Nifty posts biggest weekly gain since January 2021, adds ₹28L/cr
Business
Nifty jumped 8.58% this week (November 2-6), marking its biggest weekly gain since January 2021 and adding a massive ₹28 lakh crore to the market.
Reliance Industries alone shot up over 13%.
What's behind the buzz? Big foreign investments, a stronger rupee, and cheaper oil all worked together to send stocks soaring.
Crude oil drops 16% to $98
Global events played a huge part: after the US midterms, tensions in West Asia eased, causing crude oil prices to drop by 16% to $98 per barrel.
foreign institutional investors (FIIs) started pouring money back into Indian markets, while a stronger rupee and solid corporate earnings made India look like a safe bet for investors worldwide.