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Trump’s win triggers relief rally on Dalal St
Sensex, Nifty surge over 1% on heavy buying in IT, pharmastocks as Trump wins US polls; All sectoral indices in green
Mumbai: Stock markets rallied more than one per cent on Wednesday with BSE benchmark Sensex soaring 901 points on heavy buying in IT and pharma shares amid Donald Trump’s victory in the US presidential polls.
Extending its gains to the second day, the BSE Sensex jumped 901.50 points or 1.13 per cent to settle at 80,378.13. During the day, it soared 1,093.1 points or 1.37 per cent to 80,569.73. The NSE Nifty soared 270.75 points or 1.12 per cent to close at 24,484.05.
“Global markets experienced a relief rally following the US election results, reducing political uncertainty with Trump securing a strong mandate. This has led to strong risk-on sentiments, driven by expectations of tax cuts and increased government spending.BFSI spending in the US has improved as per the IT Q2 result which is positive for Indian players,” said Vinod Nair, Head (Research) at Geojit Financial Services. The BSE midcap gauge jumped 2.28 per cent and smallcap index zoomed 1.96 per cent.The domestic buying was broad-based, with IT leading the charge in anticipation of a rebound in IT spending in the US. All sectoral indices ended higher. The BSE IT soared 4.04 per cent, while teck (3.37 per cent), realty (2.68 per cent), industrials (2.66 per cent), services (2.53 per cent) and utilities (2.44 per cent) were among the major gainers. A total of 3,000 stocks advanced while 968 declined and 95 remained unchanged on the BSE.
From the 30-share Sensex pack, Tata Consultancy Services and Infosys jumped over 4 per cent each. HCL Technologies, Tech Mahindra, Adani Ports, Larsen & Toubro, Maruti and Reliance Industries were also among big gainers. Titan, IndusInd Bank, Hindustan Unilever, Axis Bank and HDFC Bank were the laggards.
In Asian markets, Tokyo settled higher while Seoul, Shanghai and Hong Kong ended lower. European markets were quoting in the green. Wall Street ended sharply higher on Tuesday. Global oil benchmark Brent crude declined 2 per cent to $74.02 a barrel. Foreign Institutional Investors (FIIs) offloaded equities worth Rs2,569.41 crore on Tuesday, while Domestic Institutional Investors (DIIs) bought Rs3,030.96 crore worth of shares, according to exchange data.
