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Markets trade firm in early deals amid pullback in global crude oil prices
Nov-02-2026

Indian equity benchmarks made an optimistic start on Monday tracking over 3% fall in crude oil prices amid hopes for a breakthrough in the US-Iran talks. US President Donald Trump favoured diplomacy with Tehran ahead of the midterm election. Sensex and Nifty were trading firm in early deals with gains of over a percent each on upbeat October auto sales and strong earnings from index heavyweight - Reliance Industries. Reliance Industries traded with over 6% gains on reporting strongest-ever quarterly financial performance for Q2FY27, with record revenue, EBITDA and net profit, driven by robust growth in its oil-to-chemicals (O2C) business, digital services and retail operations. Some support also came as the government data showed GST collections jumped 23 per cent year-on-year to the second-highest level of over Rs 2.31 lakh crore in October as festive buying boosted domestic demand. Meanwhile, investors are eyeing the final October Manufacturing Purchasing Managers' Index (PMI) data to be out later in the day.

On the global front, most of the Asian markets were trading higher as selling pressure on technology stocks eased, while investors continued to evaluate the outlook for the artificial intelligence sector. Meanwhile, the RatingDog China Manufacturing PMI edged down to 52.0 in October 2026 from September’s five-month high of 52.1, but surpassed forecasts of 51.6. Besides, the S&P Global Japan Manufacturing PMI was confirmed at 53.3 in October 2026, matching preliminary estimates, but declining from 54.1 in September.

The BSE Sensex is currently trading at 75447.53, up by 988.00 points or 1.33% after trading in a range of 75097.50 and 75459.29. There were 25 stocks advancing against 5 stocks declining on the index.

The top gaining sectoral indices on the BSE were Energy up by 3.49%, Oil & Gas up by 2.68%, Utilities up by 2.39%, Power up by 2.37%, PSU up by 1.87%, while there was no loser on the BSE sectoral front.

The top gainers on the Sensex were Reliance Industries up by 6.63%, Tata Steel up by 4.11%, NTPC up by 3.16%, Maruti Suzuki India up by 2.54% and Asian Paints up by 2.08%. On the flip side, Sun Pharma down by 1.48%, Tech Mahindra down by 0.65%, Trent down by 0.31%, Titan Company down by 0.12% and Infosys down by 0.10% were the top losers.

Meanwhile, Union Minister Piyush Goyal has said that India's trade pacts with several countries are expected to provide preferential access to Indian goods and services in markets with a combined Gross Domestic Product (GDP) of $85 trillion in the coming years. He urged the industry to look beyond the huge domestic market and step out of its comfort zone to expand globally. He said that before 2014, India had implemented free trade agreements (FTAs) with countries having a combined GDP of $10 trillion. Over the last four and a half years, the government has entered into nine trade pacts covering 38 developed countries with a combined GDP of $60 trillion.

Goyal said India is now negotiating seven to eight more agreements, which would add another $15 trillion worth of markets where Indian goods and services would receive preferential access. Together, these trade agreements cover markets accounting for about 76 per cent of global GDP, or $85 trillion out of the world's total GDP of $115 trillion. India is also negotiating similar agreements with Canada, Israel, Mexico, the GCC (Gulf Cooperation Council), the South African Customs Union (SACU) and Chile. A comprehensive trade pact with the 27-member European Union (EU) is expected to be signed in December and come into effect next year.

Talking about the opportunities in these markets, he said 'We will have preferential access through our various FTAs, bilateral trade agreements or preferential trade agreements...now is the time; we will start building global brands. Now is our time in the sun. We have to go global; we have to get out of the cosy comfort of the huge domestic market which consumes everything we produce and instead make world-class quality, package it well, (with) high-quality design.'

The CNX Nifty is currently trading at 23303.70, up by 250.60 points or 1.09% after trading in a range of 23211.80 and 23317.00. There were 39 stocks advancing against 11 stocks declining on the index.

The top gainers on Nifty were Reliance Industries up by 6.28%, Max Healthcare Institute up by 3.92%, Tata Steel up by 3.90%, JIO Financial Services up by 3.45% and NTPC up by 3.21%. On the flip side, Sun Pharma down by 1.30%, Apollo Hospital down by 1.23%, Eicher Motors down by 0.85%, Trent down by 0.44% and Tech Mahindra down by 0.44% were the top losers.

Asian markets were trading mostly in green; Nikkei 225 surged 215.89 points or 0.34% to 63,506.00, KOSPI increased 143.19 points or 2.44% to 5,873.93, Hang Seng advanced 123.58 points or 0.53% to 23,418.00, Jakarta Composite gained 43.07 points or 0.85% to 5,100.12 and Shanghai Composite strengthened 41.91 points or 1.16% to 3,640.93. On the other hand, Taiwan Weighted lost 122.84 points or 0.27% to 45,088.99 and Straits Times fell 74.48 points or 1.39% to 5,302.26.
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