Indian Shares Log Biggest Gains in Seven Months on Oil Slide, Foreign Flows
Foreign investors bought Rs 7,284 crore in domestic equities as Brent crude fell nearly 16% this week and US markets rallied.
- Indian benchmark indices BSE Sensex and NSE Nifty rallied more than 2.5% on Thursday, opening near three-month highs as sharp crude oil price corrections and hopes for West Asia conflict resolution boosted investor sentiment.
- Following US midterm election results, West Texas Intermediate declined 1.29% to USD 86.98, while Brent crude dropped 1.07% to USD 93.61 per barrel, amid growing hopes for a diplomatic resolution to the US-Iran conflict.
- Bank Nifty gained 3.33 per cent as foreign institutional investors purchased shares worth Rs 7,284 crore, extending their buying streak to four sessions. Nifty Auto and Nifty Financial surged 4.14 per cent and 3.97 per cent, respectively.
- Hariselvan Radhakrishnan, Founder and CEO of HST Wealth, said, "Banks, financial services, automobiles and realty led the rally." The market shows signs of recovering from two years of underperformance against most global peers, according to Moneycontrol.
- Dharmesh Kant, Head of Equity Research at Cholamandalam Securities, noted the Democratic Party's victory could shift investor preferences away from AI-focused themes, benefiting markets like India. V K Vijayakumar, Chief Investment Strategist at Geojit Investments, said the bullish trend is set to continue.
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Nifty crosses 24,500, Sensex gains 2,070 points as crude extends slide; Bajaj finance leads rally
Markets surged to their strongest session in months by early afternoon on Thursday, with the Sensex climbing 2,070 points, or 2.68 per cent, to 79,371.40 and the Nifty 50 rising 596.20 points, or 2.49 per cent, to 24,556.80 as of 2 pm, as crude oil prices extended their steep decline and foreign institutional investors continued to pour money into domestic equities.
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Diwali cheers: Sensex jumps over 2,000 points, Nifty tops 24,500
Mumbai, Nov 5 (SocialNews.XYZ) Indian equity benchmarks surged on Thursday, extending their winning streak to a fifth consecutive session, as a sharp decline in crude oil prices boosted investor sentiment amid expectations of a quicker resolution to the West Asia conflict following the Democrats’ victory in the US midterm elections. The Sensex soared 2,008.61 points, or 2.6 per cent, to close at 79,310.01, while the Nifty advanced 576 points, or…
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