Bull run on D-Street: Sensex settles 2,000 pts higher, Nifty reclaims 24,500; key factors behind market rally
Bull run on D-Street: Sensex settles 2,000 pts higher, Nifty reclaims 24,500; key factors behind market rally
The benchmark indices Sensex and Nifty surged 2.5 percent on Thursday, opening near three-month highs, as a sharp decline in crude oil prices and hopes of an early resolution to the West Asia conflict lifted investor sentiment.
Both the indices have jumped over 8 percent in six sessions, marking their longest winning streak in a year.
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Nifty and Sensex have also trimmed their year-to-date losses to 6.5 percent and 7.4 percent, respectively.
The optimism followed the US midterm election results, in which voters handed control of Congress to the opposition Democratic Party, raising expectations that President Donald Trump’s ability to escalate the conflict with Iran could be weakened.
Sustained foreign fund inflows and a sharp rally in US equity markets also supported the domestic markets.