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NRIPage | Articles | Nifty 50 and Sensex Rally Over 1% Amid Trump Victory: IT Stocks Lead the Charge | Get Business News. Grow and Thrive in the Modern Market around the world - NRI Page
On Wednesday, the Indian stock markets showed a strong upward movement, with the Nifty 50 closing 1.12% higher at 24,484.05 and the BSE Sensex ending 1.13% up at 80,378.13. The rally was largely fueled by a significant surge in information technology (IT) stocks, including Infosys Ltd., Tata Consultancy Services Ltd. (TCS), and other major players in the sector. The rally was also driven by the US election results, where Donald Trump appeared to secure victory in key swing states such as Pennsylvania, Georgia, and North Carolina, signaling optimism in global markets.
During the session, both indices saw impressive intraday gains, with the Nifty 50 touching a high of 24,537.60 (+1.34%) and the Sensex jumping to 80,569.73 (+1.38%). This marked the best trading session for the Nifty since September 20 and the best for the Sensex since October 28.
According to Aditya Gaggar, Director of Progressive Share Brokers, the market saw a knee-jerk reaction to the early election results, but a clear upward trend developed throughout the session, particularly in the technology sector. As the market continues to digest the election outcomes, investors are optimistic about the potential for economic stability, with tech stocks benefiting from a global push towards digital transformation.
The Nifty 50 is on the brink of breaking out from a descending broadening wedge formation, with technical analysts predicting a target of 25,130 if the breakout proves successful. On the downside, support levels have moved higher to 24,300.
Top Performing Stocks:
Infosys, TCS, Reliance Industries, Larsen & Toubro, and HCL Technologies were among the leading gainers in the Nifty 50 index.
On the flip side, Titan Co., HDFC Bank, SBI Life Insurance, Hindustan Unilever, and Trent limited gains in the overall index performance.
Sector Performance:
The rally was broad-based, with all 12 sectoral indices on the NSE ending in the green. The Nifty IT, Nifty Realty, and Nifty Oil & Gas sectors saw the most significant gains, contributing heavily to the overall market strength.
As the results of the US elections continue to unfold, Indian markets are reacting positively to the global economic outlook, with investors particularly optimistic about the technology sector. Infosys, TCS, and other IT stocks have been major drivers, reflecting strong investor confidence in the sector’s growth potential.
