Taking Stock: Trump win pushes Nifty above 24,500, Sensex gains 900 pts; IT, oil & gas, realty rally

IT stocks | The Nifty IT index surged over 3 percent, emerging as the top sectoral performer amid signs of a potential Donald Trump win in the 2024 US Presidential elections. All ten stocks within the index advanced by 1 to 4 percent, with Infosys, TCS, and HCLTech leading the charge. "Currently, indications suggest Trump may win again, and one of his main proposals is to impose tariffs on Chinese imports. While this might not lead to a full-scale trade war, given Trump's pragmatic business approach, he's likely to continue an anti-China policy. This could be advantageous for India's exports, not just in IT but across multiple sectors," VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services told Moneycontrol.

Indian equity market cheered Donald Trump's victory in the US presidential election and extended the winning streak for the second straight session on November 6, with Nifty rising above 24,500, amid buying across sectors especially in IT, realty, oil & gas and power names.

However, investors are also hoping for another rate cut by the Federal Reserve in its meeting scheduled on November 7.

At close, the Sensex was up 901.50 points or 1.13 percent at 80,378.13, and the Nifty was up 270.75 points or 1.12 percent at 24,484.

Also Read - Q2 GDP growth may slow down to 6.5%; FY25 growth likely closer to 7%: SBI

Biggest gainers on the Nifty were Bharat Electronics, Adani Enterprises, TCS, Tech Mahindra and Infosys, while losers included SBI Life Insurance, Titan Company, IndusInd Bank, HDFC Life and HUL.

All the sectoral indices ended in the green with IT index rose 4 percent, oil & gas, power, capital goods, realty up 2 percent each.

BSE Midcap index up more than 2 percent and Smallcap index up nearly 2 percent.

More than 230 stocks touched their 52-high on the BSE, including, City Union Bank, Coforge, Deepak Fertilisers, eClerx Services, Firstsource Solutions, Gillette India, Kaynes Technologies, Mankind Pharma, NALCO, Piramal Pharma, Procter & Gamble Health, Suven Pharma, among others. Click To View More

Index	Prices	Change	Change%
Sensex	84,211.88	-344.52	-0.41%
Nifty 50	25,795.15	-96.25	-0.37%
Nifty Bank	57,699.60	-378.45	-0.65%

Nifty 50 25,795.15 -96.25 (-0.37%)

Fri, Oct 24, 2025

• 1D
• 5D
• 1M
• 3M
• 6M
• 1Y
• 2Y

Biggest Gainer	Prices	Change	Change%
Hindalco	824.45	32.05	+4.04%

Biggest Loser	Prices	Change	Change%
Cipla	1,584.40	-60.70	-3.69%

Best Sector	Prices	Change	Change%
Nifty Metal	10347.50	105.60	+1.03%

Worst Sector	Prices	Change	Change%
Nifty FMCG	56348.10	-424.30	-0.75%

Outlook for November 7

Aditya Gaggar Director of Progressive Shares

It was the day for IT stocks. After a knee-jerk reaction in the opening trade, a one-way up-move was seen across the board and Nifty50 advanced by 270.75 points to settle trade at 24,484.05. All the sectors ended the day in green with IT and Realty being the top gainers. Mid and Smallcaps soared over 2% and outperformed the Benchmark Index.

The Index is on the verge of giving a breakout from a Descending Broadening Wedge formation and in the case of a successful breakout, the approximate target comes to 25,130 while on the flip side, the support level is moved higher to 24,300.

Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities

After witnessing a fine upside bounce from the lows on Tuesday, Nifty continued with decisive follow-through upmove on Wednesday and closed the day higher by 270 points. After opening with a positive note, the market extended its gains in the mid to later part of the session. Minor consolidation movement was seen at the hurdle of 24500 levels and Nifty finally closed near the highs.

A long bull candle was formed on the daily chart, which is back-to-back for the two sessions. The present upside bounce of last couple of sessions is confirming a formation of crucial bottom reversal pattern around 23800 levels. Hence, a decisive move above the key overhead resistance of 24500 could open more upside ahead.

Present reversal in Nifty from the lows is also signaling a formation of larger degree higher bottom formation as per weekly timeframe chart. This is positive indication and more upside from here could confirm the higher bottom reversal.

The underlying short-term trend of Nifty continues to be positive. A sharp upside breakout of immediate resistance of 24500 levels is likely to open the next upside target of 25K mark in a quick period of time. Immediate support is placed at 24350.

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