Benchmark indices Sensex and Nifty were trading at eight-month highs on November 11, buoyed by plunging crude prices and strong foreign inflows.
At 10:55 hrs IST, the Sensex was up 1,220.64 points or 1.5% at 82,327.29, and the Nifty was up 322.45 points or 1.29% at 25,367.10, their highest levels since February 27.
Brent crude futures slid to a two-month low of $89.16 per barrel on Tuesday after US officials played down the need for additional military action against Iran, easing concerns over supply disruptions. Prices were up 0.5% at $92 on Wednesday.
The Nifty 50 and the BSE Sensex have gained about 10% so far this month as easing crude oil prices, strong domestic earnings and a selloff in global chipmakers brought foreign portfolio investors (FPIs) back to India.
With Nifty decisively trading above 25,350, is the benchmark index heading towards its all-time high before any meaningful correction? Here's what analysts said.