Sensex Gains 652 Points, Nifty 50 Rises 194 Points as IT Shares Weigh on Market Gains

Market Update at 02:20 PM: The Indian benchmark indices pared gains from the day's high as IT shares weighed on market sentiment. As of 2:00 PM, the BSE Sensex gained 652.26 points or 0.88 per cent to 75,111.79, while the Nifty 50 advanced 194.30 points or 0.84 per cent to 23,247.40.

Reliance Industries, Tata Steel and Maruti Suzuki India emerged as the Top Gainers in the Nifty 50 index, supporting the broader market's positive momentum.

In the broader markets, the Nifty MidCap index rose 0.96 per cent, while the Nifty Smallcap index gained 0.86 per cent.

Among sectoral indices, the Nifty Oil and Gas index emerged as the top performer, while the Nifty Pharma index registered the steepest decline.

Market Update at 12:10: Indian equity markets were trading higher on November 2, with the benchmark indices touching a one-month high. The rally was supported by a sharp decline in oil prices amid hopes of a breakthrough in U.S.-Iran talks. Additionally, strong gains in heavyweight Reliance Industries following its upbeat Q2 results provided further support to the benchmark indices.

As of 12:00 PM, the BSE Sensex surged 863.39 points, or 1.16 per cent, to 75,322.92, while the Nifty 50 gained 252.75 points, or 1.10 per cent, to trade at 23,305.85.

Among the Nifty 50 constituents, Reliance Industries, Tata Steel and Maruti Suzuki India emerged as the top gainers, contributing to the positive market sentiment.

The broader markets also witnessed buying interest, with the Nifty MidCap index rising 0.96 per cent and the Nifty Smallcap index advancing 0.86 per cent.

Among sectoral indices, the Nifty Oil and Gas index emerged as the top-performing sector, while the Nifty Pharma index was the biggest laggard.

Market Update at 09:30 AM: The benchmark indices were trading higher on Monday, November 2, as oil prices fell sharply amid hopes of a breakthrough in the U.S.-Iran talks. As of 9:17 AM, the BSE Sensex surged 756.80 points or 1.02 per cent to 75,216.33, while the Nifty 50 gained 195.70 points or 0.85 per cent to 23,248.80.

Reliance Industries, Tata Steel and Maruti Suzuki India were the top gainers in the Nifty 50 index. In the broader markets, the Nifty MidCap index advanced 0.47 per cent, while the Nifty Smallcap index declined 0.23 per cent. Among sectoral indices, the Nifty Oil and Gas index emerged as the top gainer, while the Nifty Pharma index recorded the steepest decline.

The initial public offer (IPO) of Vedant Poly Fabs will open for subscription on Monday. The company aims to raise Rs 56.68 crore through the primary market. Meanwhile, the IPOs of Johnsoncab Electricals, HGS (India), Vectras Enprocon and Maxwell Engineering Solutions will enter their second day of subscription.

In the IPO listing segment, EAAA India Alternatives will make its debut on the stock exchanges on Monday. The company's shares were commanding a grey market premium (GMP) of Rs 54, indicating an estimated listing gain of 3.24 per cent.

Pre-Market Update at 8:10 AM: GIFT Nifty indicated a firm start for domestic equities on November 2, trading at 23,299 at 7:00 AM IST, up 245.9 points or 1.07 per cent from the previous Nifty 50 close of 23,053.10. The positive indication follows gains in domestic benchmark indices during the previous session, although overseas cues remain mixed after a sharp technology-led sell-off on Wall Street. Elevated crude oil prices and a busy corporate earnings calendar are also likely to influence market sentiment.

Reliance Industries reported a 41 per cent year-on-year (YoY) rise in consolidated net profit to Rs 25,548 crore for the September quarter, while revenue increased 29 per cent YoY. The company's board also approved raising up to Rs 15,000 crore through non-convertible debentures (NCDs). Given Reliance Industries' significant weight in benchmark indices and its presence across energy, telecom and retail businesses, its earnings and fundraising plans are likely to remain in focus.

Crude oil prices have risen sharply amid concerns surrounding supply risks in West Asia and shipping through the Strait of Hormuz. Brent crude gained 13.6 per cent during October, according to the reported market update. Higher crude prices are particularly relevant for India because of its dependence on oil imports. Oil marketing companies, airlines, paints, chemicals, tyre manufacturers and Logistics-linked businesses could remain in focus, while upstream and refining companies may also see market attention.

Automakers reported strong October sales and dispatch figures, providing insights into festive demand and the broader automobile cycle. Maruti Suzuki's total sales increased 20.9 per cent YoY to 2.67 lakh units. Tata Motors reported a 27 per cent rise in commercial vehicle sales to 47,652 units and a 23 per cent increase in passenger vehicle sales to 75,426 units. Hyundai's total sales grew 17.7 per cent to 82,299 units, while TVS Motor reported a 29 per cent rise in total sales to 7 lakh units. The figures offer a read-through on domestic demand, exports and automobile sector momentum.

