Sensex jumps 2,009 points to 79,310 as oil eases after US midterm results; Nifty closes at 24,536

The Sensex climbed 2,008.61 points, or 2.60 per cent, to close at 79,310.01 on Thursday, 5 November, as crude oil prices fell and investors bet that the outcome of the US midterm elections would bring an end to the conflict in West Asia closer. The NSE Nifty rose 576 points, or 2.40 per cent, to finish at 24,536.60, back above the 24,500 mark.

At its high point in the session the 30-share index stood 2,168.63 points up, at 79,470.03. Thursday was the sixth straight day of gains. Over that run the Sensex has gained 6,063.98 points, or 8.27 per cent, and the Nifty 1,837.75 points, or 8 per cent.

What moved the market

In the elections held on Tuesday, 3 November, American voters handed the Democratic Party majorities in the Senate as well as the House, a setback for President Donald Trump. Traders took the result as raising the chances of a settlement in West Asia, and oil prices dropped sharply. Foreign money kept coming in as well: foreign institutional investors bought Indian shares worth Rs 7,284.03 crore on Wednesday, 4 November, exchange data showed. Wall Street had closed sharply higher on Wednesday, with the Dow Jones Industrial Average up 3.03 per cent, the S&P 500 up 1.58 per cent and the Nasdaq Composite up 1.44 per cent.

Lenders, finance firms and carmakers carried the rally. Bajaj Finance jumped 7.77 per cent, InterGlobe Aviation gained 5.80 per cent, ICICI Bank 5.29 per cent, Maruti 5.28 per cent, Mahindra & Mahindra 5.15 per cent and Bajaj Finserv 4.66 per cent. NTPC, Bharat Electronics, Adani Ports and ITC trailed the market. Elsewhere in Asia, South Korea’s Kospi and Japan’s Nikkei 225 closed sharply lower, while the Shanghai Composite and Hong Kong’s Hang Seng ended in the green.

Muhurat trading on Sunday

The jump came a day after the Sensex had gained 383.55 points to end at 77,301.40, its best close for over two months, while the Nifty ended Wednesday at 23,960.60. After the regular session on Friday, 6 November, BSE and NSE will open for the special Diwali Muhurat session on Sunday, 8 November, with normal trading from 2.20 pm to 3.30 pm IST. Both exchanges will stay shut on Tuesday, 10 November, for Diwali Balipratipada.