Sensex, Nifty surge over 1% on heavy buying in IT stocks as Donald Trump wins U.S. polls

Stock markets surge over 1% as Sensex gains 901 points on Trump's U.S. election win, boosting IT and pharma shares.

Stock markets rallied more than 1% on Wednesday (November 6, 2024) with benchmark Sensex soaring 901 points on heavy buying in IT and pharma shares as Donald Trump wins the U.S. presidential elections.

Extending its gains to the second day, the BSE Sensex jumped 901.50 points or 1.13% to settle at 80,378.13. During the day, it soared 1,093.1 points or 1.37% to 80,569.73.

The NSE Nifty soared 270.75 points or 1.12% to close at 24,484.05.

From the 30-share Sensex pack, Tata Consultancy Services and Infosys jumped over 4% each. HCL Technologies, Tech Mahindra, Adani Ports, Larsen & Toubro, Maruti and Reliance Industries were also among big gainers.

Titan, IndusInd Bank, Hindustan Unilever, Axis Bank and HDFC Bank were the laggards.

“Global markets experienced a relief rally following the U.S. 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,” Vinod Nair, head of research at Geojit Financial Services said.

The domestic buying was broad-based, with IT leading the charge in anticipation of a rebound in IT spending in the U.S.