Sensex jumps 2,116 points as investors gain Rs 8.20 lakh crore
The stock market rally on Thursday was supported by falling crude oil prices and renewed buying by foreign institutional investors.
The BSE Sensex rose by 2,116.98 points, or 2.74 per cent, to reach 79,418.38 on Thursday, according to a report by The Times of India. The NSE Nifty50 climbed 609 points, or 2.5 per cent, to settle at 24,570.45. This rally added more than Rs 8.20 lakh crore to investor wealth and marked the sixth consecutive session of gains for Dalal Street.
The market movement was supported by declining crude oil prices, with Brent crude slipping below $95 per barrel. The decline in oil prices provided relief to the Indian economy, which is dependent on oil imports. Additionally, the US midterm election results, where the Democratic Party won control of both the Senate and the House of Representatives, improved global sentiment.
Enrich Money CEO Ponmudi R told ANI that the sharp rise was a result of better global risk sentiment, driven by lower crude costs and fresh institutional buying. Vinod Nair, head of research at Geojit Investments Limited, also told ANI that the US election outcome raised expectations for more measured trade and tariff policies, potentially supporting foreign institutional investor (FII) flows into emerging markets.
Provisional data showed that foreign investors bought Indian shares worth Rs 72.84 billion on Wednesday, marking their fourth straight session of buying. The rally was broad-based, with 14 of the 16 major sectors ending in positive territory. The Nifty Private Bank index led sectoral gains, rising 2.55 per cent, while the Nifty Midcap 100 and Nifty Smallcap 100 both gained over 1 per cent.
