Stock market recap: The Indian market closed higher for a fifth consecutive session. Nifty 50 gained 0.63% to end at 23,960.60, its day-high, after a weak start.
The main driver was the return of foreign institutional investors (FIIs), who bought shares worth ₹6,836 crore on 3 November and ₹18,661 crore over five of the last six trading sessions.
Brent crude oil prices easing to about $103.2, strong company earnings, and attractive large-cap valuations also supported the rally. A firmer rupee near 94.60 against the dollar helped further. Media (+5.15%), realty (+2.85%), metal (+2.80%), and energy (+2.17%) led the gains. Nifty IT (-1.50%) was the only sector to fall, as the US midterm results hit technology stocks across Asia.
Nifty 50 opened on a negative note at 23,742.25, below its previous close of 23,810.85. It then dipped to its intraday low before buyers stepped in and made a steady recovery. The index opened at 23,742.25, touched a high of 23,960.60, a low of 23,696.15, and closed at 23,960.60, up 149.75 points or 0.63%. It closed at the day's high and posted a fifth straight gain. That shows strong conviction and short covering into the close. BEL (+4.71%), ADANIENT (+4.47%), and TITAN (+4.22%) led the gains, while TCS (-2.52%), HCLTECH (-2.37%), and INFY (-1.73%) weighed on the index. The close above the 100-day SMA is technically significant.
The RSI is at 68.55, close to the overbought threshold of 70 and well above its average of 51.47. This reflects strong bullish momentum after the sharp rally from October lows. MACD at 114.92 has crossed above the zero line, while the signal line is still at -51.90. The histogram at 166.82 is widening, confirming accelerating upward momentum and a trend shift. However, the index is now roughly 1,085 points above its 21-day SMA, and the RSI is near overbought. That leaves the market stretched in the short term and raises the chance of a pause or a test of nearby support.