As Republican Donald Trump declared victory in the US presidential election on Wednesday, Indian equities benchmarks extended their robust upward trend for the second straight day. Gains in IT, oil, and real estate sectors helped to fuel the spike in domestic indices. The wider NSE Nifty index rose more than 250 points to trade at 24,464, while the 30-share BSE Sensex pack was up 901 points at 80,377.
The increase in domestic bourses was so great that the BSE market capitalisation (m-cap) amounted to around Rs 7.8 lakh crore. The indexes rose as a result of buying activity in a few major companies, including Infosys Ltd., Tata Consultancy Services (TCS) Ltd., Reliance Industries Ltd., HCLTech, Larsen & Toubro (L&T), Bharti Airtel, and ICICI Bank.
The majority of market observers think that Trump’s win might contribute to stock market stabilisation by reducing volatility and refocusing attention on the fundamentals. “A clear result will be more of a relief to the markets, which have been in a volatile mood predicting the outcome,” stated Anitha Rangan, an economist at Equirus. Given the strength of India’s trading ties with the US, this might be advantageous for the nation.
According to the BSE m-cap, investor wealth increased by Rs 7.84 lakh crore to Rs 452.71 lakh crore today, up from a value of Rs 444.88 lakh crore the day before. Today, up to 232 stocks reached their 52-week highs. Coforge, City Union Bank, Deepak Fertilisers, Eclerx Services, Firstsource Solutions, Gillette, Kaynes, Mankind Pharma, National Aluminium, Nuvama, and Procter & Gamble Health were among the BSE 500 stocks that reached their yearly highs. Nevertheless, today saw 12 stocks hit their one-year lows.
3,007 of the 4,045 equities were observed rising on the BSE. Ninety stocks were unchanged, while ninety-eight stocks were down. Among the stocks that had the biggest increases were Kaynes Technology India, Dixon Technologies (India), Eclerx, Tejas Networks, Kirloskar Oil Engines, CCL Products, KPIT Tech, and Supreme Industries.
Infosys, TCS, Reliance, HCLTech, L&T, Airtel, ICICI Bank, Tech Mahindra, Mahindra & Mahindra, and Adani Ports were the main companies that drove the Sensex index higher. Just Infy, TCS, Reliance, and HCL made a positive contribution to the roughly 541-point increase. All 16 sub-indices were trading in the green on the NSE. With increases of 4.08 per cent, 2.51 per cent, and 2.60 per cent, respectively, Nifty IT, Nifty Oil & Gas, and Nifty Realty beat the NSE index.
