Alex Jaros attends the New York Young Republican Club election night watch party during the 2024 U.S. presidential election, in Manhattan, New York City, U.S., November 5, 2024. REUTERS/Andrew Kelly Purchase Licensing Rights , opens new tab

Item 1 of 5 Alex Jaros attends the New York Young Republican Club election night watch party during the 2024 U.S. presidential election, in Manhattan, New York City, U.S., November 5, 2024. REUTERS/Andrew Kelly

Summary

Companies Stock futures, dollar, yields rise on Trump lead

Election results could impact U.S. tax, trade policy

Bitcoin roars to record high

NEW YORK/SEOUL, Nov 6 (Reuters) – Investors bought dollars, bitcoin and stocks, and sold bonds as Donald Trump claimed victory in the U.S. presidential election and Republicans took control of at least one chamber of Congress.

U.S. stock futures hit record highs, the dollar surged and Treasury yields jumped, while bitcoin broke $75,000 for the first time – all moves flagged by investors as likely should Trump win over Democrat Kamala Harris

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“Not only are markets positioning themselves for a comfortable Trump victory in the electoral college, but the prospect of a Republican-controlled Congress,” said Matthew Ryan, head of market strategy at Ebury.

The results so far underscore how one of the most unusual presidential elections in modern U.S. history could have far-reaching implications for tax and trade policy as well as U.S. institutions.

The results affect assets globally and will determine the outlook for U.S. debt, the strength of the dollar, and a host of industries that make up the backbone of corporate America.

Leading into Tuesday, polls showed a dead heat between the former president and the current vice president. But by 2 a.m. ET, Trump had won the swing states of North Carolina and Georgia and was leading in several others, according to Edison Research.

Fox News projected he had won the presidency.

Republicans also won control of the U.S. Senate, ensuring they will dominate at least one chamber of Congress next year.

GROWING CONFIDENCE

Assets whose prices could be helped by Trump’s pledges to raise tariffs, cut taxes and slash regulations shone, while dealers said cash was flowing out of emerging markets and U.S. Treasury bonds tanked in anticipation of a ballooning deficit.

“The consequence is a higher path of rates,” said Nick Ferres, chief investment officer at Vantage Point Asset Management in Singapore.

He was buying Asia-Pacific bank shares in anticipation that higher yields and stronger growth would benefit their earnings.

Ten-year Treasury yields – which move inversely to prices – flirted close to 4.5%.

“A lot of this is based on investors’ view that Trump would cut taxes or at least keep tax rates low. Now that it’s likely to be looking like a red sweep (of the White House and Congress) – additional cuts are possible,” said Ken Peng, head of Asia investment strategy at Citi Wealth in Hong Kong.

“Deregulation is another major positive for the economy and markets, particularly for the financial, energy, and tech sectors,” he said.

Bitcoin surged to a record high , betting on a softer line on cryptocurrency regulation.

‘VOLATILE NIGHT’

The euro headed towards its biggest one-day drop since 2020 and German government bond yields staged their largest one-day drop since January, as investors priced in a sharp slowing in the economy.

In Asia, exporters’ shares slid in Hong Kong, pulling the Hang Seng index down 2.7% and leaving investors girding for a bumpy future.

“With Trump, market volatility is likely to pick up,” said Rong Ren Goh, portfolio manager at Eastspring Investments in Singapore.

“Right now the markets are focusing narrowly on the prospect of tariffs because it is the easiest lever to pull,” he said, but broader trade conflict was possible. “From this perspective, I think a foreign investor is likely to position more defensively towards China-focused risk.”

Shares in Tesla rallied sharply in Frankfurt (TSLA.O) , opens new tab , , ahead of the U.S. premarket. Elon Musk, Tesla’s top shareholder, has supported Trump throughout his electoral campaign.

Elsewhere some bankers, investors and analysts said they were waiting out the count – in some cases anxiously – with friends and family.

