Mumbai: The Indian stock market witnessed a strong rally on Thursday. The Sensex jumped 1,609.54 points, or 2.08 percent, to 78,910.94 at the start of trading, while the Nifty 50 gained 417.45 points, or 1.74 percent, to close at 24,378.05. Falling crude oil prices and renewed buying by foreign investors boosted market sentiment.
Global markets also witnessed positive sentiment following the US midterm elections held in November 2026. In these elections, the Democratic Party gained control of both the Senate and the House of Representatives. This is being considered a major political blow to President Donald Trump’s administration.
Falling crude oil prices support market
Brent crude prices fell sharply, falling below $100 per barrel. At the time of this report, Brent crude was trading at around $94 per barrel.
The decline in crude oil prices is expected to provide relief to oil-import-dependent economies like India. This positive impact was also visible on the domestic stock market.
Furthermore, foreign investors invested approximately ₹17,235 crore in the Indian stock market in the first three trading sessions of November. This indicates the return of foreign institutional investors to the market.
Ponmudi R., CEO of Enrich Money, said that lower crude oil prices and renewed buying by institutional investors have boosted risk-taking confidence in global markets. However, it will be important to sustain this rally in the market. This will determine whether the current positive trend can translate into a broader rally.
He said that buying by foreign institutional investors is an encouraging sign for the domestic stock market. If the flow of foreign investment continues, it could strengthen the market’s recovery.
Midcap and smallcap stocks also rise
The market rally on Thursday wasn’t limited to large-cap stocks. The Nifty Midcap 100 gained 1.46 percent, and the Nifty Smallcap 100 gained 1.49 percent. The Nifty 100 also rose 1.78 percent.
Among sector-based indices, Nifty Private Bank led the way, rising 2.55 percent. This was followed by Nifty Realty, which gained 1.92 percent, Nifty IT, and Nifty Auto, which gained 1.72 percent.
Furthermore, Nifty Consumer Durables rose 1.52 percent, Nifty Media, 1.36 percent, and Nifty FMCG, 1.08 percent.
Gold and silver prices also rose
Along with the stock market, precious metal prices also saw a rise. The price of 24-carat gold rose 1.48 percent to ₹1,45,356 per 10 grams. Silver rose 1.34 percent to ₹1,90,255 per kilogram.
Anindya Banerjee, Head of Commodity and Currency Research at Kotak Neo, said that according to his assessment, the prices of both precious metals have fully recovered from the additional rally that occurred after Diwali 2025. Now, there is a possibility of a new upward trend for them.
He said that for this, it is important that crude oil prices remain under control. If a new round of war breaks out in West Asia and crude oil prices rise again, it could impact the gold and silver markets.
Mixed Trading in Asian Markets
Asian stock markets witnessed a mixed trend on Thursday. Singapore’s Straits Times rose 0.10 percent to 5,297, while Hong Kong’s Hang Seng rose 3.36 percent to 24,723.
On the other hand, Japan’s Nikkei 225 fell 0.58 percent to 61,825. Taiwan Weighted Index fell 1.67 percent to 42,241. South Korea’s Kospi, meanwhile, fell nearly 4 percent to 5,459.