Suryaa Business Desk: Despite mixed signals from international markets, domestic equity markets opened with gains on Monday. Supported by buying in the energy, automobile, and IT sectors, major indices rose by nearly one percent.
At the start of trading, the Bombay Stock Exchange (BSE) Sensex rose over 718 points to trade at 75,178, while the National Stock Exchange (NSE) Nifty gained approximately 169 points to trade at 23,222.
Financial analysts attribute the positive trend to a decline in crude oil prices and lower US bond yields. The fall of Brent crude oil prices below $110 per barrel is considered a relief for the Indian economy. Additionally, market sources noted that record GST collections in October and strong credit growth reflect the strength of the domestic financial sector.
Sector-wise, the Nifty Oil and Gas index led the market with gains of over two percent, while the auto and IT sectors also showed a positive trend. Analysts suggest that India is being viewed as a safe alternative amid international concerns regarding Artificial Intelligence (AI) trading. Market experts also noted that investor enthusiasm is being driven by expectations of positive changes to tax policies in the upcoming budget.