Indian shares rise on Reliance, IT rebound; Mideast hopes lift sentiment

Indian shares advanced on Monday, led by Reliance Industries after its annual general meeting and a rebound in IT stocks, while improving sentiment from Middle East peace talks and softer oil prices supported broader risk appetite.

The first round of U.S.-Iran talks ended with progress on a roadmap for a final deal within 60 days, helping calm investor nerves after a tense opening marked by Tehran’s announcement it had again closed the Strait of Hormuz and U.S. President Donald Trump repeating his threats to resume attacks on Iran.

India’s benchmark Nifty 50 rose 0.37% to 24,102.90, while Sensex added 0.38% to 77,094.07.

Both indexes logged their sixth gain in seven sessions, supported by sliding oil prices and moderating foreign outflows from government and central bank steps to support the rupee and revive overseas buying.

Brent crude fell 1.9% to trade below $80 a barrel.

“If crude stays below $80 and the peace process holds, it improves earnings visibility and can help bring foreign investors back to Indian equities,” said Rajesh Kothari, founder and chief investment officer of investment management firm AlfAccurate Advisors.

Foreign portfolio investors, who have offloaded a record $30.6 billion worth of Indian stocks year-to-date, bought $515.2 million of equities on Friday, their biggest daily purchase since early February.

Thirteen of the 16 major sectors gained. The broader small-caps and mid-caps added 0.6% and 0.3%, respectively.

Reliance Industries rose 1.3% after its annual general meeting, with brokerages saying the IPO-bound Jio Platforms as well as the firm’s AI and new energy businesses would drive growth in the oil-to-telecom conglomerate.

IT index, which tumbled 3.7% on Friday after Accenture’s weak demand forecast, rose about 0.75%.

Cipla gained 4.7%, topping Nifty 50 gainers by percentage, after Citi projected positive near-term triggers for earnings.