Stock Markets on a Roll! Sensex Gains 384 Points, Nifty Closes Near 24,000

Indian stock markets extended their winning streak to a fifth consecutive session on Wednesday, with the Sensex rising 383.55 points and the Nifty approaching the 24,000 mark. Renewed foreign investor buying, easing crude oil prices and broad-based gains across sectors supported the rally, although information technology stocks remained under pressure.

The BSE Sensex climbed 383.55 points, or 0.50 per cent, to close at 77,301.40, while the NSE Nifty 50 advanced 149.70 points, or 0.63 per cent, to settle at 23,960.60.

The broader markets outperformed the benchmark indices. The Nifty Midcap 100 gained 1.55 per cent to 59,505.50, while the Nifty Smallcap 100 surged 2 per cent to 19,026.40, indicating strong buying interest across mid-sized and smaller companies.

Among the Nifty 50 constituents, Bharat Electronics (BEL) emerged as the biggest gainer, rising 4.71 per cent. Adani Enterprises advanced 4.47 per cent, followed by Titan Company (4.22 per cent), Jio Financial Services (3.73 per cent) and Max Healthcare (3.53 per cent).

However, information technology stocks witnessed selling pressure. The Nifty IT index declined 1.5 per cent, with Tata Consultancy Services (TCS) falling 2.5 per cent and Infosys shedding 1.7 per cent. Investors remained cautious about the potential impact of changing US political and economic policies on technology spending and the artificial intelligence sector.

Foreign institutional investors (FIIs) purchased equities worth Rs 6,836.81 crore on Tuesday, while domestic institutional investors (DIIs) sold shares worth Rs 3,678.85 crore on a net basis, according to exchange data.

Foreign investors have bought approximately USD 821 million worth of Indian equities since the beginning of November, helping reduce their net outflows for the year.

Brent crude futures fell around 1 per cent to USD 102.50 per barrel, offering some relief to India, which relies heavily on imported oil. Lower crude prices can help ease pressure on the country's import bill and inflation.

Global developments also remained in focus, particularly the US midterm election results and their potential implications for trade policies, geopolitical relations and technology investments.

The rally follows a strong session on Tuesday, when the Sensex jumped 1,225.07 points, or 1.62 per cent, while the Nifty gained 370.05 points, or 1.58 per cent.

Over the five consecutive sessions, the benchmark indices have gained approximately 5.6 per cent, marking their longest winning streak in nearly five months.