# Why Reliance Shares Jumped 11.6% and What 4 Nov Could Bring > RIL closed 11.6% higher at INR 1,300 on 2 November 2026, its best day since April 2020, after record Q2 FY27 profit. Why it moved, what brokerages said, and what is (and is not) on the calendar for Wednesday 4 November. - **Published**: 2026-11-03 - **Modified**: 2026-11-03 - **Category**: ipo - **URL**: https://www.tldr.money/articles/ipo/reliance-share-price-jump-nov-4 --- Reliance Industries (RIL) had its best day on the stock market in six and a half years on **Monday 2 November 2026**. This page explains, in plain English, **why the shares jumped**, how big the move really was, what brokerages said, and **what is on the calendar for Wednesday 4 November**. For the full set of numbers behind the move, see [Reliance Q2 FY27 results explained](/articles/ipo/reliance-q2-fy27-results-explained). **Last updated: 3 November 2026, before the market opened (Asia/Calcutta).** Prices are NSE closing prices unless we say otherwise. The 3 November session had not traded when we wrote this, so any move that day is not reflected here. Changes marked "our calculation" are worked out by us from the cited figures. > **Educational content, not investment advice.** This page explains a price move using exchange data and reputable press. tldr.money is not a SEBI-registered investment adviser or research analyst. Nothing here is a recommendation to buy, sell or hold any security. Speak to a SEBI-registered adviser if you need personal advice.
- **The move:** RIL closed **INR 1,300, up 11.6%** (INR 135.10) on 2 Nov, from INR 1,164.90. Best day since **7 April 2020**. - **The reason:** Q2 FY27 profit to owners of **INR 25,548 crore (+40.6%)** beat estimates of about INR 21,419 crore, powered by a record refining (O2C) quarter. - **The setup:** the stock had been sitting near its 52-week low, so the surprise moved it hard. - **4 November:** we found **no Reliance-specific event**. The likely movers are market-wide: US midterm results, crude oil and Iran headlines, India's services PMI and foreign fund flows. - **Scenarios, not predictions:** follow-through, a pause, or giving back part of the gain are all normal after a jump this size.
## How big was the jump?
RIL closed at INR 1,300 on 2 Nov 2026, up 11.6% from INR 1,164.90. It opened at INR 1,228.10 and its low was INR 1,214.20. The rise was the biggest since 7 April 2020 and added about INR 1.83 lakh crore in market value.
A few details make the day stand out: - **It closed at the high.** The stock finished at INR 1,300, the top of the day's range, and was the top gainer in the Nifty 50 ([Reuters](https://www.brecorder.com/news/40447041/indias-reliance-posts-best-day-in-over-six-years-as-oil-business-jio-platforms-lift-outlook)). - **A late surge.** Midday reports had the stock up about 7-9%. Business Standard says it was at INR 1,274.50 (+9.4%) just before the closing auction session, then closed at INR 1,300. If you saw a smaller number in an afternoon headline, that is why. - **It moved the whole market.** The Nifty 50 rose 1.68% to 23,440.8 and the Sensex 1.66% to 75,692.78. RIL accounted for nearly half of the rise in the Nifty 50's combined market value ([Business Standard](https://www.business-standard.com/markets/news/reliance-industries-takes-the-wheel-surges-12-to-steer-benchmarks-higher-126110201415_1.html)). - **Heavy trading.** About 8.8 crore shares changed hands on NSE, the most since September 2020 according to Moneycontrol, and it was the highest close since 7 September.
NSE closes: 26 Oct INR 1,201.80; 27 Oct INR 1,196.20; 28 Oct INR 1,158.00 (Jio listing day); 29 Oct INR 1,167.40; 30 Oct INR 1,164.90; 2 Nov INR 1,300.00.
