Sensex Jumps 900 Points on Reliance Earnings, Lower Oil
Summary
The Sensex jumped more than 900 points in early trade on Monday, 2 November, with the Nifty above 23,300. Strong Reliance Industries earnings, softer crude prices and foreign buying drove the rally, even as Wall Street’s AI worries dragged technology shares.
Key Highlights
- Reliance rose over 6% after a record quarterly profit.
- Brent crude fell about 3% to around $110 a barrel.
- Foreign investors bought shares worth Rs 3,598.54 crore in the previous session.
- Sun Pharma, Tech Mahindra, Titan and Infosys traded lower.
What Happened?
The Sensex jumped 900 points as investors reacted to earnings and cheaper oil. Reliance led the move after posting a record September-quarter profit of Rs 29,550 crore, up 33.8 per cent from a year earlier. The Nifty also climbed above 23,300. NTPC, Tata Steel, Power Grid, Maruti Suzuki and SBI were among other gainers. Jio Platforms rose more than 3 per cent after its profit grew 13.7 per cent to Rs 8,389 crore.
Why is it Important?
Reliance’s results showed the refining and petrochemical business recovering sharply, while Jio growth offset weaker retail. Revenue rose 27.8 per cent to Rs 3.62 lakh crore, and EBITDA reached a record Rs 62,409 crore. Jefferies and Emkay Global raised their earnings estimates. At one point, the stock added more than Rs 1 lakh crore in value.
Impact and Implications
Crude prices helped sentiment, as Brent slipped on hopes of diplomatic progress between the US and Iran. Asian markets were mostly higher, with South Korea, Japan, China and Hong Kong in focus, though technology stocks stayed volatile. The Nasdaq fell sharply on Friday over concerns about large AI spending. Newly listed EAAA India Alternatives made a muted debut, opening about 0.5 per cent above its issue price.
What Happens Next?
Investors will watch whether crude keeps falling and how the US-Iran talks develop. Apple’s earnings and the upcoming US midterm elections are also on their radar.
