Indian markets rise as anti-tech trade lifts metals
Indian equities finished higher on 2 Nov 2026 as the Nifty gained 1.68% to 23,441, led by Reliance Industries and Tata Steel. OI Charts data showed short covering in Reliance Industries and long build-up in Tata Steel.
after close2 sources ↓machine-written, see hownot a recommendation
- NIFTY close
- ₹23,441
- On the day
- +1.68%
- 52-week high
- ₹23,489
- 52-week low
- ₹22,180
Indian equities extended the anti-tech trade on 2 Nov 2026 after opening sharply higher on easing crude oil prices, lower US bond yields and a selloff in technology stocks on Wall Street. BusinessLine reported the Sensex up 783 points, or 1.05%, at 75,242.57 and the Nifty 50 higher by 206.80 points, or 0.90%, at 23,259.90 at 9.19 am. The Nifty had opened at 23,222.30, while the Sensex opened at 75,178.24.
The early leadership broadened beyond the pharmaceutical-led rebound covered in the earlier bulletin. Reliance Industries led the Nifty gainers at the open, rising 4.59% to ₹1,218.40, while Tata Steel gained 3.88%. OI Charts data showed the gains strengthened by the close: the Nifty finished at ₹23,441, up 1.68%, with volume of 383,377,838. That was higher than the 328,562,872 contracts recorded on 30 Oct, indicating stronger full-session activity
The market’s mechanism remained tied to global positioning. Lower crude prices can ease input and inflation pressure, softer US bond yields can support emerging-market equities, and weakness in US technology stocks can direct attention towards India as a counter to the AI trade. Geojit Investments’ chief investment strategist described the setup as favourable for India and said it was “advantage bulls.” Technology 💻 weakness therefore supported energy and metals leadership ⚡.
Reliance Industries ended 11.60% higher at ₹1,300, with volume of 88,121,121. Its futures open interest fell 0.7%, signalling short covering, while the largest call open interest was at ₹1,300 and max pain for the 23 Nov expiry was ₹1,240. Tata Steel closed at ₹177.37, up 5.83%, with volume of 29,908,885. Its futures open interest rose 0.7%, indicating a long build-up; the largest call and put open interest stood at ₹180 and ₹170 respectively, with max pain at ₹175.
The Nifty remains near its 52-week high of ₹23,489, while the next signals are whether the index can clear that level and whether the ₹1,300 call wall in Reliance Industries and ₹180 call wall in Tata Steel limit further gains. Crude prices, US bond yields and technology stocks remain key external drivers.
Source: BusinessLine, 02 Nov 2026; news.google.com, 02 Nov 2026; OI Charts data, 02 Nov 2026.
Not investment advice. For informational purposes only.