Massive foreign portfolio investments helped domestic indices notch multi-month highs across a relentless multi-day surge. Global tailwinds such as anticipated policy stability following US midterm elections and plunging oil prices insulated domestic equities from Wall Street's tech-driven drop. The benchmark advanced 7,782 points throughout the run, capping off Friday with a 1,781-point surge that secured three straight days of four-figure point increases. The broader NSE Nifty simultaneously reclaimed its psychological 25,000 level alongside the main index.
Key points
Robust foreign portfolio inflows insulated Indian stock markets from sharp overnight tech…: Robust foreign portfolio inflows insulated Indian stock markets from sharp overnight tech selloffs seen across US exchanges.
Optimism surrounding US midterm policy stability and falling energy costs provided powerf…: Optimism surrounding US midterm policy stability and falling energy costs provided powerful momentum for domestic benchmarks.
Consecutive four-figure daily gains successfully pushed both major domestic indices past…: Consecutive four-figure daily gains successfully pushed both major domestic indices past crucial psychological resistance levels.
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Gains 1,781 points fri even as US market, AI stocks crashMUMBAI: In one of the best weekly gains in recent times, sensex closed over 8.8% up as foreign funds came back to buy Indian stocks, as the US midterm polls raised hopes of policy stability, and also of a diplomatic resolution to the war in West Asia, which pulled down crude prices by about 20% in less than two weeks. In fact, the Sensex's seven-session pre-Diwali rally, during which it notched up a 10.6% gain, was also its best such run in 35 years.
On Friday, the index gained 1,781 points, its third consecutive session of four-figure point gain, despite an overnight crash in the US market, led by a rout in AI stocks.
During its seven-session rally, the sensex added 7,782 points. This surge mainly rode a huge resurgence of buying by foreign portfolio investors (FPIs), which bought Indian stocks worth about Rs 49,500 crore or about $5.2 billion on a net basis, shows data from NSDL and BSE.
Nifty on NSE also rallied in a similar manner with…
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