Indian stocks surge 3% as investors add Rs 8 lakh crore in a day

Indian stock markets surged nearly 3% on Thursday, with the Sensex jumping 2,008 points and Nifty crossing 24,500, adding about Rs 8 lakh crore to investor wealth in a single session. The BSE market capitalisation crossed Rs 500 lakh crore for the first time. The rally, extending a six-day winning streak, followed the Democratic Party's sweep of both US Congress chambers in the midterm election, raising hopes for de-escalation in the West Asia conflict. Crude oil prices slumped around 10%, strengthening the rupee to 94.46 against the dollar and easing inflation concerns. Foreign institutional investors pumped in over $1.06 billion, supporting the gains. Market capitalisation is now about 44% higher than India's GDP, though benchmark indices remain below their early-year highs due to fresh listings and broader market rallies.