The benchmark indices opened on a higher note, maintained their gains throughout the session and closed higher.
Indian equity benchmark indices, the Sensex and Nifty 50 ended higher for the third session as oil prices declined amid optimism about US-Iran talks. Further, Reliance Industries shares gained sharply, adding to the upward momentum.
At the closing bell, the BSE Sensex closed 1,233 points higher (up 1.6%)
Meanwhile, the NSE Nifty closed 388 points higher (up 1.6%)
Tata Steel, Bajaj Finance, SBI are the top gainers today.
Infosys, Kotak Mahindra, ICICI Bank on the other hand, were among the top losers today.
The GIFT Nifty was trading at 23,387 with 301 points higher at the time of writing.
The BSE 150 Midcap index is trading 1.2% higher and the BSE 250 SmallCap index is trading 1.5% higher.
Sectoral indices traded positive today, with metal sector and oil & gas sector witnessed buying.
3 Reasons why Indian share markets are rising:
#1 Crude Oil Prices Cool
Brent crude fell 3.02% to US$110.01 per barrel, while WTI crude declined 3.05% to US$100.94 amid hopes of easing geopolitical tensions. Lower oil prices could reduce India's import bill, ease inflation and support the rupee, boosting sentiment across Indian equities.
#2 Global AI Stock Selloff Benefits India's 'Counter AI' Position
The Nasdaq fell 2.8% amid concerns over high valuations of AI companies and rising investments in the sector. This could benefit Indian equities, as India's market has broader exposure to banking, automobiles, infrastructure, consumption and pharmaceuticals.
#3 Strong Domestic Fundamentals, RIL Earnings and LTCG Tax Hopes
Strong quarterly earnings from Reliance Industries and Jio Platforms, along with foreign investor buying, supported market sentiment. Robust credit growth, healthy GST collections and expectations of possible LTCG tax relief in the upcoming Budget further boosted investor confidence.
The rupee is trading at Rs 94.8 against the US$.
Gold prices for the latest contract on MCX are trading 0.1% lower at Rs 1,38,342 per 10 grams.
Meanwhile, silver prices were trading 1.6% higher at 1,82,073 per 1 kg.
Indraprastha Gas Q2 FY27 Results
Shares of Indraprastha Gas came into focus after the company reported its Q2 FY27 results.
Indraprastha Gas Limited (IGL), one of India's largest city gas distributors, reported a sharp 93.5% year-on-year (YoY) decline in standalone net profit to Rs 0.24 billion (bn) in Q2FY27, compared to Rs 3.73 bn in the corresponding quarter last year. The decline was primarily due to a significant rise in input gas costs, which put pressure on profit margins despite higher sales volumes and revenue.
Meanwhile, gross sales turnover increased to Rs 59.99 bn from Rs 44.32 bn in the year-ago quarter. The company's Compressed Natural Gas (CNG) sales volume grew 9% YoY, while Piped Natural Gas (PNG) volumes increased 8%, reflecting continued demand from the transportation and household segments.
However, rising gas procurement costs affected profitability, highlighting the challenges faced by city gas distributors when higher input costs cannot be fully passed on to consumers.
On the operational front, IGL's average daily gas sales crossed the 10 million standard cubic metres per day (mmscmd) mark for the first time, reaching 10.06 mmscmd in Q2FY27, compared to 9.31 mmscmd in the corresponding quarter last year.
PB Fintech Q2 FY27 Results
Shares of PB Fintech came into focus after the company reported its Q2 FY27 results.
PB Fintech reported a strong performance in Q2FY27, with revenue increasing 35% year-on-year (YoY) to Rs 21.78 bn, while profit after tax (PAT) rose 43% to Rs 1.92 bn.
Operating profit also grew 69% YoY, with the company reporting an operating margin of 7.6%.
Meanwhile, total insurance premiums increased 38% YoY to Rs 93.9 bn, driven by a 42% growth in new protection premiums. The management expects total insurance premiums to exceed Rs 400 bn in FY27.
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