Sensex 400 Points Higher At 79,850; Nifty At 24,350

Indian equity markets opened on a positive note on Wednesday, with benchmark indices BSE Sensex and Nifty 50 making gains amid early developments in the U.S. presidential race. As of the opening bell, the BSE Sensex had surged by 283 points, or 0.36%, to 79,759, while the Nifty 50 stood at 24,271, up 57 points, or 0.24%.

Global markets were closely monitoring early election results from the U.S., particularly trends showing Donald Trump leading the race. This was contributing to a cautious but optimistic mood across major stock markets worldwide.

Stock Movements and Sectoral Trends

On the Sensex, more than half of the stocks were in the red at the open, with Titan leading the losses, down 3.27%, followed by Tata Steel, JSW Steel, Hindustan Unilever, and Tata Motors. On the other hand, stocks such as HCLTech, ICICI Bank, Infosys, Bajaj Finance, and Bajaj Finserv helped offset the declines, pushing the index higher.

The Nifty 50 saw a similar trend, with 27 of its 50 stocks in the red. Titan again led the losses, dropping 3.46%, while Tata Steel, JSW Steel, Hindalco, and SBI Life also posted losses. However, stocks like Apollo Hospitals, Dr. Reddy’s, HCLTech, Infosys, and ICICI Bank were among the gainers, lifting the index.

Among sectoral indices, the Metal index saw a decline of 1%, while the Consumer Durables index was down 0.18%. Meanwhile, the Realty index led the gains, rising 1.45%, followed by the OMC, Healthcare, IT, Financial Services, and Bank indices.

In the broader markets, the Nifty Midcap 100 and Nifty Smallcap 100 gained 0.58% and 0.54%, respectively.

Market Recovery and Optimism for H2 FY25

On Tuesday, Indian markets staged a strong recovery after the previous day’s losses, with the Sensex closing 694 points higher at 79,476.63, or a 0.88% increase. The Nifty 50 ended above 24,200 at 24,213, up 218 points, or 0.91%. Analysts attributed this rebound to a technical bounce, short-covering, and hopes for a demand revival in the second half of FY25.

In the broader markets, both the BSE MidCap and BSE SmallCap indices rose by 0.4%. Sectorally, the Nifty Metal index saw the largest gain, rising nearly 3%, followed by the Nifty Private Bank and Bank indices, which were up by 2%. Meanwhile, the Nifty FMCG and IT indices ended lower.

Focus on the BFSI Summit

Today’s trading activity is likely to be influenced by the Business Standard BFSI Summit, which kicks off today. Key speakers at the event include RBI Governor Shaktikanta Das, IRDAI Chairperson Debasish Panda, CEA V Anantha Nageswaran, and Sebi whole-time member Ananth Narayan G. Market participants will closely watch for any policy-related announcements or insights from the summit.

Global Market Performance

Across the Asia-Pacific region, most markets were higher on Wednesday following a surge on Wall Street overnight, driven by anticipation ahead of U.S. election results. Japan’s Nikkei 225 rose by 1.3%, while the Topix added 1.1%. South Korea’s Kospi was up 0.2%, and the Kosdaq gained 0.55%. However, Hong Kong’s Hang Seng index fell 1.3%, and mainland China’s CSI 300 was down 0.33%, though the Shanghai Composite gained 0.36%.

Australia’s S&P/ASX 200 also saw a rise of 0.8%. Investors were particularly focused on news from the Bank of Japan, which released its September monetary policy meeting minutes, showing broad agreement on continuing rate hikes as long as certain economic targets are met.

U.S. Election and Market Reactions

U.S. stock futures and the dollar strengthened on Wednesday as early results from the U.S. presidential election suggested a tight race. Republican Donald Trump won in Indiana and Kentucky, while Democrat Kamala Harris captured Vermont. Investors were waiting for further results to gauge the likely outcome. Treasury yields climbed, with 10-year yields reaching 4.34%, up from 4.28%, approaching a four-month high.

S&P 500 futures rose 0.5%, Nasdaq futures added 0.2%, and European markets were also in positive territory, with EUROSTOXX 50 futures up 0.2% and DAX futures gaining 0.4%. The dollar index climbed 0.6% to 103.98.

Oil and Commodity Markets

In the commodities space, oil prices dipped slightly as markets remained cautious ahead of the U.S. election results. U.S. crude dropped 23 cents, or 0.3%, to $71.76 per barrel, while prices had earlier surged due to expectations of a storm disrupting output in the Gulf of Mexico.