Indian stock markets kicked off Wednesday’s trading session on a jubilant note reminiscent of a Diwali-afterglow, as a sharp multi-factor rally rapidly injected more than Rs 6 lakh crore into the total market valuation of BSE-listed companies during the first hour of business after a one-day holiday. The total market capitalisation surged from its opening mark of Rs 5,06,41,936 crore to reach Rs 5,12,45,010 crore by 10 AM, reflecting a phenomenal surge of Rs 6,03,074 crore in just 45 minutes as the Sensex rallied over 1,300 points and the Nifty 50 pushed up by more than 1 per cent. Market participants found major relief in the dramatic retreat of global crude oil prices, with Brent crude easing from above $100 toward the $92 range after briefly dipping below $90, which substantially alleviated concerns regarding high import bills, inflation risks, and inflated corporate operating costs. Coupled with renewed net buying from foreign portfolio investors (FPIs) and encouraging corporate earnings updates that overshadowed external geopolitical worries, the market successfully extended its powerful November recovery trajectory, building firmly upon the nearly 9 per cent gains accumulated earlier in the month.
