Indian stocks post biggest one-day rally since April as rupee strengthens

Indian stocks recorded their biggest one-day rally since April 8 on Thursday, November 5.

The Sensex rose 2.6% to an eight-month high, while the Nifty gained 2.4% and closed at 24,536.60.

Hopes for progress on the West Asia conflict, lower oil prices and a correction in AI stocks helped lift market sentiment.

The gains took the total value of companies listed on the BSE above ₹500 trillion for the first time.

Foreign investors bought nearly ₹15,000 crore of Indian shares, while domestic institutions were net sellers of more than ₹10,400 crore.

The rupee strengthened for a fifth straight session, and the 10-year government bond yield fell to 7.17%, its lowest level since September 29.

Lower oil prices and foreign inflows supported the rupee, but the Nifty remained about 7% below its 52-week high.