Nifty holds Sept highs at midday; Reliance surges 7.4%, IT stocks drag

What happened

At midday on Monday, November 2, 2026, the Sensex was up 0.99 per cent and the Nifty50 up 0.92 per cent, both at their highest levels since late September. Reliance Industries rose 7.36 per cent to ₹1,250.60 and was the top contributor to Nifty gains; energy stocks outperformed, while IT stocks dragged.

Confirmed

Global impact / market context

Reliance’s rise contributed directly to the Nifty’s gain, because the article names it as the index’s top contributor. If a few large shares drive an index upward while IT stocks fall, the index can strengthen even as losses elsewhere limit gains for investors holding a broader mix of shares.

Analyst inference

Market breadth was positive at midday, with 2,802 BSE-listed stocks advancing against 1,429 declines, and energy was the strongest sector. That combination suggests the rally extended beyond Reliance, while IT weakness created a counterforce that could affect the balance of index gains.

Analyst inference

What to watch

1. Check whether Reliance sustains its rise and continues contributing to Nifty gains; a reversal in this prominent stock could reduce support for the index even if other shares hold steady. Analyst inference
2. Watch for continued strength in energy shares and whether IT stocks keep dragging; differences between these groups could shift which sectors contribute most to index performance. Analyst inference
3. Compare advancing and declining BSE stocks in subsequent sessions with the index direction; a narrowing gap could signal that fewer shares are supporting the broader market rise. Analyst inference

Evidence

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