Markets open higher as AI selloff boosts anti-tech trade; Reliance, Tata Steel lead gains
The rally was driven by a combination of easing crude oil prices, a decline in US bond yields, and a sharp selloff in technology stocks on Wall Street
Market sentiment opened upbeat on Monday, November 2, 2026, as India's benchmark indices surged. The Sensex climbed 783 points or 1.05 percent to 75,242.57, while the Nifty50 rose 206.80 points or 0.90 percent to 23,259.90. Analysts attributed the rally to a combination of factors, including a selloff in technology stocks on Wall Street and easing crude oil prices.
Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Investments, noted that the weakening trend in AI trade was favorable for India, as it is seen as a counter to AI play. Reliance Industries led the Nifty50 gainers with a 4.59 percent increase, while Tata Steel also gained 3.88 percent. The market technicals indicated that a decisive close above 23,285, combined with Bank Nifty reclaiming 55,150, could signal a sustained recovery.
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