Sensex gains 694 points ahead of closely-fought US election
Mumbai: The Indian stock market closed in green on Tuesday as investors set their eyes on the closely-contested US presidential election.
At the end of trading, buying was seen in all sectors, except FMCG and media.
The Sensex closed up 694.39 points or 0.88 per cent.
On the other hand, NSE's Nifty closed at 24,213.30 after rising 217.95 points or 0.91 per cent. The Nifty Bank rose 992 points or 1.94 per cent to 52,207.25. Nifty Midcap 100 index closed at 56,115.45 at the end of trading after rising 330.90 points or 0.59 per cent. The Nifty Smallcap 100 index closed at 18,503.45 after gaining 78.80 points or 0.43 per cent.
Buying was seen in the auto, IT, PSU banks, financial services, pharma, metals, and realty sectors of the Nifty. JSW Steel, Tata Steel, Axis Bank, IndusInd Bank, HDFC Bank, SBI, Kotak Bank, ICICI Bank, Bajaj Finance, and Tata Motors were the top gainers in the Sensex pack. At the same time, ITC, Bharti Airtel, Asian Paints, L&T, and Sun Pharma were the top losers.
The market trend remained positive. On the BSE, 2,476 shares were trading in green, 1,473 shares in red, while there was no change in 109 shares.
According to market experts, the domestic market experienced a sharp recovery, reclaiming most of the previous day’s losses amid uncertainty surrounding the likely downgrade in Q2 GDP forecast and the closely contested US presidential election.
Meanwhile, the Indian rupee closed stable at 84.10 per dollar.
Regarding the rupee, experts said that market participants are closely monitoring FII activity, as any significant buying or selling can affect the movement of the rupee along with the results of the US election.
According to Vikram Kasat from Prabhudas Lilladher, Indian markets made a strong recovery today, shaking off early losses despite uncertainties tied to the upcoming US presidential election.
"Meanwhile, a softer dollar and cautious sentiment dominated markets as investors awaited clarity from the US election," he said.