Indian benchmark indices Sensex and Nifty rallied on Wednesday, gaining more than 1% after Donald Trump’s decisive victory in the US presidential election. The Sensex closed at 80,378.13, up by 901.50 points or 1.13%, while Nifty ended at 24,484, gaining 270.75 points or 1.12%.
Nifty Bank gained 110.15 points or 0.21%, closing at 52,317.40, while the Nifty Midcap 100 index closed 2.21% higher at 57,355.80. The Nifty Smallcap 100 index also rose 2.18% to close at 18,906.10.
IT Sector Leads Broad-Based Buying
Heavy buying was observed across sectors, with the IT sector leading gains. Nifty’s auto, PSU bank, financial services, pharma, FMCG, metal, realty, media, and energy sectors all traded in the green. Major Sensex gainers included TCS, HCL Tech, Infosys, Tech Mahindra, Adani Ports, L&T, and Maruti, while Titan, IndusInd Bank, Hindustan Unilever, Axis Bank, and HDFC Bank saw losses.
On the BSE, market breadth was positive with 3,013 stocks in the green, 961 in the red, and 89 unchanged.
Positive Global Market Sentiment Boosts Indian Indices
Experts attributed the rally to reduced political uncertainty following Trump’s win, with global markets staging a relief rally. Expectations of tax cuts and increased U.S. government spending drove strong “risk-on” sentiment. Indian IT stocks gained in anticipation of a rise in U.S. IT spending, adding momentum to the domestic market’s gains.
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