Indian stock markets opened green on Wednesday as rising global volatility following ongoing US elections pushed the markets higher. Nifty 50 index rose 95 points or 0.39 percent to 24,308.75 points. BSE Sensex opened 295 points or 0.37 percent higher at 79,771.82 points.
They pointed out that this US election is going to flare up the market globally, and because several days may pass before the results of the election are determined, their turbulence could continue. They further called upon the investors to exercise caution during this period in making investments.
Ajay Bagga, a banking and market expert, told, “Counting of US Election votes has started, and markets are taking a cue from every news update. We are in a volatile phase. What was an ‘Election Day’ could extend into an ‘Election Week.’ Markets will see sharp fluctuations movement from ‘Trump trades’ to ‘Harris trades’ that can trigger stop losses on both sides. It’s best to wait this out at least for today.”
Additional reporting by Bagga added, “The results in seven swing states are still too close to call. Voting will go on till midnight ET in some states, so one has to be very patient. Let a winner emerge, and we will analyze what it means to India. As for now, the best advice is to wait.”
Most of the sectoral indices in the National Stock Exchange opened in the green, barring Nifty Consumer Durables. Nifty IT led the charge, up 0.86%, followed by Nifty Bank as it was up 0.45%. Nifty Auto gained 0.51%.
Of the Nifty 50 stocks, 38 opened in the green while 12 witnessed losses. Apollo Hospital and HCL Tech were the top gainers whereas Titan and JSW Steel led the losers.
International Markets Japan’s Nikkei 225 jumped over 2 percent, Taiwan’s Weighted index advanced 1.21 percent, but Hong Kong’s Hang Seng fell over 3 percent.
ANI
