Additionally, market sentiment was also buoyed as the BJP appeared poised for a third consecutive victory in Haryana with a simple majority.
The BSE benchmark Sensex gained 584 points or 0.72% to settle at 81,634. The broader NSE Nifty advanced 217 points or 0.88% to end at 25,013.
HDFC Bank and Reliance Industries alone contributed 370 points to the rally in the benchmark Sensex, with M&M, L&T, Infosys, and Adani Ports also making significant contributions.
Among individual stocks, MOIL rose 5% after reporting its highest-ever September production of 1.46 lakh tonnes, maintaining its growth momentum.
Mahindra & Mahindra shares also closed 3.4% higher after CLSA upgraded the stock to “outperform” from “hold”, citing gains from improved scale, superior product mix and better pricing power in sports utility vehicles (SUVs).Barring the Nifty Metal index, all major sectoral indices closed higher. The broader, more domestically focused small- and mid-cap indices each gained over 2%.Analysts noted that commentary from the RBI on Wednesday, along with the upcoming corporate earnings season later this week, will be key factors likely to influence market movements in the near term.
Meanwhile, the market capitalisation of all listed companies on BSE surged by Rs 7.8 lakh crore to Rs 459.78 lakh crore. The market breadth was skewed in the favour of the bulls. About 3,021 stocks gained, 924 declined, and 100 remained unchanged on the BSE.
