Nifty 50 and Sensex gain 5.5 per cent in five sessions
Indian equity markets recorded their longest consecutive gains in nearly five months on Wednesday, 4 November, according to Mint.
The Nifty 50 and Sensex achieved their longest streak of consecutive gains in almost five months on Wednesday, 4 November, according to a report by Mint. Over five trading sessions, the Nifty 50 rose by 5.55 per cent, while the Sensex climbed 5.53 per cent.
Midcap and smallcap indices outperformed the benchmarks, rising 1.55 per cent and 2 per cent respectively. Among individual stocks, Bharat Electronics (BEL) led Nifty gainers with a 4.7 per cent rise, followed by Adani Enterprises at 4.5 per cent and Titan at 4.2 per cent.
The Nifty Media index gained 4.5 per cent to reach a new 52-week high, though the IT index fell 1.9 per cent. Sectoral performance was mixed as investors booked profits in technology stocks, with TCS declining 2.5 per cent and HCL Technologies falling 2.4 per cent.
Sunny Agrawal, Head of Fundamental Research at SBI Securities, said the rally occurred despite mixed global cues. He noted that market direction will depend on quarterly earnings, crude oil prices, Middle East developments, US bond yields, and foreign institutional investor (FII) flows.
On November 3, FIIs were net buyers of ₹6,837 crore, while domestic institutional investors (DIIs) were net sellers of ₹3,679 crore. Overseas investors have purchased Indian shares worth approximately ₹7,200 crore since the start of November.
Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities, placed the immediate support for Nifty 50 in the 23,850–23,870 zone. He stated a breakout above 24,050–24,070 could push the index towards 24,230.