GIFT Nifty Surges 372 Points As Sensex, Nifty Eye Another Blockbuster Session After 5-Day Rally; Oil Slips Below $94

GIFT Nifty Today, November 5: Indian equity markets are set for a strong start on Thursday, with the GIFT Nifty jumping more than 370 points, signalling a substantial gap-up opening for the domestic benchmark indices. The positive cues come as global risk appetite improves following a sharp decline in crude oil prices and strong gains on Wall Street after Democrats secured control of both chambers of Congress in the midterm elections.

GIFT Nifty was trading at 24,322, up 372 points or 1.55%, as of 8:08 am on Thursday, November 5. The sharp advance suggests that the Sensex and Nifty could extend their winning run for a sixth consecutive session.

The optimism comes after Indian equities extended their rally for the fifth straight session on Wednesday.

The BSE Sensex climbed 383.55 points, or 0.50%, to settle at 77,301.40, its highest closing level in more than two months. The index had surged as much as 478.19 points during the session.

The NSE Nifty 50 advanced 149.75 points, or 0.63%, to close at 23,960.60. Over the five sessions through Wednesday, the Sensex gained more than 4,000 points, or about 5%, reflecting a significant improvement in domestic market sentiment.

Oil prices extend losses, Brent slips below $94

One of the biggest positive triggers for Indian equities is the continued decline in international crude oil prices. Brent crude futures fell below the $94-per-barrel mark on Thursday, extending their losses for a fourth consecutive session, while US West Texas Intermediate (WTI) crude also declined.

Oil prices have come under pressure amid expectations that the Republican Party’s losses in the US congressional midterm elections could reduce the risk of further escalation in the US-Israeli war on Iran.

The decline in crude prices is particularly encouraging for India, which depends heavily on imports to meet its energy requirements. Lower oil prices could ease pressure on India’s import bill, inflation and current account deficit, while improving the earnings outlook for oil-consuming sectors.

US markets rally as Dow surges 1,569 points

Global market sentiment also received a significant boost from Wall Street, where US equities staged a sharp rally on Wednesday.

The Dow Jones Industrial Average surged 1,569.40 points, or 3.03%, to close at 53,356.12, crossing the 53,000 mark for the first time. It also recorded its biggest single-day point gain since April 9, 2025.

The S&P 500 advanced 1.58%, while the Nasdaq Composite gained 0.91%, reflecting a broad improvement in investor sentiment.

The rally came as investors assessed the implications of the US midterm election results, with Democratic gains potentially influencing the Trump administration’s policy agenda, including its approach towards trade and geopolitical tensions.

FIIs return to Dalal Street

Foreign institutional investor (FII) activity will remain another important factor for domestic equities. Foreign investors reportedly made net purchases of approximately ₹7,284 crore in the previous session, providing additional support to the ongoing market recovery.

A sustained return of overseas institutional money could strengthen the domestic rally, particularly after the volatility and selling pressure witnessed in recent sessions.

What should investors watch today?

Ponmudi R, CEO of Enrich Money, said, “Indian equity markets are poised for a strong opening on Thursday, with sentiment receiving a boost from a sharp retreat in international crude oil prices. GIFT Nifty is trading around 24,305, up 355 points, or 1.48%, signalling the possibility of a substantial gap-up opening for the domestic benchmarks. The sharp advance reflects improving global risk sentiment, supported by lower crude prices and renewed institutional buying. However, the ability of the benchmarks to sustain these gains beyond the opening trades will be crucial in determining whether the positive momentum can translate into a broader upward move.”

He added that crude oil prices have retreated sharply, with WTI falling more than 8% to around $88 per barrel and Brent easing towards the $94-95 range. The decline offers some relief to an oil-import-dependent economy such as India, potentially easing pressure on the import bill, domestic inflation and the current account deficit. A sustained moderation in energy prices could also improve the broader macroeconomic outlook and strengthen investor appetite for domestic equities.

“Foreign institutional investors have returned as significant buyers, recording net purchases of about Rs 7,284 crore in the previous session. The revival in overseas fund flows marks an encouraging development for domestic equities, particularly as sustained institutional participation could lend greater depth to the ongoing market recovery,” Ponmudi said.

Wall Street ended sharply higher, with the Dow Jones Industrial Average surging 3%, while the S&P 500 and Nasdaq Composite advanced 1.58% and 0.91%, respectively. However, sentiment across Asian markets remains subdued, with Japan’s Nikkei reversing its early gains to trade nearly 1% lower, while South Korea’s KOSPI has declined more than 3%, reflecting persistent weakness in technology stocks.