Sensex Jumps Nearly 1,000 Points as Reliance Rallies

By 10:32 a.m. on Monday, the Sensex had gained about 980 points, and the Nifty had climbed above 23,300. Reliance Industries shares were up more than 6%, making the company one of the strongest drivers of the rally. The rise gave Indian shares a sharp start to November, even as markets abroad sent mixed signals. ^1,2

Reliance’s jump followed its September-quarter results: the company reported a record profit of ₹29,550 crore, up 33.8% from a year earlier, according to reports. Its oil-to-chemicals business benefited from stronger global fuel margins, while growth in telecom helped make up for weaker retail performance. Falling oil prices added support, with Brent crude down about 3% to around $110 a barrel, easing from a recent high of $118. ^6,13

That oil move matters to India because lower energy costs can ease pressure on businesses and the wider economy. The rally also spread beyond Reliance: Tata Steel and Maruti Suzuki were among the top Nifty gainers, while the Oil and Gas index rose most among sectors. Mid-cap and small-cap shares advanced too. But the gains do not erase wider risks: foreign investors pulled about ₹45,160 crore from Indian shares in October, and global tensions and high oil prices remain concerns. ^2,3

October’s economic figures offered another lift. Vehicle registrations rose from a year earlier, and GST collections reached ₹2.31 lakh crore, the second-highest monthly total on record. Investors now have a busy week of company results and economic updates to weigh, with the US midterm elections set for November 3. Those events, along with oil prices and the impact of Reliance’s earnings, will help shape the next moves in Indian shares. ³