Sensex jumps 2,116 points as investors gain Rs 8.20 lakh crore
The BSE Sensex and NSE Nifty50 rose on Thursday amid falling crude oil prices and renewed foreign investor buying.
The BSE Sensex rose by 2,116.98 points, or 2.74 per cent, to reach 79,418.38 on Thursday, according to the Times of India. The NSE Nifty50 advanced 609 points, or 2.5 per cent, to 24,570.45, adding over Rs 8.20 lakh crore to investor wealth.
This rally marked the sixth consecutive winning session for Dalal Street. The market movement was supported by declining crude oil prices, with Brent crude falling below $95 per barrel and US West Texas Intermediate (WTI) crude dropping below $90 per barrel.
The Democratic Party's victory in the US midterm elections, taking control of both the Senate and the House of Representatives, also improved global sentiment. Geojit Investments Limited research head Vinod Nair told ANI that the US election outcome raised expectations for more measured trade and tariff policies.
Enrich Money CEO Ponmudi R told ANI that the significant market rise was due to better global risk sentiment, lower oil costs, and increased buying by institutions. Ponmudi R added that the return of foreign institutional investors (FIIs) is an encouraging sign for domestic equities.
Foreign investors bought shares worth Rs 72.84 billion on Wednesday, marking their fourth straight session of buying. Meanwhile, the rupee rose to a two-week high of 94.35 per US dollar in early trade on Thursday.