As the eagerly awaited US presidential election votes were being tallied, Indian markets began Wednesday’s session with positive momentum, fueled by gains in key sectors such as real estate, media, energy, private banking, and infrastructure.
The benchmark Sensex surged by 610 points, or 0.77%, to reach 80,087.35, while the Nifty climbed 180 points, or 0.74%, to trade at 24,393.40.
Market sentiment remained upbeat as buying activity dominated, with 1,820 stocks on the National Stock Exchange (NSE) advancing, compared to 449 stocks that were in the red.
Notable sectoral performance included the Nifty Bank index, which rose by 82.5 points (0.16%) to 52,289.75.
Midcap and small-cap stocks also saw significant gains, with the Nifty Midcap 100 index rising by 474.45 points (0.85%) and the Nifty Smallcap 100 index gaining 148.25 points (0.80%).
Several blue-chip stocks contributed to the market’s gains, including HCL Tech, ICICI Bank, Infosys, Bajaj Finserv, Bajaj Finance, Tech Mahindra, Maruti Suzuki, Sun Pharma, and Axis Bank.
However, there were a few laggards within the Sensex pack, with Titan, Tata Steel, Hindustan Unilever, Kotak Mahindra Bank, Tata Motors, and SBI seeing declines.
Market analysts highlighted the sharp rebound on Tuesday as a potential turning point after a series of declines in recent sessions.
Strong, fundamentally solid banking stocks drove the recovery, with analysts seeing them as a positive indicator for market stability in the coming days.
Experts noted, “The fact that the rebound is being led by fairly-valued and fundamentally strong large banking stocks is important and points to the possibility of the continuation of the trend.”
Despite the heightened volatility surrounding the US elections, experts believe economic fundamentals will drive the market’s direction in the coming weeks, with the election noise expected to subside soon.
Asian Markets Mixed; US Stocks Close Positive Ahead Of Election Results
On the international front, Asian markets showed mixed performance. While Jakarta, Shanghai, and Tokyo showed positive movement, markets in Seoul, Bangkok, and Hong Kong were in the red during early trade. Meanwhile, the US stock market closed positively on the final trading day before anticipating the election results.
In India, foreign institutional investors (FIIs) sold equities worth Rs 2,569 crore on November 5, while domestic institutional investors (DIIs) picked up shares worth Rs 3,030 crore, highlighting continued local investor interest despite global uncertainties.
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