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Firm trade continues on Dalal Street
Nov-02-2026

Indian equity benchmarks continued their firm trade in morning session driven by a sharp rally in bellwether Reliance Industries post earnings announcement and cooling crude oil prices. Foreign fund inflows and a positive trend in Asian equities also added to the markets optimism. Sentiment on the street also remained positive with Union Minister Piyush Goyal’s statement 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. Traders overlooked data showed India's manufacturing activity moderated in October, with the HSBC India Manufacturing Purchasing Managers' Index (PMI) slipping to 54.7 from 55.1 in September, as growth in output and new orders eased. On the global front, Asian markets were trading mostly in green as traders keep an eye on the ongoing discussions between Qatari mediators and Iranian officials to end hostilities in the Middle East which could ease supply concerns.

The BSE Sensex is currently trading at 75490.16, up by 1030.63 points or 1.38% after trading in a range of 75097.50 and 75509.66. There were 23 stocks advancing against 7 stocks declining on the index.

The top gaining sectoral indices on the BSE were Energy up by 4.10%, Oil & Gas up by 3.17%, Power up by 2.19%, Metal up by 2.15% and Utilities up by 2.13%, while Telecom down by 0.10% was the lone losing index on BSE.

The top gainers on the Sensex were Reliance Industries up by 7.52%, Tata Steel up by 3.91%, NTPC up by 2.93%, Maruti Suzuki India up by 2.77% and Asian Paints up by 2.13%. On the flip side, Adani Ports &SEZ down by 0.75%, Trent down by 0.58%, Titan Company down by 0.50%, Infosys down by 0.41% and Sun Pharma down by 0.32% were the top losers.

Meanwhile, the Reserve Bank of India (RBI) in its latest data has showed that bank credit grew 17.94 per cent year-on-year (Y-o-Y) to Rs 232.54 lakh crore as of October 15, 2026, from Rs 197.17 lakh crore recorded on October 17, 2025. Moreover, the data showed bank deposits stood at Rs 284.37 lakh crore as of October 15, 2026, compared to Rs 243.88 lakh crore till October 17, 2025, growing at 16.60 per cent year-on-year.

Higher credit growth was supported by excess liquidity in the banking system in early October and increased borrowing demand during the festive period in India. The banking system was flush with liquidity after huge FCNR (B) deposits garnered by banks under the RBI's concessional window.

According to data, surplus liquidity in the banking system ranged from Rs 2 lakh crore to Rs 4.5 lakh crore between October 1 and October 15. System liquidity increased substantially in August and September due to the recent measures undertaken to attract capital inflows. As measured by the net position under the LAF, system liquidity averaged a daily surplus of Rs 5.9 lakh crore since the last MPC meeting in August 2026.

The CNX Nifty is currently trading at 23348.50, up by 295.40 points or 1.28% after trading in a range of 23211.80 and 23350.45. There were 37 stocks advancing against 13 stocks declining on the index.

The top gainers on Nifty were Reliance Industries up by 7.37%, Max Healthcare up by 4.64%, Tata Steel up by 4.60%, JIO Financial Services up by 4.43% and Coal India up by 3.84%. On the flip side, Adani Ports &SEZ down by 0.98%, Trent down by 0.78%, Bajaj Auto down by 0.77%, Infosys down by 0.66% and Sun Pharma down by 0.64% were the top losers.

Asian markets were trading mostly in green; Shanghai Composite strengthened 25.67 points or 0.71% to 3,624.69, KOSPI increased 148.41 points or 2.59% to 5,879.15, Hang Seng advanced 106.58 points or 0.46% to 23,401.00 and Jakarta Composite gained 48.15 points or 0.95% to 5,105.20.

On the flip side, Nikkei 225 slipped 62.11 points or 0.1% to 63,228.00, Taiwan Weighted lost 101.07 points or 0.22% to 45,110.76 and Straits Times fell 71.56 points or 1.33% to 5,305.18.
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