India’s Nifty 50 ended Monday, Nov. 2, 9.4% below its 2025 Diwali Muhurat close, leaving a 10.4% climb needed to regain that level after a one-day advance.
The benchmark closed at 23,440.80, up 387.70 points, or 1.68%, from its previous finish, National Stock Exchange of India (NSE) data showed. The comparison level was 25,868.60 at the Oct. 21, 2025, Diwali Muhurat close. The gap and required rebound are calculated from those two closing marks.
The Nifty’s advance coincided with an 11.60% gain in Reliance Industries shares. Reliance reported profit after tax, including its share of profits from associates and joint ventures, of ₹29,550 crore for the quarter ended Sept. 30, up 33.8% from a year earlier.
Central Depository Services (India) Limited (CDSL) data showed net equity outflows by foreign portfolio investors (FPIs) totaled ₹34,843 crore in October. The data also showed FPIs bought about ₹6,300 crore of equities in the week of Oct. 26-30.
The Economic Times reported that analysts it interviewed pointed to September-quarter results and domestic institutional investment as possible supports for share prices. Abhinav Tiwari, senior research analyst at Bonanza, told the outlet he was “cautiously optimistic” on the Nifty over the next two months.
Reuters reported Oct. 28 that IIFL Capital and Nuvama saw room for a near-term recovery in Indian shares, while warning that high oil costs and overseas investors’ focus on AI-linked opportunities could constrain the market. Reuters also said more expensive crude might add to inflation, tighten public budgets and reduce Indian companies’ profit margins.
The Economic Times also identified November’s U.S. midterm elections as a potential source of market volatility.
