Indian shares rose more than 1% in morning trading Nov. 2 as crude prices eased and Reliance Industries reported higher quarterly profit, two developments that lifted market sentiment in oil-sensitive India.
At 11:12 p.m. ET Nov. 1 (9:42 a.m. IST Nov. 2, converted from Reuters’ reported time), the Sensex stood at 75,404.64, up 1.27%, and the Nifty 50 was at 23,304.90, up 1.08%, Reuters reported. A later NDTV Profit snapshot at 11:47 p.m. ET Nov. 1 (10:17 a.m. IST Nov. 2, converted from the outlet’s reported time) showed the Sensex up 975.52 points, or 1.31%, to 75,435.05, and the Nifty 50 up 261.35 points, or 1.13%, to 23,314.00. Both were intraday readings. Reuters said 15 of the 16 main sectors advanced; mid-cap shares rose 0.8% and small-caps 0.6%.
Brent futures fell $3.68, or 3.2%, to $109.75 a barrel by 11:07 p.m. ET Nov. 1 (9:37 a.m. IST Nov. 2, converted from Reuters’ reported time). U.S. West Texas Intermediate crude dropped $3.43, or 3.3%, to $100.69. Reuters said Iranian and Qatari officials were in their third day of discussions about ending the U.S.-Israeli war on Iran. Qatar’s Foreign Ministry said Oct. 27 that proposals and messages continued to pass between Washington and Tehran through Qatar’s mediation channel. NDTV Profit said lower crude prices may ease pressure on India’s import bill and inflation.
Reliance Industries reported unaudited revenue of ₹362,268 crore for the quarter ended Sept. 30, 2026, up 27.8% from a year earlier. Profit after tax, including associates and joint ventures, was ₹29,550 crore, a 33.8% increase. Reuters reported that Reliance shares rose about 6% in morning trading after the results.
Motilal Oswal Financial Services said the 35 Nifty companies with results reported by Oct. 31 posted aggregate earnings growth of 22% year over year. The firm raised its FY27 Nifty earnings-per-share estimate by 1.1% to ₹1,247 and its FY28 estimate by 1.6% to ₹1,428. GST Network data showed gross collections of ₹231,290 crore in October 2026, up 22.9% from a year earlier. NDTV Profit’s technical commentary said the Nifty had moved above its 50-day exponential moving average and quoted Enrich Money CEO Ponmudi R as placing resistance at 23,300 to 23,400 points.
Reuters also identified the Nov. 3 U.S. midterm elections, scheduled for Tuesday, as a near-term focus for concerns about a possible escalation of the conflict.
