Suryaa Business Desk: Domestic stock markets experienced a significant rally at the start of the trading week, driven by positive global cues and a decline in crude oil prices. The Bombay Stock Exchange (BSE) Sensex surged by over 1,000 points during early trading. Following this trend, the National Stock Exchange (NSE) Nifty 50 surpassed key resistance levels to reach the 23,350 mark. Investor wealth increased by several lakh crores in the opening hours, supported by buying in the banking, oil and gas, and metal sectors.
Reliance Industries played a central role in the day's rally. Following the release of second-quarter financial results, which showed record returns, investors increased their buying of Reliance shares. Strong performance in the company's oil refining and petrochemical businesses led to a share price increase of over eight percent. Other blue-chip companies, including Tata Steel, NTPC, and Maruti Suzuki, also contributed to the Sensex's gains.
The market remains focused on ongoing second-quarter corporate earnings. ITC Limited is scheduled to release its Q2 results today, with analysts monitoring demand trends across its hotels, cigarettes, and consumer goods divisions. Other companies, including Marico, NALCO, and UPL, are also expected to release their results today, which may lead to sectoral volatility.
Global developments, including declining US bond yields and positive proposals regarding foreign institutional investor investments, are providing long-term support to domestic equity markets. Lower crude oil prices have eased inflation concerns, helping the rupee remain stable. Dalal Street experts suggest that if international uncertainties subside, domestic stock indices could reach new highs in the coming days.
