Stock market today: Will Sensex, Nifty open higher or lower? RIL stock in focus

Sensex and Nifty are likely to open higher as crude oil prices ease and Reliance earnings strengthen sentiment. Renewed foreign buying and firm technical signals could support the market's recovery.

In Short

• GIFT Nifty at 23,258.5 signalled a strong start for domestic equities
• Foreign investors purchased shares worth Rs 3,600 crore on Friday
• October gains ended a two-month losing streak for Indian benchmarks

Stock market is expected to open higher on Monday, November 2, as easing crude oil prices, renewed foreign investor buying and strong quarterly earnings from Reliance Industries improve investor sentiment.

Early indicators point to a positive start for the domestic market. GIFT Nifty futures were trading at 23,258.5 as of 7.58 am, indicating a strong opening for the Nifty 50, which closed at 23,053.10 on Friday.

Brent crude prices have also eased to around $111 per barrel on Monday, retreating from a six-month high of $118 recorded on Friday. The decline follows a third consecutive day of discussions involving Iranian and Qatari officials aimed at securing a deal to end the US-Israeli war on Iran.

Hopes of a possible breakthrough have raised expectations of easing supply concerns and improved energy market conditions.

Ponmudi R, Chief Executive Officer at stock broking platform Enrich Money, said discussions involving Iranian officials and Qatari mediators had raised hopes of a possible breakthrough that could ease supply concerns and improve the outlook for global energy markets.

RELIANCE EARNINGS, FII BUYING SUPPORT SENTIMENT

Another factor supporting the market outlook is the strong quarterly performance of Reliance Industries. The country's largest company by market capitalisation reported a 40.6% jump in September-quarter net profit, beating expectations, supported by its energy and digital services businesses.

Jio Platforms, which made a strong stock market debut last week and became India's second-largest company by market capitalisation, reported 13.7% growth in quarterly net profit.

Foreign investor activity is also showing signs of improvement. Foreign investors bought Rs 3,600 crore worth of Indian shares on Friday, according to provisional data. This marked their sixth session of buying in the last 10 trading sessions, indicating a possible return after heavy selling earlier in 2026.

Indian equities also ended a two-month losing streak in October. The Nifty 50 and Sensex gained 1.9% and 2.7%, respectively, during the month, supported by IT stocks, resilient earnings and hopes of relief on capital gains tax.

WHERE IS NIFTY HEADED?

Gaurav Udani, Founder of Thincredblu Securities, expects the Nifty to open around 23,225, up nearly 175 points, indicating a strong positive start.

He said the ability to sustain above 23,200 would be important, as holding this level could signal an improvement in market strength.

"The immediate support is placed around 23,000–23,100, while the next upside zone is at 23,400–23,500. If Nifty manages to sustain above 23,200, the positive momentum could continue, with room for further upside towards 23,400–23,500," Udani said.

He added that the near-term approach remains buy on dips as long as the index holds above 23,200.

Pabitro Mukherjee, Deputy Vice President-Research at Bajaj Broking, said the Nifty had formed a bullish candle with a higher high and a higher low in the previous session, signalling an extension of the ongoing pullback for the second consecutive session.

According to Mukherjee, sustaining above Friday's low of 22,905 could extend the recovery towards 23,250. However, a fall below 22,900 could lead to consolidation in the 22,900-22,600 range.

He identified 23,175-23,250 as an important resistance zone, marked by the confluence of the previous month's high and the 50-day exponential moving average (EMA). A sustained breakout above this range could signal a pause in the recent downtrend and open the way towards 23,500 in the coming sessions.

Investors will therefore watch whether the Nifty can hold above 23,200 after opening, while tracking crude oil movements, developments around the Iran conflict, foreign investor flows and corporate earnings.

(Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)

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