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Stock Market Recap: On 5 November 2026, Indian equity markets witnessed a powerful rally, extending their winning streak to six consecutive sessions as improving global cues, falling crude oil prices, and sustained foreign institutional buying fueled broad-based optimism. The Nifty surged 576 points or 2.40% to close at 24,536.60, while the Sensex soared 2,008.61 points or 2.60% to settle at 79,310.01, marking one of the strongest single-day gains in recent months. The rally was supported by easing concerns over inflation after Brent crude slipped below the $100-per-barrel mark and renewed confidence following positive global market developments.
Buying was widespread across sectors, with financials, automobiles, realty, and IT leading the advance. Bajaj Finance, Shriram Finance, Mahindra & Mahindra, Maruti Suzuki, and IndiGo emerged among the top gainers, while banking stocks also attracted strong demand as investors rotated into large-cap leaders. Broader markets participated in the upmove, with midcap and smallcap indices advancing more than 1%, reflecting healthy market breadth and improving risk appetite.
The continued participation in Nifty has underlined the strong bullish sentiment that is currently forcing all the by-standers to join the festive cheer. We have been mentioning in the article for a while that the consolidation phase of the market is getting over and a close above 23100 could spell some positivity. The market ahs respected those levels and has been moving upwards ever since.
The trend extends beyond large-cap stocks. Across the broader Nifty 500 index, DII ownership has climbed to 20.3%, while FII ownership has fallen to 16.9%. Domestic institutions have also steadily increased their ownership in mid-cap and small-cap segments, absorbing the relative reduction in foreign exposure. Overall, DII ownership increased by 120 basis points over the September quarter to 15.3%.
The Nifty has staged a remarkable recovery from its October lows near 22,200, rallying sharply to close at 24,536.60. The recent breakout above the intermediate resistance zone around 23,800 confirms a strong shift in market sentiment and reflects aggressive buying interest supported by improving macro conditions, strong earnings, and renewed institutional participation. Price action now approaches a major supply zone between 24,600 and 24,800, highlighted on the chart, which acted as a significant support area earlier in the year before turning into resistance. This zone is likely to be the next crucial battleground for the bulls.
Momentum indicators continue to strengthen, with the RSI surging to 74.69, indicating powerful bullish momentum. While the RSI has entered the overbought territory, it also reflects the strength of the ongoing uptrend rather than an immediate reversal signal. Historically, strong trending markets can remain overbought for extended periods before witnessing meaningful corrections.
The sharp six-session rally has significantly improved the overall market structure, with higher highs and higher lows firmly in place. However, given the proximity to a major resistance zone and elevated momentum readings, some consolidation or profit booking cannot be ruled out in the near term. Immediate support is now seen in the 24,000–24,200 region, while a sustained breakout above 24,800 could open the door for a move towards 25,200–25,500. Overall, the trend remains decisively bullish, and any corrective pullbacks are likely to attract fresh buying interest as long as key support levels remain intact.
Raja Venkatraman is co-founder, NeoTrader. His Sebi-registered research analyst registration no. is INH000016223.
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Raja Venkatraman is the co-founder of NeoTrader, where he heads the training division. He conducts both offline and live market workshops, seminars, and webinars. He has been working under the guidance of Dr C K Narayan, his mentor and founder of Growth Avenues, for more than 20 years. He is an active trader in multiple asset classes, and actively shares his views on YouTube, blogs at NeoTrader, and on reputed news channels and websites. His Sebi-registered research analyst registration no. is INH000016223.
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