New Delhi, 02 November (H.S.): Indian equity markets extended their winning streak for the third consecutive trading session on Monday, posting strong gains across the board, driven by a six-year-high surge in Reliance Industries shares and a moderation in crude oil prices. Heavy buying was witnessed not only in heavyweight stocks but also across the mid-cap and small-cap segments, enabling both benchmark indices, the Sensex and the Nifty, to settle at their respective day's highs.

The broad-based rally added nearly Rs. 7 lakh crore to investors' wealth during the session, reflecting the strength of the market's recovery.

Market sentiment remained positive from the opening bell, with sustained buying in heavyweight stocks keeping both benchmark indices firmly in positive territory throughout the session. Although profit-booking pressure emerged during the second half of the trading day, particularly after noon, buyers soon returned with renewed vigour, triggering broad-based purchases and pushing the indices towards their intraday highs.

At the close of trading, the Sensex had advanced 1.66 per cent, while the Nifty registered a gain of 1.68 per cent.

The BSE Sensex opened at 75,178.24, gaining 718.71 points, or 0.97 per cent. Buying activity gathered momentum soon after the commencement of trading, taking the index higher. However, selling pressure emerged after noon as investors booked profits, pulling the benchmark down to an intraday low of 74,978.12.

The trend reversed thereafter, with aggressive buying in Reliance Industries and heavyweight metal stocks driving a sharp recovery. The Sensex rebounded 714.66 points from its intraday low and climbed to a session high of 75,692.78 before closing at the same level, registering a gain of 1,233.25 points, or 1.66 per cent.

The NSE Nifty followed a similar trajectory. It opened at 23,222.30, up 169.20 points, or 0.73 per cent, and initially moved higher on sustained buying interest. However, selling pressure during the second half of the session dragged the index to an intraday low of 23,207.05.

The emergence of fresh buying across sectors subsequently lifted the benchmark sharply. The Nifty reclaimed the 23,400 mark for the first time since September 23, recovering 233.75 points from its day's low. It eventually closed at 23,440.80, gaining 387.70 points, or 1.68 per cent.

Among sectoral indices, metal stocks emerged as the standout performers, with the Nifty Metal index advancing more than 3 per cent amid strong buying interest. Automobile stocks also attracted considerable attention following robust sales figures for October, helping the Nifty Auto index close 1.33 per cent higher.

Public sector banks and real estate stocks also witnessed strong demand, with the respective indices registering gains of more than 1 per cent. In contrast, information technology stocks came under selling pressure, pulling the Nifty IT index down by around half a per cent. Pharmaceutical and private banking indices also ended marginally lower.

The broader market also participated in the rally, with most indices recovering from earlier pressure and closing in positive territory. In a departure from the trend witnessed during the preceding trading sessions, mid-cap and small-cap stocks recorded healthy gains.

The Nifty Midcap 100 index ended the session 1.19 per cent higher, while the Nifty Smallcap 100 index advanced 0.71 per cent.

The simultaneous gains in the benchmark indices and broader market segments translated into a substantial increase in investors' wealth. The total market capitalisation of companies listed on the BSE, which stood at Rs. 475.35 lakh crore at the close of the previous week's final trading session, rose to Rs. 482.34 lakh crore (provisional) by the end of Monday's trading.

This represented an increase of approximately Rs. 6.99 lakh crore in investors' wealth during the session.

Market breadth remained firmly positive on the BSE, with 2,889 stocks closing higher, while 1,577 declined. Another 226 shares ended the session unchanged.

On the NSE, a total of 3,295 stocks were actively traded. Of these, 2,259 advanced, while 1,036 closed in the red. Among the 30 constituents of the Sensex, 23 ended with gains and seven registered losses. Similarly, 35 of the 50 Nifty constituents closed higher, while 15 finished lower.

Reliance Industries Limited emerged as the biggest gainer on the NSE, surging 11.60 per cent to close at Rs. 1,300. Tata Steel followed with a gain of 5.83 per cent, ending at Rs. 177.37. JSW Steel advanced 5.13 per cent to Rs. 1,309.90, while Coal India climbed 4.88 per cent to Rs. 408. Shriram Finance also gained 4.88 per cent to settle at Rs. 863.35. These five stocks emerged as the top gainers of the session.

On the losing side, IT major Infosys was the biggest laggard, declining 2.03 per cent to close at Rs. 1,161 despite the broader market rally. ICICI Bank slipped 0.76 per cent to Rs. 1,387.40, while Kotak Mahindra Bank fell 0.70 per cent to Rs. 458.35. HDFC Life declined 0.50 per cent to Rs. 522.25, and Sun Pharma shed 0.43 per cent to finish at Rs. 1,770.

The day's rally was led by Reliance Industries, whose sharpest single-day gain since April 2020 provided a significant boost to the benchmark indices. Easing crude oil prices, alongside strong buying across several sectors, further reinforced investor sentiment and helped extend the market's three-session winning streak.

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Hindusthan Samachar / Jun Sarkar