Mumbai: Following the second-quarter earnings announcement of leading company Reliance Industries, which saw its shares rise, stock market indices surged significantly in today’s trading, helped by a fall in crude oil prices. The Sensex rose by 1,233 points, while the Nifty touched 23,440.80 points.
The 30-share Sensex, which gained for the third straight day, rose by 1,233.25 points to today’s peak of 75,692.78 points, while the 50-share Nifty climbed 387.70 points to its intraday high of 23,440.80 points.
Following Reliance Industries reporting a record profit of Rs. 29,550 crore at the end of the second quarter, its shares rose 11.64 percent. This is 33.8 percent higher than the same period last year. Growth in the oil refining and telecommunications divisions was a major reason for this.
In the Sensex, shares including Tata Steel, UltraTech Cement, State Bank of India, NTPC, and Maruti Suzuki rose, while on the other hand shares of Infosys, Kotak Mahindra Bank, ICICI Bank, and Sun Pharma declined.
Driven by factors including better-than-expected second-quarter earnings, the Indian stock market began the week on a strong note. Growth in October passenger vehicle sales reflected healthy festive-season demand, while higher gross GST collections further boosted domestic stock market investors by reinforcing the resilience of domestic consumption and economic activity.
Lower crude oil prices and easing concerns over renewed US-Iran tensions also supported the stock market.
Due to increased festive-season purchases, India’s GST tax collection in October rose 23% year-on-year to cross Rs. 2.31 lakh crore. This is the second-highest GST revenue ever recorded so far.
Driven by higher vehicle demand during the strong festive season, passenger vehicle sales in India crossed 5 lakh in October, setting a new record. Maruti Suzuki, Hyundai, and Mahindra & Mahindra posted their highest-ever monthly sales.
Based on stock market data, foreign institutional investors bought shares worth Rs. 3,598.54 crore last Friday.
In the Asian market, South Korea’s Kospi, Shanghai’s SSE Composite Index, and Hong Kong’s Hang Seng Index all ended higher. Japan’s Nikkei 225 index closed lower.
Markets in Europe rose, while the U.S. market fell on Friday last week.
Global Brent crude oil is down 4.46 percent to $108.7 per barrel.
