Indian equity markets extended their winning run on Wednesday, 4 November, with the Nifty 50 and Sensex logging their longest consecutive gains in nearly five months. A combination of expectations of renewed foreign institutional investor (FII) buying, broad-based domestic participation and optimism around global developments lifted investor sentiment, even as markets tracked the outcome of the US midterm elections.
The Nifty 50 advanced 5.55% over five trading sessions, while the Sensex climbed 5.53% during the same period. Buying was visible across market segments, with midcap and smallcap indices outperforming the benchmarks, rising 1.55% and 2%, respectively.
Among individual stocks, Bharat Electronics (BEL) led the Nifty gainers, rising 4.7%. Adani Enterprises gained 4.5%, followed by Titan (4.2%), Jio Financial Services (3.7%) and Max Healthcare (3.5%). IT stocks, however, faced selling pressure, with TCS declining 2.5%, HCL Technologies falling 2.4% and Infosys losing 1.8%.
Sectoral performance was mixed. The Nifty Media index emerged as the biggest gainer, climbing 4.5% to touch a fresh 52-week high. In contrast, the IT index slipped 1.9% as investors booked profits amid concerns over global technology demand.
Global political developments remained a key factor for investors, with the US midterm election outcome drawing attention. A Democratic victory is being viewed as a setback for President Donald Trump and could signal voter dissatisfaction with his administration's policies, including its global tariff measures and decision to enter the conflict in the Middle East.