Sensex Surges 350 Points As Global Markets See Trump Rally

Business

oi-Sunil Fernandes

Benchmark indices surged in trade, sparked by a solid global rally, as fears of a Trump Presidency receded.

By Sunil Fernandes

Published: Thursday, November 10, 2016, 9:34 [IST]

Investors moved quickly from "fear to greed" as global markets staged a remarkable rally, completely ignoring any adverse impact of a Trump Presidency.

Solid closings across the US, in which the Dow Jones soared over 200 points, helped push Indian indices higher. In Asia, the Japanese Nikkei was trading with gains of a staggering 5 per cent, while the Hong Kong's Hang Sang was up 3 per cent in trade. The sharp drop in the Japanese Yen, helped boost stocks in the region.

The Sensex was trading with gains of 373 points, while the Nifty moved higher by 121 points. Leading the set of gainers in trade were stocks from the Banking sector. State Bank of India, Union Bank and ICICI Bank were among the top gainers in the space.

IT Stocks like Infosys continued to fall on worries that there would be an H1B visa curb, following the Trump Presidency, as he had often felt that it resulted in jobs losses to Americans. Infosys was down 1 per cent in trade.

The top Nifty gainers in trade were Bosch, Hindalco, Sun Pharma and Tata Steel. Meanwhile, the rupee was trading with gains and was last seen at 66.44 to the US dollar.

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