Mumbai, Nov. 2 -- Rising for the third straight session, benchmark stock index Sensex rallied 1,233 points to close at a more than seven-week high, while Nifty ended above 23,400 on Monday after sharp gains in Reliance Industries following its earnings and cooling crude oil prices.

Rallying for the third day, the 30-share BSE Sensex jumped 1,233.25 points, or 1.66 per cent, to settle at the day's high of 75,692.78, a level not seen since September 7.

The 50-share NSE Nifty surged 387.70 points, or 1.68 per cent, to end at the day's high of 23,440.80, also the highest closing level in more than five weeks.

From the 30 Sensex firms, Reliance Industries, Tata Steel, UltraTech Cement, State Bank of India, NTPC and Maruti Suzuki were among the gainers.

Infosys, Kotak Mahindra Bank, ICICI Bank and Sun Pharma were among the laggards.

Brent crude, the global oil benchmark, tanked 4.46 per cent to $108.7 per barrel.

Foreign Institutional Investors (FIIs) bought equities worth Rs 3,598.54 crore on Friday, according to the exchange data.

"Indian equities opened the week on a firm footing, supported by better-than-estimated Q2 earnings and improving domestic cues. Domestic macro indicators provided an additional boost to sentiment, with October passenger-vehicle sales growth reflecting healthy festive demand, while gross GST collections increased, reinforcing the resilience of domestic consumption and economic activity.

"Global cues were also supportive, with softer crude oil prices and renewed US-Iran diplomatic efforts helping ease concerns around energy costs and geopolitical risks. Foreign investors turning buyers as a global AI rotation also provided support to domestic equities," Vinod Nair, Head of Research, Geojit Investments Ltd, said.

GST collections jumped 23 per cent year-on-year to the second-highest level of over Rs 2.31 lakh crore in October as festive buying boosted domestic demand, according to government data released

on Sunday.

Buoyed by robust festive demand, domestic passenger vehicle dispatches breached the record 5-lakh mark in October, with leading automakers such as Maruti Suzuki India, Hyundai and Mahindra & Mahindra recording their highest-ever monthly sales.

The BSE MidCap Select index jumped 1.07 per cent and the SmallCap Select index was up 0.67

per cent.

Among BSE sectoral indices, Energy soared 6.06 per cent, Oil & Gas 4.89 per cent, Metal 3.13 per cent, Commodities 2.55 per cent, Power 2.42 per cent, Consumer Durables 1.95 per cent and Industrials 1.83 per cent.

BSE IT, Focused IT, MidSmall Private Banks Quality Tilt and Insurance ended lower.

A total of 2,889 stocks advanced, while 1,577 declined and 226 remained unchanged on the BSE.

In Asian markets, South Korea's Kospi, Shanghai's SSE Composite index and Hong Kong's Hang Seng index ended higher, while Japan's Nikkei 225 settled lower.

Markets in Europe were trading in positive territory. The US markets ended sharply lower on Friday.

On Friday, the Sensex climbed 308.49 points, or 0.42 per cent, to settle at 74,459.53. The Nifty rallied 116.35 points, or 0.51 per cent, to end at

23,053.10.

Published by HT Digital Content Services with permission from Millennium Post.