Indian Shares Extend Gains For Fifth Day

(RTTNews) - Indian shares closed higher on Wednesday, extending gains for a fifth consecutive session as softer oil prices eased inflation concerns and Democrats won full control of the U.S. Congress in a sweeping midterm rout, weighing on the U.S. dollar and Treasury yields.

A commanding "blue wave" in the midterms forced traders to rethink President Trump's remaining policy agenda and the political trajectory into 2028.

It is feared that Democrats' control of both chambers of Congress will result in tighter regulations and a closer scrutiny of the tech-heavy sectors, including artificial intelligence companies.

A crushing defeat for Trump in the midterm elections also opened the door to legislative deadlock.

Brent crude futures fell toward $102 a barrel after U.S. President Donald Trump told Fox News on Tuesday that he is "not looking to kill lots of people" in Iran following the midterm elections, but warned Washington would act decisively if needed.

Qatar said it saw hope for an interim deal as both the U.S. and Iran evaluate new proposals put forward by mediators, despite fresh U.S. strikes and continued threats to shipping through Hormuz.

The 30-share BSE swung between gains and losses before closing up 383.55 points, or half a percent, at 77,301.40.

The NSE Nifty index surged 149.75 points, or 0.63 percent, to 23,960.60 while the BSE mid-cap and small-cap indexes soared 1.6 percent and 2.1 percent, respectively.

The market breadth was strong on the BSE, with 3,074 shares rising while 1,311 shares fell and 212 shares closed unchanged.

Among the top gainers, BEL jumped 4.6 percent as Motilal Oswal lifted its target price on the stock.

Titan Company rallied 4.3 percent ahead of a board meeting on November 5 to consider financial results for the September quarter. Mahindra & Mahindra, Tata Steel, Bajaj FinServ, Adani Ports, ITC, Bajaj Finance and Indigo all rose around 2 percent.