Sensex and Nifty 50 closed higher for a third consecutive session on Monday, both up 1.7%. Reliance Industries led the move after quarterly results beat expectations, while Brent crude fell on hopes of progress in peace talks.
Sensex ended 1,233 points higher at 75,682.78, and the Nifty 50 closed 387.70 points higher at 23,440. Both benchmarks settled higher on November 2 despite paring some gains.
Reliance leads the rally
Reliance Industries jumped 11.6% and reached its highest level in more than six years after earnings for Q2FY27 beat expectations. The company posted a 32% increase in profit after tax to ₹29,250 crore for the quarter ended September, driven by a near 28% rise in gross revenue.
Pabitro Mukherjee of Bajaj Broking said in a note: "Reliance Industries led the rally following its Q2 results". He added that broad-based buying across sectors and sustained participation in large-cap stocks supported the momentum.
The rally lifted energy, metals, PSU banks and automakers, while IT, media and pharmaceuticals lagged.
Earnings and oil ease investor concerns
Strong results for the quarter ended September lifted sentiment despite uncertainty over the West Asia conflict. As of October 31, earnings of 35 Nifty companies had grown 22% on year, according to Motilal Oswal Financial Services estimates.
Oil also moved in the market's favor. Brent crude fell over 4% after Iranian negotiators spoke with Qatari counterparts and a draft proposal began circulating, according to Reuters.
At 4 p.m., Brent fell nearly 4.2% to $108 per barrel, while West Texas Intermediate traded at $99.71. Last Friday, Brent had surged to a six-month high of $118 after Houthi attacks on Saudi Arabia.
Source: The Hindu
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