Indian benchmarks rose for a sixth straight session on Thursday, amid a sharp decline in crude oil prices and hopes of a resolution to the West Asia conflict. Foreign fund inflows and a rally in U.S. markets added to the optimism.
The 30-share BSE Sensex zoomed 2,008.61 points, or 2.60%, to settle at 79,310.01. During the day, it soared 2,168.63 points, or 2.80%, to 79,470.03.
Meanwhile, the 50-share NSE Nifty surged 576 points, or 2.40%, to end at 24,536.60.
Oil prices fall as U.S. midterm results land
The rally came amid a sharp decline in crude oil prices and hopes of a resolution to the West Asia conflict after the U.S. midterm elections, where American voters gave the opposition Democratic Party control of Congress. Sustained foreign fund inflows and a sharp rally in the U.S. markets also elevated optimism.
Brent crude, the global oil benchmark, was up 1.59% to $96.12 per barrel. Foreign Institutional Investors bought equities worth ₹7,284.03 crore on Wednesday, according to exchange data.
Bajaj Finance leads Sensex gainers
Among the 30 Sensex firms, Bajaj Finance rallied 7.77%, followed by InterGlobe Aviation at 5.80%, ICICI Bank at 5.29%, Maruti at 5.28%, Mahindra & Mahindra at 5.15% and Bajaj Finserv at 4.66%. NTPC, Bharat Electronics, Adani Ports and ITC were among the laggards.
Over the past six consecutive sessions, the Sensex has surged 6,063.98 points, or 8.27%, and the Nifty has rallied 1,837.75 points, or 8%.
Asian markets diverge, Wall Street ends higher
In Asian markets, South Korea's Kospi and Japan's Nikkei 225 ended sharply lower, while Shanghai's SSE Composite and Hong Kong's Hang Seng settled higher. Markets in Europe were trading in positive territory.
U.S. equity markets ended sharply higher, with the Dow Jones Industrial Average up 3.03%, the S&P 500 up 1.58% and the Nasdaq Composite up 1.44%.
Source: The Hindu
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