The Indian stock market extended its bull run to the sixth consecutive trading session on Thursday, boosted by easing global geopolitical tensions and energy risks, following the US midterm election outcome.
The Sensex jumped 1,433.60 points, or 1.85%, to trade at 78,735.00, while the Nifty 50 was up 383.60 points, or 1.60%, at 24,343.55.
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Broader markets supported the rally, with the Nifty Smallcap 100 and the Nifty Midcap 100 indices gaining over 1% each.
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All the sectoral indies were trading in the green, led by Nifty IT, Nifty Auto, Nifty Realty, Nifty Private Bank, Nifty Metal and Nifty FMCG.
Market sentiment were supported by a sharp drop in crude oil prices after the Democratic win in the US midterm elections strengthened expectations that Washington may seek to de-escalate the US-Iran war in the Middle East.
"With tailwinds for the economy getting stronger, the bullish trend in the market is set to continue. The strongest positive for the market is the sharp 10% fall in Brent crude to around $94 level. This decline is on hopes that a resolution to the US-Iran conflict is likely soon since this conflict and the consequent high crude prices contributed significantly to the Republican rout in the mid-terms,” said Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Investments Limited
The decline in crude prices is happening when the Indian economy is showing great resilience and corporate earnings are showing significant improvement, he added.
Here are three key factors behind the rally in the Indian stock market today:
1. US Midterm Election Results & Fall In Crude Oil Prices
A sweeping victory of the Democrats in the US Congress has raised expectations of a resolution to the Middle East conflict. this has sent crude oil crashing.
The international benchmark Brent crude slumped more than 8% in the previous session. It extended the decline and was trading 0.95% lower at $93.72 a barrel, while US West Texas Intermediate crude was at $86.82 a barrel, down 1.48%.
2. FII Buying
Foreign institutional investors (FII) tuned positive on the Indian stock market. FIIs net bought Indian equities worth Rs 7,284.03 crore on Wednesday, their highest single-day buying since 28 October 2025.
FIIs have net bought domestic equities for four sessions in a row. So far in November, FIIs inflows stood at over Rs 17,000 crore. This comes after almost Rs 90,000 crore worth of selling in October and September.
3. Technicals
Nifty 50 opened sharply higher with a gap-up near the 24,378 mark, decisively reclaiming its 20-, 50-, 100- and 200-day EMAs, signaling a marked improvement in the short-term technical structure and a strengthening of bullish momentum. The index is now approaching immediate resistance at 24,400.
According to Ponmudi R, CEO of Enrich Money, a sustained breakout above this level could pave the way for a further advance towards the next resistance zone of 24,600.
“On the downside, the 24,000–23,950 zone is expected to provide immediate support, coinciding with the opening gap area and the previous closing region. A sustained break below this range could expose the next support at 23,750–23,700,” said Ponmudi.
Momentum indicators have strengthened considerably, with the RSI hovering around 73, reflecting strong bullish momentum but also signalling that the index is entering overbought territory, he added.
Stock Market Outlook
Analysts believe that the hope of LTCGs tax abolition in the upcoming Union Budget, has completely changed the FII's stance towards India.
Vijayakumar expects more short-covering to happen in large-caps and, therefore, further rebound in large-caps is likely, led by the banking and financial majors. At higher levels, he believes profit booking may emerge as DIIs are showing an inclination to sell on rallies
“After the initial reaction to the US election results weakens, there will be concerns surrounding prolonged political conflict in the US, since Trump being what he is, is likely to turn Mr Veto rather than lame duck president,” said Vijayakumar.
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