US markets rally on Democratic win; Sensex tops 77,000, gold gains

Indian stock markets rallied for a fifth consecutive session on Wednesday, with the Sensex closing above the 77,000 mark for the first time since late August, driven by a landslide victory for the Democratic Party in US mid-term elections. The Sensex rose 384 points to close at 77,301, while the Nifty gained 1,262 points to 23,961. US markets also surged, with the Dow Jones up 2.2% and Nasdaq up 2%. Gold rose 3% and silver nearly 5%, while healthcare stocks rallied and defence stocks fell. The five-session rally was supported by nearly Rs 21,000 crore in net buying by foreign funds, boosting investor wealth by Rs 21 lakh crore. Brent crude slid 10%, and Indian ADRs rose 2-3%, indicating a strong opening for domestic markets on Thursday.