FX.co ★ Indian Markets Rally to Near 13-Month High

The BSE Sensex ascended by 471 points, equivalent to 0.6%, reaching 84,423 during the morning trading session on Monday. This marks the fourth consecutive day of gains, primarily driven by the performance of technology and banking stocks. The banking sector experienced a 0.8% increase, bolstered by positive quarterly results from major players like HDFC Bank, ICICI Bank, and IndusInd Bank. The broader index reached its peak since September 26, 2024, reflecting gains in US stock futures amidst alleviating trade tensions between China and the United States. Other sectors, such as automotive and financial services, also recorded advances during the abbreviated trading period prior to the market holidays on Tuesday and Wednesday due to the Diwali festivities. Leading the top performers was Reliance Industries, which saw a 2.9% increase in its stock despite not meeting quarterly profit estimates. Analysts from various brokerage firms highlighted strong core earnings, robust retail performance, and a positive earnings forecast as contributing factors. Other significant gainers included Bajaj Finserv, up 2.2%, Axis Bank with a 1.9% rise, IndusInd Bank increasing by 1.8%, and Infosys advancing by 1.3%.