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Benchmarks relinquish some gains in late trade; continue to trade in green zone
Nov-02-2026

Benchmarks have relinquished some gains in late afternoon session as buying interest among IT and Banking counters wanned. However, markets continued to trade with gains of over percent each amid fall in crude oil prices. The Brent crude oil prices fell nearly 4% to trade at $109 a barrel levels following reports of diplomatic efforts from Iran and Qatar to restart negotiations between US and Iran. Further, capital inflows from foreign institutional investors (FIIs) bolstered sentiment on the bourses. FIIs were the net buyers on Friday’s session with net buying of Rs 3,598.54 crore. Besides, Reliance industries turned in some of the market's best performances among indices’ contributors today after its Q2 numbers beat street estimates. The company has reported 40.64% rise in its consolidated net profit at Rs 25,548 crore for the quarter ended September 30, 2026 as compared to Rs 18,165 crore for the same quarter in the previous year.

On the global front, Asian equity markets were trading mixed as traders weighed growing concerns about massive AI spending against retreat in crude oil prices. European equity markets were trading mostly in green as fall in crude oil prices eased concerns over rising inflation.

The BSE Sensex is currently trading at 75230.18, up by 770.65 points or 1.03% after trading in a range of 74978.12 and 75557.06. There were 22 stocks advancing against 8 stocks declining on the index.

The top gaining sectoral indices on the BSE were Energy up by 4.83%, Oil & Gas up by 3.92%, Metal up by 2.90%, Power up by 2.24% and Basic Materials up by 2.15%, while IT down by 0.36% and TECK down by 0.09% were the only losing indices on BSE.

The top gainers on the Sensex were Reliance Industries up by 8.24%, Tata Steel up by 5.13%, Ultratech Cement up by 2.48%, NTPC up by 2.36% and Bharat Electronics up by 1.96%. On the flip side, Infosys down by 2.53%, ICICI Bank down by 1.17%, Sun Pharmaceutical Industries down by 0.97%, Axis Bank down by 0.92% and Tech Mahindra down by 0.52% were the top losers.

Meanwhile, the finance ministry has said that the government has constituted a High Level Committee on Banking for Viksit Bharat to undertake a review of India’s banking sector and recommend structural, institutional, regulatory and legislative reforms necessary to make it globally competitive, financially inclusive, and resilient for Viksit Bharat, 2047. Union Minister of Finance and Corporate Affairs, Nirmala Sitharaman during her Budget speech 2026-27 had announced setting up of the Committee. 

The 'High Level Committee on Banking for Viksit Bharat' will be chaired by former Central Vigilance Commissioner Suresh N Patel. RBI Deputy Governor Shirish Chandra Murmu, former deputy governor N S Vishwanathan, and former Indian Bank MD Padmaja Chunduru will be part of the panel, which was initially announced in the Union Budget 2026-27. The committee will have a tenure of six months.

The panel will assess the present banking practices and prudential norms, identifying global best practices, and adapt them suitably for the Indian banking system, while also providing a roadmap for creating globally competitive banks. Besides, it will review the existing regulatory and legal frameworks for banks, including Regional Rural Banks and Cooperative Banks, and suggest reforms to bring in efficiency and enable ease of doing banking for Viksit Bharat. Other Terms of Reference (ToR) of the panel include assessment of the long-term capital requirements for banks, including Development Financial Institutions and Non-Banking Financial Companies, with recommendations on funding sources and enabling mechanisms to support credit growth. It will also examine differences in the cost of capital for businesses and suggest policy options to boost private investment for sustainable growth.

Further, the committee will prepare a roadmap for AI and digital innovation in banking institutions, while providing for safeguards against cyber risks. Among other ToRs is to suggest a strategy for talent acquisition and capacity building to ensure a future-ready workforce for the banking sector. The Patel-chaired committee will review the priority sector lending framework and lead bank scheme to assess their relevance, effectiveness, and coordination in promoting inclusive, balanced, and data-driven credit delivery aligned with evolving economic priorities and financial inclusion goals.

The CNX Nifty is currently trading at 23291.10, up by 238.00 points or 1.03% after trading in a range of 23207.05 and 23360.50. There were 33 stocks advancing against 17 stocks declining on the index.

The top gainers on Nifty were Reliance Industries up by 8.40%, Tata Steel up by 5.30%, Shriram Finance up by 4.82%, Coal India up by 4.72% and JSW Steel up by 4.52%. On the flip side, Infosys down by 2.64%, ICICI Bank down by 1.32%, Axis Bank down by 1.22%, Sun Pharmaceutical Industries down by 0.88% and HDFC Life Insurance down by 0.81% were the top losers.

Asian equity markets were trading mixed; Hang Seng advanced 61.58 points or 0.26% to 23,356.00, KOSPI increased 128.34 points or 2.19% to 5,859.08, Shanghai Composite strengthened 33.29 points or 0.92% to 3,632.31 and Jakarta Composite gained 51.13 points or 1% to 5,108.18, while Nikkei 225 slipped 75.11 points or 0.12% to 63,215.00, Taiwan Weighted lost 291.69 points or 0.65% to 44,920.14, Straits Times fell 69.68 points or 1.3% to 5,307.06.

European equity markets were trading mostly in green; France’s CAC rose 6.78 points or 0.09% to 7,976.20 and Germany’s DAX gained 22.09 points or 0.09% to 25,840.30, while UK’s FTSE 100 decreased 8.91 points or 0.08% to 10,720.87.
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