Sensex jumps 650 points, Nifty crosses 83,750 mark
The Sensex shot up 647 points to 94,115.19 around 11:30am with the Nifty50 also climbing 182 points.
The rally was powered by strong gains in banking and FMCG stocks like Asian Paints, Bharti Airtel, M&M, HUL, and ITC.
IT stocks slip on margin worries
If you're watching the markets or thinking about investing, this jump signals renewed optimism—especially with banks and FMCG companies leading the charge.
But not all sectors are celebrating: IT stocks like Infosys and Tech Mahindra slipped over margin worries, pulling the Nifty IT index down more than 1%.
Short covering and festive buying boost the surge
The surge comes from short covering and solid Q2 results from big banks like HDFC and ICICI. Festive buying during Dhanteras has also boosted the mood.
Market expert Dr. VK Vijayakumar notes the market's resilience and says if Reliance Industries joins in, there could be even more upside.
Investors should watch out for global risks
While things look upbeat, investors should keep an eye on global risks—like China's new export restrictions on rare earth metals—which could shake things up for Indian markets in the days ahead.