Both the Nifty and the Sensex began the trading day, week and month on an upbeat note, with benchmark indices gaining over 1 percent. The Nifty gained over 200 points and opened at 23,222.30 and the Sensex gained over 800 points and opened at 75,178.24. All sectoral indices gained in early trade. The Indian rupee opened at 94.89 to the dollar versus Friday’s close of 94.95 to the dollar. Crude oil prices eased and fell over 2.5 percent, with Brent crude trading at 110 dollars per barrel (at the time of filing this copy) after Iranian and Qatari officials held a third straight day of talks aimed at pushing for a deal to end the US-Israel war on Iran.
G. Chokkalingam Head of Research at Equinomics Research told Times Now Digital, “liquidity concerns on account of booming IPOs are set to ease in our view. However, both the economy and markets are likely to remain under pressure in the short-term due to oil prices and consequently, rising inflation. Price of Indian basket of oil is around 115 dollars per barrel. If this price rises significantly further, industrial economic growth will also be impacted adversely, apart from inflation. Growth in industrial production slowed to a four-month low of 6.7 percent in September 2026, with nearly every sector slowing compared to the previous month.We see continued pain in the domestic equity markets in the short-term. However, we see a robust outlook for the markets in the medium to long-term. Continued rise of retail investor base, strong economic growth outlook, huge commitments from major global corporate to invest in India over the next 3 to 5 years, etc augur well for India. However, we need to remain alert regarding oil prices and, consequently, the rupee exchange rate. We firmly believe that any possible tax concessions to foreign investors – like taxing them on capital gains in terms of dollars or reducing the long-term capital gain tax itself – will enable the rupee to firm up and thus help the RBI make possible mega profits through transactions in the forward currency markets. FPI inflows will rebound and markets will also rise substantially, if tax concessions are given to foreign equity investors, in our view.”
Stock Market Today (November 2): Sensex Surges Over 800 Points, Markets Start November On Positive Note
