Sensex Opens Up 596 Points as Crude Falls and Rally Extends

Indian shares opened higher for a second straight session on Tuesday, November 3, 2026. The BSE Sensex opened at 76,288.65, up 595.87 points or 0.79 percent from Monday's close of 75,692.78. The NSE Nifty 50 opened at 23,582.25, up 141.45 points or 0.60 percent from 23,440.80. ANI reported both opening prints from Mumbai.

The open extends a sharp Monday rally. The Sensex climbed 1,233.25 points, or 1.66 percent, on Monday to close at 75,692.78, and the Nifty gained 387.70 points, or 1.68 percent, to settle at 23,440.80. Two strong sessions have now put both indices back on the front foot after last week's selling.

Cheaper crude does the heavy lifting

Oil is the biggest driver. Brent crude fell about 7 percent on Monday as talks involving the United States, Iran and Qatar raised hopes of progress toward ending the conflict, and it traded near 104.72 dollars a barrel on Tuesday morning. India imports most of its oil, so a fall of that size cuts the import bill, eases inflation pressure and supports the rupee at the same time.

V K Vijayakumar, Chief Investment Strategist at Geojit Investments, set out the case for the rally in comments reported by ANI. "Decline in Brent crude to USD 104, further weakening of the AI trade, continuing flow of good Q2 results and FIIs turning buyers have potential to accelerate the ongoing rally," he said.

Foreign money is coming back

Foreign portfolio investors infused about Rs 4,458 crore into Indian equities in the first two days of November, ANI reported, citing NSDL data. That buying follows a stretch of outflows and lines up with the second quarter earnings season, which has come in better than investors feared.

Precious metals moved the other way in Mumbai trade. Gold fell 0.81 percent to Rs 1,38,904 per 10 grams for 24 karat gold in the Tuesday opening session, and silver dropped 2.22 percent to Rs 1,79,697 per kilogram, ANI reported.

The wider Asia picture

Asia opened mixed on Tuesday. Hong Kong's Hang Seng advanced 0.34 percent to 23,474, and Singapore's Straits Times gained 0.31 percent to 5,282. Japan's Nikkei 225 slipped 0.33 percent to 63,081, Taiwan's weighted index fell 1.68 percent to 44,095, and South Korea's Kospi dropped sharply in the chip selloff. India was one of the region's clear gainers at the open.

The risk to the rally is the same one that cut oil. ANI noted that uncertainty over renewed military action between the United States and Iran remains a concern for global markets. If crude jumps back, India's import math changes with it, and the two day rally will be tested first at the fuel price and then at the index level.