Business
Dalal Street staged its biggest single-day surge in months on Thursday, with the BSE Sensex soaring 2,008.61 points to 79,310.01 and the Nifty 50 vaulting 576.00 points to 24,536.60 to seal a six-session winning run. The explosive rally added nearly ₹8 lakh crore to investor wealth, catalyzed by an 8.7% crash in Brent crude below $94 following the US midterm ‘Blue Wave’, record single-day FII purchases of ₹7,284 crore, and blockbuster Q2 earnings led by M&M, BSE Ltd, and Nykaa.
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.
After starting deep in the red and bleeding through the morning session on August 25, benchmark indices staged a powerful late-session reversal to end near the day’s high, snapping a two-day losing run.
A late-session bounce saved Dalal Street from a deeper cut, but could not prevent the bears from stamping their authority on Monday. After a strong start, benchmark indices slid over 1% intra-day before recovering half the losses, closing marginally lower on cautious trade ahead of a major US announcement on Iran.
After seven straight days in the red, Dalal Street finally found its footing on Thursday. The Sensex and Nifty both closed higher, powered by a bounce in financials and IT as global bond markets calmed down.
Dalal Street had no respite on Wednesday. For the seventh session in a row, Indian equities slipped, clocking their longest losing run in 11 months as investors ran for cover amid dearer oil and rising US bond yields.
It was a jittery Monday on Dalal Street. After a hesitant start, Indian benchmarks slipped into negative territory and stayed there, dragged down by IT, metals and broad-based profit booking.
Dalal Street ended the day on a jittery note, with both headline indices giving up intraday gains to close in negative territory for the second day in a row.
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