Capital Com MENA Securities Trading LLC is regulated by the Capital Market Authority.
Open platformOpen platform

INDIA STOCKS-Reliance earnings, lower oil prices power India's Sensex to near two-month high

By Reuters News

By Vivek Kumar M and Bharath Rajeswaran

Nov 2 (Reuters) - Indian shares closed higher on Monday as strong Reliance Industries earnings, falling oil prices and hopes of tax breaks on equity investments lifted the BSE Sensex to a nearly two-month high, analysts and fund managers said.

Reuters reported citing sources that India's markets regulator has recommended removal of long-term capital gains tax for foreign investors and for domestic mutual fund investors if they are selling existing mutual funds to invest in new ones.

The Nifty 50 .NSEI added 1.68% to 23,440.8, and the BSE Sensex .BSESN rose 1.66% to 75,692.78. They have risen 3.3% in three sessions.

Reliance Industries RELI.NS surged 11.6%, marking its best day since April 2020, after the oil-to-telecom conglomerate posted higher-than-expected quarterly profit. It contributed to half of Nifty 50's gains on the day.

https://www.reuters.com/graphics/RELI6YRS-NOV22026/NOV22026-RELI6YRS/jnvwodlxrvw/chart.png

"The underperformance in Reliance's shares so far this year has amplified the gains in the stock today after robust quarterly earnings," said VK Vijayakumar, chief investment strategist at Geojit Investments.

Despite today's gains, Reliance Industries is down 17.2% in 2026.

Meanwhile, Brent crude prices fell to $109 per barrel from a six-month high of $118 on Friday, as Iranian and Qatari officials held a third straight day of talks aimed at pushing for a deal to end the US-Israeli war on Iran. O/R

Thirteen of the 16 major sectors logged gains. The broader small-caps .NIFSMCP100 and mid-caps .NIFMDCP100 added 0.7% and 1.2%, respectively.

The macroeconomic indicators like Goods and Services Tax collection, loan growth, and auto sales, have shown resilience despite global headwinds, providing further support to the markets perked up by oil prices coming off from six-month highs, Vijayakumar said.

Auto stocks .NIFTYAUTO rose 1.3%, with Maruti Suzuki India MRTI.NS and Tata Motors Passenger Vehicle TAMO.NS gaining 2.4% and 2.6% respectively on optimism over monthly sales.

IT stocks .NIFTYIT fell 0.5%, as investors likely paused after a nearly 18% surge last month.

Capital.com is an execution-only brokerage platform and the content provided on the Capital.com website is intended for informational purposes only and should not be regarded as an offer to sell or a solicitation of an offer to buy the products or securities to which it applies. No representation or warranty is given as to the accuracy or completeness of the information provided.

The information provided does not constitute investment advice nor take into account the individual financial circumstances or objectives of any investor. Any information that may be provided relating to past performance is not a reliable indicator of future results or performance.

To the extent permitted by law, in no event shall Capital.com (or any affiliate or employee) have any liability for any loss arising from the use of the information provided. Any person acting on the information does so entirely at their own risk.

Any information which could be construed as “investment research” has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication.