Indian equity markets rallied sharply on Thursday, with investor wealth rising by about Rs 7 lakh crore, according to NDTV. The broadcaster described the gain as a Diwali gift for Dalal Street following the US election results.
The Sensex climbed 1,750 points and the Nifty moved above 24,450, Moneycontrol reported. Telegraph India put the Sensex's opening gain at 1,403.71 points and the Nifty's rise at 378.85 points. The Times of India reported that investors added more than Rs 6.9 lakh crore, citing the rally's main drivers.
A fall in crude oil prices was central to the move. The Hindu reported that crude tumbled 9% after what it called the fallout from Trump's midterms, and Moneycontrol listed oil touching a two-month low among the key factors behind the advance. Lower crude costs matter for India because the country imports much of its oil.
The reports frame the gains as a reaction to the US midterm outcome and its effect on energy markets, rather than to domestic developments. The figures cited by the outlets vary slightly in scale, with NDTV putting the wealth addition at roughly Rs 7 lakh crore and The Times of India at over Rs 6.9 lakh crore.
Investors will be watching whether crude holds at these lower levels and whether the indices can sustain the gains in the sessions ahead.
