Stock market rally: The Indian stock market extended its winning streak to seven consecutive sessions on Friday, November 6, defying a sharp global sell-off led by technology stocks. Improving sentiment following the US midterm election results, a steep fall in crude oil prices and renewed foreign institutional investor (FII) buying have supported domestic equities.
The Sensex rose 734.66 points, or 0.9%, while the Nifty advanced 166 points, or 0.7%, on Friday. In the previous session, the Sensex had surged 2,008 points, or 2.60%, to close at 79,310, while the Nifty gained 576 points, or 2.40%, to settle at 24,536.
In the 2 sessions combined, Sensex has jumped over 2700 points while Nifty has added over 700 points. Investors added more than ₹4 lakh crore to their wealth over the preceding two sessions.
Moreover, with the latest gains, both benchmark indices have rallied around 9% over seven sessions.
According to V K Vijayakumar, Chief Investment Strategist at Geojit Investments Limited, India's relatively limited exposure to the artificial intelligence trade could help it outperform other markets amid the global technology sell-off.