Notice the dip on **28 October**, the day Jio Platforms listed: RIL fell 3.2% (our calculation) even as Jio's own shares rose sharply. Monday's jump more than reversed that week's slide. See [Jio IPO listing gain](/articles/ipo/jio-ipo-listing-gain) for that day. ## Why did Reliance shares jump? ### 1. The results beat expectations, by a lot RIL reported Q2 FY27 (July-September 2026) after market hours on Friday 30 October. Profit attributable to owners was **INR 25,548 crore, up 40.6%** from INR 18,165 crore a year ago. Analysts had expected about **INR 21,419 crore**, according to the estimate cited by [Reuters](https://www.brecorder.com/news/40447041/indias-reliance-posts-best-day-in-over-six-years-as-oil-business-jio-platforms-lift-outlook)). EBITDA (earnings before interest, tax, depreciation and amortisation) was a record INR 62,409 crore (+23.9%).
Before results, analysts publish estimates. When the actual number is well above the average estimate, it is called a beat. Share prices move on the **surprise**, not on the number itself. A 19% gap between actual and expected profit is large for a company RIL's size (our calculation: INR 25,548 vs INR 21,419 crore).
### 2. Refining had its best quarter ever Most of the growth came from oil-to-chemicals (O2C), RIL's refining and petrochemicals business. O2C EBITDA rose **67.9% to INR 25,203 crore**, a record, as margins on diesel and jet fuel roughly tripled. Jio grew steadily; Retail and oil & gas were weaker.
Segment EBITDA, Q2 FY26 vs Q2 FY27 (INR crore): O2C 15,008 to 25,203; Digital services 18,882 to 22,223; Retail 6,817 to 6,120; Oil & gas 5,002 to 4,901; Others 2,771 to 2,777.
Fuel cracks (margin over crude) in Q2 FY27: gasoil $65.8 a barrel, jet fuel $59.3, gasoline $24.9.
Globe Capital's Gaurav Sharma told Business Standard that disruption at Russian and Saudi refineries, linked to the West Asia crisis and the Russia-Ukraine conflict, had "played out in RIL's favour", along with RIL's ability to process heavier crude grades that many refineries cannot. ### 3. The stock was cheap going in Before Monday, RIL was down more than 17% in 2026 and trading near its 52-week low ([Reuters](https://www.brecorder.com/news/40447041/indias-reliance-posts-best-day-in-over-six-years-as-oil-business-jio-platforms-lift-outlook)). Deven Choksey of DRChoksey FinServ told Reuters valuations were "comfortable" after the slide. When expectations are low, a strong surprise tends to move a stock more. Jefferies said the stock was trading more than two standard deviations below its long-term average EV/EBITDA multiple ([Business Standard](https://www.business-standard.com/markets/news/reliance-soars-7-post-q2-results-sees-sharpest-intraday-rally-in-3-years-126110200237_1.html)). ### 4. Options traders were caught short Business Standard reports that RIL made up more than a fifth of all stock options traded on Monday. Traders who had sold INR 1,200 call options (betting the price would stay below INR 1,200) rushed to close those bets, which can add buying pressure. The November INR 1,300 call was the most traded stock option in the market.
NSE sets the official closing price through a short auction at the end of the day. Large buy orders during that window can lift the closing price above where the stock traded minutes earlier, which is what happened to RIL on 2 Nov (INR 1,274.50 before the auction, INR 1,300 at the close).
## What brokerages said after the results Every brokerage we found kept a Buy (or equivalent) rating, though several trimmed their targets. CNBC-TV18 counted **30 Buy and 1 Sell** among 31 analysts, with average targets implying about 39% upside from Friday's close ([CNBC-TV18](https://www.cnbctv18.com/market/reliance-industries-ril-share-price-may-rise-39-percent-consensus-estimates-check-targets-q2-results-20024474.htm)).
