Stock Market Today: Crude Crash Brings Early Diwali On D-Street As Sensex Surges 1,600 Points, Nifty Jumps 1.7%

Equity benchmark indices opened sharply higher on November 5, extending their winning streak to a sixth consecutive session, as a sudden deep crevice in crude oil prices and a strong rally on Wall Street overnight lifted investor sentiment. Hopes of an early resolution to the West Asia conflict following the Democrats' sweeping victory in the US midterm elections further supported the rally.

The Sensex opened at 78,910.94, gaining 1,609.54 points, and climbed to a 10-week high. The Nifty 50 started the session at 24,378.05, up 417.45 points, or 1.74 per cent.

Buying by foreign portfolio investors (FPIs) provided further support to domestic equities. FPIs bought shares worth Rs 7,052.74 crore through primary market and stock exchange transactions in the previous session, marking their third consecutive session of net purchases. Their cumulative buying over the three sessions stood at Rs 14,863 crore.

The rally in Indian markets came amid a sharp correction in international crude oil prices. Brent crude traded at $93.78 per barrel, while US West Texas Intermediate (WTI) stood at $86.92 per barrel, following a nearly 10 per cent decline in oil prices.