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Key gauges end higher for 3rd straight day amid steep fall in oil prices
Nov-02-2026

Rallying for the third straight day, Indian equity benchmarks ended higher by over one and half percent each, driven by a steep rally in bellwether Reliance Industries post earnings announcement and cooling crude oil prices on optimism surrounding US-Iran talks. Foreign fund inflows, positive global cues coupled with positive domestic macro indicators also added to the optimism.  

Some of the important factors in trade: 

India’s FTAs open $85 trillion economy for exporters: Union Minister Piyush Goyal said with India's trade pacts set to provide preferential access to its goods and services in countries with a combined GDP of $85 trillion in the coming years, the industry should look beyond the huge domestic market and step out of its comfort zone to expand globally.

Gross GST collections rise 23% to Rs 2.31 lakh crore in October driven by festive demand: The government data has showed that gross Goods and Services Tax (GST) collections jumped 22.9 per cent year-on-year to Rs 2.31 lakh crore in October 2026 as festive buying boosted domestic demand. 

Bank credit grows 17.94% Y-o-Y to Rs 232.54 lakh crore as of October 15: 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.

India’s manufacturing sector growth eases in October; PMI at 54.7: India’s manufacturing sector growth eased in the month of October 2026, amid softer increases in output and new orders. According to the survey report, the seasonally adjusted HSBC India Manufacturing Purchasing Managers’ Index (PMI) fell from 55.1 in September to 54.7 in October, however was comfortably above the neutral mark of 50.0. 

Global front: European markets were trading higher as the final purchasing managers' survey data from S&P Global showed the euro area manufacturing activity expanded at a solid pace in October despite slowdown in factory order growth and intensifying supply-chain pressures. Asian markets settled mostly higher as oil prices dropped more than 4% amid reports that both the U.S. and Iran are seeking diplomatic options to bring an end to the Middle East conflict. 

Finally, the BSE Sensex rose 1233.25 points or 1.66% to 75,692.78 and the CNX Nifty was up by 387.70 points or 1.68% to 23,440.80.

The BSE Sensex touched high and low of 75,692.78 and 74,978.12, respectively. There were 23 stocks advancing against 7 stocks declining on the index.

The top gaining sectoral indices on the BSE were Energy up by 6.06%, Oil & Gas up by 4.89%, Metal up by 3.13%, Basic Materials up by 2.55% and Power up by 2.42%, while IT down by 0.30% was the lone losing index on BSE.

The top gainers on the Sensex were Reliance Industries up by 11.64%, Tata Steel up by 5.64%, Ultratech Cement up by 2.75%, State Bank of India up by 2.71% and NTPC up by 2.37%. On the flip side, Infosys down by 1.61%, Kotak Mahindra Bank down by 0.65%, ICICI Bank down by 0.63%, Sun Pharma down by 0.58% and Axis Bank down by 0.47% 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.'

CNX Nifty touched high and low of 23,440.80 and 23,207.05, respectively. There were 38 stocks advancing against 12 stocks declining on the index.     

The top gainers on Nifty were Reliance Industries up by 11.60%, Tata Steel up by 5.83%, JSW Steel up by 5.13%, Shriram Finance up by 4.88% and Coal India up by 4.88%. On the flip side, Infosys down by 2.03%, ICICI Bank down by 0.76%, Dr. Reddy's down by 0.74%, Kotak Mahindra Bank down by 0.70% and Axis Bank down by 0.66% were the top losers. 

European markets were trading higher; UK’s FTSE 100 increased 12.29 points or 0.11% to 10,742.07, France’s CAC rose 38.08 points or 0.48% to 8,007.50 and Germany’s DAX gained 98.09 points or 0.38% to 25,916.30.

Asian markets settled mostly higher on Monday, tracking a sharp drop in crude oil prices following reports of continued talks between Iranian and Qatari officials aimed at ending the conflict in Middle East, despite fears of renewed US military action against Iran. Meanwhile, private surveys in October showed that factory activity across major Asian economies continued to expand, though growth slowed in key chip-exporting countries such as Japan, South Korea, and Taiwan. South Korea’s Kospi rallied, buoyed by strong institutional buying and a sharp rebound in semiconductor shares after data showed the country's exports surged 93.7% year-on-year to a record $115.3 billion in October. However, Japanese markets ended slightly lower following a global technology sell-off triggered by disappointing quarterly results from Intel and Amazon. Traders also shifted their focus on this week's US midterm elections, which will determine control of US Congress.

Asian Indices

Last Trade            

Change in Points

Change in %      

Shanghai Composite

3,638.03

39.01

1.08

Hang Seng

23,393.32

98.90

0.42

Jakarta Composite

5,096.83

39.78

0.79

KLSE Composite

1,619.51

3.91

0.24

Nikkei 225

63,081.86

-208.25

-0.33

Straits Times

5,303.83

-72.91

-1.36

KOSPI Composite

5,859.08

128.34

2.24

Taiwan Weighted

44,920.14 

-291.69

-0.65
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