Targets: Goldman Sachs INR 1,840; Jefferies INR 1,710; Nuvama INR 1,703; Nomura INR 1,560; Equirus INR 1,537; Motilal Oswal INR 1,520; Kotak INR 1,500; 2 Nov close INR 1,300.
| Brokerage | Target | What they said (as reported) | | --- | --- | --- | | Goldman Sachs | INR 1,840 | Buy; expects refining margins to cool somewhat in Q3 as tanker freight rises, partly offset by cheaper heavy crude ([Moneycontrol](https://www.moneycontrol.com/news/business/markets/reliance-industries-refining-boom-may-extend-into-q3-discounted-crude-to-offset-rising-freight-costs-14066282.html)) | | Jefferies | INR 1,710 | Buy; raised FY27 and FY28 EBITDA estimates by 6% and 2%; says the stock trades more than two standard deviations below its long-term EV/EBITDA, "suggesting maximum pessimism" (Business Standard) | | Nuvama | INR 1,703 | Buy; target cut from INR 1,766, applying a 25% holding-company discount after Jio's listing (CNBC-TV18) | | Nomura | INR 1,560 | Buy; target reduced; EBITDA 9% above its estimate (Moneycontrol) | | Equirus | INR 1,537 | Long; says the correction improved risk-reward (target as reported by Mint; view in Business Standard) | | Motilal Oswal | INR 1,520 | Buy; target trimmed from INR 1,560; says RIL trades at a 54% holding-company discount on its Jio stake, which it calls excessive (Business Standard) | | Kotak | INR 1,500 | Buy (CNBC-TV18) | Citi, quoted by Reuters, said strong results support the stock in the near term but that **sustained outperformance needs a recovery in Retail and more visibility on new energy**. That is the main "yes, but" in the analyst commentary.
A target is one firm's 12-month estimate, not a promise. The same analysts had targets well above the market price while the stock fell to its 52-week low in October. Use the reasoning, not the number.
## What about Jio Platforms? Jio Platforms did not join the rally. Its shares **fell 0.74% to INR 1,420** on 2 November (Business Standard), after listing at INR 1,358 on 28 October against an issue price of INR 1,119. RIL owns about 64.5% of Jio, a stake Business Standard values at **INR 8.37 lakh crore** at market prices. Nuvama's target cut shows the flip side: now that Jio has its own price, some analysts value RIL as a holding company and apply a discount to that stake. If you hold Jio shares from the IPO, the next date to know is **24 November 2026**, when the first half of the anchor investors' shares come out of lock-in. See [Jio IPO lock-in and shareholder selling](/articles/ipo/jio-ipo-lock-in-shareholder-selling). ## What is happening on 4 November?
We checked exchange filings and market previews. RIL's **board meeting and analyst meet were on 30 October**, and the earnings call transcript was filed on **1 November**. We found **no** dividend, record date, board meeting, F&O expiry or Jio lock-in expiry for Wednesday 4 November. If something is announced later, we will update this page.
So the stock will most likely be moved by **market-wide** news. Here is what is scheduled or flagged by market previews:
30 Oct: results and analyst meet. 2 Nov: RIL closes +11.6%. 3 Nov (US): midterm elections. 4 Nov: US results come in; India services PMI; M.K. Sons lists. 23 Nov: November F&O expiry. 24 Nov: first Jio anchor unlock.
- **US midterm election results.** Americans vote on Tuesday 3 November, US time, so most results will arrive during Indian trading hours on Wednesday 4 November (our note on time zones). Angel One's Vaqarjaved Khan told the Economic Times to expect "choppy, headline-driven sessions around November 3 and 4" and said "the real trigger will be crude and the Iran situation, not the ballot count" ([ET](https://economictimes.indiatimes.com/markets/stocks/news/us-midterm-elections-begin-tomorrow-can-trumps-likely-defeat-sparkle-sensex-nifty-heres-what-analysts-say/articleshow/135446891.cms)). - **Crude oil and Iran.** Brent was around $112 a barrel going into the week. Moneycontrol's preview flags the risk of renewed strikes after the midterms; Kotak Neo's Kaynat Chainwala sees Brent above $120 if Saudi supply is disrupted and below $105 on a diplomatic breakthrough ([Moneycontrol](https://www.moneycontrol.com/news/business/markets/dalal-street-week-ahead-us-midterm-elections-jobs-data-q2-earnings-pmi-numbers-oil-prices-among-10-key-factors-to-watch-14065576.html)). For RIL this cuts both ways: disruption has fattened refining margins, but expensive crude hurts India's economy and markets. - **India services PMI.** The final HSBC services PMI for October is due on 4 November; the flash reading was 56.2. - **Other results and listings.** Apollo Hospitals, BSE, Cummins India, Dabur, NHPC and Zydus Lifesciences are among companies due to report ([Upstox](https://upstox.com/news/market-news/trading/q2-earnings-us-midterm-elections-crude-oil-above-113-and-muhurat-trading-among-key-market-triggers-to-watch-next-week/article-202761/)), and [M.K. Sons Fine Jewels](/articles/ipo/mk-sons-ipo) is due to list. US ADP jobs and ISM services data come out on 4 November US time, after Indian markets close. - **Foreign investors.** ET reports foreign investors have sold for ten straight weeks and pulled out more than INR 3 lakh crore in 2026. Whether that selling pauses matters for heavyweights like RIL. ## Scenarios for the days after a big jump These are **scenarios, not predictions**. Each has happened to large stocks after big results-day moves. We do not know which, if any, will play out on 4 November, and the 3 November session will already have changed the starting point.
