Mumbai/IBNS, Nov. 5 -- The Indian stock market rallied sharply at the opening bell on Thursday, tracking a steep fall in crude oil prices and positive global cues following the Democratic Party's victory in the US midterm elections, media reports said.

The BSE Sensex surged over 1,300 points to 78,630, while the NSE Nifty crossed the 24,350 mark in early trade.

The Sensex later extended its gains to more than 1,400 points.

The rally followed a major political setback for US President Donald Trump, whose Republican Party lost control of both the Senate and the House of Representatives in the midterm elections.

The Democratic Party's victory has raised expectations of a possible shift in Washington's approach to the ongoing US-Israeli c...