Sensex and Nifty post longest winning streak in five months as foreign buyers return
India's two benchmark indices have strung together their longest run of gains in nearly five months, with the Nifty 50 up 5.55% and the Sensex up 5.53% across five trading sessions, as foreign investors returned to Indian equities and sentiment improved around global developments.
The buying was broad. Midcap and smallcap indices outpaced the benchmarks, gaining 1.55% and 2% respectively, while Bharat Electronics led the Nifty gainers at 4.7%, followed by Adani Enterprises at 4.5%, Titan at 4.2%, Jio Financial Services at 3.7% and Max Healthcare at 3.5%. Information technology stocks went the other way as investors booked profits: TCS fell 2.5%, HCL Technologies 2.4% and Infosys 1.8%, and the Nifty IT index slipped 1.9%. The Nifty Media index was the standout sector, climbing 4.5% to a fresh 52-week high.
Foreign institutional investors have bought Indian shares worth about ₹7,200 crore ($821 million) since the start of November, trimming their net outflow for 2026 to roughly ₹2.68 lakh crore ($30.59 billion), according to Token Times. Sunny Agrawal, head of fundamental research at SBI Securities, said the rally came despite mixed global cues, with Asian markets under pressure over the unwinding of AI-related trades and the US midterm election result. On the domestic side, he pointed to easing crude prices, positive corporate earnings and expectations of a possible rationalisation of capital gains tax. Brent crude fell 1% to $102.50 a barrel.
Agrawal said the market's direction from here depends on quarterly earnings, crude prices, Middle East developments, US bond yields and FII flows. He noted that FIIs were net buyers of ₹6,837 crore on 3 November while domestic institutional investors sold ₹3,679 crore net, and that sustained institutional inflows and wider sector participation will be needed to keep the momentum going.
On the technical side, Sudeep Shah, head of technical and derivatives research at SBI Securities, put immediate Nifty support at 23,850–23,870, with a break below risking profit booking towards 23,700, and resistance at 24,050–24,070, a sustained break above which could push the index to 24,230. Hitesh Tailor of Choice Broking called 23,900–24,000 the crucial resistance zone, backed by the 200-day EMA, the 50-week EMA and the highest volume concentration, and said a weekly close above 24,000 could open the way to 24,500–24,800. Gaurav Arora, head of research at SAHI, identified 23,550 as a key support and 23,950–24,000 as resistance. For the Sensex, Tailor said 77,500 is the level to clear for a move towards 78,200, with support at 76,900–77,000.
