Sensex surges 1,233 points, Nifty reclaims 23,400: 5 reasons why stock market rallied today

The equity benchmark indices started the week on a strong note on Monday (November 2), with the Sensex surging 1,233 points to 75,693 and the Nifty gaining 388 points to reclaim the 23,400 mark at 23,441.

Reliance Industries led the rally, recording its biggest single-day stock price gain in six years and adding over ₹1.8 lakh crore to its market capitalisation. The Nifty Bank advanced 315 points to 55,002, while the Nifty Midcap index climbed 682 points to 57,983.

1. Reliance Industries leads the gains

Strong Q2 results propelled Reliance Industries higher, with the company recording its highest-ever single-day market capitalisation gain. JSW Steel and Tata Steel also supported the Nifty, while ICICI Bank, Kotak Mahindra Bank and Axis Bank ended among the laggards.

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2. Crude oil falls nearly 4%

A nearly 4% decline in crude oil prices lifted paint and oil marketing company stocks. Indian Oil Corporation (IOC) emerged as the top Nifty gainer.

3. Q2 results drive stock-specific action

Dixon Technologies surged 12% on healthy Q2 growth and management commentary on its artificial intelligence (AI) play. Delhivery gained 6% after a strong quarterly performance, while Muthoot Finance rose 5% after reporting healthy Q2 results and raising its FY27 assets under management (AUM) guidance. UPL ended with minor gains as its Q2 earnings were largely above estimates.

4. Auto stocks deliver a mixed performance

Automobile stocks saw a mixed close following monthly sales numbers. Passenger vehicle stocks gained, while two-wheeler stocks slipped. IndiGo closed higher but off its day's highs, with positive management commentary for Q3.

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5. Broader market participation remains positive

The Nifty Midcap index gained in line with the benchmarks, while the NSE advance-decline ratio stood at 2:1.

Sun Pharma fell 1% after cautious management commentary following its earnings announcement. PB Fintech declined 7% on expectations of an Insurance Regulatory and Development Authority of India (IRDAI) paper related to commissions. Lodha Developers plunged 35% after the company gave a cautious outlook, particularly for the entry-level segment.

From the Sensex basket, Tata Steel Ltd, JSW Steel Ltd, Coal India Ltd, Shriram Finance Ltd, Jio Financial Services Ltd and Oil and Natural Gas Corporation Ltd were the major gainers. Infosys Ltd, ICICI Bank Ltd, Kotak Mahindra Bank Ltd, Axis Bank Ltd, HCL Technologies Ltd and ITC Ltd were the biggest laggards.

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