Indian equity benchmarks staged a strong midday rally on Monday, driven by a sharp decline in crude oil prices and positive sentiment surrounding diplomatic talks involving Iran.
The BSE Sensex climbed 0.80% to trade at 78,719.67, while the Nifty 50 rose 0.84% to 24,588.35 as of 1:30 PM local time.
The market’s upward momentum reflects a rapid repricing of energy costs, which have long weighed on India’s trade balance and inflation outlook.
The rally was broad-based but led by specific sectors.
Information technology stocks joined financials at the forefront of the gains, benefiting from the improved risk appetite and lower input cost expectations.
Conversely, the pharmaceutical sector struggled, posting losses amid the broader market rotation.