Sensex-Nifty bounces amid US midterm election results, investors buoyed by returns from foreign investors

Sensex Nifty Today: Wednesday morning was also beneficial for Indian stock market investors. The bullish trend that has been going on for the last four trading sessions continued for the fifth day today. BSE Sensex and NSE Nifty opened in the green in early trade. At 9:59 am, the Sensex was trading at 77,287.91, up 368 points or over 0.47 percent. At the same time, the Nifty also gained 95.91 points or 0.40 percent to 23,906.75. The increase comes at a time when President Donald Trump has suffered a major setback in the US midterm elections. His Republican Party has faced defeat. At the same time, the Democratic Party has achieved a majority in the US House of Representatives and wrested control from the Republican Party.

The market was supported by the return of foreign investors

Nifty 50 and BSE Sensex have gained around five percent in the last four sessions. Both major indices closed at two-month highs on Tuesday. The strong quarterly results of the companies are the biggest reason behind this magnificent rally. With this, the confidence of foreign institutional investors has started returning to the Indian market. According to provisional data, foreign investors on Tuesday bought Indian stocks at Rs. 68.37 billion or net purchases of $721.66 million. Foreign investors have invested money in the Indian market five times out of the last six trading sessions.

Global markets condition amid softness in crude oil

The softening of crude oil prices at the international level has also given a big relief to the domestic market. Brent crude futures remained around $103 a barrel on Wednesday amid diplomatic efforts to end the ongoing war between Ukraine and Iran. It touched a near four-week low in the last session. Ponmudi R, CEO of wealth tech platform Enrich Money, says a reduction in foreign fund inflows, cheaper energy prices and expectations of possible changes in tax policy could strengthen sentiment in the domestic market. On the other hand, when it comes to global markets, there is pressure. Asian markets were down 0.7 percent, while US stock futures also traded marginally weaker. However, the Indian market is showing its unique strength.