Stock market recap: Indian equities posted a powerful rally on Thursday, extending their winning streak to a sixth consecutive session. A sharp decline in crude oil prices, strong foreign buying, and improving global sentiment following the U.S. midterm elections drove a broad-based surge.
Nifty 50 jumped 576 points, or 2.40%, to close at 24,536.60, its highest close in over two months, while Sensex soared 2,008.61 points, or 2.60%, to settle at 79,310.01. Brent crude fell below $95 per barrel, about 20% below last Friday's six-month high, as the Democrats' sweep in the U.S. midterm elections raised hopes that a weakened Trump administration would seek a deal with Iran.
Foreign investors bought ₹7,284 crore shares on Wednesday, taking four-session purchases to about ₹20,834 crore, while the rupee hit a two-week high and bond yields eased. Banks led the charge, with Bank Nifty surging 3.33%. At the same time, Auto and Cement indices gained more than 3%. Shriram Finance was among the top gainers, rising about 6%, as Financials, Autos, and Aviation stocks saw heavy buying. Breadth was strongly positive, with 2,547 stocks advancing, 1,084 stocks declining, and 92 remaining unchanged. Festive demand around Dhanteras and crude oil prices will remain in focus.
The index staged a strong rebound from lower levels, closing above its 200-day moving average (200-DMA), signalling renewed buying interest and improved near-term market sentiment. Technically, the recovery indicates strengthening bullish momentum, although sustained follow-through buying will be crucial to confirm a further upward move. On the upside, 24,800–25,000 is expected to act as a key resistance area, where selling pressure could emerge. Conversely, 24,300–24,000 is likely to provide immediate support, making it an important zone to monitor for the sustainability of the ongoing recovery.
Nifty Bank opened on a strongly positive note, gapping up nearly 1,190 points, and kept gaining through the session as a brief dip toward 56,700 drew fresh buying. The index opened at 57,102.80, touched a high of 57,847.65, a low of 56,718.20, and closed at 57,773.65, up 1,860.05 points or 3.33%. The day's low held well above the previous close of 55,913.60, leaving an unfilled breakaway gap. A long bullish candle cleared the 50-, 100-, and 200-SMA in one session. All 14 constituents ended higher. Among heavyweights, ICICIBANK (+5.33%), AXISBANK (+3.90%), and HDFCBANK (+3.16%) led, while SBIN (+2.80%) and KOTAKBANK (+1.65%) lagged. FEDERALBNK (+0.98%) was the weakest constituent.