Sensex gains over 1,200 points as Nifty reclaims 23,400 level
Strong quarterly earnings from Reliance Industries and easing crude oil prices drove a rally in Indian equity benchmark indices on Monday.
The Sensex and Nifty indices rallied on Monday, with the Sensex gaining 1,233.25 points or 1.66 per cent to settle at 75,692.78. According to Moneycontrol, the Nifty climbed 387.70 points or 1.68 per cent, reclaiming the 23,400 level.
The market rally was led by heavy buying in Reliance Industries Ltd (RIL) following its record Q2 FY27 earnings. RIL shares surged 7 per cent, making the stock the top gainer and the biggest positive contributor to the Nifty 50 index.
Other factors supporting investor sentiment included easing crude oil prices, foreign fund inflows, and gains in Asian markets. Brent crude traded 3 per cent lower at USD 110 per barrel, down from a six-month high.
Foreign Institutional Investors (FIIs) had previously bought equities worth Rs 3,598.54 crore on Friday. Additionally, corporate earnings momentum supported the market, with Bank of Baroda advancing 3.5 per cent and Indian Oil Corporation gaining 3 per cent.
Analysts led by Sanjay Mookim of J.P.Morgan noted that the quarterly results for RIL reflected underlying refining and petrochemical margin strength. V K Vijayakumar, Chief Investment Strategist at Geojit Investments, said the cooling of Brent crude prices provided relief to the markets.