Mumbai, November 2 (TNA) The benchmark BSE Sensex jumped 1,223 points on Monday, closing sharply higher as investors stepped up buying across major sectors. The rally lifted the index to approximately 75,683, marking a strong start to the November trading month.
The Nifty 50 also advanced, moving above the 23,300 level during the session. Market data showed the Sensex gaining more than 1% amid broad-based buying in large-cap stocks.
Reliance Leads Gains
Reliance Industries was among the biggest contributors to the rally after reporting strong quarterly earnings. The stock gained sharply, adding significant points to the Sensex because of its heavy weight in the benchmark index.
Automobile, technology, financial and consumer stocks also attracted buying interest. Strong October sales and encouraging corporate earnings further supported investor sentiment during the festive season.
Crude Oil Prices Ease
A decline in crude oil prices also helped improve market sentiment. Brent crude fell after reaching a six-month high in the previous week, easing concerns over India’s import bill and inflationary pressures. Investors were also encouraged by robust goods and services tax collections and improving domestic economic indicators. Analysts said the combination of strong corporate results, festive demand and easing commodity prices supported the broad market recovery.
Investors Gain
The sharp rise added substantially to investors’ wealth, with buying visible across most sectoral indices. The rally followed gains in the previous trading sessions and reflected renewed confidence in Indian equities.
Market participants, however, cautioned that volatility could continue because of global economic uncertainty, foreign fund flows and movements in crude oil prices. The Sensex had closed at 74,459.53 on Friday, while the Nifty ended at 23,053.10.
Market participants, however, cautioned that volatility could continue because of global economic uncertainty, foreign fund flows and movements in crude oil prices. The Sensex had closed at 74,459.53 on Friday, while the Nifty ended at 23,053.10.