Mumbai. The Indian Stock Market has welcomed the possible victory of Donald Trump in the US presidential election. Both Sensex and Nifty indices closed in the green with a rise of more than one percent. At the end of trading, tremendous buying was seen in the IT sector. The Sensex closed 901.50 points or 1.13 per cent higher at 80,378.13. On the other hand, Nifty closed at 24,484 after rising 270.75 points or 1.12 percent. Nifty Bank rose 110.15 points or 0.21 per cent to 52,317.40. The Nifty Midcap 100 index closed at 57,355.80 after rising 1,240.35 points or 2.21 per cent.
The Nifty Smallcap 100 index closed at 18,906.10 after rising 402.65 points or 2.18 per cent. Buying was seen in Nifty’s Auto, IT, PSU Bank, Financial Services, Pharma, FMCG, Metal, Reality, Media and Energy sectors. All sectors closed with trading on the green mark. TCS, HCL Tech, Infosys, Tech Mahindra, Adani Ports, L&T and Maruti were the top gainers in the Sensex pack. Titan, IndusInd Bank, Hindustan Unilever, Axis Bank and HDFC Bank were the top losers. The market trend remained positive. On the Bombay Stock Exchange (BSE), 3,013 shares were trading in the green, 961 shares were in the red. Whereas, there was no change of any kind in 89 shares.
According to market experts, a wave of relief was seen in global markets after the US election results, which reduced political uncertainty with Trump’s strong mandate. This has led to strong risk-off sentiments driven by expectations of tax cuts and increased government spending. He further said domestic buying was broad-based, with IT leading the way on expectations of a rebound in IT spending in the US. According to IT second quarter results, BFSI spending in the US has improved, which is positive for India.