- Indian indices Nifty 50 and Sensex opened higher on Nov 2 amid positive domestic cues and easing crude prices
- Renewed US-Iran diplomatic talks raised hopes for easing energy supply concerns & reducing geopolitical risks
- Nifty 50 shows short-term momentum but remains below key moving averages, with resistance at 23,200
Indian benchmark indices, the Nifty 50 and the Sensex, were off day's highs but continued to trade higher on Monday, November 2, supported by gains in Metal and Oil and Gas stocks, despite mixed global market signals.
The BSE Sensex was trading over 630 points higher at 75,094 levels, while Nifty 50 was trading 0.8% higher at 23,244. After rising initially, Bank Nifty slipped in red.
-
Indian Markets Turning Corner After Two Tough Years, Says Sandeep Tandon -
NDTV Profit Ignite 2026: Experts See Opportunity In Equities, Stay Bullish For Long-Term -
Buy Right, Sit Tight Does Not Work for Individual Stocks, Says Dinshaw Irani -
'Worst Is Behind': Quant MF Sees Market Bottom, Flags 'Extreme Euphoria' In Midcaps -
India's Mutual Fund Industry Could Become A $1 Trillion Opportunity, Say Fund Managers -
'Foreign Investors Are Baraatis': Raamdeo Agrawal's Take On LTCG Tax -
Stay Invested Through Market Cycles: Raamdeo Agrawal at NDTV Profit Ignite -
Ramesh Damani Remains Bullish On India For Next 20-30 Years, Sees Bargains Amid Market Weakness -
CAS Came After A Long Consultation Process: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFIT IGNITE -
Aim To Cut FPI Onboarding Time From Mth To Five Days: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFI
Analysts believe Indian equity markets may attempt to extend their recent recovery, with investors drawing some encouragement from renewed diplomatic efforts to de-escalate the US-Iran conflict.
Also Read | Layoffs Are Rising In Tech, But These Skills Are Helping People Unlock Better Pay
"Discussions involving Iranian officials and Qatari mediators have raised hopes of a possible breakthrough that could ease supply concerns and improve the outlook for global energy markets. Any tangible progress on this front could help reduce the geopolitical risk premium in crude oil and offer near-term support to domestic equities. However, WTI crude continues to trade near $102 a barrel, while Brent remains above $110, keeping energy costs elevated and broader macroeconomic concerns in focus," said Ponmudi R, CEO of Enrich Money.
Investors will also keep an eye on developments in the US-Iran conflict, crude oil prices and the ongoing September quarter earnings season.
Top Gainers, Losers
On the 30-share BSE Sensex, RIL, Tata Steel and Maruti Suzuki were the top gainers, rising up to 9%. On the other hand, Sun Pharma, Infosys and ICICI Bank were among the top laggards.
Broader Markets
Broader markets, too, traded higher. The Nifty Midcap 100 index was up 1.21%, while the Nifty Smallcap 100 index gained 0.81%.
Sector Check
All sectors traded in the green zone. Nifty Oil and Gas emerged as the top-performing sector, rising 3.9%, followed by Metal (2.6%) and Consumer Durables (2.4%).
Global cues
Asian markets traded largely lower on Monday, November 2, tracking losses on Wall Street, as investors assessed geopolitical developments in the Middle East and awaited a fresh batch of manufacturing activity data.
READ | Asian Markets Today: Nikkei, ASX 200 Slip After Wall Street Falls; Kospi Bucks The Trend
Japan's Nikkei 225 and Topix declined 0.31% and 0.84%, respectively, while Australia's S&P/ASX 200 slipped 0.68%. Bucking the trend, South Korea's Kospi traded over 1% higher, while New Zealand's NZX 50 fell 0.98%, when last checked.
US markets ended Friday's session sharply lower, with all three major benchmarks posting losses. The Dow Jones Industrial Average declined 1.09%, while the S&P 500 fell 1.82%. The tech-heavy Nasdaq Composite plunged 2.86%.
The losses followed a weak week on Wall Street, with technology stocks facing sustained selling pressure as investors reassessed valuations and scrutinised companies linked to the artificial intelligence (AI) infrastructure buildout.
Q2 Results Today
As many as 203 companies are scheduled to announce their September quarter (Q2 FY27) results on Monday, November 2.
Some of the key companies reporting their earnings include ITC, Marico, National Aluminium Company, Petronet LNG, UPL, NLC India, Container Corporation of India, Wockhardt, Escorts Kubota, Tata Investment Corporation, Granules India, Carborundum Universal, TBO Tek, Choice International, Fine Organics Industries, Devyani International, Amara Raja Energy & Mobility, DOMS Industries, PCBL Chemical, KEC International, JK Paper, Eureka Forbes, Sheela Foam, Balaji Amines, Triveni Engineering and Industries, Arvind Fashions, VRL Logistics, Happiest Minds Technologies, MOIL, PTC India, Thomas Cook (India), Capillary Technologies, Sanghvi Movers, Wonderla Holidays, PSP Projects, Krsnaa Diagnostics, Zuari Agro Chemicals and TV Today Network.
Oil Prices Today
Brent crude prices fell towards $111 per barrel on Monday, retreating from four-year highs as investors weighed hopes of a diplomatic breakthrough in the Middle East against the risk of renewed US military action against Iran.
Qatari and Iranian officials continued discussions for a third consecutive day, seeking an agreement to end the US-Israel war on Iran ahead of this week's US midterm elections. However, Tehran has repeatedly warned that any fresh attacks could trigger retaliatory strikes against US and Israeli targets in neighbouring countries.
US President Donald Trump said Washington would refrain from launching fresh attacks on Iran before the elections, adding that negotiations with Tehran were progressing. However, he has not ruled out further military action after the elections.
Meanwhile, OPEC+ agreed over the weekend to maintain its existing oil production targets through December as the group continues to assess global supply and demand conditions.
Developments in US-Iran negotiations, the risk of further escalation in the Middle East and OPEC+'s production policy will remain key drivers for crude oil prices in the near term.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
