Trump defeat Indian sharemarket
Global markets saw a positive reaction after Donald Trump’s defeat in the US midterm elections. Indian shares moved higher as the results were announced on Wednesday, and the gains continued after the market opened on Thursday.
The Sensex closed at 77,301.40 points on Wednesday, up 383.55 points from the previous session. After Thursday’s opening, the index rose sharply and moved into the 78,000 range. Its gain was reported at around 1,300 to 1,500 points at different points during the session. A rise of about 1,400 points was also reported at the opening.
The Nifty gained around 300 points. Almost all Indian shares were trading in positive territory, with IndiGo recording the biggest improvement among the shares mentioned.
The rupee gained 29 paise against the dollar compared with Wednesday. Its value was cited at 94.36. Oil prices also declined after Trump’s defeat. Oil had risen above 100 dollars a barrel amid the war, before falling to 94 dollars on Thursday.
Business circles expect Trump could withdraw from the Iran war after his defeat. The war has been described as having continued for seven months. That expectation was cited as a reason for the decline in oil prices. Lower oil prices were described as positive news for India.
Gold prices also fell slightly alongside the gains in equities and the rupee, bringing some relief to the middle class.
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