buying, business transactions and imports all show up in the tax data before they show up in company results.

4. Foreign investors keep buying

Foreign institutional investors added a fourth leg to the rally. They bought equities worth Rs 3,598.54 crore on Friday, October 30, according to exchange data — their sixth buying session in the preceding ten trading sessions. That continues the tentative return of foreign money noted last week, after months of heavy selling, and foreign buying in large-cap heavyweights is exactly what lifts benchmark indices fastest.

Asian markets also traded higher on Monday — South Korea's Kospi, Japan's Nikkei, Shanghai's Composite and Hong Kong's Hang Seng all quoted in positive territory — even though Wall Street had ended Friday sharply lower on the tech sell-off.

What to watch next

Monday's rally does not settle the week — it raises the stakes for what comes next. A long list of companies reports September-quarter results today, including ITC, Marico, Nalco, UPL, Petronet LNG and Container Corporation. Auto stocks also have October sales to digest: Maruti Suzuki reported total sales up about 21 per cent year on year to around 2.67 lakh units.

Beyond today, Apple reports after the US market closes on Monday night, and Americans vote in the midterm elections on Tuesday, November 3 — both events that can move global sentiment overnight. And crude remains the swing factor: if the US-Iran talks progress, $110 could fall further and extend India's relief; if talks stall, the $118 high is a reminder of how quickly the headwind returns.

For investors, Monday morning's message is simple. The recovery that began last week now has domestic earnings, cheaper oil, record tax collections and returning foreign buyers all pointing the same way. The question for the rest of the week is whether that alignment holds when the global headlines — Apple, the midterms and crude — start landing.

Disclaimer: This article is for information only and is not investment advice. Market levels quoted are morning intraday levels reported on November 2, 2026, not closing levels; readers should check live exchange data before making any investment decision.