Buyers who missed Monday keep coming, helped by broker upgrades or calm global news. The level traders will talk about is **INR 1,300**, the 2 Nov close and day's high. Samco Securities' Apurva Sheth said the stock had "decisively broken above a prolonged downward-sloping trendline" (Business Standard). A breakout can fail, though.
The stock moves sideways inside Monday's range (INR 1,214.20 to INR 1,300) while short-term traders book profits and longer-term buyers step in. After an 11.6% day, a quiet session or two is common and does not by itself mean anything.
Profit-taking or bad global news (crude, Iran, US yields) pulls the price lower. Reference points from 2 Nov: the opening price **INR 1,228.10** (about 5.5% below INR 1,300, our calculation), the day's low **INR 1,214.20** (about 6.6% below) and Friday's close **INR 1,164.90** (about 10.4% below). Option writers were selling puts at INR 1,220-1,260 (Business Standard), a sign of where some traders expect support.
One-day jumps attract leveraged traders. If you are buying futures or options because of a headline, remember losses can exceed what you put in. If you are a long-term investor, one day's move says little about whether a stock is good value; see [Is Reliance Industries a good buy?](/articles/ipo/is-reliance-industries-a-good-buy).
## Risks to watch beyond this week
The record O2C quarter came from unusually high fuel margins tied to supply disruption. Goldman Sachs already expects some moderation in Q3. If the disruption eases, so could the profit surge.
Retail EBITDA fell 8.6% before impairment in Q2 (RIL says the festive season moved into Q3). Citi says sustained outperformance needs a Retail recovery. Q3 results will show whether that was timing or something weaker.
Anchor lock-ins on Jio shares start ending on 24 November 2026. More tradable Jio shares can weigh on Jio's price, and therefore on how analysts value RIL's stake.
Nifty is down about 12% in 2026 and foreign investors keep selling (ET). A heavyweight like RIL rarely escapes a broad sell-off for long.
