The Indian stock market witnessed a strong rally on Thursday, with benchmark indices recording significant gains and adding nearly ₹7 lakh crore to the market value of BSE-listed companies.
At 1:56 pm, the BSE Sensex was trading at 79,350.52, gaining 2,049.12 points or 2.65%. The NSE Nifty 50 stood at 24,545.15, up 584.55 points or 2.44%. During the session, the Sensex touched 79,465.03, while the Nifty reached 24,579.90.
Three major factors supported the market’s sharp recovery.
First, falling crude oil prices eased concerns over India’s import bill, inflation, and corporate costs. Brent crude slipped to $93.59 per barrel, offering relief to oil-importing economies.
Second, foreign institutional investors returned to Indian equities. They purchased shares worth ₹20,834 crore in the cash market over four trading sessions, strengthening market sentiment.
Third, the US midterm election results raised hopes of reduced uncertainty surrounding trade policies and global tensions. Expectations of easing geopolitical risks also supported investor confidence.
Banking, automobile, financial services and real estate stocks witnessed strong buying.
The rally has improved market sentiment, but its sustainability will depend on crude oil prices, foreign investment flows and corporate earnings in the coming sessions.