Dalal Street sees Diwali rally: Sensex jumps 2,000 points, Nifty surges 576
Foreign Institutional Investors (FIIs) inflow was also witnessed after buying equities worth Rs 7,284.03 crore on Wednesday, according to exchange data
Indian stock markets witnessed a massive pre-Diwali rally on Thursday, with the BSE Sensex soaring 2,008 points and the NSE Nifty jumping 576 points, propelled by a sharp drop in crude oil prices, positive US midterm election outcomes, and strong foreign institutional buying that collectively eased pressures on India's inflation and external accounts
Indian stock markets witnessed a massive pre-Diwali rally on Thursday, with the BSE Sensex soaring 2,008 points and the NSE Nifty jumping 576 points, propelled by a sharp drop in crude oil prices, positive US midterm election outcomes, and strong foreign institutional buying that collectively eased pressures on India's inflation and external accounts
Indian stock markets witnessed a massive pre-Diwali rally on Thursday, with the BSE Sensex soaring 2,008 points and the NSE Nifty jumping 576 points, propelled by a sharp drop in crude oil prices, positive US midterm election outcomes, and strong foreign institutional buying that collectively eased pressures on India's inflation and external accounts
Diwali arrived early on Dalal Street with BSE Sensex rallying nearly 2,009 points and the NSE Nifty surging 576 points on Thursday. The surge was witnessed amid a sharp decline in crude oil prices and hopes of a resolution to the West Asia conflict.
The high hopes of a resolution come after the US midterm election results demonstrated an upper hand for the Democratic Party's control of the US Congress.
The 30-share BSE Sensex surged 2,008.61 points, or 2.60 per cent, to settle at 79,310.01. During the day, it soared 2,168.63 points, or 2.80 per cent, to 79,470.03. The NSE Nifty touched 576 points, or 2.40 per cent, to end at 24,536.60. Among the 30 Sensex firms, Bajaj Finance rallied 7.77 per cent, InterGlobe Aviation 5.80 per cent, ICICI Bank 5.29 per cent, Maruti 5.28 per cent, Mahindra & Mahindra 5.15 per cent and Bajaj Finserv 4.66 per cent. NTPC, Bharat Electronics, Adani Ports and ITC were among the laggards.
"The US midterm verdict gave Indian equities fresh momentum, with the rally gathering pace on hopes that a more restrained Washington could pave the way for de-escalation in the Iran conflict and tariff policies. As the threat of geopolitical escalation and energy supply shocks faded, crude prices slumped, and a retreat in US Treasury yields and the dollar took further pressure off India's inflation outlook and external accounts," Vinod Nair, Head of Research, Geojit Investments Ltd, said.
Foreign Institutional Investors (FIIs) inflow was also witnessed after buying equities worth Rs 7,284.03 crore on Wednesday, according to exchange data. According to PTI, a total of 2,994 stocks advanced, while 1,453 declined and 200 remained unchanged on the BSE.