National/Alive News: Indian stock markets witnessed a strong rally on Monday, November 2, 2026, with the Sensex surging over 1,200 points and the Nifty closing higher amid reports of proposed tax relief measures in the upcoming Union Budget 2027.
The 30-share BSE Sensex jumped 1,233 points to settle at 75,692, while the NSE Nifty 50 gained 388 points to close at 23,440. Positive investor sentiment was supported by strong quarterly earnings from Reliance Industries, falling crude oil prices, higher GST collections and proposed tax concessions for investors.
According to a Reuters report, the Securities and Exchange Board of India (SEBI) has recommended scrapping the 12.5% long-term capital gains (LTCG) tax on equity investments by foreign investors. It has also proposed that switching between mutual fund schemes should not attract capital gains tax if the units have been held for more than a year. The recommendations have been submitted ahead of the February Budget, but the final decision rests with the government.
Reliance Industries shares climbed nearly 12% to close at ₹1,299 after the company reported a 33.7% year-on-year rise in September-quarter profit to ₹29,550 crore. Its revenue increased 28% to ₹3.32 lakh crore.
Meanwhile, Brent crude prices fell to around $110 per barrel, offering some relief to India, which imports nearly 85-90% of its crude oil requirements.
GST collections also provided support, rising 23% year-on-year to over ₹2.31 lakh crore in October, the second-highest monthly figure on record. Most sectoral indices ended in positive territory, while IT, media, pharma and healthcare stocks remained under pressure.
