Indian Stock Market Rebounds with Reliance and Sun Pharma Leading Gains
Markets snap three-day losing streak on Reliance, Sun Pharma gains
Business StandardImage: Business Standard
Indian domestic equities rebounded on Monday, ending a three-day losing streak, with the Sensex rising by 639 points to 77,304 and the Nifty 50 gaining 195 points to 24,093. The rally was driven by gains in Reliance Industries and Sun Pharmaceutical Industries, amid positive global cues regarding the Strait of Hormuz.
- 01Sensex rose by 639 points, closing at 77,304.
- 02Nifty 50 gained 195 points, settling at 24,093.
- 03Reliance Industries advanced by 2.9%, while Sun Pharma surged 7.03%.
- 04Total market capitalisation of BSE-listed firms increased by ₹6.6 trillion.
- 05Broader markets outperformed benchmarks with Nifty Midcap 100 up 1.5%.
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On Monday, Indian domestic equities saw a significant rebound, ending a three-day losing streak. The benchmark Sensex increased by 639 points (0.8%) to close at 77,304, while the Nifty 50 rose by 195 points (0.8%) to settle at 24,093. This rally was primarily driven by gains in Reliance Industries, which advanced 2.9%, and Sun Pharmaceutical Industries, which surged 7.03% following its acquisition of US-based Organon. The total market capitalisation of BSE-listed firms rose by ₹6.6 trillion to reach ₹468 trillion. Positive global cues, particularly reports of Iran's proposal to reopen the Strait of Hormuz, contributed to market sentiment. The Strait is crucial for global oil trade, handling nearly a fifth of the world's supply. Despite the positive closing, analysts caution that ongoing geopolitical tensions in the Middle East could limit a sustained rally. Broader markets also performed well, with the Nifty Midcap 100 up 1.5% and the Nifty Smallcap 100 advancing 1.9%, while all sectoral indices ended in the green, led by the Nifty Pharma index, which gained 2.6%.
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The market rebound may boost investor confidence and positively affect stock prices, which could lead to increased investment and economic activity.
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