Reliance Industries shares surged nearly 12% on Monday after the company reported quarterly earnings that beat expectations. The rise was the stock’s strongest one-day rally since April 2020 and added momentum after a strong October for India’s Nifty 50 benchmark.
Reliance’s market value increased by more than $19 billion, the biggest single-day gain recorded by an Indian company. The rally could further encourage bullish investors, particularly if oil prices continue their recent decline.
Financial companies are also in focus, with State Bank of India, Bajaj Finserv and the National Stock Exchange due to report earnings. NSE has recently received a series of positive calls from Wall Street brokerages, which expect it to strengthen its position as India’s capital markets expand.
Across Asia, stocks opened lower on Tuesday as a selloff in US chipmakers weighed on markets, overshadowing a sharp fall in oil prices amid optimism about diplomatic progress toward ending the war in Iran.
Sources: Bloomberg Markets.