Crude crash, US midterm wave send Nifty surging past 24,300

SENSEX 78,864.33

+ 1,562.93

NIFTY 24,411.35

+ 450.75

CRUDEOIL 8,250.00

 -114.00

GOLD 144,786.00

+ 1,552.00

SILVER 188,390.00

+ 655.00

SENSEX 78,864.33

+ 1,562.93

NIFTY 24,411.35

+ 450.75

NIFTY 24,411.35

+ 450.75

CRUDEOIL 8,250.00

 -114.00

CRUDEOIL 8,250.00

 -114.00

GOLD 144,786.00

+ 1,552.00

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Crude drops close to 10% to around $94 per barrel following the Democratic sweep in the US midterm elections

By Anupama Ghosh

Updated - November 05, 2026 at 12:06 PM.

Among Nifty 50 stocks, Shriram Finance led the gainers, rising 6.35% to ₹966.45, followed by IndiGo at ₹5,418.10, up 5.39%. | Photo Credit: iStockphoto

Benchmark indices opened sharply higher on Thursday, with the Nifty 50 jumping 400 points to 24,360.70 and the Sensex surging 1,418.56 points, or 1.84 per cent, to 78,719.96, as a near 10 per cent crash in crude oil prices and a decisive US midterm election outcome fuelled a broad-based rally across sectors.

The Sensex had closed the previous session at 77,301.40 and opened at 78,910.94, while the Nifty, which had closed at 23,960.60, opened at 24,378.05, extending its winning streak to a sixth consecutive session.

• Read also: Nifty Prediction Today – November 5, 2026: Nifty futures: Uptrend intact

Gainers and losers

Among Nifty 50 stocks, Shriram Finance led the gainers, rising 6.35 per cent to ₹966.45, followed by IndiGo at ₹5,418.10, up 5.39 per cent. Asian Paints climbed 4.56 per cent to ₹2,528.50, while Tata Motors preferred variant (TMPV) gained 4.13 per cent to ₹290.00. Maruti Suzuki rose 4.06 per cent to ₹12,482, with volume of 1.27 lakh shares changing hands.

On the losing side, Apollo Hospitals fell 2.19 per cent to ₹8,411, the steepest decline among index heavyweights. ONGC dropped 1.85 per cent to ₹230.66, while Cipla slipped 0.56 per cent to ₹1,394.10. Bharti Airtel shed 0.44 per cent to ₹2,058.50 and Coal India edged down 0.35 per cent to ₹398.25.

Crude drops

The primary driver of Thursday's rally was a sharp fall in Brent crude, which dropped close to 10 per cent to around $94 per barrel following the Democratic sweep in the US midterm elections, which raised hopes of de-escalation in the US-Iran conflict. Dr V K Vijayakumar, Chief Investment Strategist at Geojit Investments, said the fall in crude prices was happening at a time when "the Indian economy is showing great resilience and corporate earnings are showing significant improvement."

He added that this shift, alongside hopes that long-term capital gains tax may be revised in the upcoming Union Budget, had "completely changed the FII's stance towards India," with foreign institutional investors buying equities worth ₹20,834 crore over the previous four trading sessions in the cash market alone.

Foreign institutional investors recorded net purchases of ₹7,284 crore in the previous session alone, their fourth consecutive day of net buying, while domestic institutional investors sold ₹3,712 crore, continuing a four-session selling streak.

Wall Street rises on US election results

Wall Street's response to the midterm results was dramatic. The Dow Jones Industrial Average surged over 3 per cent, marking its strongest post-midterm performance in over four decades, while the S&P 500 and Nasdaq gained over 1.4 per cent each. However, the technology and semiconductor segment came under pressure, Nvidia, Broadcom and Applied Materials fell as voters in 10 states backed data centre restrictions, while Microsoft, Amazon, Apple and Alphabet rose on expectations that a slower AI build-out would ease capital expenditure concerns.

US 10-year Treasury yields fell to approximately 4.87–4.89 per cent, and the dollar posted its worst daily performance in two months, adding to the supportive global backdrop for emerging markets. The Indian rupee strengthened for a fourth straight session, gaining 10 paise to close at ₹94.64 against the dollar.

Technicals

Sectorally, media, metal, realty, FMCG, oil and gas and auto led Wednesday's gains while IT was the key laggard, shedding 1.50 per cent. Sachin Gupta, VP–Technical Research at Choice Broking, noted that "Nifty sustained its position above the 200-day EMA near 23,904, reinforcing the positive technical structure," with RSI at 68.55, though he flagged the possibility of "near-term profit booking.

Hariselvan Radhakrishnan, Founder and CEO of HST Wealth, cautioned that crude's fall "remains driven by expectations rather than a confirmed settlement or full restoration of energy flows, leaving crude vulnerable to any setback in negotiations."

Bank Nifty, which closed at 55,913.60 on Wednesday, up 373.55 points, was expected to test resistance at 56,950–57,330, with support at 55,700–55,870. Ponmudi R, CEO of Enrich Money, said "the first 15–30 minutes of trade will be critical in assessing the strength of the advance, with market breadth and institutional participation offering important clues about the underlying buying conviction."

Kotak Neo's Head of Equity Research, Shrikant Chouhan, pegged immediate Nifty support at 23,800–23,750 and resistance at 24,200 and 24,400, advising that "buying on intraday dips and selling on rallies would now be the ideal strategy" for day traders.

Published on November 5, 2026

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