Sensex jumps over 2,000 pts

Mumbai: Indian equity benchmarks surged on Thursday, extending their winning streak to a fifth consecutive session, as a sharp decline in crude oil prices boosted investor sentiment amid expectations of a quicker resolution to the West Asia conflict following the Democrats’ victory in the US midterm elections. The Sensex soared 2,008.61 points, or 2.6 per cent, to close at 79,310.01, while the Nifty advanced 576 points, or 2.4 per cent, to settle at 24,536.60, marking one of the strongest single-day gains in recent months.

Commenting on Nifty technical outlook, experts said that the index has strengthened its technical outlook by reclaiming all key moving averages on the daily chart, indicating a bullish trend reversal. 

“Any dip towards 24,200 could act as immediate support, while 24,000 remains crucial positional support. On the upside, resistance is placed at 24,800 and 25,000. A buy-on-dips strategy remains advisable,” market experts stated. The broad-based rally added substantial wealth to investors, with the market capitalisation of all BSE-listed companies increasing by Rs 7.03 trillion to Rs 501.45 trillion from Rs 494.42 trillion in the previous session.