Benchmark equity indices BSE Sensex and Nifty 50 gained at opening bell on Wednesday
Benchmark equity indices BSE Sensex and Nifty 50 gained at opening bell on Wednesday, as early trends showed Donald Trump leading the race for US presidential elections.
At opening bell, the BSE Sensex was up 283 points, or 0.36 per cent, at 79,759; while Nifty 50 was at 24,271, up 57 points, or 0.24 per cent.
Global Cues
Asia-Pacific markets were mostly higher on Wednesday after Wall Street surged overnight ahead of the US presidential election results.
Japan’s Nikkei 225 was trading up 1.3 per cent, while the Topix gained 1.1 per cent.
The Bank of Japan released September monetary policy meeting minutes, showing general agreement that the central bank should keep raising rates when certain economic and price targets are met.
South Korea’s Kospi was up 0.2 per cent, while the Kosdaq gained 0.55 per cent.
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Hong Kong’s Hang Seng index fell 1.3 per cent, while mainland China’s CSI 300 was down 0.33 per cent. The Shanghai Composite was up 0.36 per cent.
A five-day meeting of China’s National People’s Congress (NPC) will continue on Tuesday, with investors watching for information on additional stimulus and polices aimed at stabilising the economy.
Australia’s S&P/ASX 200 rose 0.8 per cent.
US stock futures and the dollar also pushed higher in Asia on Wednesday as early results from the US presidential election suggested the race remained too close to call, leaving investors jumping at shadows.
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As expected, Republican Donald Trump won Indiana and Kentucky while Democrat Kamala Harris captured Vermont, Edison Research projected, as polls closed in the first six US states.
Treasury yields climbed as some betting sites swung to favour Trump, while futures markets were still confident the Federal Reserve will cut interest rates by 25 basis points on Thursday.
Analysts generally assume Trump’s plans for restricted immigration, tax cuts and sweeping tariffs if enacted would put more upward pressure on inflation and bond yields, than Harris’ centre-left policies.
Yields on 10-year Treasury notes rose to 4.34 per cent, from 4.28 per cent, and nearer a four-month high of 4.388 per cent touched last week. Two-year yields climbed to 4.245 per cent, from 4.189 per cent late in New York.
S&P 500 futures were up 0.5 per cent in choppy trading, while Nasdaq futures added 0.2 per cent. EUROSTOXX 50 futures firmed 0.2 per cent, while DAX futures tacked on 0.4 per cent.
