Stock News Highlights
Reliance Industries (+11.60%): Stock surged after Q2 FY27 consolidated net profit rose 41% YoY to ₹25,548 crore, while revenue grew 29% to ₹3.32 lakh crore. Oil-to-chemicals EBITDA jumped 68% to a record ₹25,203 crore, adding nearly ₹1 lakh crore to its market capitalisation.
Dixon Technologies (+11.99%): Stock jumped 12% after revenue climbed 46.7% YoY to ₹21,794 crore. Despite EBITDA declining 37% and margins narrowing to 3.1%, strong growth in its mobile and EMS business supported investor optimism.
Jio Platforms (-0.74%): Stock declined despite Q2 FY27 profit rising 13.7% to ₹8,387 crore and EBITDA margin expanding 250 basis points to 54.1%, indicating muted investor reaction to its earnings performance.
Lodha Developers (-3.30%): Stock declined despite Q2 FY27 consolidated net profit rising 28% YoY to ₹1,013.5 crore and total income increasing to ₹4,584.9 crore. Strong H1 performance and expansion into North Bengaluru and Delhi-NCR supported management’s confidence of exceeding full-year profit guidance, despite the negative market reaction.
Sectoral Performance
Nifty Oil & Gas (+5.95%): Sector emerged as the top gainer today, supported by Reliance Industries’ strong results and a sharp intraday rally in several major stocks. The index recorded 12 gainers and 2 losers, reflecting broad-based buying across the sector.
Nifty Metal (+3.21%): Sector rallied as investors rotated out of high-valuation technology stocks towards cyclical assets, while a recovery in key base metals lifted sentiment. Tata Steel, JSW Steel and Hindalco led the gains. Meanwhile, Brent crude prices plunged over 4% to $108.54 per barrel, easing some cost pressures.
Nifty Media (-0.76%): Sector declined for the second consecutive session despite recording 6 gainers and 4 losers. Zee Entertainment emerged as the biggest laggard after reporting weak profitability and missing earnings estimates, weighing on overall sector sentiment.
Nifty IT (-0.50%): Sector declined amid selling pressure, with 4 gainers and 5 losers, indicating mixed performance across IT stocks. Losses in major constituents weighed on the index, keeping investor sentiment cautious.
Market Insights
Technical Level:Nifty opened with a huge gap-up and extended its upward rally through the first half of the session. However, the index witnessed profit booking in the second half, slipping back towards its opening levels and finding support near 23,200. It then staged a reversal and moved higher, with a sharp late-session rally taking it towards resistance around 23,440.
Advance-Decline Ratio: Market breadth remained strongly positive, with 2,445 stocks advancing against 1,164 declining, resulting in an A/D ratio of 2.10, indicating broad-based buying interest across the market.
The Big Picture: On policy, SEBI has reportedly recommended removing the LTCG tax on foreign investors, a non-binding proposal, as FIIs have sold a record $31 billion this year. Brent eased to around $108.
FII/DII Activity (October 30, 2026): FIIs were net buyers at ₹3,598 crore, while DIIs were net sellers at ₹817 crore, indicating strong foreign institutional buying despite domestic institutional outflows.
Watch Out For Tomorrow
Market Watch: For investors, this rally was earnings-led, and the LTCG proposal could change how foreign money views India. A weak Nasdaq and Fed hike risks remain a check, so watch whether foreign flows actually turn before calling it a trend.
Word of the day
Bullish Reversal
A shift in market direction from falling prices to rising prices, indicating a potential change in investor sentiment.
In Simple Words: When a stock or index stops falling and starts moving upward, it signals a bullish reversal.
Market Example: Nifty found support near 23,200 and staged a bullish reversal, moving towards 23,440.