2 November 2026 (Navroze Bureau) Indian stock markets are likely to open on a strong note on Monday, November 2, as GIFT Nifty surged nearly 200 points in early trade, signalling a positive start for benchmark indices Sensex and Nifty 50. The gains came amid a decline in crude oil prices, although weakness across several Asian markets and a sharp sell-off in US technology stocks could keep investors cautious.
At around 8:10 am, GIFT Nifty was trading near 23,269, up 183 points or 0.79 per cent. Other market updates placed the index close to 23,300, indicating a premium of around 200 points over the previous Nifty futures close. The movement suggested that domestic equities could begin the week with a gap-up opening.
Sensex and Nifty ended higher on Friday
The positive indication follows a second consecutive session of gains for Indian benchmark indices on Friday, October 30.
The BSE Sensex advanced 308.49 points, or 0.42 per cent, to close at 74,459.53. During the session, it had touched an intraday high of 74,742.59.
The NSE Nifty 50 gained 116.35 points, or 0.51 per cent, and settled at 23,053.10. Buying interest in IT, pharmaceutical and healthcare stocks supported the market’s recovery.
Foreign institutional investors (FIIs) purchased equities worth approximately ₹3,598 crore on Friday. Domestic institutional investors (DIIs), meanwhile, sold shares worth around ₹817 crore, according to provisional market data reported by Moneycontrol.
Crude oil prices decline on diplomatic hopes
One of the major factors supporting market sentiment on Monday was the decline in international crude oil prices.
Brent crude futures fell around 1.5 to 2 per cent in early trade, moving towards the $111–112 per barrel range. US West Texas Intermediate (WTI) crude also declined, trading close to $102 per barrel.
The fall followed reports of renewed diplomatic efforts involving the United States and Iran to reduce tensions in the Middle East. US President Donald Trump was reportedly considering giving diplomatic negotiations more time before deciding on further military action.
Lower crude prices are generally viewed positively for India because the country depends heavily on imported oil. A sustained decline can help reduce the country’s import bill and ease pressure on inflation, the rupee and corporate operating costs. However, crude prices remain elevated, and developments in the Middle East could continue to influence market movements.
Asian markets trade mostly lower
Despite the positive signal from GIFT Nifty, the broader Asian market trend remained cautious on Monday.
Japan’s Nikkei 225 traded lower, while South Korea’s Kospi also showed weakness in early updates. The MSCI index tracking Asia-Pacific shares outside Japan slipped, reflecting concerns following losses on Wall Street.
Investors were assessing the impact of a technology-stock sell-off in the United States, along with geopolitical developments and upcoming economic data.
The mixed performance across Asian markets indicates that global sentiment remains uncertain, even as lower crude prices provide some support to Indian equities.
Wall Street ends sharply lower
US markets witnessed significant selling pressure on Friday, October 30, particularly in technology stocks.
The Dow Jones Industrial Average declined 572.25 points, or 1.09 per cent, to close at 51,770.31. The S&P 500 fell 140.32 points, or 1.82 per cent, to 7,580.07.
The Nasdaq Composite recorded the steepest decline among the three major indices, dropping 747.73 points, or 2.86 per cent, to settle at 25,437.
Concerns about the sustainability of heavy investments in artificial intelligence, along with disappointing quarterly results from major technology companies, contributed to the sell-off. The decline in global technology shares could influence Indian IT stocks during Monday’s session.
Key factors investors will watch today
Apart from GIFT Nifty and crude oil prices, investors are expected to monitor several domestic and international developments.
The latest quarterly earnings announcements will remain in focus as companies continue to report their financial performance for the July-September quarter. Developments in the US-Iran conflict, movement in crude prices and foreign investor activity could also influence trading sentiment.
Investors will additionally track global technology stocks after Friday’s sharp decline on Wall Street. Any further weakness in this segment could create pressure on Indian IT shares.
Overall, GIFT Nifty’s nearly 200-point rise indicates a positive opening for the Indian stock market on Monday. However, weak Asian cues, global technology-sector concerns and geopolitical uncertainty may lead to volatility during the trading session. The actual market direction will depend on buying momentum after the opening and how investors respond to global developments.