Mumbai, Nov 2: Indian stock markets opened Monday’s trading session on a strong note, with the Sensex jumping more than 700 points and the Nifty crossing the 23,200 mark as easing crude oil prices and improving global financial conditions lifted investor sentiment.
The BSE Sensex surged 718.71 points, or 0.97 per cent, to open at 75,178.24. The NSE Nifty 50 advanced 169.20 points, or 0.73 per cent, to start the session at 23,222.30.
Buying interest was visible across several sectors, particularly energy, automobile and information technology stocks. The Nifty Oil and Gas index led the early gains, rising more than 2 per cent. The Nifty Auto index gained 0.77 per cent, while the Nifty IT index advanced 0.51 per cent.
However, the opening rally was not broad-based across all sectors. The Nifty Realty index declined 0.74 per cent, while the Nifty Media index slipped 0.06 per cent.
A major factor supporting the positive opening was the decline in international crude oil prices. Brent crude fell nearly 3 per cent to $109.97 per barrel, while US West Texas Intermediate crude dropped around 3 per cent to $100.81. Lower oil prices are a positive development for India, as cheaper crude can reduce import costs and ease inflationary pressure on businesses and consumers.
Global financial conditions also offered some relief. The US 10-year Treasury yield eased to 4.93 per cent, improving sentiment towards emerging markets. Investors are also assessing the recent weakness in global technology stocks, as concerns over heavy artificial intelligence investments and disappointing earnings from major US companies weighed on the Nasdaq.
On the domestic front, strong credit growth of 17.94 per cent and healthy GST collections in October have reinforced confidence in India’s economic momentum. These indicators suggest continued business activity and demand, providing support to banking, financial and consumption-related sectors.
Market participants are also tracking expectations of possible changes to the long-term capital gains tax structure in the upcoming Union Budget, although no official policy announcement has been made.
In the derivatives market, the Nifty’s Relative Strength Index (RSI) improved to 53.50, while the put-call ratio stood at 1.24, indicating a relatively positive market setup. The immediate support zone is placed between 22,900 and 23,000, while resistance is expected around 23,200–23,250.
Investors will now watch global market trends, crude oil movements, foreign institutional investor activity and upcoming corporate developments for further direction.
Monday’s strong opening has brought some relief to the domestic market after recent volatility. However, the ability of benchmark indices to sustain these gains will depend on continued buying interest and stability in global financial conditions.
