Daily Market Wrap-Up: 2 November 2026 — Nifty Surges Above 23,400 as Reliance Jumps 11.6%; Oil and Metal Stocks Lead
Executive Summary
Indian equity markets began November on a strong note, with benchmark indices registering broad-based gains. The Nifty 50 advanced 387.70 points (1.68%) to close at 23,440.80, while the Sensex gained 1,233.25 points (1.66%) to settle at 75,692.78.
Reliance Industries emerged as the session’s standout performer, surging 11.60% following its quarterly results. Metal, energy and oil-related stocks also attracted strong buying interest. Midcap and smallcap indices ended higher, reflecting positive market breadth.
The latest combined institutional trading data showed net buying by FIIs, while DIIs remained net sellers.
Key Index Closing Data
| Index | Closing Level | Change |
|---|---|---|
| Nifty 50 | 23,440.80 | +387.70 (+1.68%) |
| Sensex | 75,692.78 | +1,233.25 (+1.66%) |
| Nifty Bank | 55,002.20 | +315.25 (+0.58%) |
| Nifty Midcap 100 | 57,983.40 | +682.15 (+1.19%) |
| Nifty Smallcap 100 | 18,595.30 | +0.71% |
| Nifty Next 50 | 68,962.65 | +1,253.55 (+1.85%) |
| Nifty 500 | 22,241.40 | +345.50 (+1.58%) |
The Nifty 50 opened at 23,222.30, touched an intraday low of 23,207.05 and climbed to its closing high of 23,440.80. The total market capitalisation of NSE-listed companies stood at approximately ₹478.39 lakh crore.
FII/FPI & DII Activity
The latest combined institutional trading activity across NSE, BSE and MSEI showed that foreign institutional investors remained net buyers on 2 November, while domestic institutional investors recorded net selling.
FII/FPI & DII Trading Activity – 2 November 2026
| Category | Buy Value (₹ Cr) | Sell Value (₹ Cr) | Net Value (₹ Cr) |
|---|---|---|---|
| FII/FPI | 16,499.46 | 13,384.78 | +3,114.68 |
| DII | 14,988.48 | 15,380.68 | -392.20 |
| Combined Net | +2,722.48 |
FIIs recorded net purchases of ₹3,114.68 crore, indicating continued foreign buying interest. DIIs, on the other hand, were net sellers worth ₹392.20 crore.
The combined institutional activity resulted in net buying of ₹2,722.48 crore, providing a positive institutional flow backdrop for the session.
Sectoral Performance
Buying interest was visible across several major sectors, with oil and gas, metals, consumer durables and energy-related stocks leading the advance.
| Sector | Performance |
|---|---|
| Nifty Oil & Gas | +5.95% |
| Nifty Metal | +3.21% |
| Nifty Consumer Durables | +2.70% |
| Nifty PSU Bank | +1.36% |
| Nifty Auto | +1.33% |
| Nifty Energy | +3.92% |
| Nifty Infrastructure | +3.70% |
| Nifty Realty | +0.98% |
| Nifty Bank | +0.51% |
| Nifty Pharma | -0.07% |
| Nifty IT | -0.50% |
| Nifty Media | -0.76% |
Top Gainers
Reliance Industries led the gainers after its strong earnings performance. Metal and commodity-linked stocks also recorded notable advances.
| Stock | Closing Price | Change |
|---|---|---|
| Reliance Industries | ₹1,300.00 | +11.60% |
| Tata Steel | ₹177.37 | +5.83% |
| JSW Steel | ₹1,309.90 | +5.13% |
| Shriram Finance | ₹863.35 | +4.88% |
| Coal India | ₹408.00 | +4.88% |
| Jio Financial Services | ₹213.25 | +4.28% |
| ONGC | ₹234.83 | +4.19% |
| UltraTech Cement | ₹11,387.00 | +3.10% |
| Hindalco Industries | ₹911.40 | +3.02% |
| Max Healthcare | ₹884.75 | +2.88% |
Top Losers
Despite the broader market rally, select IT, banking, pharmaceutical and financial stocks ended in negative territory.
| Stock | Closing Price | Change |
|---|---|---|
| Infosys | ₹1,161.00 | -2.03% |
| ICICI Bank | ₹1,387.40 | -0.76% |
| Dr. Reddy’s Laboratories | ₹1,342.00 | -0.74% |
| Kotak Mahindra Bank | ₹458.35 | -0.70% |
| Axis Bank | ₹1,209.00 | -0.66% |
| BSE Ltd | ₹3,490.00 | -0.58% |
| HDFC Life | ₹522.25 | -0.50% |
| Sun Pharmaceutical | ₹1,770.00 | -0.43% |
| Tech Mahindra | ₹1,786.90 | -0.22% |
| Bajaj Auto | ₹10,339.00 | -0.11% |
Stocks in Focus
Reliance Industries: Shares surged 11.60% to ₹1,300 after the company reported quarterly profit of ₹25,548 crore, marking a 41% year-on-year increase. The strong earnings performance supported buying interest in the stock.
Tata Steel and JSW Steel: Metal stocks gained sharply, supported by strong sector-wide buying.
