Cheering Biden’s Victory, BSE Sensex, Nifty 50 Hit All-Time High

by GoNews Desk 5 months ago Views 2384

Cheering Biden’s Victory, BSE Sensex, Nifty 50 Hit
Indian stock markets are roaring high following Democrat Joe Biden’s win in the US presidential election.

On Monday morning, the Sensex crossed the 42,000-mark by climbing 704 points. According to market experts, Joe Biden's victory was the reason behind this tremendous boom. As the uncertainty over the US presidential election results ended, foreign markets saw an improvement, investors confidence increased and foreign money poured into India stocks. Due to this, Indian benchmark indices — Sensex and Nifty — rallied to record highs in a day.

After touching the peak of its lifetime in the initial hours, the BSE index marked a record high of 42,597.43 (1.68% higher). Similarly, the Nifty also touched an all-time high of 12,461 (1.61% higher or 197 points).

BSE saw significant growth in telecom and financial institutions. For example, IndusInd Bank share price rose by 4.95%, Bharti Airtel by 4.92%, ICICI Bank by 4.42%, Axis Bank (4.31%) Bajaj Finance (2.34%) and HDFC Bank share price increased by 2.53%.

Similarly, Divi's Lab (5.49%), Bharti Airtel (5.13%), ICICI Bank (4.88%), BPCL (3.77%), and Hindalco share price rose by 3.43% in the Nifty index.

Most market investors are hoping that the newly elected President Biden will adopt a more lenient approach to Indian companies, especially IT and the domestic financial markets, than Trump. However, moneylenders in India are waiting for the industrial production and inflation data to be released on Thursday and if the figures remain positive, it is expected that the stock market may continue to climb up for some time.

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