Indian Stock Market Hits Record Highs on Monday

India's benchmark equity indices, Nifty 50 and Sensex, surged to new record highs on Monday, driven by a recovery in Reliance Industries and positive earnings updates from companies ahead of the earnings season. Reliance, the second-heaviest constituent of Nifty, led the rally with a 1.7% jump, contributing significantly to the index's 0.49% rise. Additionally, strong earnings reports from companies such as FSN E-Commerce and Force Motors boosted market sentiment ahead of the upcoming Q4 earnings season.

India's Stock Market Reaches Unprecedented Heights on Monday

Mumbai, India - India's benchmark stock indices, the Nifty 50 and Sensex, soared to all-time highs on Monday, driven by a resurgence in the weightiest company on the Nifty, Reliance Industries. Additionally, optimistic financial reports released by various businesses in advance of the earnings season contributed to the uptrend.

At 10:37 IST, the Nifty 50 climbed 0.49% to reach 22,623.90, while the S&P BSE Sensex gained 0.52% to settle at 74,634.42. Notably, the Nifty 50 has reached a record high 19 times this year, significantly outpacing the Sensex, which has achieved eight record highs.

Reliance Industries, the conglomerate encompassing sectors ranging from oil to telecommunications, played a pivotal role in the market's ascent, surging 1.7%. This gain nearly matched the 1.8% decline it experienced over the preceding three trading sessions. Reliance's resurgence fueled a 1% and 1.5% uptick in the energy and oil and gas sub-indices, respectively.

Adani Green Energy, a leader among energy stocks, experienced a 3% increase following the initiation of production for materials used in the manufacturing of solar cells.

Positive earnings updates revealed last week further bolstered market sentiment in anticipation of the fourth-quarter earnings season, which commences later this week in India. FSN E-Commerce, the parent company of beauty retailer Nykaa, jumped 3.5% after reporting a 25% increase in revenue during the March quarter. Force Motors also enjoyed a 6% gain after posting a 34% sales growth for the same period.

"Robust business updates have contributed to the sanguine outlook in the markets, but this optimism hinges on the upcoming earnings season," noted Sonam Srivastava, founder and fund manager at Wright Research Portfolio Management Services.

The metals subindex gained 0.5%, aided by a more-than-2% jump in Tata Steel's shares following the company's announcement of record crude steel output for the previous fiscal year.

(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Savio D'Souza)