Sensex jumps over 1,000 points as oil prices ease, investors gain Rs 5.4 lakh crore

Indian stock markets surged on Monday, with Sensex gaining over 1,000 points and investor wealth of over Rs 5 lakh crore increasing as sentiment was boosted by easing crude oil prices and better quarterly results.

The BSE Sensex went up by as much as 1,033 points in the morning trade, and the NSE Nifty 50 surpassed the 23,300 level. In the initial hour of trade, the market capitalisation of BSE-listed companies increased by nearly Rs 5.42 lakh crore, Fortune India reported.

Reliance Industries was the biggest riser, jumping over 6 percent after posting a record quarterly profit. Tata Steel, NTPC and Maruti Suzuki were also among the biggest gainers.

Oil was another tailwind, with Brent slipping back towards the $110-$111 mark a barrel from a six-month high of some $118 last week.

The decline followed renewed diplomatic efforts involving Iranian and Qatari officials to end the US-Israeli war on Iran, raising hopes of reduced disruption to global oil supplies, Reuters reported.

Foreign fund interest and Asian markets trading higher also helped push up Indian equities. The Sensex and Nifty were set for their third consecutive session of gain, extending the recovery of the market.