Morning briefing · 3 November 2026
Nifty jumps 1.7% to 23,440 as Reliance soars 11.6% and Brent falls about 7.6% on Iran peace hopes; the US votes today and the talks are not a deal yet
Market mood: Positive
Nifty 50
23,440.80
+1.68% on 2 Nov
Sensex
75,692.78
+1.66% (+1,233 pts) on 2 Nov
Brent crude
$104.77
−7.63% on 2 Nov
Rupee
₹94.86 / $
10 paise weaker
Foreign investors
+₹3,115 cr
Net buyers on 2 Nov
Indian funds
−₹392 cr
Net sellers on 2 Nov
US 10-year yield
4.89%
−3.5 bp on 2 Nov
India VIX
15.51
+1.37%
Best sector
Oil & Gas
+5.95% on 2 Nov
India factory PMI
54.7
Down from 55.1
What you need to know
Indian shares rose for a third day on Monday, 2 November. The Nifty 50 gained 387.70 points (1.68%) to 23,440.80 and the Sensex rose 1,233.25 points (1.66%) to 75,692.78. Unlike Friday, the rise was broad: 2,445 shares rose on the NSE and 1,164 fell, and midcap and smallcap indices gained 1.19% and 0.71%.
Reliance Industries did much of the lifting. Its shares jumped 11.6%, the biggest one-day gain since April 2020, after it reported a 41% rise in September-quarter profit to ₹25,548 crore. That one move made up about half of the Nifty's gain. Oil & gas (+5.95%), metals (+3.21%), consumer durables (+2.7%), state-run banks (+1.36%) and autos (+1.33%) led, while IT shares fell about 0.5% on profit-taking after a strong October and pharma was flat.
Oil fell sharply. Iran said the Strait of Hormuz could reopen within two days if the US meets its demands, and a draft proposal to end the war circulated after talks with Qatari mediators. Brent settled 7.63% lower at about $104.77 a barrel. The conditions are tough, though — including an end to the US naval blockade and lifting of oil sanctions — and analysts stressed this is hope, not a deal.
Money flows were supportive. Foreign investors bought about ₹3,115 crore of Indian shares, while Indian funds sold about ₹392 crore. The rupee still slipped 10 paise to 94.86 per dollar as the dollar was firm overseas. In the US, the factory survey strengthened to 55.5 and the 10-year bond yield eased to about 4.89%.
Car sales were a bright spot: October passenger vehicle dispatches topped 5 lakh, a record, and Maruti Suzuki rose 2.4% after record sales. Today the US holds its midterm elections; President Trump has said there will be no new strikes on Iran before the vote, but has not ruled them out afterwards. Apollo Hospitals and NHPC report results on 4 November.
This edition is news and education only. It is not investment advice and does not recommend buying or selling any share.
The stories that matter today
- 1Brent falls 7.6% to about $104.77 as Iran offers to reopen Hormuz on conditionsGains: Oil-consuming businesses such as carmakers, airlines, paint and tyre makers; India's trade balanceLoses: Crude producers such as Oil India lose some price support, though Oil India's shares still rose with the market
- 2Reliance jumps 11.6% after a 41% profit rise, lifting the Nifty 1.68% to 23,440.80Gains: Index-heavy energy and oil-to-chemicals businessesLoses: IT shares, which saw profit-taking
- 3US votes in midterm elections; Trump says no new strikes on Iran before the voteGains: A calm result and progress in Iran talks would help oil-importing countries such as IndiaLoses: Renewed strikes after the vote would hurt oil importers and the rupee
- 4Record October vehicle sales lift auto shares; Maruti up 2.4%Gains: Carmakers and their parts suppliersLoses: Two-wheeler shares were mixed; Bajaj Auto slipped 0.1% despite 14% sales growth
- 5Metal shares rise 3.2%; Coal India gains 4.9% after record October suppliesGains: Steel and mining companiesLoses: Customers who buy steel and coal could face firmer prices
- 6Foreign investors buy about ₹3,115 crore; rupee slips 10 paise to 94.86Gains: Large-company shares that foreign investors favourLoses: The rupee stayed under pressure despite lower oil
- 7NTPC and Power Grid rise after results; NHPC reports on 4 NovemberGains: State-run power generators and transmission firmsLoses: None directly
- 8IT and pharma shares lag the rally; Infosys falls 2%Gains: Sectors that gained from the switch out of ITLoses: IT and pharma shares
- 9US factory survey strengthens to 55.5 while the 10-year yield eases to 4.89%Gains: Emerging markets such as India benefit when US yields fallLoses: A strong US economy keeps the risk of a December Fed rate rise alive
- 10Defence shares recover; BDL bounces 2.3% from its 52-week lowGains: Defence manufacturersLoses: None directly
- 11State-run banks rise 1.4% on Bank of Baroda results; Bank of Maharashtra slipsGains: Large state-run banksLoses: Some private banks and Bank of Maharashtra
- 12L&T rises 1.8% as infrastructure shares gainGains: Engineering and construction firmsLoses: None directly
Calls we are watching
- Brent crude futures settle below $110 a barrel on 11 November. · check on 12 November 2026
- The Nifty Auto index does better than the Nifty 50 between the 2 November close and the 12 November close. · check on 13 November 2026
- The rupee closes stronger than ₹95 to the US dollar on 11 November. · check on 12 November 2026
- The Nifty IT index does better than the Nifty 50 between the 30 October close and the 9 November close. · check on 9 November 2026
- The US 10-year Treasury yield closes below 5.00% on 6 November. · check on 9 November 2026
Coming up
- 3 November 2026: US midterm elections
- 3 November 2026: Mazagon Dock interim dividend record date
- 4 November 2026: Apollo Hospitals and NHPC September-quarter results
- 4 November 2026: Coal India dividend record date
- 6 November 2026: US jobs report for October
- 6 November 2026: NTPC and Power Grid interim dividend record date
- 8 November 2026: Muhurat trading session (Sunday)
- 9 November 2026: Trade-margin cap on 137 cancer medicines takes effect
- 10 November 2026: NSE closed for Diwali Balipratipada
- 12 November 2026: HAL and Oil India September-quarter results
- 24 November 2026: NSE closed for Guru Nanak Jayanti
- 29 November 2026: Next OPEC+ meeting