Benchmark equity indices surged on Thursday, posting their biggest single-day gain in seven months, as falling crude oil prices, hopes of progress towards ending the West Asia conflict, and a global shift away from AI-related trades improved investor sentiment and raised expectations of stronger foreign fund inflows.

The Nifty50 jumped 2.4% to 24,536.60, while the Sensex gained 2.6%, or 2,008.61 points, to 79,310.01. Both indices extended their rally to a sixth consecutive session, rising more than 8% over the period and marking their longest winning run in a year.

Bajaj Finance, Shriram Finance and Mahindra & Mahindra were the top Nifty 50 laggards. The Nifty MidCap 100 and SmallCap 100 rose 1.87% and 0.56%, respectively. Auto, realty, financial services and private banking stocks outperformed, while chemical and media stocks lagged.

Foreign investors net bought shares worth 78.61 billion rupees on Wednesday, their biggest single-day purchase in India since October 2025, according to provisional exchange data.

The rupee strengthened 0.2% to 94.4750 per US dollar, its strongest level in two weeks, as Brent crude fell below $100 a barrel on hopes that the risk of further escalation in the Iran war had diminished following Democratic gains in the US midterm elections.

Indian government bond yields declined, although they recovered from their intraday lows as overseas pressures increased during the session. The benchmark 6.94%, 2036 bond yield ended at 7.1710%, down from 7.1880% on Wednesday, after touching 7.0669%, its lowest level since September 23.

Top Movers of the Day

Bajaj Finance surged 7.65% to close at ₹1,070, leading on the benchmark indices in a massive market rally. The non-banking financial lender attracted heavy institutional buying following an investor meet that highlighted a 29% jump in quarterly profit and a strategic shift toward AI-driven operational efficiencies.

Shriram Finance jumped 6.08% to settle at ₹964 amid a broader 2,000-point surge in the Sensex. The stock rallied aggressively as softer US treasury yields and a weakening dollar following the US election outcome supported renewed foreign portfolio inflows into Indian financial equities.

InterGlobe Aviation climbed 5.43% to close at ₹5,420, tracking positive momentum in the broader travel and transportation sector. Easing global crude oil prices provided a significant tailwind for the airline, boosting investor confidence in its near-term operating margins and profitability.

Mahindra & Mahindra advanced 5.59% to end at ₹3,127.50 following a robust quarterly earnings report that beat analyst expectations. The automaker posted a nearly 13% year-on-year increase in net profit on the back of strong consumer demand and disciplined execution across its automotive division.

Maruti Suzuki rose 5.48% to close at ₹12,652. The passenger vehicle market leader benefited heavily from record October sales data, crossing the 2-lakh mark for domestic dispatches driven by resilient festive season demand.

Apollo Hospitals plunged 2.66% to end at ₹8,371, emerging as the top laggard in the Nifty 50. The stock faced intense selling pressure on concerns over possible regulatory scrutiny regarding in-house pharmacies, compounding an ongoing valuation de-rating for the premium hospital chain.

ONGC declined 2.13% to close at ₹230. The state-run energy explorer faced direct headwinds from cooling global crude oil prices, which kept institutional buyers hesitant and triggered an unwinding of long positions in the energy sector.

NTPC fell 1.63% to settle at ₹316.70 as the broader market rotated heavily into growth sectors. Investors opted to book profits and shift capital out of defensive utilities to participate in the aggressive rally across the financial and automobile sectors.

Coal India slipped 1.34% to close at ₹394.30. The state-owned miner was dragged lower by broad-based selling in the commodity space as lower global energy prices dampened near-term revenue expectations.

Dr. Reddy's Laboratories dropped 0.58% to end at ₹1,366, recording a mildly negative session despite the overarching market euphoria. Cautious investor sentiment in the healthcare space prompted a shift of capital away from defensive drugmakers into high-beta growth stocks.

Futures & Options
The Nifty November 2026 futures contract closed at 24,585, a premium of 48.40 points to the Nifty 50's cash market close of 24,536.60. The benchmark index gained 576 points, or 2.40%, during the session.

The NSE's India VIX rose 2.83% to 15.62, indicating higher expectations of near-term market volatility. HDFC Bank, Mahindra & Mahindra, and ICICI Bank were the most-traded individual stock futures contracts on the NSE. November 2026 F&O contracts will expire on November 23.

Bonds
The benchmark 6.94%, 2036 government bond yield fell to 7.1710% on Thursday from 7.1880% on Wednesday, after touching 7.0669%, its lowest level since September 23. Brent crude prices rose above $96 a barrel during the session, while a rise in the 10-year US Treasury yield towards 4.88% prompted some traders to place short bets on domestic bonds.

Optimism over diplomatic efforts to contain the conflict in West Asia following Republican losses in the US midterm elections continued to support bonds. Traders also built short positions ahead of Friday's ₹360-billion government bond auction, comprising ₹230 billion of the 7.06%, 2041 bond and ₹130 billion of the 7.43%, 2076 bond, seeking cheaper levels to cover their positions.

Forex
The Indian rupee strengthened 0.2% to close at 94.4750 per US dollar on Thursday, its strongest level in two weeks, as oil prices fell below $100 a barrel amid hopes that the risk of further escalation in the Iran war had diminished following Republican losses in the US Congress.

Easing oil prices lifted Indian equities to their strongest daily gain in seven months and pushed government bond yields to their lowest levels in more than a month, as investor concerns over the economic impact of high energy costs eased. The rupee's gains were broadly in line with those of other Asian currencies. Dollar-rupee forward premiums also declined as traders drew comfort from the global relief rally.

Crypto
The cryptocurrency market staged a broad-based recovery on Thursday, tracking a relief rally in equities as easing oil prices and reduced political uncertainty following the US midterm elections improved risk appetite.

Bitcoin rose above the $80,000 mark to around $80,600, while Ethereum traded near $2,424, holding above the $2,400 level. A short squeeze also supported large-cap altcoins, with more than $500 million in short positions liquidated across the market. However, traders continued to monitor on-chain treasury movements and macroeconomic data for further direction.

US Stock Futures
US stock futures traded mixed on Thursday following the previous session's rally, which was supported by a sharp decline in oil prices and Democratic gains in the midterm elections.

S&P 500 futures fell 0.1%, while Nasdaq-100 futures declined 0.8%. Dow Jones Industrial Average futures rose 262 points, or 0.5%. Technology stocks came under pressure in premarket trading, with Tesla down 2.3% and SpaceX falling 1.8%, after both declined more than 3% in the previous session.

US Treasury Notes
US Treasury yields fell sharply on Thursday, with the 10-year yield declining to an eight-week low of around 4.88%, as investors increased holdings of government debt following the US midterm election results and a decline in global oil prices.

The five-year Treasury yield fell to 4.69%, while the 30-year yield eased to 5.26%. The Treasury Department's decision to keep quarterly coupon auction sizes unchanged helped ease concerns over debt supply, while budget tensions in Europe added to demand for safe-haven US government bonds.

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