Indian equity markets extended their winning streak on Tuesday, with the Sensex jumping over 600 points and the Nifty gaining nearly 150 points in early trade, supported by easing crude oil prices and fresh foreign fund inflows.
Mumbai, November 3 — Indian benchmark indices continued their upward momentum in early trade on Tuesday, supported by a sharp correction in global crude oil prices and renewed buying by foreign institutional investors.
The 30-share BSE Sensex jumped 614.66 points to 76,301.63, while the NSE Nifty gained 149.80 points to reach 23,588.55 in early trade.
Among Sensex companies, InterGlobe Aviation, UltraTech Cement, HDFC Bank, Asian Paints, Hindustan Unilever and Infosys were among the major gainers.
In contrast, Sun Pharma, Kotak Mahindra Bank, NTPC and Power Grid traded lower.
Global crude oil prices remained a key factor influencing market sentiment. Brent crude was trading around $104.8 per barrel.
Foreign institutional investors also supported the market rally. FIIs purchased Indian equities worth a net ₹3,114.68 crore on Monday, according to exchange data.
The latest gains came after a strong rally in the previous session.
On Monday, the Sensex had surged 1,233.25 points, or 1.66%, to close at 75,692.78. The Nifty had climbed 387.70 points, or 1.68%, to 23,440.80.
V K Vijayakumar, Chief Investment Strategist at Geojit Investments, said conditions were supportive for continuation of the market rally, citing lower Brent crude prices, good Q2 results and the return of FIIs as buyers.
Investors were also monitoring developments in West Asia.
HST Wealth Founder and CEO Hariselvan Radhakrishnan said Qatar-mediated exchanges between the US and Iran had raised hopes of progress towards ending the conflict and restoring normal energy flows through the Strait of Hormuz.
Asian markets showed mixed trends. South Korea’s Kospi and China’s Shanghai Composite traded lower, while Hong Kong’s Hang Seng was higher.
Investors are also watching the US mid-term elections, which are expected to be an important global trigger because of their potential implications for fiscal policy, trade and the Iran conflict.
The combination of lower oil prices, foreign inflows and strong corporate earnings has provided fresh support to domestic equities after the recent market rally.
