Indian stock markets are set for a positive start today, with the GIFT Nifty pointing to a 150-point gain. The momentum follows a significant rally in the previous session, driven by strong quarterly results from Reliance Industries and favorable global macro cues.
Indian equity markets are set to extend their gains on Tuesday, November 3, 2026, as the GIFT Nifty indicates an opening rise of around 150 points. This follows a sharp recovery on Monday, November 2, where the NSE Nifty 50 climbed 1.68% to close at 23,440.80, and the BSE Sensex surged 1.66% to end at 75,692.78.
The primary catalyst for this optimism is the recent financial performance of market heavyweight Reliance Industries. The company reported profit growth of 40-41% for the second quarter of the 2027 fiscal year, which has bolstered sentiment. Given the stock's significant weight in the Nifty 50 index, its earnings success has provided a firm floor for the broader market sentiment.
Global macro conditions are also providing support. Brent crude oil prices have eased, reducing energy-related inflationary concerns for the Indian economy. Additionally, a decline in US bond yields has lowered the pressure on global risk assets, allowing foreign capital to flow back into emerging markets. On November 2, Foreign Institutional Investors were net buyers, adding approximately Rs 3,115 crore, which contrasts with the recent trend of selling and indicates a potential shift in liquidity.
While the current trend is positive, risks remain. Markets are sensitive to geopolitical developments, particularly concerns regarding potential crude oil supply disruptions. Furthermore, volatility in US technology stocks and the approaching weekly Nifty options expiry could lead to sudden shifts in intraday trading. The sustainability of these gains will depend on whether foreign capital inflows remain consistent and if the broader market can navigate these external uncertainties without losing momentum.