Greenery remains intact in Sensex-Nifty
New Delhi| Trading started on the green mark in the Indian stock market amid reports of Donald Trump’s rise in the US presidential elections. At 9.68 am, the BSE Sensex rose by 543.14 (0.68%) points to reach 80,017.16. On the other hand, Nifty climbed 168.50 (0.70%) points to reach 24,381.80.
Indian benchmark equity indices, Sensex and Nifty opened with gains of 50 on Wednesday as financial and IT stocks gained amid the results of the US presidential election. Other Asian markets, meanwhile, saw declines, with the MSCI Asia X-Japan index falling 0.4%, as early U.S. presidential election results showed the contest still very close. Media reports show that Trump has won eight states, while Harris has secured three states and Washington, DC. The election contest is close, with the end result likely to depend on seven swing states.
Trump’s victory could lower corporate tax rates in the US, potentially increasing spending and benefiting many equity sectors in India. Harris’ victory, on the other hand, is seen as a sign of policy continuity, which is expected to have a neutral to light-positive impact on Indian stocks. Sensex stocks HCL Tech, Maruti, Infosys, Bajaj Finance, Sun Pharma and Bajaj Finserv opened with gains, while titans Tata Steel, JSW Steel, HUL and Kotak Mahindra Bank opened with gains.
Titan shares opened more than 3 percent lower after the company reported its second-quarter consolidated profit fell 23.1 percent year-on-year to Rs 704 crore, largely due to the impact of customs duty cuts. Meanwhile, shares of healthcare major Dr Reddy’s Labs gained as much as 3 per cent in early trade, Nifty IT, Pharma and Realty gained more than 1%, while Nifty Auto, Media, PSU Bank, Healthcare and Oil & Gas also gained more than 0.5%.
Foreign institutional investors (FIIs) sold shares worth Rs 2,569.41 crore on Tuesday, while domestic institutional investors (DIIs) bought shares worth Rs 3,030.96 crore, according to exchange data.
