Indian stocks surge as market cap tops ₹500 trillion

Indian stock markets surged on Thursday, with the Sensex jumping 1,609 points intraday and total market capitalisation of BSE-listed companies crossing ₹500 trillion for the first time. The rally marked a sixth consecutive session of gains. The sharp rise was driven by a 10% plunge in Brent crude prices below $100 a barrel, following US midterm election results that raised hopes for a resolution to the US-Iran conflict. Foreign institutional investors bought shares worth over ₹17,000 crore this week, while analysts cited expectations of a potential abolition of long-term capital gains tax. Sectoral indices all traded higher, with auto, financial services, realty, and cement gaining over 2% each. Experts noted that a Democratic sweep could give India more leverage in trade negotiations with the US, while Nifty technical support was revised higher to 23,200-23,400 levels.