KOCHI: Global markets are celebrating the setback faced by US President Donald Trump in the midterm elections. The markets soared enthusiastically, including in India. Crude oil prices fell, and the Indian Rupee strengthened against the US Dollar.
The Democrats secured dominance in both chambers of Congress, challenging Trump’s Republican Party. The legislature will now act as a check on Trump’s unilateral policies. Furthermore, there is growing optimism for a diplomatic resolution regarding potential conflict with Iran. These developments have fueled investor enthusiasm.
The Indian market witnessed its largest single-day gain in seven months. The Sensex climbed 2,008.61 points to close at 79,310.01, while the Nifty rose by 576 points to end at 24,536.60. In a single day, the market capitalisation of companies listed on the BSE increased by Rs 8.2 lakh crore.
Foreign investors returned to the Indian market after a long hiatus. It is anticipated that the decline in oil prices will help alleviate India's import costs and inflationary pressures.
In the US market, the Dow Jones rose by 3.03%, the S&P 500 by 1.58%, and the Nasdaq by 1.44% on Thursday. In Europe, the Stoxx 600 index gained 1.82%. Among Asian markets, Hong Kong and Australia saw gains. Meanwhile, South Korea's KOSPI index fell by 6% amid concerns over potential stricter regulations in the AI sector.
1. Investors poured money into gold on Thursday, driven by concerns that Trump’s defeat would intensify economic uncertainty.
2. In the global market, the price of gold rose by $60 per troy ounce (31.10 grams) on Thursday, reaching $4,119.
3. In Kerala, the price of a sovereign increased by Rs 2,360, reaching Rs 1,07,080. The price per gram rose by Rs 295, reaching Rs 13,385.
The value of the rupee against the dollar increased by 17 paise, reaching 94.47.
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