Stock market opens in the red after Donald Trump's victory

Mumbai: The Indian stock market opened in the red on Thursday after Donald Trump won the US presidential election. Selling is being seen in metal, auto, financial services, pharma, FMCG, energy, private banks and infra sectors in early trade.

BSE Sensex is trading at 79,996.60 after falling 381.53 points or 0.47 per cent. At the same time, NSE's Nifty is trading at 24,353.15 after falling 130.90 points or 0.53 percent. However, the market trend remains positive.

On the National Stock Exchange (NSE), 1,250 shares are trading in the green, while 999 shares are trading in the red. Nifty Bank is at 52,061.85 after falling 255.55 points or 0.49 per cent. Nifty Midcap 100 index is trading at 57.4.350 level after rising 87.70 points or 0.15 per cent. At the same time, Nifty Smallcap 100 index is at 18,886.40 after slipping 19.70 points or 0.10 percent.

Bajaj Finserv, UltraTech Cement, Bajaj Finance, Nestle India ICICI Bank and Kotak Mahindra Bank remain the top losers in the Sensex pack. Whereas Tata Steel, HCL Tech, TCS and JSW Steel were the top gainers.

According to market analysts, “Trump's victory is proving to be more transformational than ever before. With Congress and the Senate under Republican control and President Trump exercising power without the worry of another term, Trump's assumption of office “Large-scale transformative decisions are possible in the months following.”

He further said that these decisions can prove to be both good and bad. His pro-business initiative of 'America First' can strengthen the US economy. But if they follow through on their words and impose 60 percent tariffs on Chinese imports and 10 to 20 percent tariffs on imports from other countries, it will increase inflation.

Talking about Asian markets, except the markets of Jakarta and Tokyo, the markets of Shanghai, Seoul, Bangkok and Hong Kong are trading in the green. At the same time, the American stock market welcomed Trump's victory in the US presidential elections grandly. American stock markets closed on the green mark after a tremendous jump of 3.57 percent on the previous trading day. Foreign institutional investors (FIIs) sold equities worth Rs 4,445 crore on November 6, while domestic institutional investors bought equities worth Rs 4,889 crore on the same day.