Happy Diwali! SENSEX jumps up to 700 points, NIFTY50 crosses 25,900; RIL steals the show post solid Q2

A sharp rally in global markets also added to the markets' optimism during the initial trade.

The 30-share BSE SENSEX jumped 704.37 points to 84,656.56 in early trade. The 50-share NSE NIFTY50 advanced 216.35 points to 25,926.20 levels.

Last seen, the S&P BSE SENSEX was trading at 84,529.90, up 577.71 points, or 0.69%, while the NSE's NIFTY50 index was ruling at 25,887.30, up 177.45 points, or 0.69%.

From the SENSEX firms, Reliance Industries climbed 3% after the firm on Friday reported a 9.6 per cent year-on-year rise in net profit for the September quarter, driven by strong performance in its consumer-facing retail and telecom businesses and a recovery in its core oil-to-chemicals segment.

HDFC Bank traded 1.54% higher after the firm on Saturday reported a 10% jump in consolidated net profit for the September quarter at ₹19,610.67 crore.

Axis Bank, Kotak Mahindra Bank, Infosys and Bajaj Finserv were also among the gainers.

However, ICICI Bank, UltraTech Cement, Trent and Tata Steel were among the laggards.

In Asian markets, South Korea's Kospi, Japan's Nikkei 225 index, Shanghai's SSE Composite index and Hong Kong's Hang Seng were trading higher.

US markets ended in the positive territory on Friday.

Foreign Institutional Investors (FIIs) bought equities worth ₹308.98 crore on Friday, according to exchange data. Domestic Institutional Investors (DIIs) also bought stocks worth Rs 1,526.61 crore on the same day.

"The momentum in the market, triggered by sustained huge DII buying, marginal FII buying, and news of brisk festival season sales of automobiles and white goods, is set to continue with more positive news. The early Q2 results indicate a sharp recovery in earnings. Results of HDFC Bank and RIL are particularly impressive," VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited, said.

Global oil benchmark Brent crude dipped 0.36% to $61.07 a barrel.

On Friday, the SENSEX jumped 484.53 points, or 0.58%, to settle at 83,952.19. The NIFTY50 climbed 124.55 points, or 0.49%, to 25,709.85.

Last week, the BSE benchmark jumped 1,451.37 points, or 1.75%, and the Nifty surged 424.5 points, or 1.67%.