India Stocks: Indian shares rise on Iran war talks, Reliance earnings beat

Delhivery

02/11/2026 04:18

Updates for morning trade
By Bharath Rajeswaran and Vivek Kumar M
Nov 2 (Reuters) - Indian shares advanced on Monday as oil prices eased from a six-month high on talks to end the Iran war, while Reliance Industries jumped after reporting stronger-than-expected September-quarter profit, boosting the benchmarks.
The benchmark Nifty 50 .NSEI added 1.08% to 23,304.90, while the Sensex .BSESN rose 1.27% to 75,404.64 by 9:42 a.m. IST (0412 GMT).  
Fifteen of the 16 major sectors logged gains. The broader small-caps .NIFSMCP100 and mid-caps .NIFMDCP100 added 0.6% and 0.8%, respectively.
Shares of oil-to-telecom conglomerate Reliance Industries RELI.NS, India's most valuable company, surged 6% after the company posted a better-than-expected quarterly profit late on Friday.
"The quarterly results reflected the underlying refining/petrochemical margin strength," said analysts led by Sanjay Mookim of J.P.Morgan, adding that "valuations are attractive and retail momentum should improve sequentially."    
Also supporting sentiment, Brent crude prices LCOc1 fell to $110 per barrel from a six-month high of $118 on Friday, as Iranian and Qatari officials held a third straight day of talks aimed at pushing for a deal to end the US-Israeli war on Iran. O/R
"Market sentiment has improved on hopes that some resolution to the Iran war may be found out after these consecutive days of talks aimed at ending the conflict," said G Chokkalingam, founder and head of research at Equinomics Research.
"Continued momentum in corporate earnings, strong credit growth, steady economic growth also augur well for markets despite inflationary pressures due to higher oil and poor rainfall."
Among stocks, Delhivery DELH.NS jumped 7.2% after reporting a quarterly profit compared to a net loss in the year-ago period, as its express parcel segment recorded strong growth.
Bank of Baroda BOB.NS jumped 3.5% after reporting a strong quarter with a beat on key operating metrics such as net interest income and core profit, and raising its financial year 2027 growth forecast.
Indian Oil Corporation IOC.NS jumped 3% after its September-quarter profit nearly tripled year-on-year, helped by government compensation for domestic LPG losses despite higher crude prices.


 (Reporting by Vivek Kumar M and Bharath Rajeswaran; Editing by Ronojoy Mazumdar, Sherry Jacob-Phillips and Jochelle Mendonca)
 ((VivekKumar.M@thomsonreuters.com;))