The stock market of India, today (November 6), in its IT segment posted a strong gain. This comes after the US presidential election 2024 where the Republican candidate Donald Trump claimed the victory.
Donald Trump’s win has triggered an uptick in IT stocks, which are benefiting from a stronger US dollar. This can also be considered as a key factor for the Indian tech giants that generate a large portion of their revenue from the US.
Furthermore, in respose to the US election result, the IT stocks on both the headline indices BSE and NSE saw a significant gains.
In the early phase of the election results, the Indian market reacted positively as the former President Donald Trump led the tally, offering a glimpse of how global political shifts might impact Indian tech stocks.
Strong Across the Board
BSE – IT stocks
In Wednesday’s trade, the Nifty IT sectoral index surged by over 4 per cent, with stocks such as Persistent Systems, LTIMindtree, TCS, Infosys, Wipro, HCL Tech, and Tech Mahindra seeing gains of 4 to 6 per cent.
All 10 stocks in the index closed in the green, highlighting the sector’s resilience of the 2024 US election outcome.
On the BSE, Persistent Systems was up by 5.86 per cent, closing at Rs 5733.95, while LTIMindtree rose by 4.75 per cent, reaching Rs 5991.70.
TCS followed closely with a 4.21 per cent gain, closing at Rs 4138.80, and Infosys gained 4.02 per cent, ending the day at Rs 1824.30.
Moreover, the BSE index was marked by strong performances from key players, including Coforge, Tech Mahindra, Wipro, and HCL Tech, all of which posted with gains.
NSE – IT stocks
On the NSE, Persistent Systems mirrored its performance on the BSE, up 5.86 per cent at Rs 5738.05. LTIMindtree climbed 4.88 per cent to Rs 5999, while TCS gained 4.32 per cent, ending at Rs 4143. Other IT stocks such as Coforge, Tech Mahindra, and Wipro followed suit, contributing to the sector’s rally.
NSE
How Trump’s Victory Is Benefiting Indian IT Stocks
Trump’s economic policies are also expected to favor US growth, which could lead to greater demand for IT services, particularly from American businesses looking to outsource their technology needs to cost-effective markets like India.
