Sensex zoomed 2,700 points to cross 79,371 levels while Nifty 50 soared 2.5% to touch 24,551.35 during Thursday's afternoon session, driven by a sharp decline in crude oil prices following the US midterm election results. According to The Hindu BusinessLine, the rally gained momentum as Brent crude futures plunged 8.7% to $94.62 per barrel and US West Texas Intermediate (WTI) crude fell 8.3% to $88.12 per barrel, emerging as one of the biggest triggers behind Thursday's market rally. The Nifty 50 climbed as much as 2.01% to 24,442.20 during the session, reclaiming the crucial 24,000 level for the first time since September 4. As per Bloomberg data, the Nifty 50 crossed the 24,500 mark during intraday trading, indicating sustained buying interest across market segments.
The rally was broad-based with BSE leading the NIFTY50 gainers, followed by Shriram Finance, Tata Motors PV, and Mahindra & Mahindra (M&M). On the downside, Apollo Hospitals Enterprise, ONGC, NTPC, Coal India and Dr. Reddy's Laboratories were among the top losers. Among oil marketing companies, Hindustan Petroleum Corporation (HPCL), Bharat Petroleum Corporation (BPCL), and Indian Oil Corporation (IOC) shares surged, while upstream oil producers such as ONGC and Oil India traded lower. Lenskart Solutions shares jumped 10.5% to hit a fresh all-time high of ₹762.75 as investors cheered Q2 FY27 earnings showing revenue from operations jumped 32.5% YoY to ₹2,845 crore and net profit more than doubled to ₹232 crore. LG Electronics India shares surged 8.5% to hit a 52-week high of ₹1,836 following strong Q2 FY27 results with net profit increasing 25.66% YoY to ₹489.35 crore.
The rally comes on the back of a Democrat sweep of both chambers of the US Congress, which analysts say has improved risk sentiment in emerging markets. According to Vinit Bolinjkar, Head of Research at Ventura Securities, as reported by The Hindu BusinessLine, softer US yields and a weakening dollar could support foreign portfolio flows into Indian equities. The outcome has particularly boosted financial sector stocks, with Shriram Finance leading the gains in the NBFC segment. Brent crude futures plunged 8.7% to $94.62 per barrel and US West Texas Intermediate (WTI) crude fell 8.3% to $88.12 per barrel, emerging as one of the biggest triggers behind Thursday's market rally. Investors are betting that the electoral setback for US President Donald Trump could increase pressure on his administration to bring an end to the US-Iran conflict, potentially easing geopolitical tensions and concerns over global oil supplies. WTI crude was trading around $86.81, down 1.41%, extending four consecutive sessions of losses.
Of 4,543 stocks traded on the BSE, 3,032 advanced and 1,324 declined, with 187 unchanged, indicating strong but not entirely uniform breadth. A total of 117 stocks hit 52-week highs against 60 touching 52-week lows, while 213 stocks were locked in upper circuits and 152 in lower circuits. Bajaj Finance led Nifty 50 gainers, surging 7.26% to ₹1,066.20 on volume of 227.15 lakh shares worth ₹2,380.71 crore, followed by Shriram Finance which rose 6.77% to ₹970.25. Tata Motors' preferred variant (TMPV) climbed 6.09% to ₹295.45, while Mahindra & Mahindra gained 5.89% to ₹3,136.40 on turnover of ₹1,697.68 crore. Foreign institutional investors purchased Indian equities worth ₹7,284 crore on Wednesday, marking their fourth consecutive session of net buying, with their November tally reaching approximately ₹17,236 crore over the first three trading sessions of the month.
Metal, mining and mineral processing stocks like Vedanta, Hindustan Zinc, and Gujarat Mineral Development Corp. (GMDC) were in focus after the Union Cabinet approved a ₹2,814 crore outlay for critical mineral processing over five years. As part of the scheme, the central government will grant a 30% capital subsidy on eligible investment for setting up four critical mineral processing plants. Tonbo Imaging India stock rallied 20% to hit a 52-week high of ₹1,530.30 as it reported its first earnings since listing, posting a consolidated net profit of ₹23.5 crore compared to a loss of ₹9.62 crore in the same period last year. Tata Power Company shares were trading over 1% higher after its subsidiary commissioned a 300 MW solar project for Solar Energy Corporation of India (SECI) in Karnataka, expected to generate 810 MUs of renewable energy annually.
