The Indian stock market benchmark indices, Sensex and Nifty 50, continued their upward trend on Wednesday following Donald Trump’s declaration of victory in the 2024 US Presidential election. Donald Trump is set to become the 47th President of the United States, the world’s largest economy. India’s sectoral indices are having a fantastic day, with all of them trading in the green. The rally is led by IT, Realty, Auto, Metals and PSU Banks stocks.
The Sensex surged 1039.23 points to reach 80,515.86 level on Wednesday, during the trade. Nifty50 index also jumped 308.70 points to reach at 24,522 points during the trade.
The stock market closed in the green territory on Tuesday, November 5, 2024. The Sensex surged 694.39 points to close at 79,476.63. Nifty50 index also jumped 217.95 points to end at 24,213.30 level.
What Trump’s Win Means For Indian Stock Market?
Notably, after taking control of the Senate, the Republican Party is gearing up to capture the White House. The 2024 U.S. presidential election results are almost in, and former US President Donald Trump is on track to regain the presidency. Market analysts expect that Donald Trump’s presidential win could boost US spending, which may lead to sustained inflation.
A Donald Trump presidency could bring about some significant economic changes. These include a stronger Dollar, and heightened trade barriers.
Additionally, Bitcoin price hits a new all-time high, breaking $75,000 barrier amid the developments surrounding the US presidential election. The previous high of Bitcoin was $73,750. Bitcoin’s price surged 8.4% to reach $75,060 mark as of early morning trade, Indian Standard Time (IST). On the other hand, the US dollar index has also surged 1.25% to reach 104.72 mark, following Donald Trump’s strong position.
