A dazzling earnings report from Kalyan Jewelers sent the company’s shares soaring nearly 12 percent on Wednesday, setting the tone for a broadly bullish session across Indian equities.
The jeweler’s second-quarter profit climbed 4 percent compared with the same period last year, giving investors a concrete reason to buy as markets reopened after the Diwali Balipratipada holiday.
The festive return to trading proved energetic, with the 30-share BSE Sensex jumping 1,150 points, or 1.4 percent, to close in on the 82,235 level during Wednesday’s session.
The NSE Nifty index was equally buoyant, gaining 295 points, or 1.2 percent, to reach 25,338 as buying spread across multiple sectors throughout the day.
Fueling the optimism was a sharp overnight retreat in global crude prices, with Brent crude touching levels not seen in nearly ten weeks.
That decline was driven by encouraging signs of reduced friction between the United States and Iran, a relationship that has long cast a shadow over energy markets and regional stability.
Adding to the relief, reports indicated that Middle Eastern oil shipments have nearly returned to prewar volumes, a notable development given the continued attacks on vessels navigating the Strait of Hormuz.
Cheaper crude carries particular weight for India, one of the world’s largest oil importers, since lower energy costs can ease inflation pressures and improve the outlook for corporate margins across the economy.
Among the session’s notable performers, shares of Bharti Airtel, Axis Bank, Eternal, SBI, Asian Paints, Trent, Mahindra & Mahindra, and Indigo each advanced between 2 and 5 percent.
Tata Power, Cupid, and Hindustan Copper posted more modest gains of 1 to 2 percent, with investors keeping a close eye on each company’s quarterly earnings results expected to be released during the day.
The breadth of the rally suggested that Wednesday’s gains were not simply a mechanical bounce after a holiday break but reflected genuine investor confidence rooted in improving macroeconomic signals.
With geopolitical risk around a critical global shipping lane appearing to ease and domestic earnings delivering at least some positive surprises, Indian markets entered the post-Diwali period with clear upward momentum.
