Sensex soars over 900 points as Trump wins US election
What's the story
India's benchmark indices, the Sensex and Nifty 50, gained significantly on Wednesday. The rally was fueled by news of former US President Donald Trump's historic win in the 2024 US election. Both indices gained over 1% each, with the Sensex hitting 80,390 and the Nifty 50 reaching 24,482 points, respectively.
Market upswing
Market capitalization of BSE-listed firms also rises
The total market capitalization of BSE-listed companies also witnessed a jump, increasing to nearly ₹451 lakh crore from around ₹445 lakh crore in the last trading session. The jump in market value has made investors richer by about ₹6 lakh crore in just one session. All sectoral indices grew during the period, further emphasizing the positive market sentiment.
Sectoral performance
Nifty IT index leads sectoral gains
The Nifty IT index led the sectoral gains with a 4% surge, followed by the Nifty Realty index which jumped 3%. Other sectors such as Oil and Gas, and Consumer Durables also witnessed a 2% rise each. Auto, Media, Metal, Pharma and PSU Bank indices also rose over 1% each during this trading session.
Election impact
Trump's potential victory influences market sentiment
Experts believe a Trump-led Republican government could greatly affect trade by potentially increasing tariffs and taking a more protectionist approach toward international trade. This political development has been identified as a key factor behind the positive market sentiment in India's benchmark indices.