Indian benchmark equity indices ended sharply higher on Monday, with the BSE Sensex rallying 1,233 points and the NSE Nifty 50 settling above 23,400, as strong buying in heavyweight stocks, particularly Reliance Industries, lifted investor sentiment.
The Sensex surged 1,233.25 points, or 1.66 per cent, to close at 75,692.78, while the Nifty 50 advanced 387.70 points, or 1.68 per cent, to settle at 23,440.80. Both benchmarks recorded their strongest gains in recent sessions and extended their recovery for a third consecutive trading day.
Reliance Industries emerged as the biggest contributor to the rally, with its shares climbing 11.6 per cent after the company reported better-than-expected September-quarter earnings. The stock recorded its strongest single-day gain since April 2020, accounting for nearly half of the Nifty’s advance.
The market also received support from easing crude oil prices, with Brent crude falling to around USD 109 per barrel after touching a six-month high of approximately USD 118 last week. Hopes of progress in diplomatic talks aimed at ending the US-Israeli conflict with Iran further improved investor confidence.
Buying was visible across several sectors, with 13 of the 16 major sectoral indices ending in positive territory. Midcap and smallcap stocks also advanced, while automobile shares gained on optimism surrounding sales growth. Information technology stocks, however, remained under pressure following their strong performance in the previous month.
Investors also responded positively to reports suggesting possible changes to long-term capital gains taxation for foreign investors and domestic mutual fund investors switching schemes.
