MUMBAI, November 2, 2026 — Indian shares advanced on Monday morning, with the Sensex up 1.27% at 75,404.64 and the Nifty 50 up 1.08% at 23,304.90 by 9:42 a.m. IST, as lower crude prices and stronger-than-expected quarterly earnings at Reliance Industries supported gains across most sectors, according to Reuters.

An update published by The Economic Times at 9:46 a.m. IST said the Sensex had gained more than 950 points and the Nifty had moved above 23,300. The report said the opening move added nearly ₹4 lakh crore to the market capitalisation of BSE-listed companies in less than five minutes. These are early-session figures, not closing levels.

Reuters reported that 15 of the 16 major sectoral indices were higher at the time of its market snapshot. The broader small-cap and mid-cap indices were up 0.6% and 0.8%, respectively, indicating that the advance extended beyond the largest listed companies.

The move follows recent sessions in which higher crude prices and domestic monetary-policy concerns weighed on equities. The latest gains do not, by themselves, establish that those risks have passed.

Also read: Sensex, Nifty Fall as RBI Rate Hike and Oil Prices Weigh

Lower crude prices support sentiment

Brent crude fell to about $110 a barrel from a six-month high of $118 on Friday as Iranian and Qatari officials held a third consecutive day of talks aimed at reaching an agreement to end the US-Israeli war on Iran, Reuters reported. The talks were continuing; the price move reflected expectations of possible diplomatic progress rather than confirmation of a settlement or a full restoration of shipping through the Strait of Hormuz.

Lower oil prices can ease some cost pressure for India, a major crude importer, and reduce concerns about the import bill and inflation if the decline is sustained. A short-lived fall in international benchmarks does not guarantee an immediate reduction in domestic petrol or diesel prices. Retail prices also depend on taxes, refining and marketing margins, currency movements, inventories and decisions by fuel retailers.

Also read: Oil Prices Drop More Than 1% as US-Iran Talks Continue, Brent Stays Above $110

The diplomatic discussions remain an important uncertainty for energy markets. Any public agreement would need to be followed by clear implementation steps and evidence that commercial shipping can move safely before traders could assume that the risk premium has materially receded.

Also read: Iran Says Hormuz Could Reopen Within Two Days Under Qatar-Mediated Proposal

Reliance leads gains after quarterly results

Reliance Industries shares rose about 6% in morning trade, making the company the top gainer in the Nifty 50 at the time of Reuters’ report. The market response followed the company’s September-quarter results, which were supported by stronger refining and petrochemical margins and steady growth at its Jio telecom business. Reuters also noted that retail remained a softer part of the group, with costs and investment in quick commerce weighing on that segment.

Reliance’s unaudited consolidated results for the quarter ended September 30, 2026, filed on October 30, showed revenue from operations of ₹3,32,861 crore, compared with ₹2,58,898 crore a year earlier. Consolidated profit after tax was ₹29,250 crore before the share of profit from associates and joint ventures; after that share, the figure was ₹29,550 crore. Net profit attributable to the owners of the company was ₹25,548 crore, compared with ₹18,165 crore in the year-ago quarter, an increase of 40.6%.

The distinction between these profit measures matters when comparing company results. The ₹29,550-crore figure includes the group’s share of profit from associates and joint ventures, while ₹25,548 crore is the amount attributable to Reliance shareholders. Reuters used the latter figure in its comparison with the previous year.

Other stocks also advanced. Reuters reported a 7.2% rise in Delhivery after it returned to quarterly profit, a 3.5% gain in Bank of Baroda after stronger operating metrics and an upgraded FY27 growth forecast, and a 3% rise in Indian Oil Corporation after its September-quarter profit nearly tripled year on year.

The next test is whether the early gains hold as trading progresses and whether participation remains broad across sectors. Investors will also monitor crude prices, developments in the Iran-Qatar discussions and further company results. A renewed disruption to Gulf shipping or a reversal in oil prices could change the market’s assessment of energy costs and inflation risks.

The market levels cited in this report are intraday observations from the morning of November 2, not the final close. Index values and individual share prices can change during the session. The early advance should therefore be treated as a snapshot of trading conditions rather than evidence of a sustained market trend.