Sensex jumps 1,000 points as Nifty tops 23,300 on Monday
Falling oil prices and strong earnings from heavyweights like Reliance Industries drove a Rs 4 lakh crore increase in market capitalisation.
The Indian stock market rallied on Monday, with the Sensex soaring 1,000 points and the Nifty 50 rising above 23,300, according to the Economic Times. These gains added nearly Rs 4 lakh crore to the total market capitalisation of companies listed on the BSE in less than five minutes from the opening.
Reliance Industries shares surged more than 5 per cent to lead gains after reporting a 41 per cent year-on-year rise in consolidated net profit to Rs 25,548 crore for the July-September quarter of FY27. Jio Platforms also saw its share price rally over 3 per cent following a 14 per cent year-on-year increase in consolidated net profit to Rs 8,389 crore in its September quarter.
Several factors contributed to the rally, including a drop in oil prices of more than 3 per cent as Iranian and Qatari officials continued discussions to end the US-Israeli war on Iran. Brent crude futures dropped to Rs 110 per barrel, while US West Texas Intermediate crude futures fell to Rs 101 per barrel.
The market also benefited from foreign institutional investors turning net buyers, purchasing shares worth nearly $1.2 billion over the past 10 trading sessions. Additionally, there are rising expectations regarding possible government relief on long-term capital gains taxes following comments by Finance Minister Nirmala Sitharaman.
Other sectoral gains included the Nifty Oil & Gas index, which jumped nearly 3 per cent. While most stocks gained, Sun Pharma shares dropped 2 per cent, and the Nifty Pharma and Nifty Private Bank indices slipped into the red.
