Despite the unexpected result of the U.S. elections and the Indian government’s sudden demonetisation in order to curb black money, the BSE Sensex went up to a one-week high by 390 points on Thursday in the early session of the stock market.
The Sensex witnessed a loss of 338.61 points in Thursday’s trade, but reclaimed 390.04 points and went up by 1.43 per cent, to trade at 27,642.57. All sectoral indices led by metal, realty, PSU and healthcare traded in the green, riding up to 4.77 per cent.
Along with the Sensex, the NSE Nifty too increased by 127 points , a 1.50 per cent rise.
The Sensex and Nifty followed the world trade bourses, which recovered after the initial slide in points following the electoral victory of Donal Trump as president-elect of the United States.
Other than value-buying in blue chip stocks and covering-up by speculators who had created short-positions in Thursday’s trade, the strengthening rupee too supported the rebound, reported the PTI.
The major companies that gained through the increase in the stock market were ICICI Bank, HDFC, SBIN, Larsen, Maruti, Axis Bank, Tata Motors, Bhel, Asian Paint, Cipla, Adani Ports, Bajaj Auto, TCS, M&M, ONGC, Bharti Airtel and HDFC Bank. Also shares worth a clear Rs 815.53 crore were sold by Foreign Portfolio Investors (FPIs), as per data released by stock exchanges. Asian markets also advanced higher not just in their respective countries but also in overseas stock markets, all because of the sharp gain in the U.S. stock markets. Companies like Japan Nikkei climbed 5.82 per cent, Hong Kong’s Hang Seng soared to 1.92 per cent and Shangai’s Composite gained 1.14 per cent, according to PTI reports.
