Indian stock markets extended their winning streak for the seventh consecutive session on Friday (November 6), with benchmark indices gaining more than 2% each. The rally pushed the Nifty 50 above the 25,000 mark and added ₹30.41 lakh crore to investors' notional wealth over seven trading sessions.
The Sensex jumped 1,718.01 points, or 2.17%, to close at 81,028.02. The Nifty 50 advanced 493.75 points, or 2.01%, to settle at 25,030.35.
Over the past seven sessions, the Sensex has gained 7,781.99 points, while the Nifty has climbed 2,331.5 points.
The sustained rally has significantly boosted market capitalisation. The combined market value of BSE-listed companies increased by ₹1.49 lakh crore on Friday to ₹503.10 lakh crore, compared with ₹501.61 lakh crore in the previous session.
Over seven trading sessions, the increase in market capitalisation reached ₹30.41 lakh crore, reflecting a sharp recovery in investor sentiment.
Indian equities emerged as a relative outperformer even as several Asian markets faced selling pressure following an overnight decline on Wall Street.
Technology stocks led the global sell-off amid concerns over artificial intelligence investments and data centre spending. Political developments following the US midterm elections also added to uncertainty, with gains by Democrats raising questions about potential regulatory changes affecting technology companies.
However, Indian markets remained resilient, supported by domestic buying and renewed interest in large-cap stocks.
Large private sector banks attracted investor interest, benefiting from relatively attractive valuations and strong liquidity.
Investors increasingly viewed Indian equities as a relatively safer destination amid global market volatility. The shift towards fundamentally strong large-cap stocks, particularly private banks, helped sustain the rally.
A decline in crude oil prices, easing US Treasury yields and a strengthening rupee also improved sentiment towards Indian assets.
The Indian rupee recovered to 93.80 against the US dollar, its strongest level in six months, supported by lower crude prices and renewed foreign portfolio inflows.
The combination of foreign investor buying, currency appreciation and easing oil prices has strengthened the outlook for domestic equities.
However, the rally remains concentrated in select large-cap stocks, suggesting that the broader market recovery is still uneven.
While the seven-session surge has strengthened investor confidence ahead of Diwali, the sustainability of the recovery will depend on broader market participation, foreign fund flows and global economic developments.