Sensex Soars 2,009 Points To End At 79,310, Nifty Jumps 576 Points To Settle At 24,537 As Bulls Take Charge
Sensex surged 2,009 points to 79,310, while Nifty gained 576 points to 24,537 as falling crude oil prices, US election results and renewed foreign buying fuelled a massive rally.
Sensex surged 2,009 points to 79,310, while Nifty gained 576 points to 24,537 as falling crude oil prices. |
Mumbai: Indian equity markets witnessed a spectacular rally on Thursday, with the benchmark Sensex soaring over 2,000 points and the Nifty 50 jumping 576 points as investors returned to equities amid improving global sentiment.
The BSE Sensex surged 2,008.61 points, or 2.60 percent, to close at 79,310.01. The NSE Nifty 50 climbed 576 points, or 2.40 percent, to settle at 24,536.60, according to market data.
Strong Recovery
The Sensex opened at 78,910.94 and touched an intraday high of 79,470.03. Its lowest level during the session was 78,520.56.
Similarly, the Nifty opened at 24,378.05, touched a high of 24,579.90 and recorded an intraday low of 24,296.30.
Both indices maintained substantial gains through the afternoon, reflecting sustained buying interest.
Crude Oil Slump
One major trigger was the sharp decline in international crude oil prices. Brent crude slipped below USD 95 per barrel after plunging 8.7 percent in the previous session.
Lower oil prices could reduce India's import bill, ease inflationary pressures and improve corporate margins, particularly for aviation, paints and automobile companies.
US Election Impact
The Democrats' victory in the US midterm elections also lifted global sentiment.
Investors expect the election outcome to constrain President Donald Trump's aggressive tariff policies and potentially encourage diplomatic efforts to end the US-Iran conflict.
However, a resolution remains uncertain.
Foreign Investors Return
Renewed foreign institutional investor buying provided another major boost.
Foreign investors purchased Indian equities worth Rs 7,284 crore on November 4, extending their buying streak to four consecutive sessions.
Their return strengthened confidence in Indian equities following sustained selling pressure.
Broad-Based Buying
Banking, financial services, automobile and aviation stocks attracted strong buying interest.
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Improving corporate earnings, a firmer rupee and optimism ahead of Diwali added momentum to the rally.
The sharp recovery also reflected renewed confidence in India's economic outlook, although geopolitical uncertainty and crude oil volatility remain important risks.
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