Shriram Finance: Shares advanced 4.88%, contributing to the strength in the financial services space.
Coal India and ONGC: Energy-related stocks attracted buying interest as oil and gas shares outperformed.
Infosys and ICICI Bank: Both stocks ended lower despite the broader market rally, reflecting selective selling in large-cap counters.
Market Breadth
Market breadth remained positive on the NSE.
| Market Indicator | Number |
|---|---|
| Total Stocks Traded | 3,713 |
| Advances | 2,445 |
| Declines | 1,164 |
| Unchanged | 104 |
| 52-Week Highs | 57 |
| 52-Week Lows | 143 |
Within the Nifty 50, 38 stocks advanced while 12 declined, indicating broad participation in the benchmark rally.
Global Market Cues
Asian markets delivered a mixed performance. South Korea’s Kospi gained 2.19%, Hong Kong’s Hang Seng advanced 0.26%, and Shanghai Composite rose 0.92%. Japan’s Nikkei declined 0.12%, while Singapore’s Straits Times fell 1.37%.
Global crude oil prices eased from their recent elevated levels, providing some relief to energy-sensitive market participants. International equity sentiment remained mixed, with technology stocks facing selective pressure.
Commodities, Currency & Cryptocurrency
| Asset | Latest Price / Level | Change |
|---|---|---|
| Brent Crude Oil | Around $108/barrel | Lower |
| USD/INR | Around ₹94.90 | Rupee strengthened |
| 24K Gold | ₹1,42,346 per 10g | +₹507 (+0.36%) |
| Silver 999 | ₹1,86,061 per kg | -₹2,078 (-1.06%) |
| Indian VIX | 15.27 | +0.15 (+0.99%) |
| Bitcoin | $77,964.00 | -0.09% (-$70.31) |
Gold, silver and Indian VIX figures reflect the available 2 November morning snapshot. Bitcoin was quoted at $77,964, down 0.09%.
IPO & Listing Corner
Mainboard IPO – Bombay Coated and Special Steels
The Bombay Coated and Special Steels IPO closed for subscription on 2 November. The issue size was approximately ₹183.06 crore, with a price band of ₹78–₹82 per share. The issue received strong investor interest, with subscription reported at 60.77 times by the latest available update.
SME IPO – Vedant Poly Fabs
Vedant Poly Fabs opened its SME public issue on 2 November on the NSE SME platform. Investors will be tracking subscription activity and the company’s issue details during the bidding period.
Technical Outlook – Nifty 50
The Nifty 50 ended the session at 23,440.80 after recovering strongly from its intraday low of 23,207.05.
| Technical Levels | Nifty 50 |
|---|---|
| Immediate Support | 23,300–23,200 |
| Next Support | 23,100 |
| Immediate Resistance | 23,500 |
| Higher Resistance | 23,600–23,700 |
A sustained move above 23,500 could strengthen the positive momentum and open the possibility of testing higher resistance levels. On the downside, 23,300–23,200 remains an important support zone.
Technical Outlook – Bank Nifty
Bank Nifty closed at 55,002.20, gaining 315.25 points (0.58%) during the session. The banking index participated in the broader market recovery, although its gains remained more moderate than those of the Nifty 50.
| Technical Levels | Bank Nifty |
|---|---|
| Immediate Support | 54,800 |
| Next Support | 54,500 |
| Immediate Resistance | 55,200 |
| Higher Resistance / Target | 55,500–55,700 |
A sustained move above 55,200 could improve momentum and open the way towards the 55,500–55,700 zone. On the downside, 54,800 is the immediate support to monitor, followed by 54,500. A break below these levels could invite further selling pressure.
What to Watch on the Next Trading Day
- Whether the Nifty 50 sustains its position above 23,400.
- Whether Bank Nifty moves above the 55,200 resistance zone.
- FII buying activity and changes in DII positioning.
- Follow-through buying in Reliance Industries after its earnings-led rally.
- Continued strength in metal, oil and gas and energy stocks.
- Movement in crude oil prices and the USD/INR exchange rate.
- Subscription developments in the ongoing SME IPO.
FinBrooks Market View
The Indian equity market started November with a strong rally, supported by broad-based buying and positive foreign institutional flows. Reliance Industries was the key driver of the session, while metal and energy stocks provided additional support.
The combined FII/FPI and DII data showed net institutional buying of ₹2,722.48 crore, with foreign investors contributing the majority of the net inflow.
The Nifty’s next important test lies around the 23,500 resistance zone. Sustained buying above this level could extend the upward momentum, while a move below 23,200 may bring short-term caution back into the market.
Bank Nifty will also be important to watch, with 55,200 acting as its immediate resistance and 54,800 as the first support zone. A sustained move above resistance could support further gains in banking stocks.
For the next session, investors should monitor institutional flows, global market cues, crude oil prices and the sustainability of buying in heavyweight stocks.
Stay Ahead of the Market 📈
Subscribe to our weekly newsletter
Get your weekly market summary from FinBrooks Insights and smart financial lessons from FinBrooks Academy delivered straight to your inbox every weekend!