Sensex jumps 1,233 points as Nifty crosses 23,400 mark
Falling crude oil prices and strong quarterly results from Reliance Industries helped drive a significant rally in Indian equity benchmarks on Monday.
Indian equity benchmarks recorded strong gains on Monday, November 2, with the BSE Sensex rising 1,233.25 points, or 1.66 per cent, to close at 75,692.78. The NSE Nifty gained 387.70 points, or 1.68 per cent, to finish at 23,440.80, according to reports by Financial Express and Free Press Journal.
The rally was supported by declining crude oil prices, with Brent falling below $110 per barrel, and positive quarterly results from heavyweight Reliance Industries, which saw gains of 11.6 per cent. Other top performers included Tata Steel, which rose 5.8 per cent, and JSW Steel, which climbed 5.1 per cent.
Vinod Nair, Head of Research at Geojit Investments, noted that domestic macro indicators, such as October passenger-vehicle sales and increased gross GST collections, boosted sentiment. He also mentioned that foreign investors were returning to domestic equities.
Sectoral performance was led by the Oil and Gas Index, which rose nearly 6 per cent, and the Nifty Metal index, which jumped over 3 per cent. Conversely, Infosys closed 2 per cent lower, while banking stocks including ICICI Bank, Kotak Mahindra Bank, and Axis Bank each fell 0.7 per cent.
Shrikant Chouhan, Head Equity Research at Kotak Neo, stated that the short-term trend remains positive, suggesting the index could move towards 23,500-23,650. Analysts indicated that investors will likely monitor the US midterm elections on November 3 and upcoming quarterly results from various companies.