The Indian stock market benchmark indices, Sensex and Nifty 50, extended rally on Wednesday, 11 November 2026, supported by a sustained fall in crude oil prices and revival in foreign portfolio inflows.
The Sensex jumped over 1,300 points to trade above 82,400 level, while the Nifty 50 surged over 1% to hover around 25,400. The Bank Nifty index surged 1.7%.
Broader markets supported the rally, as the Nifty Midcap 100 and the Nifty Smallcap 100 indices gained a percent each.
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Among sectors, Nifty Auto, Nifty PSU Bank, Nifty FMCG, Nifty IT, Nifty Metal and Nifty Realty rallied the most, while selling was seen in Nifty Pharma index.
In the currency market, rupee opened 21 paise higher at 93.72 against the US dollar as compared with its previous close of 93.93 level.
Globally, Asian markets traded mostly higher, while the US stock market ended lower overnight, after hotter-than-expected US inflation data.
On the global geopolitical front, reports of progress in US-Iran peace talks also improved investors' risk-appetite. Easing tensions led a sharp decline in crude oil prices, with the Brent oil trading below $93 a barrel.
In November so far, the domestic benchmark indices have rallied over 8%, supported by robust FPI inflows worth more than Rs 53,100 crore and better-than-expected Q2 results.
According to Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Investments, the near 24% earnings growth in Nifty 50 in Q2 is a 12-quarter high and has compressed the forward PE for Nifty 50 to fair levels.
“Given the new favourable environment for the Indian market, FIIs are likely to continue buying, imparting resilience to the frontline stocks in banking/financials, telecom, capital goods, select auto and pharmaceutical majors,” said Vijayakumar.
This rally, which he believes has more steam left, will be led again by large-caps.
Technical Outlook
Nifty 50 traded above its resistance zone of 25,150–25,200 level and is likely to maintain a positive near-term bias.
According to Ponmudi R, CEO of Enrich Money, a sustained breakout above this range could strengthen the upward momentum and extend the rally towards 25,500.
“On the downside, 24,800 remains the crucial immediate support, followed by 24,600. Momentum indicators continue to favour the bulls, with the RSI pointing towards overbought conditions, while the MACD maintains a positive bias, indicating sustained upward momentum,” said Ponmudi R.
Overall, he believes the technical outlook remains bullish but somewhat stretched, with intermittent consolidation and profit-booking possible at higher levels.
“Sustained trading above 24,800 will be important to preserve the positive near-term structure,” he added.
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