Indian markets surge as crude oil prices drop 9% after midterms

Indian indices rallied on November 5, 2026, with Nifty 50 and Sensex gaining 1.8% and 2% respectively, fueled by a 9% decline in global crude oil prices.

Brent crude fell to $93.82 per barrel following the U.S. Democratic party's midterm success, which also helped the Indian rupee strengthen to a two-week high.

Tehran has reportedly exempted Indian tankers from passage restrictions through the Strait of Hormuz, providing further stability to the domestic financial sentiment.