Benchmarks surge as earnings and foreign buying return
The Nifty and Sensex gained 1.68% and 1.66% on 02 Nov 2026 as Q2 earnings and foreign buying improved sentiment. Reliance Industries, Tata Steel and JSW Steel posted sharp gains, with OI Charts data showing short covering and long build-up.
after close2 sources ↓machine-written, see hownot a recommendation
- JSWSTEEL close
- ₹1,310
- On the day
- +5.13%
- Futures OI, short covering
- -0.3%
- Put-call ratio
- 0.83
- Max pain
- ₹1,250
Indian equity benchmarks ended sharply higher on 02 Nov 2026 as better-than-expected second-quarter earnings, improving domestic indicators and renewed foreign investor buying lifted sentiment. The Nifty rose 387.70 points, or 1.68%, to close at ₹23,440.80, while the Sensex gained 1,233.25 points, or 1.66%, to finish at ₹75,692.78 📈.
Key Points:
• The rally extended across cyclical sectors. Nifty Metal advanced 2.8%, followed by Nifty PSU Bank at 1.19%, Nifty Auto at 1.05%, Nifty Realty at 0.8% and Nifty FMCG at 0.4%. Nifty IT declined 0.8%, Nifty Media fell 0.7%, Nifty Private Bank lost 0.4% and Nifty Pharma slipped 0.32%.
• OI Charts data showed the Nifty at ₹23,441, with volume of 383.4 million and gains of 3.0% over five sessions and 3.2% over 20 sessions. The close was near its 52-week high of ₹23,489 recorded on 22 Sep 2026, keeping the index close to a key resistance area.
• Reliance Industries rose 11.6% to ₹1,300 on volume of 88.1 million. Its futures open interest fell 0.7%, indicating short covering, while the largest call open interest was at ₹1,300 and max pain stood at ₹1,240 for the 23 Nov expiry.
• Tata Steel gained 5.8% to ₹177.37, with futures open interest rising 0.7% in a long build-up. Its largest call open interest was at ₹180, largest put open interest at ₹170 and max pain at ₹175. JSW Steel advanced 5.1% to ₹1,310 as futures open interest declined 0.3%, also indicating short covering ⚙️.
The positioning shows stronger participation in metals and selected large-cap names, but the divergent performance of IT and private banks indicates that the advance was not uniform. The stock-level moves also show that the index rally was supported by sharp gains in individual constituents rather than broad strength across every sector.
Traders will watch whether the Nifty holds above ₹23,000 and retests ₹23,489, while the ₹1,300 call wall in Reliance Industries, the ₹180 call open interest level in Tata Steel and the ₹1,250 max-pain level in JSW Steel provide near-term derivatives reference points. Further earnings, foreign flows, crude oil and global bond yields remain important catalysts 💼.
Source: ANI News and TradingView, 02 Nov 2026
Not investment advice. For informational purposes only.