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Bulls hold tight grip on Indian markets
Nov-02-2026

Bulls were holding a tight grip on Indian equity markets during early afternoon session, with both the Sensex and Nifty garnering gains of over a per cent amid broad-based buying across sectors. Investors’ sentiment was supported by easing crude oil prices, optimism surrounding diplomatic efforts to resolve the Iran conflict and strong quarterly earnings from heavyweight companies. Reliance Industries emerged as a major contributor to the markets rally following better-than-expected quarterly earnings. The street took a note of the Reserve Bank of India’s (RBI) latest data showing 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.

On the global front, Asian markets were trading mixed, after the manufacturing sector in China continued to expand in October, albeit at a slower pace, with a Performance of Manufacturing Index score of 52.0. That was down from 52.1 in September although it remains above the boom-or-bust line of 50 that separates expansion from contraction.

The BSE Sensex is currently trading at 75429.04, up by 969.51 points or 1.30% after trading in a range of 75097.50 and 75557.06. There were 21 stocks advancing against 9 stocks declining on the index.

The top gaining sectoral indices on the BSE were Energy up by 4.48%, Oil & Gas up by 3.65%, Power up by 2.47%, Metal up by 2.44% and Utilities up by 2.38%, while there were no losing sectoral indices on the BSE.

The top gainers on the Sensex were Reliance Industries up by 7.71%, Tata Steel up by 4.47%, Maruti Suzuki India up by 2.69%, NTPC up by 2.22% and Bajaj Finance up by 1.92%. On the flip side, Infosys down by 1.10%, ICICI Bank down by 0.79%, Adani Ports & SEZ down by 0.71%, Sun Pharma down by 0.67% and Axis Bank down by 0.43% were the top losers.

Meanwhile, amid elevated global crude oil prices, the government of India has raised windfall gains tax on export of diesel and Aviation Turbine Fuel (ATF). The duty on ATF exports has been hiked marginally to Rs 11/litre, from Rs 10.5/litre for the fortnight. The rate of special additional excise duty (SAED), along with road and infrastructure cess on export of diesel, has been increased to Rs 11.5 a litre, up from Rs 8.5 a litre. Meanwhile, government has slashed duty on export of petrol to nil, from Rs 2.5 per litre. The duty changes will be effective from October 31, 2026.

Further, there is no change in the existing duty rates on petrol and diesel cleared for domestic consumption. The government imposed an export duty on diesel and ATF on March 27 and revised the rate every fortnight amid escalating tensions in West Asia. Beginning May 16, the levy was imposed on petrol exports. 

The windfall tax was levied to increase domestic availability of the fuel amid the war in West Asia. It was also aimed at preventing exporters from taking undue advantage due to price differences as global crude oil prices had risen since the war began. The windfall tax was intended to ensure domestic availability of petroleum products by disincentivising exports amid the West Asia crises.

The CNX Nifty is currently trading at 23335.65, up by 282.55 points or 1.23% after trading in a range of 23211.80 and 23360.50. There were 35 stocks advancing against 15 stocks declining on the index.

The top gainers on Nifty were Reliance Industries up by 7.69%, Shriram Finance up by 5.61%, Tata Steel up by 4.74%, Coal India up by 4.20% and Max Healthcare Inst. up by 4.17%. On the flip side, Infosys down by 1.47%, ICICI Bank down by 0.97%, Sun Pharma down by 0.91%, Adani Ports & SEZ down by 0.63% and Eicher Motors down by 0.49% were the top losers.

Asian markets were trading mixed; Jakarta Composite gained 24.2 points or 0.48% to 5,081.25, KOSPI increased 128.34 points or 2.19% to 5,859.08, Hang Seng advanced 102.58 points or 0.44% to 23,397.00 and Shanghai Composite strengthened 33.29 points or 0.92% to 3,632.31, while Taiwan Weighted lost 291.69 points or 0.65% to 44,920.14, Nikkei 225 slipped 75.11 points or 0.12% to 63,215.00 and Straits Times fell 80.16 points or 1.49% to 5,296.58.
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