Indian equity markets ended Monday’s session on a firm note, with benchmark indices extending gains as a sharp decline in crude oil prices and strong buying in heavyweight stocks lifted sentiment. Hopes of progress in US-Iran talks supported the rally, while Reliance Industries remained in focus after reporting strong September-quarter earnings.
The BSE Sensex closed more than 1,200 points higher, nearing 75,700, while the NSE Nifty50 settled just under 23,450, climbing close to 400 points.
Oil Price Decline, Reliance Rally Support Markets
Crude oil prices fell in Asian trade amid hopes of a diplomatic breakthrough between the US and Iran. The decline offered some relief to markets, given India’s dependence on imported oil and the impact of elevated energy prices on inflation and corporate costs.
Reliance Industries also contributed to the positive sentiment after posting a 41 per cent year-on-year increase in consolidated net profit to Rs 25,548 crore for the September quarter. The company’s revenue rose 29 per cent, while its board approved a fundraising plan of up to Rs 15,000 crore through non-convertible debentures.
Reliance Industries, Tata Steel and Maruti Suzuki India were among the leading gainers in the Nifty 50 during the session.
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Broader Markets, Sectoral Performance
Buying interest extended to mid- and small-cap stocks, with the Nifty MidCap and Nifty Smallcap indices advancing during the day.
Among sectoral indices, the Nifty Oil and Gas index led the gains, while the Nifty Pharma index remained the biggest laggard.
October Auto Sales, Q2 Earnings In Focus
Automobile stocks remained in focus following strong October sales figures from key manufacturers. Maruti Suzuki reported a 20.9 per cent year-on-year increase in total sales to 2.67 lakh units. Tata Motors’ commercial vehicle sales rose 27 per cent to 47,652 units, while passenger vehicle sales increased 23 per cent to 75,426 units.
Hyundai’s total sales grew 17.7 per cent to 82,299 units, while TVS Motor reported a 29 per cent rise to 7 lakh units. The figures offered a snapshot of festive-season demand and momentum across the automobile sector.
Investors also tracked a busy earnings calendar, with ITC, Marico, Container Corporation of India, Devyani International, Granules India, KEC International, National Aluminium Company, Petronet LNG, UPL and Wockhardt scheduled to announce their September-quarter results.
Global Cues And Institutional Flows
Overseas cues remained mixed after US markets ended sharply lower in the previous session, with technology stocks leading the decline. The Nasdaq fell 2.86 per cent, the S&P 500 dropped 1.82 per cent and the Dow Jones Industrial Average declined 1.09 per cent. Concerns around artificial intelligence spending and potential returns weighed on sentiment following earnings updates from Intel and Amazon.
Asian markets were mixed in early trade, with Hong Kong’s Hang Seng advancing while the Shanghai Composite declined. Japan’s Nikkei was marginally lower.
In the latest available institutional data, foreign institutional investors were net buyers of Indian equities worth Rs 3,598.54 crore, while domestic institutional investors recorded net sales of Rs 817.51 crore.
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Disclaimer : This story is auto aggregated by a computer programme and has not been created or edited by DOWNTHENEWS. Publisher: abplive.com
