Sensex Jumps Over 1,000 Points, Nifty Tops 23,350: What Is Fueling Market Rally Today

Indian stock markets surprised investors on Monday as benchmark indices gained over 1% amid widespread buying, encouraging corporate earnings and easing crude oil prices.

Visit somethingsdifferent.biz for more information.

The Sensex surged more than 1,000 points, while the Nifty 50 briefly crossed 23,350.

At 1:30 pm, the Sensex was still trading higher by over 600 points, or 0.8%. The Nifty stood at 23,233, up 0.75%.

Indian Stock Market Opens With A Bang, Sensex Surges 719 Points And Nifty Crosses 23,200 Despite Mixed Global Cues

Reliance Industries Rally And Falling Crude Oil Lift Markets

Reliance Industries emerged as a major contributor to the rally, with its shares jumping around 8% following strong second-quarter earnings.

The company reported consolidated profit after tax, including associates and joint ventures, of ₹29,550 crore, rising 33.8% year-on-year.

Profit attributable to shareholders increased 40% to ₹25,548 crore, while earnings before interest, tax, depreciation and amortisation (EBITDA) climbed 23.9% to ₹62,409 crore.

Reliance contributed approximately 400 points to the Sensex's early advance.

Meanwhile, Brent crude futures declined around 2-3% towards $110 a barrel, retreating from last week's six-month high of approximately $118.

The decline followed diplomatic discussions involving Iranian and Qatari officials amid the US-Israeli conflict with Iran.

Lower oil prices could ease India's import costs and inflationary pressures.

SEBI Proposes Scrapping LTCG Tax For Foreign Investors: Reports

India's gross goods and services tax (GST) collections increased 22.9% to ₹2.31 lakh crore in October, the second-highest monthly figure since the tax's introduction.

Domestic GST revenue reached ₹1.59 lakh crore, while import collections stood at ₹72,246 crore.

Automobile sales also strengthened market sentiment.

Domestic passenger vehicle wholesales rose 12.4% to 5,28,384 units. Maruti Suzuki recorded 20.5% growth, while TVS Motor sales increased 29%.

Tata Motors' commercial vehicle sales grew 27%, and Ashok Leyland reported 23% growth.

The benchmarks extended gains for a third consecutive session, supported by broader market participation.

Investors will continue monitoring crude prices, geopolitical developments and foreign fund flows.

Read full story at source