Crude crash, US midterm wave send Nifty surging past 24,300

Thursday witnessed a broad-based rally across Indian stock markets as crude oil prices dropped nearly 10% and US midterm elections delivered a decisive outcome. The Nifty 50 surged 400 points to 24,360.70, while the Sensex climbed 1,418.56 points or 1.84% to 78,719.96. This marked the Nifty's sixth consecutive winning session, with key gains led by Shriram Finance, IndiGo, Asian Paints, and Tata Motors.

Conversely, Apollo Hospitals experienced the steepest decline, falling 2.19% to 8,411. The rally was primarily fueled by a sharp drop in Brent crude oil prices, which fell close to 10% to around $94 per barrel following the Democratic sweep in the US midterm elections. This price decline came as Indian markets showed resilience and corporate earnings improved, alongside hopes of a potential revision in the long-term capital gains tax in the upcoming Union Budget.

Foreign institutional investors purchased equities worth ₹20,834 crore over the previous four trading sessions, with net purchases of ₹7,284 crore recorded in the previous session alone. The US 10-year Treasury yields fell to around 4.87-4.89%, and the dollar posted its worst daily performance in two months, further adding to the positive global backdrop for emerging markets.