What a session! Continuing from where we left off after Tuesday’s rebound, the market extended its rally on Wednesday, gaining over 1%, bolstered by positive global cues and significant developments in the US elections. BSE-listed companies gained nearly ₹8 lakh crore in market capitalisation in today’s trade.
All the sectoral indices closed in the green. Amongst them, the Nifty IT index, reality and oil & gas gained the most.
The broader indices also mirrored this momentum, each advancing by over 2%. The Nifty Midcap 100 Index surged 2.21% to close at highest levels since October 21, while the Nifty Smallcap 100 Index rose 2.18% to close at highest levels since October 18.
IT stocks were the biggest contributors to today’s market rally, as reflected by the 4% gain in the Nifty IT index, despite the rupee trading sharply lower at 84.29 against the dollar. The rupee experienced a significant drop of 0.20 due to the outcome of the US election, where Republican candidate Donald Trump emerged victorious. Trump’s win has strengthened the dollar index, adding pressure on global currencies.
Thursday’s trading session may benefit from the Wall Street rally, or has the market already priced in a Trump win? US equity futures have extended their gains after Trump won the 2024 election, defeating Democratic nominee Kamala Harris.
The Dow Jones futures are currently trading with gains of 1,260 points, while futures on the S&P 500 and the Nasdaq Composite are also trading with gains of over 130 points and 341 points, respectively.