Indian stock market swings, effect of Trump’s victory in America, Sensex rises 1000 points, Nifty crosses 24400

New Delhi. On Wednesday, November 6, the Indian stock market reacted positively to the lead of former President Donald Trump in the US presidential election results. Earlier on Tuesday, American markets also closed with gains. On Wednesday morning, due to the strength in IT shares, the Sensex rose 666.48 points to 80,143.11 at 12.18 minutes. On the other hand, Nifty strengthened by 202.00 (0.83%) points to 24,415.30.

Earlier on Wednesday, trading started on the green mark in the Indian stock market. At 9.50 am, BSE Sensex reached 80,017.16 with a gain of 543.14 points. On the other hand, Nifty rose 168.50 points to reach 24,381.80.

What impact will the US election results have on the market?

Indian benchmark equity indices Sensex and Nifty 50 opened with gains on Wednesday due to gains in financial and IT stocks amid the US presidential election results. Meanwhile, other Asian markets fell, with the MSCI Asia ex-Japan index falling 0.4 percent as early US presidential election results showed the race was still very close. Media reports show that Trump has won eight states, while Harris has secured three states and Washington, DC. The election is a close contest, with the final outcome likely to depend on seven swing states.

Different meanings of Trump-Harris victory

Analysts say Trump’s victory could lead to lower corporate tax rates in the US, potentially leading to increased spending and benefiting many equity sectors in India. On the other hand, Harris’s victory is seen as a sign of policy continuity, which is expected to have a neutral to mild-positive impact on Indian equities. Among Sensex stocks, HCL Tech, Maruti, Infosys, Bajaj Finance, Sun Pharma and Bajaj Finserv opened with gains, while Titan Tata Steel, JSW Steel, HUL and Kotak Mahindra Bank opened with losses.

Titan shares fell by 3 percent

Shares of Titan opened over 3 per cent lower after the company said its second quarter consolidated profit fell 23.1 per cent year-on-year to Rs 704 crore, mainly due to the impact of customs duty cuts. Meanwhile, shares of healthcare major Dr Reddy’s Labs rose up to 3 per cent in early trade, Nifty IT, Pharma and Realty rose more than 1 per cent, while Nifty Auto, Media, PSU Bank, Healthcare and Oil. End gas also increased by more than 0.5 percent.

Source : palpalindia
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