MUMBAI: Sensex rose for the fifth consecutive session on Wednesday, resulting in the benchmark index gaining 4,055 points or 5.5% during this stretch. FPIs have played a key role in this run, having turned net buyers.After a muted start to the session, the index reversed course as the US mid-term election results began pointing to a landslide victory for Democratic Party. At close, tracking other global markets, sensex was up 384 points at 77,301 points, its first close above the 77K mark since late Aug.With US President Donald Trump almost turning into a lame-duck president after the polls, US’ policy decisions are expected to be more stable, felt market players. As a result, stocks rose, oil slid, rupee strengthened marginally, while gold and silver rallied.On NSE, Nifty also rallied for five consecutive sessions to Wednesday’s close at 23,961 points, adding 1,262 points or 5.6%.In opening trades in US, most stocks rallied, with Dow Jones Index up 2.2%, along with a 2% rally in Nasdaq Composite and a 1.6% gain in S&. While healthcare stocks rallied, defence stocks witnessed selling. Stocks of companies closely linked to Trump fell sharply; so did Tesla and SpaceX, majority owned by billionaire Elon Musk, the biggest contributor to Republican Party.In the precious metals space, in early trades, gold was up 3% while silver was up nearly 5%.Back home, the current five-session rally in the two leading indices came on the back of nearly Rs 21,000 crore (about $2.2 billion) net buying by foreign funds in the secondary market, data from NSDL and BSE showed. The rally also made investors richer by nearly Rs 21 lakh crore, with the market capitalisation of all the stocks listed on BSE now at Rs 493.4 lakh crore, exchange data showed.Later in the day, Brent crude was down 10% while Indian ADRs were up 2-3% while Gift Nifty index was up more than 2.5%, indicating a strong opening for the Indian market on Thursday. The massive slide in crude prices also affected crude derivatives on MCX with prices frozen at the 7% lower circuit.Going ahead, the domestic market is expected to remain supported by improving domestic economic indicators and easing crude.
✍️ Vikrant Kharwar
Vikrant Kharwar is the Founder and Editor of News Us Media. He writes about trending news, sports, entertainment, technology, and viral stories. His goal is to make news simple, informative, and easy to understand for readers across the United States and around the world.
