Sensex Today: Indian stock markets opened sharply higher on Thursday, November 5, extending their winning streak to six consecutive sessions.
The BSE Sensex surged 1,510.81 points, or 1.95%, to 78,812.21 by 9:46 am. Meanwhile, the NSE Nifty 50 climbed 423.20 points, or 1.77%, to 24,344.10.
Earlier, the Sensex opened 1,364.35 points higher at 78,665.75. The Nifty began trading at 24,334.60, gaining 374 points or 1.56%.
The rally followed a sharp decline in international crude oil prices. Positive global market cues and renewed foreign investor buying also supported sentiment.
Crude Oil Fall and Foreign Buying Boost Market Sentiment
Brent crude futures declined 8.9% on Wednesday, falling to $94.29 per barrel. US West Texas Intermediate crude dropped 7.8% to $88.54.
Brent crude slipped further to around $93.50 during early Thursday trading. Investors tracked developments following the US midterm election results.
Foreign institutional investors continued buying Indian equities. Provisional data showed purchases worth ₹7,284 crore on Wednesday.
This marked the fourth consecutive session of foreign investor buying. The renewed inflows provided additional support to domestic equities.
The Indian rupee also strengthened against the US dollar. It opened at 94.35, gaining 0.3% from its previous close.
The rupee’s opening level marked a two-week high. Lower crude prices and a weaker dollar supported the currency.
Asian markets also received support from gains on Wall Street. Japan and Australia recorded advances, while South Korea’s Kospi declined amid weakness in technology stocks.
The US markets ended Wednesday’s session higher. The S&P 500 gained 1.6%, while the Nasdaq 100 advanced 0.9%.
Investors are assessing the possible impact of the US midterm election outcome. Market sentiment has improved amid expectations of changes in trade policies and developments surrounding the Iran conflict.
Meanwhile, crude oil movements, foreign fund flows and the rupee’s performance remain important market triggers.
Market snapshot: These figures reflect the Times of India live update at 9:46 am IST on November 5. They do not represent the final closing levels.
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