Business
Sensex hits 3-month high as Reliance jumps 12%
The Indian Express·
The Sensex rose 1.7 percent to 75,692.78 on Monday, its highest close since September 7. The gain was 1,233.25 points. The Nifty 50 also rose 1.7 percent to 23,440.80, a five-week high. Reliance Industries shares jumped nearly 12 percent after record July-September quarterly results. About 65 percent of NSE-traded stocks finished higher across Monday's session.
Prism
What It Means For You
- A heavyweight move in Reliance can lift both Sensex and Nifty because of its index weight.
- Reliance has nearly an 8 percent weight in the Nifty 50, third after HDFC Bank and ICICI Bank.
- Metals, oil and gas, consumer durables and automobiles led sector gains.
What's Happening
- Analysts linked the session to better-than-expected Reliance earnings and broader Q2 results.
- HDFC Bank, ICICI Bank and L&T were among large names that beat consensus estimates.
- GST collections jumped 23 percent year-on-year in October, the report said.
What lifted the tape
- India gained around 2 percent in October after lagging other emerging markets earlier in the year.
- The Nifty close was its highest in five weeks.
- Geopolitical tensions easing a bit in West Asia were also cited among Monday drivers.
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