Sensex, Nifty surge over 1% on heavy buying in IT stocks as Donald Trump wins U.S. polls

A vendor walks past by a poster of carnivore and bull successful southbound Mumbai. File

Stock markets rallied much than 1% connected Wednesday (November 6, 2024) with benchmark Sensex soaring 901 points connected dense buying successful IT and pharma shares arsenic Donald Trump wins the U.S. statesmanlike elections.

Extending its gains to the 2nd day, the BSE Sensex jumped 901.50 points oregon 1.13% to settee astatine 80,378.13. During the day, it soared 1,093.1 points oregon 1.37% to 80,569.73.

The NSE Nifty soared 270.75 points oregon 1.12% to adjacent astatine 24,484.05.

From the 30-share Sensex pack, Tata Consultancy Services and Infosys jumped implicit 4% each. HCL Technologies, Tech Mahindra, Adani Ports, Larsen & Toubro, Maruti and Reliance Industries were besides among large gainers.

Titan, IndusInd Bank, Hindustan Unilever, Axis Bank and HDFC Bank were the laggards.

“Global markets experienced a alleviation rally pursuing the U.S. predetermination results, reducing governmental uncertainty with Trump securing a beardown mandate. This has led to beardown risk-on sentiments, driven by expectations of taxation cuts and accrued authorities spending,” Vinod Nair, caput of probe astatine Geojit Financial Services said.

The home buying was broad-based, with IT starring the complaint successful anticipation of a rebound successful IT spending successful the U.S.

“BFSI spending successful the U.S. has improved arsenic per the IT Q2 effect which is affirmative for Indian players,” Mr. Nair added.

In Asian markets, Tokyo settled higher portion Seoul, Shanghai and Hong Kong ended lower.

European markets were quoting successful the green. Wall Street ended sharply higher connected Tuesday (Nov. 5).

Global lipid benchmark Brent crude declined 2% to $74.02 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worthy Rs 2,569.41 crore connected Tuesday, portion Domestic Institutional Investors (DIIs) bought ₹3,030.96 crore worthy of shares, according to speech data.

Bouncing backmost from Monday’s (Nov. 4’s) crisp fall, the BSE benchmark jumped 694.39 points oregon 0.88% to settee astatine 79,476.63 connected Tuesday (Nov. 5). The Nifty climbed 217.95 points oregon 0.91% to 24,213.30.

Published - November 06, 2024 04:53 p.m. IST