Indian benchmark indices staged a strong rally on Thursday, with the Sensex and Nifty 50 climbing around 2.4 per cent each to record their biggest single-day gains in seven months, supported by falling crude oil prices, renewed foreign investor buying and improved global sentiment following the US midterm election results.
The BSE Sensex surged 1,862.61 points, or 2.4 per cent, to settle at 79,310.01, while the NSE Nifty 50 advanced 574.55 points, or 2.4 per cent, to close at 24,536.60.
The rally extended the market’s winning streak to six consecutive sessions, with both benchmark indices gaining more than 8 per cent during the period. Fourteen of the 16 major sectoral indices ended in positive territory.
Banking and automobile stocks led the gains. The Nifty Financial Services index advanced around 4 per cent, while the Nifty Auto index climbed 4.1 per cent. Among individual stocks, ICICI Bank gained 5.3 per cent and HDFC Bank rose 3.2 per cent.
Information technology stocks also witnessed buying interest, with the sectoral index rising 2.4 per cent. Broader markets remained positive as the Nifty Midcap 100 gained 1.9 per cent, while the Nifty Smallcap 100 advanced 0.6 per cent.
A sharp decline in international crude oil prices provided a major boost to investor sentiment. Brent crude had fallen 8.7 per cent in the previous session, touching a two-month low, before recovering slightly on Thursday. Lower oil prices are generally viewed positively for India, which depends heavily on imports to meet its energy requirements.
The outcome of the US midterm elections also supported market sentiment, with the Democratic Party securing control of both chambers of Congress. Investors viewed the result as a potential check on abrupt policy changes by the Donald Trump administration and a possible step towards easing geopolitical tensions.
Foreign institutional investors also returned as significant buyers, purchasing Indian equities worth Rs 7,284 crore on Wednesday, marking their biggest single-day investment since October 2025, according to provisional exchange data.
Despite the latest recovery, the Sensex and Nifty remain down around 6.9 per cent and 6.1 per cent, respectively, so far in 2026.
