Economy
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.
Precious metals are having a rough run, with the latest sell-off taking gold to a one-year low and pushing silver below the $50-an-ounce mark for the first time in almost a year.
Dalal Street halted its multi-session slide on Tuesday as both the Sensex and Nifty staged a relief rally from five-month lows, buoyed by defensive FMCG buying and central bank defense of the rupee. However, with Brent crude stubbornly elevated near $108 and US Treasury yields lingering at 5%, broader market sentiment remains guarded ahead of the Federal Reserve’s rate decision.
After a promising gap-up opening on Tuesday, Dalal Street succumbed to heavy selling pressure as the Nifty tumbled 474 points from its intraday high to close at 23,118.60. Surging energy prices driven by Middle East disruptions, steep rupee depreciation, and hardening US bond yields sealed a fifth consecutive week of market declines.
A potent double whammy of soaring energy prices and hardening global bond yields triggered another volatile session on Dalal Street on Friday. Despite a valiant mid-session rebound attempt, the Sensex and Nifty ended in the red, logging their fifth straight week of losses as geopolitical escalations in the Middle East and Fed rate hike fears unnerved investors.
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.
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