Domestic Stock Markets Surge with Strong Gains

Indian stock markets opened the week on a strong note, with benchmark indices trading sharply higher on Monday. Reports of diplomatic efforts to end the Iran conflict triggered a decline in crude oil prices, boosting investor sentiment. At one point, the Sensex surged more than 1,000 points. Around 10 AM, the Sensex was trading 943 points higher at 75,388, while the Nifty gained 257 points to reach 23,305. On the Nifty index, shares of Reliance Industries, Max Healthcare, Tata Steel, Jio Financial Services and NTPC were among the major gainers. Meanwhile, Sun Pharma, Apollo Hospitals, Eicher Motors, Adani Ports and Trent were trading in the red. The Indian rupee opened at 94.97 against the US dollar.

Strong corporate earnings also contributed to the market rally. Reliance Industries announced impressive quarterly results, reporting a record net profit of Rs. 29,550 crore for the September quarter. The strong performance boosted investor confidence, pushing the company's shares up by more than 6%. Positive earnings from major companies further supported the benchmark indices. Meanwhile, Brent crude prices fell below $110 per barrel after touching a six-month high of $118 last week. The decline in crude prices, along with hopes of progress in diplomatic efforts to end the Iran conflict, helped strengthen market sentiment.