A view of the Bombay Stock Exchange in Mumbai. File
| Photo Credit: Reuters
Indian markets opened higher on Monday (November 2, 2026) after settling flat last week. The benchmark Sensex opened 75,242.57, up 1.05% while the Nifty 50 rose to 23,259, over 0.9% higher in early trade.
The Gift Nifty too rose 189 points to 23,275 suggesting higher start before the opening bell for the week.
The surge in domestic indices are being driven by reduced risk-averse sentiments following strong earnings.
The decline in global crude oil prices, amid talks to resolve the Iran-U.S. war, also helped lift Asian markets. The benchmark Brent crude price dropped 2% on Monday and was trading around $111 per barrel. Brent had touched an over six-month high and hovered near $118 a barrel last week.
However, stock market analysts caution that the gains in early trade could be reversed if investors begin profit booking.
Asian markets were also supported by heavy selling in AI and tech companies in Wall Street amid concerns over valuations and returns.
Rupee to remain under pressure
The rupee is expected to remain under pressure as crude oil is still hovering near $110 per barrel levels. The rupee fell 21 paise and was trading at 94.97 against the dollar in early trade.
Though positive investor sentiment and a decline in oil prices curbed further fall of the rupee, a sustained settling of the Brent crude above $100 will keep the rupee under pressure, traders said, as it weighs on India’s import bill and India imports nearly 90% of crude required for its needs.
Other Asian currencies weakened on Monday, further dragging the rupee down.
“Exporters to keep selling the upticks while importers to buy the dips this morning as we keep a watch on FPI inflows as also RBI which may absorb these inflows but will ensure that dollar/ rupee does not fall much,” Anil Kumsr Bhansali, head of treasury and Finrex Treasury Advisors LLP said in a note.
Forex reserves decline to $719 billion
India’s foreign exchange reserves declined by $1.269 billion to $719.748 billion in the week ended October 30, according to data released by the Reserve Bank of India (RBI) on Friday.
The reserves had contracted by $5.011 billion to $721.016 billion in the previous reporting week ended October 16.
Published – November 02, 2026 10:20 am IST
