Indian shares ended at record high on Biden's victory in elections

Indian shares ended at record high on Biden's victory in elections

09 Nov 2020 04:59 PM
 

Indian markets finished at a record high on Monday as Democrat Joe Biden's victory in the U.S. election led dollar to slip, boosting hopes for more fund inflows into emerging markets, with domestic IT stocks gaining on a report stating that the President-elect planned to ease policy on work visas.

The NSE Nifty 50 index was up 1.61% and the S&P BSE Sensex index closed 1.68% higher. Both the indexes climbed to all-time highs during the session, scaling 42,645.33 and 12,474.05, respectively.

As investors heralded Joe Biden's election as U.S. president, raising expectations that a calmer White House could boost global trade and foster easy monetary policy, the dollar hit a 10-week low on Monday.

Infosys, IT sector heavyweight, gained nearly 3%. Among the sessions's top gainers, the sector's main sub-index- banking stocks rose about 2.7% and closed higher for a sixth consecutive session.