Dow Futures Gain on US Election Results, Nifty Expected to Follow Suit

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Dow Futures Gain on US Election Results, Nifty Expected to Follow Suit
Credit: © Reuters.

By Aditya Raghunath

Investing.com -- Expect Indian markets to open up following the win of President-elect Joe Biden in the US elections. All three major US futures, the Dow Futures (up 1.25%), S&P 500 Futures (up 1.46%), and Nasdaq 100 Futures (up 2.06%), opened significantly higher on Sunday night trading.

It is widely expected that Biden, along with Vice President Kamala Harris will launch a bigger fiscal stimulus that will further propel stock markets and boost consumer spending.

Japan’s Nikkei 225 rallied to a nearly 29-year high on the US election news. The Nikkei hit an intraday high of 24,678.62. This was the highest level reached since November 1991. South Korea’s Kospi was also up 1.18% in early trade.

The Nifty and the BSE Sensex are expected to hit new highs soon as the country begins Diwali week. Last week, the Sensex closed at 41,893.06, the highest in nearly 10 months while the Nifty closed at 12,263.55. Heavyweight Reliance Industries (NS: RELI ) had a shaky start to the week last Monday, November 2, when it lost over 7% on weak results but it covered its losses through the week.

Bank Nifty and other financial stocks also had a good run last week ending at 26,799, gaining over 10% during the week. HDFC Bank (NS: HDBK ), IndusInd Bank (NS: INBK ), and Bajaj Finance (NS: BJFN ) all regained lost ground in the first week of November.

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  • Rakesh Prasad @Rakesh Prasad
    Everyone is greedy. Be fearful.
    Like 1
    • Ravi Radadiya @Ravi Radadiya
      Everyone is fearful. Be greedy!
      Like 0
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