How Indian markets reacted to Donald Trump’s win in US elections 2024

The Indian stock market rallied after the US election result showed a victory for Republican candidate and former President Donald Trump.
The benchmark BSE Sensex closed at 80,378.13, which is up 901.50 points or 1.13% from the previous day’s close, while the Nifty rose to 24,484.05 at the same time, which is 270.75 points or 1.12% up from the previous close.
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Meanwhile, the rupee depreciated 21 paise, reaching an all-time low of 84.30 (provisional) against the dollar as the US Dollar index rallied following Donald Trump’s win, according to a PTI report which added that the rupee opened at 84.23 against the US dollar and oscillated between a high of 84.15 and a low of 84.31.
The Sensex closed yesterday at ₹79,476.63, which was up by 694.39 points or 0.88%, while the Nifty reached 24,213.30, which was up by 217.95 points or 0.91%.
TCS, Infosys, and Tech Mahindra rose the most among Sensex companies at 4.21 %, 4.02 %, and 3.85 % into the green respectively.
Only Titan, (-1.72%) IndusInd Bank (-1.14 %), Hindustan Unilever (-0.79%), Axis Bank (-0.35%), and HDFC Bank (-0.22%) went into the red among the 30 Sensex companies.
“Global markets experienced a relief rally following the US election results, reducing political uncertainty with Trump securing a strong mandate,” another PTI report quoted Vinod Nair, Head of Research at Geojit Financial Services as saying. “This has led to strong risk-on sentiments, driven by expectations of tax cuts and increased government spending.”
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All the Nifty sectoral indices closed in the green.
The Nifty IT, Realty, and Oil & Gas sectoral indices rose the most at 3.99%, 2.58%, and 2.54% respectively.
In Asia, Tokyo settled higher while Seoul, Shanghai and Hong Kong ended lower. In Europe, markets were mostly in the green and Wall Street ended higher on Tuesday, according to the report.
Brent crude declined 2% to $74.02 a barrel.
Foreign Institutional Investors (FIIs) sold shares amounting to RS 2,569.41 crore on Tuesday, while Domestic Institutional Investors (DIIs) bought ₹3,030.96 crore worth of shares, according to the report which cited exchange data.
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