Indian equities closed higher Monday, Nov. 2, led by Reliance Industries, as investors weighed a Reuters report that the Securities and Exchange Board of India (SEBI) recommended ending long-term capital-gains tax for foreign investors.
The Nifty 50 gained 387.70 points, or 1.68%, to 23,440.80, according to National Stock Exchange of India data. The Sensex added 1,233.25 points, or 1.66%, to 75,692.78, according to BSE index data.
Reliance shares rose ₹135.10, or 11.6%, to ₹1,300 on the National Stock Exchange of India (NSE). On Oct. 30, the company announced record consolidated quarterly EBITDA (earnings before interest, taxes, depreciation and amortization) of ₹62,409 crore, up 23.9% from a year earlier, and consolidated profit after tax of ₹29,550 crore, up 33.8%. The quarter ended Sept. 30, 2026.
Bloomberg data cited by Hindustan Times and LiveMint showed Reliance’s 11.6% gain was its largest one-day rise since April 7, 2020, when it advanced 11.9%.
Reuters also reported that SEBI proposed allowing mutual fund investors to move holdings into other schemes without long-term capital-gains tax if they had held the units for more than a year. Citing two people with direct knowledge, Reuters said the proposals are nonbinding and the government would make the final decision. The report described the recommendations as a bid to make Indian equities more attractive to foreign capital.
If adopted, the proposals would eliminate long-term capital-gains tax on qualifying equity gains for foreign investors and on qualifying mutual fund switches. India’s Income Tax Department lists a 12.5% rate for relevant long-term gains on securities held by foreign institutional investors under applicable provisions.
India’s annual federal budget is due in February, though Reuters did not identify a timetable for a government decision on the recommendations. EconoTimes previously covered SEBI’s reported recommendation on foreign portfolio investor taxes.
