Nifty climbs above 23,500 as cheaper crude and Reliance surge lift rally

what happened

The Nifty 50 opened higher, extending the previous session's gains, according to Moody's. Lower crude oil prices and a sharp jump in Reliance Industries shares supported the market. Reliance rose 11.6% on Monday after strong second-quarter results. At 9:21 AM the Nifty 50 traded at 23,589.75, up 0.64%, while the Sensex gained 0.82%.

Brent fell roughly 7% to around $104 a barrel, and WTI traded near $96–97. The decline followed Qatar-mediated diplomatic exchanges between the United States and Iran, which raised hopes of easing tensions in the Middle East. Foreign institutional investors bought equities for a second straight session, with net purchases of ₹3,114 crore, while domestic institutions were net sellers of ₹392 crore.

Analysts warn that a breakdown in negotiations could quickly bring the geopolitical risk premium back into prices. US midterm elections and a continued sell-off in technology stocks, which pushed the Nasdaq down 1% on Monday, add further uncertainty.

why it matters

For Indian equities, crude oil is the key driver right now: cheaper energy supports risk appetite, but the rally depends heavily on how the Iran talks turn out.

market impact

Indian equities: cheaper crude and foreign buying support the indices, while Brent faces pressure

• ▲Nifty 50 pressure up — cheaper crude and foreign capital inflows support the index
• ▼Brent pressure down — the geopolitical risk premium shrinks on US-Iran negotiation hopes

instruments