The equity market indices opened higher and rallied over 1% during the early hours on Monday, November 2, as investors focused on sharp pullback in crude oil prices and Q2 FY27 earnings reactions. The NIFTY50 and BSE SENSEX indices witnessed a gap-up opening on Monday, November 2, as equity market investors focused on the pullback in global crude oil prices, buying sentiment in Asian markets and steady US Treasury yields. At 9:15 am opening bell, the NIFTY50 index opened 0.73% or 169 points higher at 23,222.30 points on Monday's market, in comparison to 23,053.10 points at the previous equity market close, according to NSE data. The BSE SENSEX index surged to open 0.97% or 718.71 points higher at 75,178.24 points during the trading session on November 2, in comparison to 74,459.53 points at the previous equity market close.

During the early trade, both NIFTY50 and SENSEX surged over 1% on Monday's market, due to heightened buying sentiment among equity investors. As of 9:32 am IST, the NIFTY50 was trading 1.07% higher at 23,302.75 points, while the SENSEX was up 1.29% at 75,421 points during the morning session. Before the NSE opening bell, the GIFT NIFTY futures were trading 0.40% higher at around 23,249.50 points, indicating an elevated performance of the benchmark indices amid the overall positive cues from the global market. Equity market investors were powering the buying sentiment in the market as global benchmark Brent crude prices opened lower on Monday, after hitting over $118 per barrel last week on Friday's market.

Oil prices eased as Brent crude oil prices declined over 2.6% to $113.96 per barrel bbl during the intraday trading session on November 2, in comparison to $117.10 per bbl at the previous commodity market close, according to TradingView data. Brent crude January futures were down more than 3.3%, with prices trading at $109.71 per bbl during the morning market hours, India time, in comparison to the previous market close level of $113.43 per bbl. Latest reports from Al Jazeera showed that the Iranian Revolutionary Guard Corps IRGC has claimed there have been two crude oil tankers that caught on fire after hitting mines in the Strait of Hormuz. This comes at a time when investors are focused on the US midterm elections this week and US President Donald Trump's latest comments on looking to end the West Asia conflict very soon in one way or another.

Energy prices have risen over 7% in the past month and have gained over 21% in the last three-month period, as per the official data. Index heavyweight stocks like Reliance Industries, NTPC, Tata Steel, Max Healthcare, Maruti Suzuki, and Coal India were among several other stocks leading the pack of top gainers on NIFTY50 during the early market hours on Monday, November 2. Reliance Industries was up 5.5%, NTPC up 3.3%, Tata Steel up 3.3%, Max Healthcare up 3.1%, Maruti Suzuki up 2.2%, and Coal India up 2%, as per the exchange data during the morning hours. Out of the 50 stocks listed under the benchmark NIFTY50 index, 41 stocks were trading in positive territory, with only the remaining 9 stocks down in the red as of the early trade on November 2.

Others like Apollo Hospitals, Sun Pharma, Bajaj Auto, Tech Mahindra, and Eicher Motors were among the top laggards during the morning hours of the trading session. Data showed that Apollo Hospitals was down 1.4%, Sun Pharma was down 1.3%, Bajaj Auto was down 0.7%, Tech Mahindra was down 0.7%, and Eicher Motors was down 0.4% as of 9:32 am IST. Also read: Reliance Industries shares soar 6%: India's most valuable company fires up after Q2 earnings; what analysts say. Also read: Crude oil eases from 6-month highs: IOC, BPCL, HPCL and other stocks in focus; impact explained. The overall market breadth remained positive with buying witnessed across major sectors amid the crude oil pullback and steady US Treasury yields at 4.9% levels.

Asian markets including Nikkei 225, Hang Seng, Shanghai Composite, and KOSPI were all trading green on Monday, supporting the domestic rally. The positive momentum was further reinforced by steady US Treasury yields and elevated buying sentiment from investors in the Asian markets. The rally was led by energy and metal sectors, with Reliance Industries and Tata Steel contributing significantly to the gains. The market closed the early session with NIFTY50 and SENSEX maintaining gains over 1% as investors continued to focus on the crude oil price correction and Q2 FY27 earnings reactions.