Sensex, Nifty Extend Rally, Tracking Global Gains On Trump Win: Market Wrap
The NSE Nifty 50 and the BSE Sensex ended with over 1% gain on Wednesday, with Infosys Ltd., Tata Consultancy Services Ltd. and overall technology stocks contributing to the benchmark indices' rally amid Donald Trump's victory in the US elections.
The Nifty 50 ended 270.75 points or 1.12% higher at 24,484.05, and the Sensex closed 901.50 points or 1.13% up at 80,378.13.
During the session, the Nifty rose as much as 1.34% to 24,537.60, and the Sensex jumped 1.38% to 80,569.73. In terms of intraday gain, the Nifty recorded the best session since Sept. 20, and Sensex since Oct. 28.
Even as the final results are still pending, the election has been called in Trump's favour after he bagged victory in key swing states of Pennsylvania, Georgia and North Carolina.
The Sensex ended 1.19% higher at 80,420.09.
The Nifty 50 ended 1.14% higher at 24,490.45.
It was the day for information technology stocks. After a knee-jerk reaction in the opening trade, a one-way up-move was seen across the board, according to Aditya Gaggar, director of Progressive Share Brokers.
The Nifty 50 is on the verge of giving a breakout from a descending broadening wedge formation and in the case of a successful breakout, the approximate target comes to 25,130, while on the flip side, the support level is moved higher to 24,300, Gaggar added.
The Nifty Bank ended 0.34% higher at 52,386.60.
Infosys, TCS, Reliance Industries Ltd., Larsen & Toubro Ltd. and HCL Technologies Ltd. led the gains in the Nifty 50.
Titan Co., HDFC Bank Ltd., SBI Life Insurance Co., Hindustan Unilever Ltd. and Trent Ltd. limited gains in the index the most.
Top contribution to the Nifty 50 index.
All the 12 sectoral indices on the NSE ended higher, with the Nifty IT, Realty and Oil & Gas rising the most.
Sectoral indices ended higher on NSE.
The broader indices outperformed the benchmarks as the BSE MidCap rose 2.28% and the SmallCap closed 1.96% higher.
All 21 sectoral indices on the BSE closed higher, with the BSE Focused IT rising the most.
The market breadth was skewed in the favour of the buyers as 3,013 stocks rose, 961 fell and 89 remained unchanged on the BSE.
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