Bull Run Continues: Nifty Gains for 5th Straight Session, Records Highest Close in 2 Months; Small-Cap Index Jumps 2%

Indian equity benchmarks extended their winning streak to five consecutive sessions on Wednesday, November 4, 2026, as buying in heavyweight financial stocks helped markets recover from a weak start. Easing crude oil prices, sustained foreign institutional investor (FII) inflows and developments surrounding the US midterm elections kept investors active throughout the session.

The Nifty 50 closed at 23,960.60, gaining 149.75 points or 0.63%, while the Sensex settled at 77,301.40, up 383.55 points or 0.50%. Both indices recovered from their intraday lows, with the Sensex reversing an early decline of more than 200 points to finish comfortably in positive territory.

The recovery was particularly encouraging for broader markets, where buying interest was stronger than in the benchmark indices.

What Drove the Stock Market Higher Today?

1. Falling Crude Oil Prices Provide Relief

The decline in international crude oil prices remained one of the important factors supporting Indian equities.Brent crude futures slipped 0.48% to around $102.51 per barrel during early trading, while US crude futures declined 0.68% to $95.43 per barrel.

2. Continued FII Buying Supports Market Sentiment

Foreign investors continued to increase their exposure to Indian equities, providing support to the market recovery.

On Tuesday, November 3, foreign institutional investors purchased Indian shares worth ₹6,836.81 crore, marking their third consecutive session of net buying.

3. Indian Rupee Gains 10 Paise Against the US Dollar

The Indian rupee appreciated against the US dollar on Wednesday, supported by weakness in the American currency and a decline in crude oil prices.

The domestic currency closed at ₹94.64 per dollar, strengthening by 10 paise from its previous closing level of ₹94.74.

The rupee's recovery followed a decline in the US dollar after the midterm election results, while foreign fund inflows into Indian equities also helped sentiment.

Smallcap Index Rallies 2%

Midcap and smallcap indices recorded stronger gains than the frontline indices on Wednesday, indicating that buying extended beyond a handful of heavyweight companies.

The Nifty Midcap 100 index advanced 1.55% to settle at 59,505.50, while the Nifty Smallcap 100 jumped 2% to close at 19,026.40.

Sectoral Performance: Nifty Media Surges Over 5%, IT Close in Red

Nifty Media emerged as the strongest sectoral performer, surging 5.15%, followed by Realty and Metal, which gained 2.85% and 2.80%, respectively.

Energy stocks also attracted buying interest, with the index rising 2.17%, while FMCG and Auto advanced 1.50% and 1.16%.

However, the Nifty IT index declined 1.50%, making it the only sectoral index in the provided data to finish lower. Mphasis fell 2.64%, followed by TCS (-2.52%), HCL Technologies (-2.37%), Wipro (-1.74%) and Infosys (-1.73%).

Democratic Victory in US Midterms Draws Global Attention

The outcome of the US midterm elections was another major development watched by global investors.

Democrats secured control of both the House of Representatives and the Senate, weakening President Donald Trump's Republican Party's control over Congress.

The election outcome was influenced by concerns surrounding inflation, living costs and the ongoing Iran conflict. Democratic control of Congress could affect the administration's ability to advance its legislative agenda.

The results also positioned Democratic leader Hakeem Jeffries to potentially become the first Black Speaker of the US House of Representatives when the new Congress convenes.

Global Markets: European Indices Trade Higher

European equity markets were trading firmly in positive territory on Wednesday, reflecting stronger investor sentiment.

Germany's DAX climbed 295.73 points, or 1.14%, to 26,196.64, while France's CAC 40 gained 97.72 points, or 1.22%, to 8,118.03.

The UK's FTSE 100 also advanced 92.03 points, or 0.87%, to 10,730.46.

US Stock Futures Signal a Positive Wall Street Opening

US equity futures also indicated an upward bias ahead of the regular trading session on Wall Street.

Dow Jones futures gained 645 points, or 1.24%, to trade at 52,540, leading the gains among the three major indices.

S&P 500 futures advanced 64.75 points, or 0.85%, to 7,661.50, while Nasdaq 100 futures rose 221.50 points, or 0.78%, to 28,527.25.