Indian equity indices rise over 1% as Reliance earnings boost market
The Sensex gained about 1,012 points and the Nifty crossed 23,300, driven by strong buying in Reliance Industries after its quarterly earnings, lower crude prices and foreign fund inflows.
Indian equity benchmarks advanced on Monday, with the Sensex up 1,011.78 points (1.36%) to 75,471.31 and the Nifty rising 265.70 points (1.15%) to 23,318.80. All major sectoral indices posted gains, and the broader Small-Cap and Mid-Cap indices each rose around 1%.
Reliance Industries Ltd. shares led the rally, climbing about 7% after the company reported its September-quarter earnings and outlook. Analysts at Goldman Sachs and Nomura kept their Buy ratings, citing strong refining and petrochemical margins. > "The quarterly results reflected the underlying refining/petrochemical margin strength," said analysts led by Sanjay Mookim of J.P. Morgan, adding that valuations are attractive.
Crude oil prices fell, with Brent trading roughly 3% lower at $110 per barrel, easing from a recent six-month high. > "The slight cooling of Brent crude prices ... is a relief," said V K Vijayakumar, Chief Investment Strategist at Geojit Investments, noting that lower oil prices and a drop in US Treasury yields supported market sentiment.
Foreign Institutional Investors purchased equities worth about Rs 3,599 crore on the preceding Friday, adding further support. Asian markets also traded higher, and Wall Street futures indicated a positive start for US equities.
Corporate earnings contributed to the upbeat tone. Bank of Baroda rose 3.5% after posting a strong quarter and raising its 2027 growth forecast, while Indian Oil Corporation gained 3% as its September-quarter profit nearly tripled year-on-year.
Technical analysts noted that the Nifty opened with a gap up near 23,222, reclaiming its 50-day exponential moving average and suggesting improved buying momentum. Immediate resistance was identified around the 23,300-23,400 range, with support near 23,150-23,100.