Ahead of Market: 10 things that will decide stock market action on Thursday

The Indian stock market extended sharp gains on Wednesday, with Sensex and Nifty rising to the highest levels in more than two months amid a sharp rally this week. Investors are now closely eyeing the outcome of the US midterm elections.

Sensex jumped around 384 points to cross 77,300 mark for the first time since late August, closing at 77,301. Nifty 50 meanwhile rose 150 points to close at 23,961, crossing the crucial 23,900 mark for the first time in two months.

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"“Diwali fireworks” continued on Dalal Street, with mid- and small-caps extending their outperformance as risk appetite strengthened. The U.S. midterm outcome improved global sentiment, raising expectations of a more measured approach to trade and tariff policies and potentially supporting FII flows into emerging markets. Domestically, optimism around possible tax relief maybe in the upcoming Union Budget, better-than-expected quarterly earnings and resilient festive consumption added momentum to the rally. Improving earnings visibility and healthy domestic demand should keep the near-term bias constructive, although geopolitical risks and crude oil volatility could trigger intermittent profit booking,” said Vinod Nair, Head of Research, Geojit Investments Limited.