Taking Stock: Nifty ends above 23,400, Sensex jumps 1,233 pts; RIL gains most since April 2020

Reliance Industries (RIL) shares surged over 11%, marking their biggest single-day gain since April 2020. The rally pushed the company's market capitalisation past Rs 17 lakh crore, following record Q2 FY27 earnings and bullish brokerage calls. At close, the Sensex was up 1,233.25 points or 1.66 percent at 75,692.78, and the Nifty was up 387.70 points or 1.68 percent at 23,440.80. The broader indices underperformed the main indices with Nifty midcap index adding 1 percent and smallcap index rising 0.7 percent.

Biggest Nifty gainers were Reliance Industries, Tata Steel, Shriram Finance, Coal India and JSW Steel, while losers included Infosys, Adani Ports, Sun Pharma, Axis Bank and HDFC Life. Sectorally, IT, media, pharma down 0.5% each, while Energy, PSU Bank, Consumer Durables, Infra, Auto, Oil & Gas up 1-4.6 percent. Among individual stocks, Affle 3i gained 12% after its Israel-based step-down subsidiary announced plans to acquire all outstanding shares of Perion Network.

NCC advanced 4.5% after receiving eight additional orders worth Rs 1,862.45 crore during October, while Granules India slipped 2% after the USFDA concluded an inspection at its Gagillapur facility with 11 observations. NTPC gained more than 2% on the back of better earnings. Maruti Suzuki India, Hyundai Motor India, Force Motors and SML Mahindra advanced 1-4% on strong October sales numbers. Coal India added 4% after monthly coal supplies crossed the 70-million-tonne mark for the first time, while Krishna Institute of Medical Sciences rose 2% after its subsidiary doubled its bed capacity.

Among others, Bank of Baroda gained 3% following better Q2 earnings, while Ramkrishna Forgings advanced 7% after returning to profitability in the September quarter. Dixon Technologies surged 12% despite a 48.7% decline in Q2 net profit, while Motherson Sumi Wiring gained 11% after reporting a 35% rise in net profit. The Indian rupee pared some of its intraday gains but ended marginally higher at 94.90 against the US dollar on Monday, compared with its previous close of 94.95.

More than 100 stocks touched 52-week high, including Stocks of Indegene, Leela Palaces, Coforge, Indian Hotels, Sona BLW, Eternal, Ather Energy, Kotak Mahindra Bank, Piramal Pharma, Acutaas Chemicals, Zydus Lifesciences and Laurus Labs, among others. Click to View More On the other hand, nearly 200 stocks touched 52-week low, including IGL, PB Fintech, Latent View Analytics, Sarda Energy, JK Lakshmi Cement, Atul, Aadhar Housing Finance, GMDC, Muthoot Finance, Bharat Dynamics, JBM Auto, RailTel, IRB Infrastructure and Intellect Design Arena., among others.

Click to View More Outlook for November 3 Amol Athawale, VP Technical Research, Kotak Neo Today, the benchmark indices witnessed a promising rally. The Nifty ended 388 points higher, while the Sensex was up by 1233 points. Among sectors, the Oil and Gas index outperformed, rallying nearly 6 percent. However, despite strong intraday momentum, profit booking was seen in select IT and Media stocks. Technically, the market opened with a gap up and maintained positive momentum throughout the day.

A bullish candle on the daily charts and an uptrend continuation pattern on the intraday charts indicate further upside from current levels. We are of the view that the short-term market trend is positive, but buying on dips and selling on rallies would be the ideal strategy for day traders. On the downside, 23300/75300 and 23200/75000 would act as key support levels. On the upside, the uptrend could continue towards 23500-23650/76000-76150.

However, below 23200/75000, the uptrend would become vulnerable, and traders may prefer to exit their long positions. Sudeep Shah, Head - Technical and Derivatives Research at SBI Securities Nifty began the week on a strong footing, opening with a gap-up and sustaining buying interest throughout the session before closing 1.68% higher. The index broke out of its recent consolidation range, extending its winning streak to three sessions and signalling renewed buying traction.

Following the sharp correction over recent months, Nifty also moved above the 38.2% Fibonacci retracement level. Reliance Industries led the rally, surging 9.41% and recording its strongest daily gain since April 2020. From a technical perspective, Nifty closed above its 50-day EMA for the first time since 25 August and is now trading above both its 20-day and 50-day EMAs. The RSI moved above 60, while the rising MACD histogram reflected strengthening momentum and improving directional bias.

Among Nifty constituents, Reliance Industries and Tata Steel emerged as the top gainers, supported by strong buying interest, while Infosys and ICICI Bank underperformed. Sectorally, Oil & Gas, Metal and PSU Bank witnessed notable buying traction, whereas IT and Media came under pressure. Broader markets extended their recovery, with Nifty Midcap 100 advancing 1.19% and Nifty Smallcap 100 gaining 0.71%, reflecting improving participation.

Market breadth remained positive, with 391 stocks closing higher against 105 declining within the Nifty 500 universe. The 23250–23270 zone will act as immediate support. On the upside, 23600 remains the immediate hurdle. A decisive breakout above this level could trigger further short-covering and extend the ongoing recovery towards 23750. Bank Nifty closed 0.58% higher but continues to consolidate and trading between its 20-day and 50-day EMAs, with a decisive breakout required to establish directional momentum.

The RSI remains in neutral territory, while the relatively flat MACD indicates continued consolidation until a clear breakout emerges. The 54400–54500 zone will act as immediate support, while 55500–55600 remains the immediate resistance range. A decisive breakout beyond these levels could determine the next directional move.