Sensex Vaults 2,009 Points as Crude Oil Plunges After US Midterms
The Sensex closed at 79,310.01 on 5 November 2026, up 2,008.61 points, and the Nifty ended at 24,536.60, as a sharp fall in crude oil prices and the Democrats' sweep of the US midterm elections lifted Indian equities for a sixth straight session.
Indian benchmarks surged on 5 November 2026, with the Sensex gaining 2,008.61 points to 79,310.01 and the Nifty rising 576 points to 24,536.60. The rally followed a steep fall in crude oil prices after the US midterm elections, strong foreign buying and gains on Wall Street.
A record-setting Thursday on Dalal Street
The Sensex vaulted 2,008.61 points, or 2.60 per cent, to close at 79,310.01 on Thursday, 5 November 2026, and the Nifty added 576 points, or 2.40 per cent, to end at 24,536.60. Intraday, the Sensex rose as much as 2,168.63 points to 79,470.03, and the Nifty closed above the 24,550 mark for the first time since 7 August.
Thursday was the sixth straight session of gains. Over that run the Sensex has added 6,063.98 points, or 8.27 per cent, and the Nifty 1,837.75 points, or 8 per cent. Bajaj Finance led the Sensex pack with a 7.77 per cent gain, followed by InterGlobe Aviation, ICICI Bank, Maruti and Mahindra & Mahindra. Market breadth was strong, with 2,994 stocks advancing against 1,453 declining.
The rally had already gathered pace earlier in the week. On Tuesday, 3 November, the Sensex jumped 1,225.07 points, or 1.62 per cent, to 76,917.85, while the Nifty rose 370.05 points, or 1.58 per cent, to 23,810.85, reclaiming the 23,800 level.
Crude oil slide and the US midterm verdict
Crude oil provided a key trigger for the rise. Brent crude fell 8.7 per cent in the previous session and moved towards $94 a barrel, while US West Texas Intermediate crude dropped to around $88. The slide followed the US midterm elections, in which Democrats won control of both the House of Representatives and the Senate, raising hopes of an early resolution to the conflict in West Asia.
On Thursday, Brent crude was up 1.59 per cent at $96.12 a barrel but stayed well below the previous week's levels, having shed the geopolitical risk premium built up during the Iran conflict. Vinod Nair, head of research at Geojit Investments, said the US midterm verdict gave Indian equities fresh momentum, with the rally gathering pace on hopes that a more restrained Washington could pave the way for de-escalation in the Iran conflict.
Hariselvan Radhakrishnan of HST Wealth said crude's geopolitical risk premium unwound sharply after the midterm outcome, and that steady foreign buying and a healthy second-quarter earnings run added substance to the move. India imports the vast majority of its crude, so lower oil prices ease concerns about inflation, the current account and the rupee.
Foreign money returns and the road ahead
Foreign institutional investors bought equities worth Rs 7,284.03 crore on Wednesday, according to exchange data. It was their largest single-day purchase since 28 October 2025 and marked the fourth straight session of net buying, with purchases exceeding Rs 17,000 crore during the first days of November. That followed nearly Rs 90,000 crore in net selling during September and October.
Wall Street also rallied after the election. The Dow Jones Industrial Average surged 3.03 per cent, the S&P 500 jumped 1.58 per cent and the Nasdaq Composite was up 1.44 per cent on Wednesday. Market watchers cited buzz around a possible rejig of long-term capital gains tax and solid corporate earnings as additional supports for Indian equities.
Whether the rally holds will depend on the direction of crude oil, continued foreign inflows and corporate earnings. After a rise of about 8 per cent in six sessions, some profit-taking would not be unusual, but the breadth of the advance suggests the recovery has a firmer base than a pure short-covering rally.
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Frequently asked questions
How much did the Sensex rise on 5 November 2026?
The Sensex rose 2,008.61 points, or 2.60 per cent, to close at 79,310.01 on 5 November 2026, while the Nifty gained 576 points, or 2.40 per cent, to end at 24,536.60.
Why did crude oil prices fall?
Brent crude fell about 8.7 per cent in the session before Thursday, moving towards $94 a barrel, while US West Texas Intermediate crude dropped to around $88. The slide followed the US midterm elections, in which Democrats won both chambers of Congress, raising hopes of a de-escalation in West Asia.
How much have foreign investors bought recently?
Foreign institutional investors bought equities worth Rs 7,284.03 crore on Wednesday, 4 November, according to exchange data. It was the fourth straight session of net buying by foreign investors.