Indian Shares Rise For Third Day, Reliance And Tata Steel Lead Rally
(RTTNews) - Indian shares rose sharply on Monday, extending gains for a third consecutive session as heavyweight Reliance posted stronger-than-expected quarterly earnings and oil prices slumped amid diplomatic efforts to end the war in Iran.
Brent crude futures slumped more than 4 percent as ongoing discussions involving Iranian officials and Qatari mediators coupled with reports suggesting that U.S. President Donald Trump wants to give diplomacy with Iran more time before resuming strikes have raised hopes of possible breakthrough that could ease supply concerns and improve the outlook for global energy markets.
Renewed buying from foreign institutional investors in recent sessions amid concerns over the outlook for AI trade elsewhere globally also helped boost investor sentiment.
The 30-share BSE Sensex jumped 1,233.25 points, or 1.66 percent, to 75,692.78 while the NSE Nifty index soared 387.70 points, or 1.68 percent, to 23,440.80.
The broader market segments also participated in the rally, with the BSE mid-cap and small-cap indexes rising 1.2 percent and 1.5 percent, respectively.
The market breadth was strong on the BSE, with 2,885 shares rising while 1,579 shares fell and 228 shares closed unchanged.
Reliance Industries shares skyrocketed 11.6 percent after the company said consolidated revenue hit a record Rs. 3.62 lakh crore in the fiscal second quarter, driven by a robust performance in its oil-to-chemicals business and growth in digital services and retail.
Tata Steel jumped 5.6 percent as Nomura maintained its positive stance on the Indian steel sector, saying recent price hikes will more than offset higher raw material costs.
Hindustan Unilever, BEL, Larsen & Toubro, Bajaj Finance, Maruti Suzuki India, NTPC, SBI and UltraTech Cement rallied 2-3 percent.
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