Indian Markets Extend Winning Streak to Fifth Session as Nifty Reclaims Key Levels

Benchmark Indian indices extended their winning streak to a fifth consecutive session on Wednesday, driven by broad-based buying, falling crude prices, and reactions to the US midterm elections.

Market Movements

The Nifty 50 rose 150 points or 0.63 percent to close at 23,961, while the BSE Sensex gained 384 points or 0.50 percent to settle at 77,301. The Nifty 50 reclaimed its 200-day exponential moving average for the first time since August 13. According to TradingView, foreign portfolio investors bought equities worth 7,284.03 crore rupees on November 4, while domestic institutional investors sold shares worth 3,712.23 crore rupees. Meanwhile, the Bank Nifty added 374 points to finish at 55,914.

Sector Performance

Media emerged as the top gainer with a 5.2 percent surge, followed by realty up 2.9 percent, metals gaining 2.8 percent, and FMCG rising 1.5 percent. IT was the only sectoral loser, dropping 1.5 percent due to worries over global technology spending and US regulatory uncertainty. Market breadth remained positive with more than two advancing stocks for every decline, while Kaynes Technology India and SAIL remained banned under the F&O segment.

Context

Stock market indices often move in extended streaks when multiple positive macroeconomic factors align together, such as falling global crude oil prices and strong institutional buying. Technical indicators like moving averages and open interest data help traders gauge market sentiment and identify potential support or resistance zones. Such rallies typically reflect broader shifts in investor confidence rather than single-day price movements.