The Indian stock market extended its winning streak for the fifth consecutive session on Wednesday, November 4, as the Sensex and Nifty closed higher amid continued buying interest in domestic equities. Gains in defence, realty, media and metal stocks, along with easing crude oil prices and renewed foreign investor participation, supported market sentiment despite uncertainty surrounding the US midterm election results and developments in the US-Iran conflict.
The BSE Sensex climbed 383.55 points, or 0.50%, to settle at 77,301.40. The NSE Nifty 50 advanced 149.75 points, or 0.63%, to close at 23,960.60, moving comfortably above the 23,950 mark.
Both benchmark indices extended their gains to a fifth straight session, marking their longest winning streak in nearly five months. The latest advance also took the indices to their highest closing levels in more than two months, reflecting improving investor confidence following a strong rally over the previous trading sessions.
The market’s positive performance came despite a cautious start. Investors initially remained watchful of global developments, particularly the outcome of the US midterm elections, geopolitical tensions in West Asia and movements in international crude oil prices.
The rally was supported by broad-based buying, with market participation extending beyond heavyweight stocks. The Sensex touched an intraday high of 77,396.04, gaining 478.19 points or 0.62%, before giving up some gains towards the closing bell. The Nifty also maintained its upward momentum, finishing close to the psychologically important 24,000 mark.
The five-session rally has added more than 4,000 points, or approximately 5.4%, to the Sensex, highlighting the improvement in risk appetite among domestic and overseas investors. The market’s resilience was particularly noticeable as investors continued to assess international developments and their possible impact on India’s economic outlook.
Foreign institutional investors (FIIs) remained an important source of support for the market. According to provisional exchange data, foreign investors purchased equities worth ₹6,836.81 crore on Tuesday, November 3. This buying activity helped strengthen expectations of renewed foreign portfolio investment flows into Indian equities.
However, domestic institutional investors (DIIs) were net sellers during the same session, offloading shares worth approximately ₹3,678 crore. Despite the selling by domestic institutions, the strong overseas buying interest helped maintain the positive momentum on Dalal Street.
Crude oil prices also remained an important factor influencing investor sentiment. Brent crude, the global oil benchmark, declined around 0.73% to trade near $102.80 per barrel during the session. The softer prices offered some relief to Indian markets, given the country’s dependence on imported crude oil.
Lower oil prices can help ease pressure on India’s import bill, inflation and the current account deficit. They can also reduce input costs for several industries, including aviation, paints, chemicals and transportation. However, crude continued to remain above the $100-per-barrel mark, keeping investors alert to the possibility of further price fluctuations.
Developments surrounding the US-Iran conflict and ongoing uncertainty over diplomatic efforts to ease tensions in West Asia continued to influence global oil markets. Investors remained cautious about any escalation that could disrupt energy supplies or affect shipping through the strategically important Strait of Hormuz.
The outcome of the US midterm elections was another major development attracting attention from global investors. The Democratic Party secured control of both chambers of the US Congress, dealing a significant setback to President Donald Trump and his Republican Party. The results raised questions about the direction of US trade, tariff and foreign policies.
For Indian markets, the political developments in the US could have implications for foreign investment flows, technology spending and global trade relations. Investors were also assessing how changes in the American political landscape could influence global technology companies and their investment plans.
On the domestic front, buying interest was visible across several sectors. The Nifty Media index emerged as the biggest sectoral performer, rising approximately 5.34%. The Nifty Metal index advanced 2.44%, while the Realty index gained around 2.8%. Energy stocks also attracted buying interest, with the sectoral index climbing nearly 2%.
The FMCG index rose 1.21%, while Consumer Durables gained 1.82%. Auto, banking and financial services stocks also ended higher, contributing to the broader market recovery. The positive performance of midcap and smallcap shares further indicated that investors were willing to take on additional market exposure beyond large-cap stocks.
The Nifty Midcap index advanced approximately 1.3%, while the Nifty Smallcap index gained around 2%. This outperformance suggested that buying interest was spread across different segments of the market rather than being restricted to a handful of heavyweight companies.
Among the Nifty 50 stocks, Bharat Electronics (BEL) emerged as the biggest gainer, surging 4.71%. Adani Enterprises followed with a rise of 4.47%, while Titan Company advanced 4.22%. Jio Financial Services climbed 3.73% and Max Healthcare gained 3.53%, rounding off the top five gainers.
On the losing side, Tata Consultancy Services (TCS) led the decline, falling 2.52%. HCL Technologies slipped 2.37%, while BSE Ltd dropped 1.75%. Infosys declined 1.73% and Eternal lost 1.42%. The weakness in major IT stocks weighed on the Nifty IT index, which ended 1.50% lower.
Market breadth, meanwhile, remained firmly positive. On the BSE, approximately 2,948 stocks advanced, while 1,260 declined and 170 remained unchanged. The strong advance-decline ratio indicated that the positive sentiment extended across a wide range of listed companies.
The Indian rupee also strengthened against the US dollar, closing at ₹94.64 compared with its previous close of ₹94.74. The currency’s recovery added to the relatively positive domestic market environment.
Looking ahead, investors are likely to track crude oil movements, foreign institutional investor activity, geopolitical developments and corporate earnings for further direction. The ongoing September-quarter earnings season will remain particularly important as companies report their financial performance and provide indications about demand and profitability.
While the five-session rally has strengthened confidence in Indian equities, some consolidation cannot be ruled out after the sharp gains. The Nifty’s approach towards the 24,000 mark will be closely watched, with investors looking for sustained buying interest to support the next leg of the recovery.
For now, easing crude prices, encouraging corporate earnings and renewed foreign investor participation have provided a favourable backdrop for Dalal Street. Whether the rally can extend beyond five consecutive sessions will depend largely on global cues and the ability of domestic investors to sustain the current buying momentum.