## What it means for you - **If you own RIL:** the jump repriced the stock after a strong quarter, but the reasons (refining margins, a low starting valuation) can change. Re-check why you hold it rather than reacting to the price. - **If you got Jio shares in the IPO:** RIL's rally did not lift Jio on the day. Jio's own drivers are its tariffs, ARPU and the lock-in calendar. - **If you are thinking of buying after the jump:** be clear whether you are trading a short-term move or investing for years. These need very different plans, and neither is advice from us. ## Related guides - [Reliance Q2 FY27 results explained](/articles/ipo/reliance-q2-fy27-results-explained): every number behind the move - [Is Reliance Industries a good buy?](/articles/ipo/is-reliance-industries-a-good-buy): Jio, Retail and energy, with the bull and bear case - [Jio IPO listing gain](/articles/ipo/jio-ipo-listing-gain): how Jio debuted on 28 October - [Jio IPO lock-in and shareholder selling](/articles/ipo/jio-ipo-lock-in-shareholder-selling): when more Jio shares can be sold - [IPOs in India](/ipo): our full IPO coverage and calendar ## Sources - Reuters via Business Recorder, "India's Reliance posts best day in over six years as oil business, Jio Platforms lift outlook", 2 Nov 2026: [brecorder.com](https://www.brecorder.com/news/40447041/indias-reliance-posts-best-day-in-over-six-years-as-oil-business-jio-platforms-lift-outlook) - Business Standard, "Reliance Industries takes the wheel, surges 12% to steer benchmarks higher", 2 Nov 2026: [business-standard.com](https://www.business-standard.com/markets/news/reliance-industries-takes-the-wheel-surges-12-to-steer-benchmarks-higher-126110201415_1.html) - Business Standard, "Reliance soars 7% post Q2 results, sees sharpest intraday rally in 3 years", 2 Nov 2026: [business-standard.com](https://www.business-standard.com/markets/news/reliance-soars-7-post-q2-results-sees-sharpest-intraday-rally-in-3-years-126110200237_1.html) - Moneycontrol, RIL top Nifty gainer after record Q2, 2 Nov 2026: [moneycontrol.com](https://www.moneycontrol.com/news/business/markets/reliance-industries-shares-jump-over-4-after-record-q2-results-top-nifty-gainer-biggest-index-contributor-14065973.html) - Moneycontrol, "Reliance's 12% surge signals breakout", 2 Nov 2026: [moneycontrol.com](https://www.moneycontrol.com/news/business/markets/reliance-s-12-surge-signals-breakout-can-the-stock-scale-a-new-peak-14066512.html) - Moneycontrol, refining boom may extend into Q3 (Goldman Sachs view), 2 Nov 2026: [moneycontrol.com](https://www.moneycontrol.com/news/business/markets/reliance-industries-refining-boom-may-extend-into-q3-discounted-crude-to-offset-rising-freight-costs-14066282.html) - CNBC-TV18, consensus targets after Q2 results, 2 Nov 2026: [cnbctv18.com](https://www.cnbctv18.com/market/reliance-industries-ril-share-price-may-rise-39-percent-consensus-estimates-check-targets-q2-results-20024474.htm) - Economic Times, RIL set for biggest single-day jump since April 2020, 2 Nov 2026: [economictimes.indiatimes.com](https://economictimes.indiatimes.com/markets/stocks/news/reliance-industries-shares-set-for-biggest-single-day-jump-since-april-2020-as-q2-earnings-spark-rs-1-lakh-crore-rally/articleshow/135447021.cms) - Economic Times, US midterm elections and Indian markets, 2 Nov 2026: [economictimes.indiatimes.com](https://economictimes.indiatimes.com/markets/stocks/news/us-midterm-elections-begin-tomorrow-can-trumps-likely-defeat-sparkle-sensex-nifty-heres-what-analysts-say/articleshow/135446891.cms) - Moneycontrol, Dalal Street week ahead (midterms, PMI, oil), 1 Nov 2026: [moneycontrol.com](https://www.moneycontrol.com/news/business/markets/dalal-street-week-ahead-us-midterm-elections-jobs-data-q2-earnings-pmi-numbers-oil-prices-among-10-key-factors-to-watch-14065576.html) - Upstox, key market triggers for the week, 1 Nov 2026: [upstox.com](https://upstox.com/news/market-news/trading/q2-earnings-us-midterm-elections-crude-oil-above-113-and-muhurat-trading-among-key-market-triggers-to-watch-next-week/article-202761/) - Yahoo Finance, RELIANCE.NS historical prices (NSE closes, open, low, volume): [finance.yahoo.com](https://finance.yahoo.com/quote/RELIANCE.NS/history/) - NSE corporate announcements for RELIANCE (board meeting outcome 30 Oct, transcript 1 Nov 2026): [nseindia.com](https://www.nseindia.com/companies-listing/corporate-filings-announcements) - RIL Q2 FY27 media release, 30 Oct 2026, as summarised in [Reliance Q2 FY27 results explained](/articles/ipo/reliance-q2-fy27-results-explained) --- - [More ipo articles](https://www.tldr.money/articles/category/ipo) - [All articles](https://www.tldr.money/articles)