The domestic benchmark indices, Nifty 50 and Sensex, jumped over 1% on Monday, 2 November, signalling a potential turnaround in Indian equities amid improving global sentiment and supportive domestic cues.
The benchmarks gained on Monday as oil prices retreated from a six-month high amid efforts to end the war in Iran. Gains in Reliance Industries, following stronger-than-expected September-quarter earnings, also lifted market sentiment.
The Nifty 50 opened 0.71% higher at 23,215.85, while the Sensex started the session with a gain of 0.88% at 75,113.01. Both benchmark indices extended their gains as the session progressed, eventually rising by more than 1% each.
Oil prices retreated from a six-month high amid talks to end the Iran war, offering relief to investors amid concerns over elevated energy costs and their impact on India's economy.
Brent crude prices fell to around $110 per barrel on Monday, retreating from a six-month high of $118 recorded on Friday, as hopes of a diplomatic breakthrough in the Iran conflict eased concerns over potential supply disruptions.