Indian Stock Market Opens With A Bang, Sensex Surges 719 Points And Nifty Crosses 23,200 Despite Mixed Global Cues
Mumbai: Indian stock markets opened sharply higher on Monday, November 2, with the BSE Sensex surging nearly 719 points and the NSE Nifty crossing 23,200. Strong buying in energy, automobile and information technology stocks supported the rally despite mixed global market cues. At the opening bell, the Sensex climbed 718.71 points, or 0.97%, to 75,178.24. The Nifty gained 169.20 points, or 0.73%, to reach 23,222.30.
Sectoral Performance
Energy stocks led the gains, with the Nifty Oil & Gas index rising more than 2%. The Nifty Auto index advanced 0.77%, while Nifty IT increased 0.51%. However, selling pressure continued in select sectors. Nifty Realty declined 0.74%, while Nifty Media slipped 0.06%.
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Market analysts attributed the positive opening to easing crude oil prices, declining US bond yields and encouraging domestic economic indicators. Brent crude fell from approximately $118 last week to around $110 per barrel, offering relief to India's import-dependent economy. The US 10-year bond yield also eased to 4.93%, improving market sentiment. Analysts said weakness in global artificial intelligence-related stocks could encourage investors to reconsider Indian equities.
Economic Support
Strong domestic indicators also supported investor confidence. Credit growth of 17.94% and robust October GST collections pointed towards sustained economic activity. Meanwhile, expectations of possible changes to long-term capital gains taxation in the upcoming Union Budget added to market optimism. However, such changes remain speculative.
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Technical indicators suggested improving momentum. The Nifty's Relative Strength Index stood at 53.50, while the put-call ratio reached 1.24, indicating a relatively positive derivatives setup. Immediate support was placed between 22,900 and 23,000, while resistance remained at 23,200–23,250. A sustained breakout above resistance could strengthen the recovery. Meanwhile, Asian markets traded lower following Friday's Wall Street decline, highlighting continuing global uncertainty.
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