Sensex goes up by 150 points, while Nifty inclines towards 24,250

Sensex Gains 150 Points as Nifty Nears 24,250 Mark

Written by: Supriya Kadu

Edited by: Omkar Devadkar

Last Updated: November 06, 2024

Summary: On Wednesday, Sensex and Nifty gained some momentum at the opening bell.

As early trends indicated Donald Trump was winning the race for the US presidency, the benchmark market indices, the BSE Sensex and the Nifty 50, rose at the opening bell on Wednesday.

The BSE Sensex was up 283 points, or 0.36 percent, at 79,759 at the opening bell, while the Nifty 50 was up 57 points, or 0.24 percent, at 24,271.

The S&P/ASX 200 in Australia increased by 0.8%.

Following Wall Street's overnight rally ahead of the results of the US presidential election, Asia-Pacific markets were largely higher on Wednesday. Both the Topix and Japan's Nikkei 225 were up 1.1% and 1.3%, respectively.

According to the minutes of the Bank of Japan's September monetary policy meeting, when specific economic and price targets are reached, there is broad consensus that the central bank should continue raising rates.

The Kosdaq increased by 0.55%, while the South Korean stock exchange's Kospi was up 0.2%. The CSI 300 in mainland China dropped 0.33 percent, while Hong Kong's Hang Seng index dropped 1.3%. A 0.36 percent increase was seen in the Shanghai Composite.

Investors will be keeping an eye out for details on further stimulus and policies meant to stabilize the economy as China's National People's Congress (NPC) continues its five-day conference on Tuesday.

As early returns from the US presidential election indicated the contest was still too close to call, investors were jumping at shadows, which caused US stock futures and the currency to rise in Asia on Wednesday.

As polls closed in the first six US states, Edison Research predicted that Democrat Kamala Harris would win Vermont and Republican Donald Trump would win Indiana and Kentucky.

While futures markets remained optimistic that the Federal Reserve would lower interest rates by 25 basis points on Thursday, Treasury yields increased as some betting sites shifted in favor of Trump.

Analysts generally believe that if Trump's promises for tax cuts, extensive tariffs, and restricted immigration were implemented, they would push inflation and bond yields higher than Harris' center-left programs.

10-year Treasury note yields increased from 4.28 percent to 4.34 percent, getting closer to a four-month high of 4.388 percent that was reached last week. Late in New York, two-year yields increased from 4.189 percent to 4.245 percent.

In volatile trade, S&P 500 futures gained 0.5%, while Nasdaq futures gained 0.2%. Futures on the DAX added 0.4%, while futures on the EUROSTOXX 50 firmed 0.2%.

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