Business
Dalal Street stretched its winning run to five consecutive sessions on Wednesday, overcoming early volatility and global cues from the US midterm elections as the BSE Sensex rose 383.55 points to 77,301.40 and the Nifty 50 ended at its day’s high of 23,960.60. Sustained foreign institutional buying of over ₹6,837 crore, Brent crude hovering near four-week lows at $103, and stellar corporate earnings led by SBI and NSE’s maiden post-listing results powered gains across media, banking, and auto, offsetting a 2% decline in IT stocks.
Dalal Street continued its unstoppable momentum on Tuesday as benchmark indices closed at the day’s high for the fourth straight session, lifting the BSE Sensex by 1,225.07 points to 76,917.85 and the Nifty 50 by 370.05 points to 23,810.85. The three-day 2,800-point surge was propelled by crude oil plunging nearly 8% to $104.77 on West Asia de-escalation hopes, heavy FII buying, and blockbuster Q2 corporate earnings led by GAIL’s doubling profits and Bank of Baroda’s record ₹6,532 crore net profit.
Dalal Street closed in the green for a second consecutive session on Friday, with the BSE Sensex advancing 308.49 points to 74,459.53 and the Nifty 50 rising 116.35 points to 23,053.10, sealing a near 2% weekly gain. Frontline strength was spearheaded by a 2.2% bounce in Nifty IT and earnings-led rallies in Trent and IndiGo, offsetting broad risk-off selling that sent smallcaps down 1.85% amid Brent crude spiking to $117.40 and rising expectations of a December US Federal Reserve rate hike.
After languishing near three-month lows under the weight of triple-digit crude oil and pre-Fed jitters, Dalal Street mounted a dramatic late-session reversal on Thursday. Powered by record domestic mutual fund inflows, both Sensex and Nifty erased intraday losses to close in the green.
Dalal Street suffered a sharp downturn on Wednesday as geopolitical turmoil in the Middle East drove Brent crude beyond the $100 mark. Compounded by a slide in the Nifty IT index and Fed rate hike anxieties, both the Sensex and Nifty closed at their lowest levels in three months.
A sharp escalation in West Asia pushed Brent crude close to $100 per barrel, triggering a broad-based market rout on Dalal Street. With the rupee sliding to a monthly low and US rate hike odds rising, both Sensex and Nifty extended their multi-week slide.
Dalal Street finally got a breather on Thursday, September 4, after four straight sessions of punishment, but the close was nowhere near the day’s high. What looked like a strong comeback in the morning turned into a cautious close after the closing auction shaved off gains.
It was a tale of two sessions in one day. Dalal Street started Thursday with swagger, ended with a whimper.
Dalal Street started September on a sour note. After a gap-down open, benchmark indices never recovered, ending deep in the red as a lethal mix of $95 crude, spiking US yields and fresh US-Iran missile exchanges sent global risk assets tumbling.
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