Sensex rallies nearly 700 points as Diwali cheer lifts Dalal Street
Indian equity markets opened the week on a strong note on Monday, buoyed by robust Q2 earnings and festive optimism. Benchmark indices surged, led by gains in banking, financials, and energy stocks.
As investors cheered solid quarterly results from Reliance Industries Limited (RIL) and HDFC Bank. At around 9:23 am, the S&P BSE Sensex jumped 673.90 points to 84,626.09, while the NSE Nifty50 rose 202.50 points to 25,912.35. Broader indices also recorded gains, and market volatility eased during early trading.
Reliance Industries was a key driver of the rally, with shares rising nearly 3% after reporting higher consolidated net profit for the September quarter. Growth in its retail and telecom (Jio) businesses, along with stable refining margins in its oil-to-chemicals segment, bolstered investor confidence.
HDFC Bank also impressed with improved asset quality and a healthy rise in net profit, reflecting strength in India’s banking sector ahead of the festive spending season.
Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said, “Sustained domestic institutional investor (DII) buying, marginal foreign inflows, and strong festival season sales of automobiles and consumer goods are keeping market momentum intact. Early Q2 results indicate a clear recovery in earnings.”
He added that strong HDFC Bank performance could continue to support Bank Nifty’s momentum, which is already near record levels. Short covering in recent sessions has further fueled the rally, pushing large-cap stocks higher.
Analysts expect sectors with visible growth tailwinds—banking, automobiles, energy, and consumption—to outperform in the coming weeks. With robust earnings and festive sentiment driving investor optimism, Dalal Street appears poised to extend its winning streak and potentially reach new record highs before year-end.
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