Indian stock markets opened the week on a strong note on Monday, with benchmark indices surging sharply, driven by robust performances from banking, financial, and energy stocks.
Investors welcomed strong quarterly results from Reliance Industries Limited (RIL) and HDFC Bank, which bolstered festive sentiment on the trading floor.
At around 9:23 am, the S&P BSE Sensex jumped 673.90 points to 84,626.09, while the NSE Nifty50 advanced 202.50 points to 25,912.35. Broader market indices also witnessed gains, and volatility eased, reflecting strong investor confidence.
Reliance Industries led the rally, with its shares climbing nearly 3% following a strong set of quarterly results.
The company reported higher consolidated net profit for the September quarter, supported by growth in its retail and telecom (Jio) segments, along with steady refining margins in its core oil-to-chemicals business. The upbeat earnings further strengthened sentiment across the energy and consumption sectors.
HDFC Bank also impressed investors, posting improved asset quality and a healthy rise in net profit, reinforcing confidence in India’s banking sector ahead of the festive spending season.
Dr VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said, “The momentum in the market, triggered by sustained huge DII buying, marginal FII buying, and brisk festival season sales of automobiles and white goods, is set to continue with more positive news. The early Q2 results indicate a sharp recovery in earnings.”
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He added that “the good results of HDFC Bank, particularly the improving asset quality, can sustain the momentum in Bank Nifty, which is already at record highs.”
Short covering in recent sessions has also supported the rally, pushing large-cap stocks higher. According to Vijayakumar, “The big concern in the market, which has been the poor earnings growth, is getting addressed now. The market is on track to set new highs soon.”
Analysts expect the near-term outlook for equities to remain positive, as festival spending, upbeat corporate results, and strong domestic institutional investor (DII) activity align.
Sectors with visible growth tailwinds including banking, automobiles, consumption, and energy are expected to outperform in the coming weeks.
With festive sentiment, solid corporate earnings, and improving macroeconomic conditions, Dalal Street appears poised to extend its winning streak and could reach new record highs before the year-end.
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