Diwali Cheer: Sensex Jumps 2,000 Points; Nifty Closes Above 24,500

Sensex benchmarks rallied on Thursday, extending their winning streak to five sessions. Falling crude oil prices lifted investor sentiment amid hopes of an early resolution to the West Asia conflict after the Democrats’ victory in the US midterm elections.

The Sensex surged 2,008.61 points, or 2.6 per cent, to close at 79,310.01. The Nifty gained 576 points, or 2.4 per cent, to settle at 24,536.60. Both indices recorded some of their strongest single-day gains in recent months.

The Nifty’s technical outlook strengthened after it reclaimed all key daily moving averages, signalling a potential bullish reversal.

Experts identified 24,200 as immediate support and 24,000 as a crucial positional level. On the upside, resistance lies at 24,800 and 25,000. They recommended a buy-on-dips strategy.

The rally added Rs 7.03 trillion to investors’ wealth. The total market capitalisation of BSE-listed companies rose to Rs 501.45 trillion from Rs 494.42 trillion in the previous session.

Broader markets also advanced. The Nifty MidCap 100 gained 1.87 per cent, while the Nifty SmallCap 100 rose 0.56 per cent.

Auto, real estate and financial stocks led sectoral gains. Nifty Auto, Nifty Realty, Nifty Financial Services and Nifty Private Bank emerged as top performers. However, Nifty Chemical and Nifty Media underperformed.

Bajaj Finance, Shriram Finance and Mahindra & Mahindra ended among the Nifty’s top losers.

Experts said lower crude prices could ease inflation, corporate margin pressures and India’s import bill. They cautioned that the rally’s sustainability would depend on market breadth and tangible progress towards geopolitical de-escalation.

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