The Indian stock market on Wednesday (November 6) experienced a surge in its share tally following the results of the US 2024 presidential election, with Indian headline indices Sensex and Nifty marking gains.
This surge in shares was largely fuelled by optimism surrounding the political shift in the United States, as Donald Trump, as per reports emerged victorious in the elections.
The market reaction was swift, with many Indian investors welcoming the news of a Republican win.
Sensex and Nifty End in the Green
By the end of Wednesday's trading session, the S&P BSE Sensex ended the day at 80,378.13, up by 901.50 points or 1.13 per cent. The NSE Nifty50, on the other hand, surged by 270.75 points, settling the day at 24,484.05, a 1.12 per cent increase.
BSE |
Furthermore, it is also interesting to note that the day's rally was broad-based, with all major sectoral indices in the green.
IT Stocks Lead the Charge
Among the major gainers, IT stocks were the clear leaders. The Nifty IT index surged by a whopping 4 per cent, with heavyweights like TCS, Infosys, HCLTech, and Tech Mahindra leading the way.
IT Stocks - NSE |
This rally was partly due to a ripple effect from the US election.
Key IT Stocks Performance
TCS, Infosys, and Tech Mahindra surged by 3 to 4 per cent on BSE. Persistent Systems ended the day with the largest gain in the sector, up by 5.86 per cent. Wipro and HCLTech followed closely with similar gains.
IT Stocks - BSE |
While IT stocks stole the spotlight, other sectors also saw positive movement. The Nifty Bank index also ended on a green note. Major private banks, including ICICI Bank and HDFC Bank, ended on a green note.
Nifty Bank - NSE |
Trump’s Energy Policies
In addition to the immediate impact on Indian equities, Trump's policies on energy deregulation and a focus on boosting domestic oil and gas production were seen as positive for fossil fuel companies.
Major Gainers and Losers
As the day drew to a close, the following stocks made headlines for their strong performance:
Top Gainers: Hail, Zomato, Infosys, Wipro, and Tech Mahindra
Top Losers: Titan, HDFC Life, IndusInd Bank, Hindustan Unilever, and Lupin
Gainers and Losers - BSE |
