Indian equity markets opened in the red on November 7 a day after a sharp rally in the previous session on Wednesday and ignoring the capital markets boost from Donald Trump’s victory in the US elections.
The trajectory of Indian markets on Thursday was in stark contrast to US indexes. To be sure, post-Trump’s victory in the US Presidential elections, Dow Jones surged 3.57% while the Nasdaq ended 3% higher, with both indices reaching record highs on the return of the former US President to the White House.
Dalal street was indeed on completely opposite trajectory to Trump’s election victory. A few analysts have warned that the former President’s ‘America First’ policies could have a negative impact on Indian markets, including a weaker rupee and increased foreign investment outflows from India.
At 1:20 AM, the S&P BSE Sensex was down by 827.41 points, trading at 80,230.98, while the NSE Nifty50 fell by 290.35 points, standing at 24,205.80.
Broader market indices were mixed, with some in the green and others in the red. On the contrary, IT stocks continued to see gains but were not enough to offset the loss witnessed by other large cap stocks particularly in banking and financial services.
Among the Nifty50, Apollo Hospitals, Tata Steel, HCLTech, TCS, and Wipro were the top gainers till noon. On the other hand, Hindalco, Adani Enterprises, Power Grid, BEL, and BPCL were among the top losers.
Meanwhile, in the September quarter, domestic institutional investors (DIIs) increased their stake in NSE-listed companies to a record 16.46%, up from 16.25% on a net inflow of Rs 1,03,625 crore.
Also, the DII share grew faster than that of FIIs as it narrowed the gap between the two. By the end of September, the difference reached a record low of 1.09%
