- Summary
- The Sensex rose 1,233.25 points to close at 75,692.78 while the Nifty 50 gained 387.70 points to end at 23,440.80 on Monday, 2 November 2026, a third straight day of gains as oil prices eased on hopes of US-Iran talks and Reliance Industries moved sharply higher.
- The gains were broad, with the Nifty MidCap 100 up 1.19% and the SmallCap 100 up 0.71%, while Oil and Gas and Metal led the sectors and IT and Media fell the most.
- Bank of Baroda rose as much as 5.11% after reporting record quarterly profit, MobiKwik gained 6% after its highest-ever profit, and Sun Pharma fell after brokerages lowered their target prices following its 36% drop in profit.
- Oil prices eased on optimism about US-Iran negotiations, after Brent climbed to $116 on Friday on reports that the US was considering military options against Iran.
The Sensex rose 1,233.25 points, or 1.66%, to close at 75,692.78, while the Nifty 50 gained 387.70 points, or about 1.68%, to end at 23,440.80. This was the largest one-day gain in this recovery so far, and it came at the start of a week that includes the US mid-term elections.
Two things drove the move: crude prices eased, and Reliance Industries, the largest company on the Nifty, gained sharply. Reliance, Tata Steel and JSW Steel were the top Nifty gainers. Unlike Friday, when smallcaps fell 1.85% while the benchmarks rose, the broader market also gained. The Nifty MidCap 100 rose 1.19% and the Nifty SmallCap 100 gained 0.71%.
Impact on the stock market
Sectoral gainers: Nifty Oil and Gas and Nifty Metal rose the most. Reliance’s sharp gain lifted the oil and gas index, while Tata Steel and JSW Steel helped metals continue their strong run.
Sectoral losers: Nifty IT and Nifty Media declined the most. IT stocks gave back some of last week’s gains as investors moved money into energy and metal stocks.
| Sector/Index | Performance |
| IT & BPM sector | -0.50% |
| Healthcare sector | 0.18% |
| Oil & Gas sector | 5.95% |
| Real estate sector | 1.03% |
| PSU Bank in India | 1.36% |
Top gainers today
Here are the stocks that delivered the Top gainers in today’s trading session. The table below lists each company along with its share price and percentage change for the day.
| Company | Share Price (in ₹) | Change % |
| Reliance | 1,300.00 | 11.60 |
| Tata Steel | 177.37 | 5.83 |
| JSW Steel | 1,309.90 | 5.13 |
| Coal India | 408.00 | 4.88 |
| Shriram Finance | 863.35 | 4.88 |
Top losers today
Here are the stocks that saw the Top losers in today’s trading session. The table below lists each company along with its share price and percentage change for the day.
| Company | Share Price (in ₹) | Change % |
| Infosys | 1,161.00 | -2.03 |
| ICICI Bank | 1,387.40 | -0.76 |
| Dr Reddys Labs | 1,342.00 | -1.74 |
| Kotak Mahindra | 458.35 | -0.70 |
| Axis Bank | 1,209.00 | -0.66 |
Market aftermath: Impact on stocks
Bank of Baroda Q2: Record Profit Lifts Shares 5%
Bank of Baroda’s standalone net profit rose 35.8% to ₹6,532 crore, its highest ever for a quarter, and consolidated profit grew 31% to ₹6,737.28 crore. A large part of the increase came from a one-time gain. Other income nearly doubled, up 96% to ₹6,881 crore, because the bank sold part of its stake in the National Stock Exchange when it listed, earning a profit of ₹1,340 crore, and also recorded a gain in the value of its remaining stake. Net interest income, the difference between what the bank earns on loans and pays on deposits, rose 9% to ₹13,026 crore as loans grew 18.3%.
Loan quality also improved. New bad loans fell to ₹2,392 crore from ₹3,183 crore in the June quarter, and gross bad loans dropped to 1.78% of total loans from 1.99%. The bank raised its loan growth forecast for the year to 13-15% from 12-14%. The shares rose as much as 5.11% to ₹250.70 and were trading 2.6% higher at ₹244.70 around midday. Brokerages are positive: Equirus has a target of ₹300, Axis Securities ₹290, and JM Financial upgraded the stock to Buy with a target of ₹280.
One MobiKwik Q2: Highest-Ever Profit Sends Shares Up 6%
One MobiKwik reported net profit of ₹12 crore, compared with a loss of ₹28.6 crore a year ago. This was its highest-ever quarterly profit and its fourth profitable quarter in a row. Operating profit reached a record ₹22.7 crore, against a loss of ₹6.4 crore last year. The total value of payments processed on its platform rose 35% to a record ₹59,677 crore. The shares were trading 6% higher at ₹226.66 at 2.45 pm.
Revenue grew a more modest 9% to ₹295.7 crore, so the profit came mainly from cost control rather than fast revenue growth. Co-founder and Chief Executive Bipin Preet Singh said the company has crossed ₹1,000 crore in loans disbursed, and that revenue from merchant payments grew 150%. He said MobiKwik plans to become an AI-first company and expects profits to grow faster than costs as the business scales.
Sun Pharma: Shares Fall After Brokerages Lower Targets
Sun Pharma fell more than 3% during the session, ending a four-day winning streak, and was trading 1.47% lower at ₹1,751.50 at 1.50 pm. Trading volume was more than twice Friday’s level. Investors reacted to the September-quarter results, in which net profit fell 36.36% to ₹1,988.53 crore because of one-time costs linked to the proposed acquisition of Organon and a US legal case. Revenue rose about 12% to ₹16,198.71 crore, led by India sales, which grew 17.3% to ₹5,552.3 crore and now make up 34.5% of total sales.
Brokerages still recommend the stock, but most lowered their targets. Nirmal Bang cut its target to ₹2,254 from ₹2,437, Nuvama to ₹2,320 from ₹2,360, Emkay to ₹2,000 from ₹2,100, and JM Financial to ₹2,020 from ₹2,150. Prabhudas Lilladher kept its target at ₹2,150. The concerns are slower sales of Ilumya, Sun’s psoriasis treatment, falling prices for its US generic medicines, and the fact that the company kept its full-year growth forecast at “high single digit” even after double-digit growth in the first half. The Organon deal is expected to close in the March quarter.
Crude Oil: Prices Ease on Hopes of US-Iran Talks
Oil prices declined on Monday on optimism about negotiations between the US and Iran, which helped Indian stocks. This followed a volatile end to last week. On Friday morning, December Brent futures rose 1.01% to $116.04 and WTI rose 1.12% to $103.14, while November crude on the MCX traded at ₹9,827, up 1.22%.
Friday’s rise came after a Wall Street Journal report that US Central Command chief Admiral Brad Cooper and Defence Secretary Pete Hegseth briefed President Trump on military options for Iran. The Houthis also said they attacked the Ras Tanura and Rabigh refineries and an Aramco facility in Abqaiq, and Saudi Arabia said it intercepted a cruise missile. Oil prices have moved between hopes of talks and fears of conflict for weeks, and with the US mid-term elections this week, that volatility is likely to continue.
Conclusion
Monday was the strongest session of this recovery. The Sensex gained 1,233 points, the Nifty rose about 1.7%, and midcaps and smallcaps also gained. Reliance, the metal companies, easing oil prices and a record profit at Bank of Baroda all contributed. Sun Pharma was the exception, falling after brokerages lowered their targets, while MobiKwik showed that a fintech company can grow profit by controlling costs. The market has now gained for three sessions in a row, but this week brings the US mid-term elections and possibly a decision on Iran. A sharp move in oil prices in either direction could change the market’s direction quickly.
