Global Markets React to Trump Victory, Boosted by Pro-Trade Hopes; Indian Markets Rally

Following Donald Trump’s victory in the U.S. presidential election, global stock markets, with the exception of China, showed positive momentum as expectations of pro-trade policies buoyed investor confidence. In India, IT and pharmaceutical stocks saw strong performance, while the rupee fell 22 paise to a record low of 84.31 against the dollar. Crude oil prices dipped 2%, with a barrel trading at $74.02.

In Asian markets, Tokyo saw gains, while other regional indices were mixed. European markets, however, reflected a more positive sentiment.

Domestic Market Highlights

The total market capitalization of BSE-listed companies, a key measure of investor wealth, surged by Rs 10.47 lakh crore over the last two days, reaching Rs 452.58 lakh crore ($5.37 trillion). Of this, Rs 7.70 lakh crore was gained on Wednesday alone.

The Sensex opened higher at 79,771.82 points, an increase of 295 points from the previous close. After initial fluctuations, it touched an intraday high of 80,569.73, closing 901.50 points up at 80,378.13. Meanwhile, the Nifty rose 270.75 points to end at 24,484.05, fluctuating between 24,204.05 and 24,537.60 points during the day.

Among notable gainers, GAIL rose 6.36% to Rs 208.90 after a 10% profit increase in the September quarter. Conversely, Titan dropped 1.72% to Rs 3,177.50, with the stock hitting an intraday low of Rs 3,113.65 due to disappointing quarterly results.

Key movers on the Sensex included:

Gainers: TCS (4.21%), Infosys (4.02%), Tech Mahindra (3.85%), HCL Tech (3.71%), Adani Ports (3.21%), L&T (1.99%), Maruti (1.62%), Sun Pharma (1.55%), Reliance (1.50%), NTPC (1.43%), Bharti Airtel (1.26%)

Losers: Titan (-1.72%), IndusInd Bank (-1.14%), HUL (-0.79%)

Sector-wise, the IT index led with a 4.04% increase, followed by Tech (3.37%), Real Estate (2.68%), Industrials (2.66%), and Services (2.53%).

In total, 2,999 stocks on the BSE gained, while 969 declined, and 95 remained unchanged.

Hindustan Zinc OFS Receives Full Subscription

The government’s Offer for Sale (OFS) of Hindustan Zinc attracted a strong response from institutional investors, with bids totaling Rs 3,400 crore, 1.4 times the shares on offer. Retail investors can place bids on Thursday. Hindustan Zinc’s stock fell 8.28% to Rs 513.15 on the BSE.

IL&FS Repays Rs 38,082 Crore Debt

IL&FS Group announced the repayment of Rs 38,082 crore in debt by September, as detailed in its latest report to NCLAT. The repayments included Rs 20,289 crore from asset sales, Rs 8,140 crore from auto-debits, and Rs 9,653 crore from interim distributions.

Government Infuses Rs 10,700 Crore into FCI

The Indian government approved a capital infusion of Rs 10,700 crore for the Food Corporation of India (FCI) to support its working capital requirements, aiming to benefit the agriculture sector and assist farmers nationwide.

IT Stocks Surge

IT stocks soared in response to Trump’s victory. Notable gains included TCS (4.21%), Infosys (4.02%), Tech Mahindra (3.85%), HCL Tech (3.71%), Persistent Systems (5.86%), LTI Mindtree (4.75%), and Wipro (3.75%).

Cryptocurrencies Hit Record Highs

Cryptocurrencies surged on Wednesday, with Bitcoin climbing nearly 8% to surpass $75,000, breaking its previous record of $73,797 set in March. Bitcoin has yielded a 77% return year-to-date. Ether, the second-largest cryptocurrency, also gained 8%.

IPO Updates

Swiggy IPO: Achieved 12% subscription on its first day, with 16,01,09,703 shares on offer and bids for 1,89,80,620 shares received.

Acme Solar Holdings IPO: Subscribed 39% on the first day.

Sability India IPO: Reached 52% subscription by the second day.

Upcoming Board Meetings

The following companies have scheduled board meetings: M&M, SAIL, NCC, Cummins India, Trent, Lupine, Rail Vikas Nigam, Indian Hotels, NHPC, Abbott India, Page Industries, Escorts Kubota, Cochin Shipyard, Emami, Encure Pharma, Alembic Pharma, Ircon International, Bajaj Electricals, and Indigo Paints.