Sensex jumps 1,233 points, Nifty ends at 23,440 as Reliance soars 11.6% on record profit

Indian equity benchmarks rallied sharply on Monday, 2 November, as heavyweight Reliance Industries surged after reporting its highest-ever quarterly profit and global oil prices fell sharply.

The BSE Sensex climbed 1,233.25 points, or 1.66 per cent, to settle at 75,692.78, which was also its high for the day. The NSE Nifty 50 gained 387.70 points, or 1.68 per cent, to finish at 23,440.80. Friday's closing levels were 74,459.53 for the Sensex and 23,053.10 for the Nifty. It was the third consecutive session of gains for both indices.

Reliance leads the charge

Reliance Industries shares ended about 11.6 per cent higher at Rs 1,300, making the stock the top gainer and the biggest contributor to the Nifty's rise. The conglomerate has a weight of roughly 7.3 per cent in the index.

For the July-September quarter, Reliance reported a profit of Rs 29,550 crore, up 33.8 per cent from Rs 22,092 crore a year earlier. Revenue rose 27.8 per cent to Rs 3,62,268 crore, while consolidated EBITDA grew 23.9 per cent to Rs 62,409 crore. Its oil-to-chemicals business was the standout, with EBITDA rising about 68 per cent on stronger fuel margins. Jio Platforms posted a 16.6 per cent rise in EBITDA, but profit at Reliance Retail fell about 24 per cent.

Metal and energy stocks also rallied. Tata Steel, JSW Steel, Coal India and Shriram Finance were among the leading Nifty gainers. On the other side, Infosys, ICICI Bank, Dr Reddy's Laboratories, Kotak Mahindra Bank and Axis Bank ended lower. Among sectoral indices, energy, infrastructure and metal posted the biggest gains, while IT, media, pharma and private banks slipped.

Oil relief and foreign buying

Falling crude prices added to the positive mood. Brent crude traded near $108.7 a barrel during Indian market hours, down about 4.5 per cent, amid diplomatic efforts involving Iran. International benchmarks extended their slide later in global trade. Lower oil prices matter for India, which imports most of its crude, because they ease pressure on the import bill, inflation and the rupee.

Foreign institutional investors had bought equities worth Rs 3,598.54 crore on Friday, according to exchange data. Vinod Nair, head of research at Geojit Investments, said foreign investors turning buyers amid a "global AI rotation" had supported domestic stocks, as funds moved away from expensive technology shares overseas.

Strong domestic data released over the weekend, including a 23 per cent year-on-year rise in October GST collections to over Rs 2.31 lakh crore, also helped sentiment.

Broader markets gained too, though less than the benchmarks. The Nifty Midcap 100 rose 1.19 per cent and the Nifty Smallcap 100 added 0.71 per cent. The Nifty Bank index gained 0.58 per cent to close at 55,002.20.

This report is for information only and is not investment advice.