Several companies are scheduled to announce their September-quarter results today, including ITC, Marico, Container Corporation of India, Devyani International, Granules India, KEC International, National Aluminium Company, Petronet LNG, UPL and Wockhardt. Their results could trigger stock-specific activity across FMCG, logistics, metals, oil and gas, agrochemicals, pharmaceuticals and capital goods.

U.S. equity markets ended sharply lower in the previous session, led by a steep decline in technology stocks. The Nasdaq declined 2.86 per cent to 25,437, while the S&P 500 fell 1.82 per cent to 7,580.07. The Dow Jones Industrial Average dropped 1.09 per cent to 51,770.31. The sell-off followed concerns surrounding the scale of artificial intelligence-related spending and potential returns after earnings updates from Intel and Amazon. Intel shares declined 28.58 per cent, according to the market update. The weakness in U.S. technology stocks could remain relevant for Indian IT and other technology-linked companies.

Asian markets presented a mixed picture in early trade. Hong Kong's Hang Seng gained 1.46 per cent, while the Shanghai Composite declined 1.44 per cent. Japan's Nikkei was marginally lower by 0.07 per cent. European markets were subdued in the previous session, with Germany's DAX falling 0.85 per cent, the FTSE 100 edging up 0.07 per cent and France's CAC 40 remaining nearly unchanged.

Brent crude traded at USD 111.02 per barrel, down 2.11 per cent, while WTI crude was at USD 102.68 per barrel, lower by 1.32 per cent, as of 7:02 AM IST on November 2. Despite the latest decline, crude prices remain elevated following their strong October rise. Sustained higher oil prices could keep attention on India's import bill, inflation trajectory and fuel-intensive sectors.

Gold gained 1.02 per cent to USD 3,914.82, while silver advanced 1.72 per cent to USD 49.95. The gains in precious metals come amid mixed global equity signals and geopolitical concerns surrounding energy supplies.

The Dollar Index remained broadly steady at 101.92, up 0.04 per cent. The Indian rupee was trading around Rs 94.94 against the U.S. dollar. Meanwhile, the U.S. 10-year Treasury yield stood at 4.94 per cent, up 0.004 percentage points. Elevated U.S. bond yields could remain relevant for global equity valuations and broader risk appetite.

Foreign institutional investors (FIIs) were net buyers of Indian equities worth Rs 3,598.54 crore in the latest available data. Domestic institutional investors (DIIs), meanwhile, were net sellers worth Rs 817.51 crore. The contrasting institutional flows come after the Nifty 50 and Sensex closed higher in the previous domestic trading session.

On October 30, the Nifty 50 gained 116.35 points or 0.51 per cent to close at 23,053.10. The index moved between an Intraday low of 22,905.10 and a high of 23,118.10. The Sensex advanced 308.49 points or 0.42 per cent to finish at 74,459.53. India VIX increased 1.19 per cent to 15.30, indicating a rise in expected market volatility.

Reliance Industries will remain in focus after reporting a 41 per cent YoY increase in consolidated net profit to Rs 25,548 crore for the September quarter, compared with Rs 18,165 crore in the corresponding quarter last year. Revenue increased 29 per cent YoY, while the board approved an NCD fundraising programme of up to Rs 15,000 crore.

NTPC reported a 14.3 per cent YoY increase in standalone net profit to Rs 5,319.9 crore for the September quarter. Revenue increased 16.8 per cent YoY to Rs 45,752 crore.

Bharat Electronics posted a 19.7 per cent YoY rise in consolidated net profit to Rs 1,540.4 crore. Revenue increased 26.5 per cent YoY to Rs 7,327.7 crore, keeping the Defence electronics company in focus.

Bank of Baroda reported a 35.8 per cent YoY increase in standalone net profit to Rs 6,531.5 crore. Net interest income rose 9 per cent to Rs 13,026.3 crore. Asset quality improved, with gross non-performing assets declining to 1.78 per cent from 1.99 per cent sequentially, while net NPAs fell to 0.37 per cent from 0.50 per cent in the previous quarter.

GAIL India reported a 139 per cent YoY increase in consolidated September-quarter profit to Rs 4,720 crore, while revenue rose 33 per cent YoY. The company's board also approved an initial public offering (IPO) of GAIL Gas, its city gas distribution subsidiary.

Affle 3i's Israel-based step-down subsidiary has agreed to acquire Perion Network for USD 11.70 per share in cash, implying an equity value of approximately USD 420 million. The transaction is expected to close in early 2027.

NCC received eight additional orders worth Rs 1,862.45 crore during October. The orders comprise Rs 767.11 crore in water projects, Rs 688.78 crore in building projects and Rs 406.56 crore in transportation projects.

Disclaimer: The article is for informational purposes only and not investment advice.

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