Mumbai: Indian stock markets started the week on a positive note, with both Sensex and Nifty rising sharply in early trade on Monday. The Sensex jumped 704 points to reach 84,656.56, while the Nifty surged 216 points to 25,926.20. This rally was driven by gains in major companies like Reliance Industries and HDFC Bank.
Reliance and HDFC Bank Lift Markets
Reliance Industries saw its shares rise over 2 percent after the company reported strong earnings for the September quarter. The company’s net profit grew by 9.6 percent year-on-year, helped by good performance in its retail and telecom businesses, along with a recovery in its oil-to-chemicals segment.
HDFC Bank also supported the market rally. Its stock rose by 1.54 percent after it reported a 10 percent increase in consolidated net profit, reaching Rs 19,610.67 crore in the September quarter. These strong results gave a boost to overall market sentiment.
Other Gainers and Laggards
Other major gainers included Axis Bank, Kotak Mahindra Bank, Infosys, and Bajaj Finserv. However, some stocks like ICICI Bank, UltraTech Cement, Trent, and Tata Steel were under pressure and traded lower in the morning session.
Global Support and Fund Inflows
Asian markets were trading higher, with indices in Japan, South Korea, China, and Hong Kong showing gains. US markets also closed in the green on Friday, further boosting confidence.
Foreign Institutional Investors (FIIs) bought stocks worth Rs 308.98 crore on Friday. Domestic Institutional Investors (DIIs) were even more aggressive, buying shares worth Rs 1,526.61 crore, according to stock exchange data.
Expert View and Outlook
VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said the market's strength is supported by strong domestic buying, improving earnings in Q2, and festive season demand. He noted the impressive results from HDFC Bank and Reliance as key positives.
Oil Prices Slightly Down
Global oil prices dipped slightly, with Brent crude falling 0.36% to USD 61.07 per barrel.
