Markets cheer Democrats win

Domestic equities gained for the sixth straight session on Wednesday, amid a rally in global stocks, after the people of United States of America (USA) selected Barack Obama as their President for the next four years again.

The 30-share Sensex at BSE ended up 85 points at 18,902, while the 50-unit Nifty at NSE ended up 36 points at 5,760. In the broader markets, the BSE midcap and the BSE smallcap advanced 0.7-0.8 percent outperforming the bellwether index of BSE, up 0.4 percent.

“With the re-election of Barack Obama as US President, the period of uncertainty and anxiety on this issue has ended. The gains in the Nifty is a reflection of the optimism that quantitative easing measures would continue under Obama’s regime,” said India Infoline's Research Head Amar Ambani.  

The market sentiment was boosted by initial data showing that foreign institutional investors (FIIs) remained buyers of domestic shares on Tuesday. FIIs bought shares worth a net Rs 174.62 crore on Tuesday, as per data from the stock exchanges.

The market breadth, indicating the overall health of the market, was positive with as many as 1,672 shares on BSE rose and 1,205 shares fell while a total of 131 shares remained static.  The total turnover on BSE amounted to Rs 2316 crore, higher than Rs 2269 crore on Tuesday.

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