SENSEX, NIFTY50 rally over 1% amid crude oil pullback; Reliance, Tata Steel, Maruti lead pack of gainers

At 9:15 am opening bell, the NIFTY50 index opened 0.73% or 169 points higher at 23,222.30 points on Monday’s market, in comparison to 23,053.10 points at the previous equity market close, according to NSE data.

The BSE SENSEX index surged to open 0.97% or 718.71 points higher at 75,178.24 points during the trading session on November 2, in comparison to 74,459.53 points at the previous equity market close.

During the early trade, both NIFTY50 and SENSEX surged over 1% on Monday’s market, due to the heightened buying sentiment among equity investors. As of 9:32 am (IST), the NIFTY50 was trading 1.07% higher at 23,302.75 points, while the SENSEX was up 1.29% at 75,421 points during the morning session.

Before the NSE opening bell, the GIFT NIFTY futures were trading 0.40% higher at around 23,249.50 points, indicating an elevated performance of the benchmark indices amid the overall positive cues from the global market.

Equity market investors were powering the buying sentiment in the market as global benchmark Brent crude prices opened lower on Monday, after hitting over $118 per barrel last week on Friday’s market.

Other key factors include US Treasury yields steady at 4.9% levels and the overall buying sentiment from investors in the Asian markets. Benchmark indices in Asia like Nikkei 225, Hang Seng, Shanghai Composite, KOSPI were all trading green on Monday.

Oil prices ease

Brent crude oil prices declined over 2.6% to $113.96 per barrel (bbl) during the intraday trading session on November 2, in comparison to $117.10 per bbl at the previous commodity market close, according to TradingView data.

Brent crude January futures were down more than 3.3%, with prices trading at $109.71 per bbl during the morning market hours, India time, in comparison to the previous market close level of $113.43 per bbl.

Energy prices have risen over 7% in the past month and have gained over 21% in the last three-month period, as per the official data.

Latest reports from Al Jazeera showed that the Iranian Revolutionary Guard Corps (IRGC) has claimed there have been two crude oil tankers that caught on fire after hitting mines in the Strait of Hormuz.

This comes at a time when investors are focused on the US midterm elections this week and US President Donald Trump’s latest comments on looking to end the West Asia conflict “very soon” in one way or another.

Check top gainers & losers on Monday

Index heavyweight stocks like Reliance Industries, NTPC, Tata Steel, Max Healthcare, Maruti Suzuki, and Coal India were among several other stocks leading the pack of top gainers on NIFTY50 during the early market hours on Monday, November 2.

Reliance Industries was up 5.5%, NTPC up 3.3%, Tata Steel up 3.3%, Max Healthcare up 3.1%, Maruti Suzuki up 2.2%, and Coal India up 2%, as per the exchange data during the morning hours.

Others like Apollo Hospitals, Sun Pharma, Bajaj Auto, Tech Mahindra, and Eicher Motors were among the top laggards during the morning hours of the trading session.

Data showed that Apollo Hospitals was down 1.4%, Sun Pharma was down 1.3%, Bajaj Auto was down 0.7%, Tech Mahindra was down 0.7%, and Eicher Motors was down 0.4% as of 9:32 am (IST).

Out of the 50 stocks listed under the benchmark NIFTY50 index, 41 stocks were trading in positive territory, with only the remaining 9 stocks down in the red as of the early trade on November 2.