Indian stock markets surged over 1% on Wednesday (November 6, 2024), driven by strong buying in IT and pharma stocks, following the projected victory of former U.S. President Donald Trump in the U.S. presidential elections.
The BSE Sensex soared by 901.50 points, or 1.13%, closing at 80,378.13. At one point during the day, it had climbed 1,093.1 points, or 1.37%, reaching 80,569.73. The Nifty 50 also saw a significant rise, gaining 270.75 points to end at 24,484.05. The index briefly touched 24,500 during intraday trading before pulling back slightly.
The optimism surrounding Trump's projected win sparked a global rally, boosting investor sentiment. This momentum was reflected across major global markets, with S&P 500 futures hitting record highs, and European shares following suit. However, Asian markets showed mixed reactions. Japan's Nikkei 225 gained 2.61%, while Hong Kong's Hang Seng index dropped by 2.23%.
On the National Stock Exchange (NSE), major gainers included Bharat Electronics Limited, Adani Enterprises, TCS, Wipro, and Infosys. Conversely, companies such as SBI Life Insurance, Titan, HDFC Life, IndusInd Bank, and Trent Limited faced significant losses.
Across the sectors, all indices showed positive movement, with the Nifty IT index leading the way, surging nearly 4%. The Consumer Durables and Realty sectors also posted strong gains, both rising by more than 2%.
The wave of optimism following Trump's projected victory gave global markets a boost, reflecting strong investor confidence despite mixed reactions in Asia.
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