Bulls Triumph On Dalal St

Mumbai: Stock markets rallied more than one per cent on Wednesday with BSE benchmark Sensex soaring 901 points on heavy buying in IT and pharma shares amid Donald Trump’s victory in the US presidential polls.

Extending its gains to the second day, the BSE Sensex jumped 901.50 points or 1.13 per cent to settle at 80,378.13. During the day, it soared 1,093.1 points or 1.37 per cent to 80,569.73. The NSE Nifty soared 270.75 points or 1.12 per cent to close at 24,484.05.

“Global markets experienced a relief rally following the US election results, reducing political uncertainty with Trump securing a strong mandate. This has led to strong risk-on sentiments, driven by expectations of tax cuts and increased government spending. BFSI spending in the US has improved as per the IT Q2 result which is positive for Indian players,” said Vinod Nair, Head (Research) at Geojit Financial Services. The BSE midcap gauge jumped 2.28 per cent and smallcap index zoomed 1.96 per cent. The domestic buying was broad-based, with IT leading the charge in anticipation of a rebound in IT spending in the US.

Rupee falls 21ps to all-time low of 84.30/$

Mumbai: The rupee depreciated 21paise to an all-time low of 84.30 against the US dollar on Wednesday, as the US Dollar index rallied with Donald Trump set to win the US Presidential elections.A strong greenback against major rivals overseas and unabated foreign fund outflows dented market sentiment, forex traders said.

Investors richer by Rs 7.7 lakh cr

The market capitalisation (mcap) of BSE-listed companies rose by Rs7.7 lakh crore to Rs4,52,58,633.53 cr (Rs452.58 lakh cr or $5.37 trn)