SENSEX surges nearly 700 points, NIFTY50 reclaims 25,900; here are key factors behind the surge

The SENSEX rose as much as 696 points and NIFTY50 index touched an intraday high of 25,907.85.

As of 11:53 am, the SENSEX was up 670 points at 84,541, and the NIFTY50 index traded 203 points higher at 25,898 levels.

Optimism over exit polls

Investors' sentiment turned bullish after exit polls indicated that BJP-led NDA would easily form government in Bihar after recently concluded assembly elections in the state on Tuesday.

Most exit polls gave a clear majority to NDA. As per an NDTV Poll of Polls, NDA was seen winning on 147 seats out of 243 seats, Congress and Rashtriya Janata Dal alliance Mahagathbandhan was seen winning on 90 seats, while Prashant Kishor's Jan Suraj Party was seen winning on one seat.

Analysts say that NDA coming to power in Bihar indicates that the central government will focus on the path of reforms, maintain policy stability and will refrain from doling out populist measures.

Positive global cues

Strong global cues also added to bullish sentiment on Dalal Street as Asian stocks rallied after US Congress looked set to end the federal shutdown and traders looked for direction in the absence of clues from government data services.

Japan's Nikkei rose 0.4%, Hong Kong's Hang Seng advanced 0.53%, the Shanghai Composite rose 0.02%, South Korea's KOSPI rose 1%, and Taiwan Weighted gained 0.8%.

Heavyweights rally

Wednesday's surge in markets was powered by gains in index heavyweights like Reliance Industries, Tata Motors Commercial Vehicles, Infosys, Tata Consultancy Services, Bharti Airtel, HDFC Bank, Eternal and Tech Mahindra.

They collectively contributed 500 points towards gain in the SENSEX, data from BSE showed.

Sectoral landscape

Buying was visible across board as all the major sector gauges compiled by the National Stock Exchange (NSE) were trading higher led by the NIFTY IT index's 1.85% gain.

IT stocks came under buying interest after US President Donald Trump softened his stance on his administration's aggressive immigration reforms, saying America needs to bring in foreign talent for certain fields.

The Republican leader acknowledged that long-term unemployed Americans cannot be tasked with complex roles in sensitive sectors like defence without extensive training, and the US needs skilled foreign nationals to fill such roles, NDTV reported.

NIFTY Auto, Media, Pharma, Financial Services, PSU Bank, Realty, Oil & Gas, Consumer Durables and Bank indices also rose between 0.3% and 1.1%.

Broader markets were also witnessing buying interest as NIFTY Midcap 100 index rose 0.6% and NIFTY Smallcap 100 index climbed 0.65%.

NIFTY50 gainers and losers

Adani Enterprises was top gainer in the NIFTY50 index, the stock rose 4.71% to ₹2,478 after the company shared details of its ₹25,000 crore rights issue.

In a regulatory filing, the Gautam Adani-led firm said that at its meeting on November 4, 2025, the Board approved the issuance of partly paid-up equity shares with a face value of ₹1 each, for an amount of up to ₹25,000 crore through a rights issue. Subsequently, the Rights Issue Committee, at its meeting on November 11, 2025, approved the detailed terms and conditions of the issue.

Tech Mahindra, TCS, Adani Ports, Reliance Industries, ONGC, Jio Financial Services and Dr Reddy's Labs also rose between 1.5%-3.4%.

On the flipside, Tata Motors Commercial Vehicles, JSW Steel, Max Healthcare, Shriram Finance, Bharat Electronics and Tata Steel were top losers in the NIFTY50 index.

The overall market breadth was extremely positive, as 2,504 shares were advancing while 1,402 were declining on the BSE.