Indian stock markets surprised investors on Monday as benchmark indices gained over 1% amid widespread buying, encouraging corporate earnings and easing crude oil prices.
The Sensex surged more than 1,000 points, while the Nifty 50 briefly crossed 23,350.
At 1:30 pm, the Sensex was still trading higher by over 600 points, or 0.8%. The Nifty stood at 23,233, up 0.75%.
Reliance Industries Rally And Falling Crude Oil Lift Markets
Reliance Industries emerged as a major contributor to the rally, with its shares jumping around 8% following strong second-quarter earnings.
The company reported consolidated profit after tax, including associates and joint ventures, of ₹29,550 crore, rising 33.8% year-on-year.
Profit attributable to shareholders increased 40% to ₹25,548 crore, while earnings before interest, tax, depreciation and amortisation (EBITDA) climbed 23.9% to ₹62,409 crore.
Reliance contributed approximately 400 points to the Sensex's early advance.
Meanwhile, Brent crude futures declined around 2-3% towards $110 a barrel, retreating from last week's six-month high of approximately $118.
The decline followed diplomatic discussions involving Iranian and Qatari officials amid the US-Israeli conflict with Iran.
Lower oil prices could ease India's import costs and inflationary pressures.
India's gross goods and services tax (GST) collections increased 22.9% to ₹2.31 lakh crore in October, the second-highest monthly figure since the tax's introduction.
Domestic GST revenue reached ₹1.59 lakh crore, while import collections stood at ₹72,246 crore.
Automobile sales also strengthened market sentiment.
Domestic passenger vehicle wholesales rose 12.4% to 5,28,384 units. Maruti Suzuki recorded 20.5% growth, while TVS Motor sales increased 29%.
Tata Motors' commercial vehicle sales grew 27%, and Ashok Leyland reported 23% growth.
The benchmarks extended gains for a third consecutive session, supported by broader market participation.
Investors will continue monitoring crude prices, geopolitical developments and foreign fund flows.
