Reliance Industries shares jumped nearly 8% on Monday following a record quarterly profit of ₹29,550 crore, driving a rally in the Nifty50 and Sensex. While energy stocks provided support, the IT sector declined amid negative global sentiment. Investors are now watching whether the broader index can maintain its momentum above key support levels.
Indian equity markets witnessed a strong rally on Monday, November 2, 2026, led by a significant jump in Reliance Industries (RIL) shares. The energy-to-telecom conglomerate’s stock rose between 6% and 8% during the session, contributing heavily to the gains in the Nifty50 and BSE Sensex.
The market optimism follows the release of RIL's Q2 FY27 financial results. The company reported a record quarterly net profit of ₹29,550 crore, a 33.8% increase compared to the same period last year. Consolidated revenue climbed 27.8% year-on-year to ₹3,62,268 crore, while EBITDA grew 23.9% to reach a record ₹62,409 crore. These results highlight robust operational performance across the Oil-to-Chemicals (O2C) and digital services segments, which remain key drivers of the company’s valuation.
While energy and industrial sectors led the market higher, the Information Technology space faced selling pressure. Large-cap tech stocks saw a decline, reflecting negative sentiment from international markets and concerns regarding global capital expenditure on Artificial Intelligence (AI). This divergence highlights a tactical shift, as traders appear to be rotating capital from tech-focused stocks into cyclical and value-oriented segments.
From a market structure perspective, the Nifty50 is currently testing critical resistance levels near the 23,400 mark. The 23,300 level is being closely watched as a vital support zone. The breadth of the market remains positive, with a large number of stocks advancing on the BSE, indicating underlying strength despite the weakness in tech.
Investors should monitor several factors that could influence market direction in the coming days. For Reliance Industries, volatility in refining margins within the O2C segment remains a risk factor to track. Furthermore, global geopolitical developments—such as those impacting fuel supply chains—and the resulting fluctuations in crude oil prices will continue to affect the broader energy landscape. The sustainability of the current rally will also depend on foreign institutional investor (FII) flows and whether global macro data encourages a recovery in the tech sector or leads to further profit-booking.
The next important update for shareholders will be how the index manages to sustain its position above the 23,300 support level, and whether the selling pressure in IT stocks stabilizes in response to shifting global cues.