Stock Market Today: Trump Rally Boosts IT Stocks, Indices Surge – Sensex Jumps 901 Points
Stock Market Today: The Sensex soared by 901 points as Trump's election lead fueled a rally, boosting IT stocks like Infosys and TCS. Read about the market surge and key movers.
Stock Markets
The domestic stock market indices posted impressive gains, with significant positive momentum in both local and international markets. As Donald Trump's victory in the US presidential election became increasingly likely, our markets mirrored the global rally. The Sensex surged over 1,000 points intraday, while the Nifty stood near the 24,500 mark. The total market capitalisation of companies listed on the Bombay Stock Exchange (BSE)—a key indicator of investor wealth—rose by Rs. 8 lakh crore, reaching a record Rs. 452 lakh crore in just one day.
As Trump gained traction in the election results, there was a notable boost in buying activity, particularly in IT stocks. Shares of Infosys, TCS, and Reliance saw gains, contributing positively to the indices. The Nifty IT index jumped nearly 4%, with all 10 stocks in the index finishing in the green. The strengthening of the dollar index, driven by Trump's lead, is seen as beneficial for IT companies, many of which earn significant revenue in US dollars. Meanwhile, the markets in Hong Kong and Shanghai closed in the red, weighed down by concerns over potential tariffs on China if Trump wins.
The Sensex opened at 79,771.82 points, marking a gain of 79,476.63 from the previous day, and continued to rise throughout the session. After recent losses, the indices managed to recover, with the Sensex not only reclaiming the 80,000 level but also reaching an intraday high of 80,569.73 points. It finally closed at 80,378.13, up by 901.50 points. The Nifty also saw a strong close, ending at 24,484 with a gain of 270.75 points.
In terms of individual stocks, TCS, Infosys, Tech Mahindra, HCL Technologies, and Adani Ports were among the top gainers in the Sensex 30 index. However, Titan, IndusInd Bank, Hindustan Unilever, Axis Bank, and HDFC Bank saw declines. The rupee traded at 84.30 against the dollar.
On the global front, Brent crude oil was priced at $74.44 per barrel, while gold was trading at $2,733 per ounce.
