Nifty 50 covered the entire October drop in last 10 sessions, up 3.59% in Nov so far

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Also Read: Stock Market Today: Nifty 50, Sensex rise for second straight day; investors pocket nearly ₹5 lakh crore in two sessions In the preceding trading session, the Nifty 50 exhibited a notable rally of 1.19%. In today's session, the bullish momentum persisted as it further gained 0.46%, reaching a level of 19,765.20, inching closer to the crucial 20,000 mark. This rally was fueled by positive global and domestic cues, with notable factors including the drop in the US inflation rate to 3.2% in October.

This development heightened optimism about a more measured approach by the US Federal Reserve to future rate hikes. Also Read: RBI likely to maintain hawkish stance, keep rates unchanged in near-term The fall in US 10-year yields to 4.5% and a substantial drop in the US Dollar Index further contributed to the market's bullish momentum. In India, October's Consumer Price Index (CPI) inflation eased to 4.87%, the lowest in four months.

Additionally, declining crude oil prices (Brent Crude), down 5.91% in October and an additional 4.56% this month, provided support to the markets. Notably, Brent crude futures plummeted 1.56% in the previous trading session on the back of larger-than-anticipated increase in U.S. crude inventories.

Also Read: Oil prices drop on record rise in US crude inventories, demand concerns; Brent at $81/bbl Foreign institutional investors (FIIs), on the other hand, turned net buyers on Wednesday after a series of selling sessions. Among sectoral indices, the Nifty IT index experienced a significant surge due to easing inflation concerns in the US and UK. This development instilled confidence among investors, leading to expectations of increased demand from these regions.