Financial Summary: Monday, November 2, 2026

Reliance Earnings Lift Sensex 1,233 Points as Nifty Reclaims 23,400

The BSE Sensex closed at 75,692.78, up 1,233.25 points or 1.66%, and the Nifty 50 settled at 23,440.80, gaining 387.70 points. Reliance Industries led gains following better-than-expected earnings, alongside a drop in crude oil prices that supported paint and oil marketing stocks.

Nifty small-cap 250 falls 5% as MTF positions unwind; Nifty gains 2%

The Nifty small-cap 250 index fell 5% to 16,764 points as leveraged positions through the margin trading facility unwound, while the Nifty rose 2% to 23,053. Strong GST collections and a positive open from the GIFT Nifty indicate resilience, despite rising interest rates potentially pressuring small caps.

MSCI Asia Pacific drops 0.4% as AI capex worries hit tech

The MSCI Asia Pacific Index declined 0.4% as tech shares, particularly on the Nasdaq 100, fell, amid concerns over AI capital expenditure and high oil prices.

Sensex Climbs 880 Points as Auto, Metal, Oil & Gas Stocks Rally

The BSE Sensex rose 880.22 points, or 1.18%, to 75,339.75, while the Nifty gained 265.10 points, or 1.15%, to 23,318.20, with 2,627 shares advancing against 1,420 declining. Reliance Industries, Tata Steel, Shriram Finance, Coal India and JSW Steel led the Nifty gainers as auto, metal and oil & gas sectors rallied. Escorts Kubota shares fell 5% after Q2 FY27 net profit dropped 21.4% year-on-year to ₹250 crore, with EBITDA margin contracting 410 basis points to 8.9% on elevated commodity costs and product mix changes, even as revenue rose 16.2% to ₹3,243 crore.

Reliance shares surge 7.5% as Q2 net profit jumps 41%

Reliance Industries shares gained 7.5% intraday, hitting a nine-month high, following a 41% year-on-year increase in Q2 FY27 net profit to ₹25,548 crore and a 29% rise in revenue to ₹3.32 lakh crore. Multiple brokers maintain 'Buy' ratings, with target prices ranging from ₹1,710 to ₹1,890 per share.

Muthoot Finance Q2 profit jumps 27% to ₹2,978 crore, stock rebounds from 52-week low

Muthoot Finance reported a 27% year-on-year rise in Q2 net profit to ₹2,978 crore, with net interest income up 34.4% to ₹5,365 crore, as shares rebounded nearly 9% from a 52-week low.

SEBI Backs Scrapping LTCG Tax for Foreign Portfolio Investors

The Securities and Exchange Board of India has recommended that the government remove the long-term capital gains tax on foreign portfolio investors' equity gains and extend tax relief to domestic mutual fund investors who switch between schemes. The proposal follows long-standing calls from market participants who have labeled the LTCG levy a 'major policy mistake' that deters foreign capital. Bernstein's Venugopal Garre cautioned that a reduction would be desirable for a capital-starved economy but would not by itself trigger sustained foreign institutional inflows.

Chennai Closes Schools Monday as Cyclone Murasu Nears Andhra Coast

Chennai District Collector S Malathi Helan declared a one-day holiday for schools and colleges on Monday, while Chengalpattu will remain open.

Coal India Shares Rise 4% as October Supplies Hit Record High

Coal India's shares increased by 4% to nearly Rs 407, boosting market capitalisation to almost Rs 2.5 lakh crore, following record-high monthly coal supplies and production growth of 11.3% year-on-year from April to October 2026.

Binance Replaces $6 Billion of $6.3 Billion Stolen in North Korea-Linked Hack

Binance said it covered $6 billion of the $6.3 billion stolen from its platform using company funds, leaving less than 10% in less liquid assets that may take longer to source, and resumed bitcoin, ether and some stablecoin withdrawals on Sunday. The FBI attributed the theft to the North Korean state-sponsored group TraderTraitor, and analysts believe it may be the biggest financial robbery ever. After withdrawals reopened, the exchange processed $4.65 billion in withdrawals against $1.01 billion in deposits, a net outflow of $3.64 billion, though the surge has not triggered a wider exodus from the platform.

Kioxia shares fall 15% as December-quarter profit outlook misses consensus

Kioxia shares dropped as much as 15% after the company guided to December-quarter operating profit of ¥2 trillion, below the ¥2.35 trillion analyst consensus. The cautious outlook stoked concerns that AI-driven demand growth may be leveling off, even as some large customers have begun negotiating contracts covering 2029 and beyond. The selloff coincided with a broader Wall Street tech rout over soaring AI spending and cooling core revenues at major US firms, which dragged Asian markets and semiconductor shares lower at the open.