Stock market today: Sensex, Nifty 50 jump over 1% as Donald Trump takes a decisive lead in the US presidential election

Stock market today: India's benchmark indices, Sensex and Nifty 50, continued to rise on November 6, fueled by news of Donald Trump's significant lead in the 2024 US election, boosting market sentiment.

Nishant Kumar
Updated6 Nov 2024, 04:13 PM IST
Stock market today: Sensex, Nifty 50 jump over 1% as Donald Trump takes a decisive lead in the US presidential election
Stock market today: Sensex, Nifty 50 jump over 1% as Donald Trump takes a decisive lead in the US presidential election(Agencies)

Stock market today: The Indian stock market's benchmark indices, the Sensex and Nifty 50, jumped over 1 per cent each, extending gains into the second consecutive session on Wednesday, November 6, as news of former President and Republican candidate Donald Trump taking a decisive lead in the 2024 US election drove market sentiment higher.

The early election trends show Republican candidate Donald Trump leading in the US Presidential Polls 2024. The former US President is leading in 266 electoral votes and has gained dominance in more than 27 states, reported AFP, citing US media.

The Sensex and the Nifty 50 jumped over 1 per cent each to 80,569.73 and 24,537.60, respectively, during the session. The 30-share pack Sensex finally closed 902 points, or 1.13 per cent, higher at 80,378.13, with 25 stocks in the green. The Nifty 50 settled at 24,484.05, up 271 points, or 1.12 per cent.

Shares of TCS, Infosys, Tech Mahindra, HCL Tech and Adani Ports ended as the top gainers in the Sensex index. On the flip side, shares of Titan, IndusInd Bank, Hindustan Unilever, Axis Bank and HDFC Bank ended as the laggards in the index.

Also Read | Top Gainers and Losers today on 6 November, 2024: Bharat Electronics, Adani Enterprises, SBI Life Insurance Company, Titan Company among most active stocks; Check full list here

The BSE Midcap and Smallcap indices rose 2.28 per cent and 1.96 per cent, respectively.

The overall market capitalisation of BSE-listed firms rose to nearly 453 lakh crore from nearly 445 lakh crore in the previous session, making investors richer by about 8 lakh crore in a single session.

Over 200 stocks, including Coforge, City Union Bank, Deepak Fertilisers, eClerx Services, Gillette India, Mankind Pharma and National Aluminium Company, hit their fresh 52-week highs in intraday trade on BSE.

Sectoral indices today

All sectoral indices rose in trade, led by the Nifty IT index, which surged 4 per cent, followed by Nifty Realty and Oil and Gas, which jumped almost 3 per cent.

Consumer Durables rose 2 per cent while Auto, Media, Metal, Pharma and PSU Bank rose over a per cent each.

"The global markets experienced a relief rally following the US 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," said Vinod Nair, Head of Research, Geojit Financial Services.

"The domestic buying was broad-based, with IT leading the charge in anticipation of a rebound in IT spending in the US. BFSI spending in the US has improved as per the IT Q2 result, which is positive for Indian players," said Nair.

The Trump factor

Early election trends indicate a favourable outcome for Republican candidate Donald Trump in the 2024 US presidential race. Trump is currently leading with 266 electoral votes and holds a strong position in over 27 states, according to AFP, citing US media reports.

Also Read | How could a Trump or Harris win impact India’s economy & sectors? Key scenarios

Experts observe that a Trump-led Republican government could greatly impact trade, likely increasing tariffs and adopting a more protectionist stance on international trade.

"One of the key focal points of Trump's presidency was reducing the US trade deficit, a policy that heavily relied on increasing import tariffs. While these measures could help shrink the trade deficit, they risk increasing inflation by making imported goods more expensive. This, in turn, could delay interest rate cuts by the US Federal Reserve, which is already grappling with persistent inflationary pressures," said Nitin Aggarwal, Director of Investment Research and Advisory at Client Associates.

Also Read | US election 2024 and Indian stock market: 5 key impacts to watch

Brokerage firm JM Financial believes Trump's policies could lead to higher interest rates, a strong US dollar and a slowdown in global growth.

Also Read | How could the US presidential elections 2024 affect the Indian stock market?

According to Yogesh Kansal, cofounder and CMO at Appreciate, investors can potentially expect a rekindling of the US-China trade war. This will, obliquely, end up benefitting emerging economies, especially India.

In the coming days, the “China-plus-one” strategy would come into sharp focus once again, and the Indian pharmaceutical sector looks well-placed to benefit more from China’s alienation rather than Trump’s presidency. More positives could be in store for the Indian economy as a cooling Chinese economy would spell a fall in commodity prices, especially crude oil rates, said Kansal.

However, Kansal added that India will have to reckon with other major pain points if and when Trump comes to power. For instance, IT companies will once again have the sword of the H-1B visa restrictions looming over them. These visa restrictions can lead to workflow disruptions and possibly dent the topline of marquee Indian IT companies for a quarter or two.

Read all market-related news here

Disclaimer: The views and recommendations above are those of individual analysts, experts, and brokerage firms, not Mint. We advise investors to consult certified experts before making any investment decisions.

Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.

MoreLess
First Published:6 Nov 2024, 04:13 PM IST
Business NewsMarketsStock MarketsStock market today: Sensex, Nifty 50 jump over 1% as Donald Trump takes a decisive lead in the US presidential election

Most Active Stocks

Adani Power share price

560.20
03:59 PM | 28 NOV 2024
36.4 (6.95%)

Adani Ports & Special Economic Zone share price

1,167.00
03:43 PM | 28 NOV 2024
-32.75 (-2.73%)

Indian Oil Corporation share price

137.80
03:59 PM | 28 NOV 2024
-1.15 (-0.83%)

Adani Enterprises share price

2,437.45
03:59 PM | 28 NOV 2024
39.1 (1.63%)
More Active Stocks

Market Snapshot

  • Top Gainers
  • Top Losers
  • 52 Week High

Amber Enterprises India share price

5,991.45
03:56 PM | 28 NOV 2024
-481.35 (-7.44%)

SBI Life Insurance Company share price

1,427.95
03:55 PM | 28 NOV 2024
-77.55 (-5.15%)

Max Financial Services share price

1,128.60
03:29 PM | 28 NOV 2024
-59.3 (-4.99%)

Triveni Turbines share price

796.55
03:58 PM | 28 NOV 2024
-38.75 (-4.64%)
More from Top Losers

Honasa Consumer share price

251.55
03:54 PM | 28 NOV 2024
22.85 (9.99%)

ITI share price

295.40
03:56 PM | 28 NOV 2024
19.65 (7.13%)

Adani Power share price

560.20
03:59 PM | 28 NOV 2024
36.4 (6.95%)

Ujjivan Small Finance Bank share price

35.88
03:59 PM | 28 NOV 2024
2.32 (6.91%)
More from Top Gainers

Recommended For You

    More Recommendations

    Gold Prices

    • 24K
    • 22K
    Bangalore
    77,535.000.00
    Chennai
    77,541.000.00
    Delhi
    77,693.000.00
    Kolkata
    77,545.000.00

    Fuel Price

    • Petrol
    • Diesel
    Bangalore
    103.02/L0.00
    Chennai
    100.90/L0.00
    Kolkata
    104.95/L0.00
    New Delhi
    94.77/L0.00

    Popular in Markets

      HomeMarketsPremiumInstant LoanMint Shorts