Sensex, Nifty Today 3 Nov: 600-Point Rally on Tax Hopes, Cheaper Crude
Indian equity markets extended their rally for a second straight session on Tuesday, 3 November 2026. The BSE Sensex jumped over 600 points in early trade and the NSE Nifty 50 crossed 23,600, as easing crude oil prices, renewed foreign buying and Finance Minister Nirmala Sitharaman's comments on equity taxation lifted investor sentiment.
The Sensex opened at 76,288.65, up 595.87 points or 0.79% from Monday's close of 75,692.78, and touched an intraday high of 76,358.79 in early deals. The Nifty 50 opened at 23,582.25, up 141.45 points or 0.60% from 23,440.80, and traded at 23,610.70, up about 170 points.
Why markets rallied today
- Cheaper crude: Brent crude settled at $104.77 a barrel on Monday, down 7.6% in its steepest single-day fall since the recent escalation in the US-Iran conflict, and traded near $104.70 on Tuesday. US WTI crude settled at $96.46, down 7.4% — its biggest daily drop since 27 July. Hopes of progress in US-Iran diplomatic negotiations eased fears of supply disruption through the Strait of Hormuz.
- Tax hopes: Investors cheered Finance Minister Nirmala Sitharaman's remarks that she will consider concerns on equity taxation. "I understand circumstances have changed, so voices of concerns are louder. I quite appreciate it. I will consider all this," she said. The government has sought views from investors, market participants and tax experts on long-term capital gains (LTCG) tax and securities transaction tax (STT) as part of a reassessment of capital market levies.
- FII buying returns: Foreign institutional investors were net buyers of about ₹3,114 crore of equities on Monday, their second straight session of buying, while domestic institutions sold a net ₹406.61 crore in the previous session's data.
- Strong Q2 earnings: Improving September-quarter results, including Reliance Industries' momentum from Monday's session, kept risk appetite firm. As many as 303 companies report Q2 FY27 results today.
Market snapshot: 3 November 2026
| Indicator | Level | Change |
|---|---|---|
| Sensex (open) | 76,288.65 | +595.87 (+0.79%) |
| Sensex (early high) | 76,358.79 | +0.87% |
| Nifty 50 (open) | 23,582.25 | +141.45 (+0.60%) |
| Nifty 50 (early trade) | 23,610.70 | +0.72% |
| Rupee vs dollar (open) | 94.66 | vs 94.90 close on Monday |
| Brent crude | ~$104.70/barrel | −7.6% on Monday |
| WTI crude | $96.46/barrel | −7.4% on Monday |
Monday recap: the rally's first leg
Monday's session set up Tuesday's gains. The Sensex closed at 75,692.78, up 1,233.25 points or 1.66%, while the Nifty 50 rose 387.70 points or 1.68% to 23,440.80. The Nifty Bank index also reclaimed the 55,000 mark on Monday after underperforming for most of the session.
Top gainers, losers and sector moves
On the 30-share Sensex, IndiGo, Asian Paints and HDFC Bank led the gainers in early trade, with Shriram Finance and Bajaj Finance also among the leaders. Power Grid, NTPC and Sun Pharma were among the laggards. Broader markets traded higher too: the Nifty Midcap 100 rose 0.56% and the Nifty Smallcap 100 gained 0.29%.
Sectorally, financials and FMCG led the gainers, rising up to 1%, while metals and pharma were among the top drags. Trident rallied about 10% and Marico about 6% in early trade.
What to watch next
- Q2 results today: State Bank of India headlines 303 companies reporting September-quarter numbers, along with Bajaj Finserv, Bajaj Holdings & Investment, Lupin, Emcure Pharmaceuticals, Solar Industries, MCX and the National Stock Exchange.
- US midterm elections: Investors are tracking the outcome of the US midterm elections for further market triggers, alongside mixed global cues — South Korea's Kospi fell 3.3% on tech weakness, Australia's ASX 200 was flat, and Japan's markets were closed for a holiday.
- Crude and rupee: Brent near $104 and the rupee at 94.66 remain the key swing factors. Analysts flag 23,500 as the key upside level for the Nifty, with support at 23,250–23,200, and 55,500 as the next upside level for Nifty Bank.
- IPO action: BLS Polymers lists today after a 241.22x subscription, while four SME IPOs close for bidding — see our IPO GMP Today (3 Nov) roundup for the full picture.
FAQs
Why did the Sensex jump 600 points on 3 November 2026?
The rally was driven by a sharp fall in crude oil prices (Brent down 7.6% on Monday), renewed FII buying of about ₹3,114 crore, strong Q2 earnings, and Finance Minister Nirmala Sitharaman's comments that she will consider investor concerns on equity taxation.
What were the Sensex and Nifty opening levels on 3 November?
The Sensex opened at 76,288.65 (up 595.87 points) and the Nifty 50 at 23,582.25 (up 141.45 points), after closing Monday at 75,692.78 and 23,440.80 respectively.
Which stocks led the rally?
IndiGo, Asian Paints, HDFC Bank, Shriram Finance and Bajaj Finance were among the early leaders, while Power Grid, NTPC and Sun Pharma lagged. Financials and FMCG led sectoral gains.
What is the government reviewing on equity taxation?
The government has sought views on long-term capital gains (LTCG) tax and securities transaction tax (STT) as it reassesses capital market levies, amid an exodus of overseas investors. No tax change has been announced yet — the Finance Minister has only said she will consider the concerns.
What should investors watch next?
Q2 results from SBI and 302 other companies today, the US midterm election outcome, crude oil prices near $104 a barrel, and the rupee at 94.66 per dollar.
Conclusion
Tuesday's second straight day of gains shows sentiment turning, with cheaper crude, FII inflows and tax-review hopes doing the heavy lifting. But with the US midterms, a heavy results calendar and the still-fragile US-Iran situation in the background, the rally's durability will be tested by crude and the rupee in the sessions ahead. For IPO investors, the day's other big event is the BLS Polymers listing — covered in our morning GMP roundup.
Also read: Indians Sent $20 Billion Abroad in 2026: LRS Breakdown and RBI Hikes Repo Rate to 5.50%: What It Means for Loans and FDs.