Indian markets rise as crude prices drop 9 per cent
The Nifty 50 and Sensex climbed on Thursday following a decline in global oil prices and a weakening US dollar.
Indian equity markets recorded substantial growth on Thursday, November 5, 2026, after global crude oil prices fell by 9 per cent, according to The Hindu.
Benchmark Brent crude prices dropped to $93.82 per barrel, marking the fourth straight day of declines. This followed the outcome of the U.S. midterm elections involving President Donald Trump.
The Nifty 50 rose 1.8 per cent to 24,400, while the Sensex climbed 2 per cent to 78,845 by 11.57 a.m. Analysts indicated that the falling oil prices and the opening of the Strait of Hormuz were supporting the markets.
Ahmad Hayat-Moghaddam, Vice Chairman of the National Security and Foreign Policy Committee in the Iranian parliament, stated that India, China, Iraq, and Qatar were granted exemptions allowing their tankers to pass through the Strait of Hormuz.
The Indian rupee strengthened to 94.38 against the US dollar, its highest level in two weeks. The currency gained 0.15 per cent as the dollar index fell to a one-month low following the Democratic victory in the US midterms.
Anil Kumar Bhansali, head of treasury at Finrex Treasury Advisors LLP, noted that the Democratic victory in the US midterms created bearish momentum and the prospect of legislative gridlock in Washington.
