Sensex Enjoys Best Day in 7 Months

India’s BSE Sensex rose about 0.7% to 79,853 on Friday, extending its winning streak to seven sessions and hitting its highest level since early March, supported by strong foreign investor inflows and easing crude oil prices. Foreign investors bought around 15,000 crore rupees ($1.6 billion) of Indian equities on Thursday, their biggest single-day net purchase in nearly six years, taking inflows to about $4 billion over the past 10 sessions. Brent crude slipped below $100 a barrel, easing concerns over inflation and India’s import bill, while hopes that the Democrats’ sweep of the US midterm elections could accelerate an end to the US-Iran conflict further lifted sentiment. However, global tech weakness and AI valuation concerns remain risks, while SEBI’s proposed tax relief for foreign investors could boost overseas inflows. Notable gainers included ICICI Bank (1.4%), HDFC Bank (1.1%), M&M (4.3%), and Infosys (1.6%). For the week, the benchmark is on track to advance 7.1%.

India’s BSE Sensex closed about 2.6% firmer at 79,310 on Thursday, notching its biggest daily gain since April 8 and extending its winning streak into six straight sessions. Renewed foreign investor buying, healthy earnings, lower crude oil prices and hopes of easing global tensions continued to support investor sentiment. Global markets remained upbeat after the US midterm elections, with the results potentially constraining President Trump’s ability to pursue his policy agenda, particularly its approach to the Middle East conflict. Gains were broad-based, led by heavyweight financials, banking stocks and autos. Among single stocks, Bajaj Finance rallied 7.8%, followed by InterGlobe Aviation (5.8%), ICICI Bank (5.3%), Maruti (5.3%), Mahindra & Mahindra (5.2%), Bajaj Finserv (4.7%) and Asian Paints (4.5%). NTPC (-1.7%), Bharat Electronics (-0.6%) and Adani Ports (0.5%) were among the laggards.

The SENSEX Index rose 2009 points or 2.60 percent on Thursday to close at 79310 points. Leading the gains are Bajaj Finance (7.64%), Maruti Suzuki (5.46%) and Tata Motors (5.44%).