AI-assisted research analysis by FutureKnowledge. Sources checked 2 November 2026. This is not investment advice.
Reviewed by FutureKnowledge: figures, dates and attributions were checked against the linked sources before publication.
Reliance Industries shares jumped 11.6% on Monday, 2 November, to about ₹1,300, the first trading session after record Q2 results, and pulled the Sensex up 1,233 points. It was the largest single driver of a third straight day of gains for Indian shares.
How Reliance shares and the Sensex moved
The BSE Sensex closed at 75,692.78, up 1,233.25 points or 1.66%, and the Nifty 50 ended at 23,440.80, up 387.70 points or 1.68%, according to Business Standard’s market close and the Upstox market wrap. It was the third straight day of gains. The Nifty Midcap 100 rose 1.19% and the Smallcap 100 0.71%, so the rally was led by large companies.
Reliance closed up 11.6% on the NSE, Upstox reported. The NSE quote shown on MarketScreener put the last price at ₹1,300.00 against a previous close of ₹1,164.90. Most of the move came late. At 10:04 am the stock was up about 6%, Business Standard noted, and at 1:36 pm IIFL reported an 8% gain, which took the company’s market value above ₹17 lakh crore. The Sensex was only about 575 points higher at that point, so roughly half of its gain came in the last two hours.
The size of the move stands out. Business Standard counted the January 2024 jump of 7.18% as Reliance’s largest one-day gain of recent years, and IIFL described the day’s rise as the stock’s strongest since April 2020. Business Standard put combined NSE and BSE volume at 42.59 million shares by mid-morning.
The rest of the market
Upstox listed Tata Steel (+5.83%), JSW Steel (+5.13%), Shriram Finance (+4.88%) and Coal India (+4.88%) behind Reliance among Nifty gainers, and Infosys (-2.03%) as the biggest faller. The Nifty Oil & Gas index rose 5.95% and Nifty Metal 3.21%. Advances beat declines 2,445 to 1,164 on the NSE, and the India VIX volatility gauge rose 1.37% to 15.51.
Why Reliance shares rallied after the Q2 results
Reliance reported its Q2 FY27 results on Friday, 30 October, after the market closed. According to the company’s media release, gross revenue rose 27.8% to ₹3,62,268 crore and EBITDA 23.9% to ₹62,409 crore. Profit attributable to shareholders rose about 41% to ₹25,548 crore, a figure we examined in our analysis of the Reliance Q2 results. That beat the LSEG analyst poll average of ₹21,348 crore by about ₹4,200 crore, Dow Jones reported via MarketScreener.
The beat came almost entirely from oil-to-chemicals. O2C EBITDA rose 67.9% to ₹25,203 crore, the release shows, as fuel margins widened while Gulf shipping was disrupted. IIFL noted transportation fuel cracks of three to 3.7 times their level a year earlier. Jio Platforms’ EBITDA rose 16.6%, while Reliance Retail was the weak spot: Business Standard, citing ICICI Securities, said retail EBITDA fell 11.1% and margins narrowed 140 basis points.
Three other factors helped:
- A low starting point. The stock was near its 52-week low of ₹1,152.2 before the results, Investing.com noted, and MarketScreener’s data show it still down about 17% for 2026 even after Monday’s gain.
- Brokerage upgrades to earnings estimates. Jefferies raised its FY27 and FY28 EBITDA estimates by 6% and 2%, and Citi raised its forecasts by 4% to 7%, though Citi and Motilal Oswal both cut their price targets, citing retail and holding-company discounts, according to Business Standard and Dow Jones.
- A better macro mood. Brent crude eased to about $108 a barrel from a high of $117 last week, Upstox said, after reports that the US favoured diplomacy with Iran (see our report on Iran’s proposed two-day Hormuz plan). Strong October car sales and GST collections also supported domestic demand stocks, Business Standard said.
How the rally affects India and businesses
Reliance’s weight in the indices means one stock can turn the market’s direction. Monday’s move matters because it came against a weak global backdrop: on Friday the Nasdaq 100 fell 3.5% and the Philadelphia Semiconductor Index 7.2%, CNBC-TV18 reported via TradingView. Analysts quoted by Business Standard said foreign investors had turned buyers, alongside better-than-expected Q2 earnings.
Foreign portfolio investors bought about ₹6,300 crore of Indian shares last week, but they remain net sellers of about ₹2.95 lakh crore in 2026, Upstox reported. IBTimes noted the Nifty was still well below its January record above 26,300. One strong session does not reverse that trend.
For businesses, the source of the profit matters. The O2C windfall comes from high fuel margins, which also mean higher fuel costs for airlines, transport and chemical users. If crude and margins fall back with any Gulf de-escalation, Reliance’s earnings growth would need to come more from Jio and retail. Jio is now separately listed after its market debut on 28 October.
Who is more or less exposed
- More exposed to Reliance’s swings: index funds and portfolios benchmarked to the Sensex and Nifty, where Reliance is among the largest weights.
- More exposed to refining margins: refiners and petrochemical makers, whose sector index led Monday’s gains.
- Less helped by the rally: small and midcap stocks, which rose far less, and IT exporters such as Infosys, which fell.
- Exposed to foreign flows: large private banks and other heavily foreign-owned stocks, which lagged on Monday.
Scenarios to watch
The table below sets out conditional scenarios, not predictions.
| If… | Then a plausible outcome is… |
|---|---|
| Crude keeps falling on US-Iran diplomacy | Refining margins could narrow, testing the O2C-led earnings case |
| Foreign buying continues after last week’s inflows | The rally could broaden beyond Reliance and metals |
| US tech selling deepens after the midterms | India could keep attracting rotation flows, or be hit by wider risk aversion |
| Festive sales lift Reliance Retail in Q3 | Analysts’ concerns about the retail drag could ease |
What to watch next
- Whether Reliance holds Monday’s gain in the next few sessions.
- US midterm elections on Tuesday and their effect on global risk appetite.
- SBI’s Q2 results, due Tuesday, and other large Q2 reports this week.
- Daily foreign investor flow data and Brent crude prices.
Bottom line
Reliance shares rose 11.6% on Monday on a refining-led earnings beat, a cheap starting valuation and easing oil, and they carried the Sensex 1,233 points higher. The rally rested heavily on one stock and one business line, so its durability depends on oil margins and on whether foreign buying spreads further.
Method note: This analysis compared Reliance’s Q2 media release with market reports from Business Standard, Upstox, Dow Jones Newswires (via MarketScreener), IIFL, Investing.com, IBTimes and CNBC-TV18 (via TradingView). Intraday figures differ by time of report; closing figures are from Business Standard and Upstox, and the closing price from the NSE quote shown by MarketScreener. Index weights and brokerage targets are reported, not endorsed.