Indian equities rally as Sensex climbs over 800 points, Brent falls and precious metals rebound
The Sensex jumped more than 800 points on November 2, driven by Reliance Industries and lower Brent crude, while gold, silver and Bitcoin showed modest gains amid easing energy-price pressures.
India's equity markets opened higher on Wednesday, with the BSE Sensex rising 800 points (1.08%) to cross 75,260 and the NSE Nifty 50 gaining 217 points (0.94%) to trade near 23,270. The rally was led by Reliance Industries, which advanced nearly 6% after reporting strong earnings, and was supported by a 2.5% decline in Brent crude to $110 per barrel.
The broader market recovery lifted net asset values of equity-oriented mutual funds, prompting new fund offerings such as the Kotak FMP-336 Fund and the Quant Silver ETF Fund of Fund.
In the residential property sector, registration data from IGR Maharashtra indicated a 9% year-on-year increase in Mumbai’s market for October, with buyers continuing to prioritize location, design quality and developer track record, according to Ram Raheja, Managing Director of S Raheja.
Silver analysts warned that prices are likely to stay under pressure through 2026 as long as U.S. interest rates remain high. Swapnil Aggarwal of VSRK Capital suggested a wait-and-watch approach, noting that a price dip to around Rs 1,75,000 could present a limited buying opportunity.
Digital payments in India continued to expand, with UPI transactions crossing the 800 million daily mark for the second time in October. Deepak Chand Thakur, MD & CEO of NPST, said the next growth phase will depend on new use cases such as credit lines on UPI and cross-border capabilities, while emphasizing the need for stronger fraud monitoring and risk management.
Precious metals saw a modest rebound: spot gold rose 0.6% to $3,899.39 per ounce and silver gained 1.3% to $49.76 per ounce, helped by the 2% decline in Brent to $111.15 a barrel. Analysts noted that the recovery hinges on whether expectations of tighter monetary policy ease, with U.S. rate-futures still indicating a high probability of a Fed hike in December.
Cryptocurrency markets remained volatile. Bitcoin traded around $78,000 after a recent rally from the $58,000-$60,000 range, with analysts highlighting key support at $74,000-$76,000 and resistance near $87,000. The price action was influenced by a reported Binance security breach and mixed institutional flows, including outflows from U.S. spot Bitcoin ETFs.
Overall, the market outlook is cautious, with investors monitoring U.S. employment data, Fed policy signals and global oil-price dynamics for further direction.