Joe McCann, CEO of Asymmetric, a macro hedge fund that trades primarily in cryptocurrencies, said he has been tracking election news on several TV screens and monitoring market movements in his 50th floor Miami penthouse.

“We have not left this room all day,” he said. “We are expecting a volatile night.”

Reporting by Lewis Krauskopf, Suzanne McGee, Michelle Conlin, Nupur Anand, Chibuike Oguh, Noel Randwich, Saqib Ahmed, Saeed Azhar, Caroline Valetkevitch, Tom Westbrook, Kevin Buckland, Megan Davies, Douglas Gillison, Carolina Mandl, Vidya Ranganathan and Lananh Nguyen; Writing by Michelle Price and Tom Westbrook; Editing by Paritosh Bansal, Sam Holmes and Catherine Evans

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The candlestick (Hammer) pattern formed on the weekly chart is an encouraging one. The broader markets also outperformed as compared to the mainline indices. India VIX witnessed a sharp rally to the levels of 16.10 (Up by 8.93%). The important key takeaway for Nifty is that it is bouncing back from the lower levels and is also holding above 200 Day Exponential moving average on a weekly closing basis, which is currently placed at around 23,500 Mark. As long as Nifty is holding above 23.5 K, the present pullback rally which started recently is likely to continue. Support for Nifty is now seen at 23,650 and 23,500. On the higher side, immediate psychological resistance for Nifty is at 24,000 Mark and the next resistance zone is at 24,200-250 levels, said Tejas Shah, Technical Research, JM Financial & BlinkX. In the open interest (OI) data, the highest OI on the call side was observed at 24,000 and 24,100 strike prices, while on the put side, the highest OI was at 23,900 strike price followed by 23,800.

The Nifty gained 375 points over the week to close at 23,907. A smart comeback by the bulls in the second half of this week as the market recovered almost the entire loss registered in the first half. Technically, levels have played an important role in this 1-2 weeks as the indices have respected support and resistance markers very well.

US stocks open muted ahead of business activity data; geopolitical tensions in focus Wall Street’s main indexes had a subdued start on Friday as investors awaited a business activity survey and monitored geopolitical tensions between Ukraine and Russia.

The Dow Jones Industrial Average rose 1.3 points at the open to 43,871.63. The S&P 500 fell 4.4 points, or 0.07%, to 5,944.36, while the Nasdaq Composite dropped 6.1 points, or 0.03%, to 18,966.32 at the opening bell.

Sebi proposes more diversified ownership of equity clearing corporations India markets regulator is proposing more diversified ownership of equity clearing corporations, which are currently fully owned by the country’s exchanges.

Broad-basing and diversifying the ownership of clearing corporations would help strengthen their financial and operational independence and ensure they can operate primarily in the public interest, the Securities and Exchange Board of India (SEBI) said in a consultation paper on Friday.

J.P. Morgan sees Brent oil price averaging $73 a barrel in 2025 J.P. Morgan sees the price of Brent oil averaging $73 per barrel (/bbl) in 2025 and expects it to close the year firmly below $70/bbl, with U.S. West Texas Intermediate at $64/bbl, the bank said in a note on Friday.

“Our view on 2025 has remained largely unchanged over the past year: we look for a large 1.3 mbd (million barrels per day)surplus and an average Brent of $73,” the note said.

The bank sees global oil demand growth decelerating from 1.3 mbd this year to 1.1 mbd next year, adding that China is expected to lead oil demand growth for the last time before India takes the lead in 2026.

Sebi clears Roshni Nadar’s family share transfer in HCL Tech, aimed at smooth succession Capital markets regulator Sebi has granted an exemption to Roshni Nadar, Chairperson of HCL Tech, from making an open offer for her proposed indirect acquisition of shares and voting rights in the company.

This approval paves way for Roshni to take a larger ownership role in key entities that control HCL Technologies, a move aimed at ensuring smoother succession planning within the Nadar family.

Exchanges seek clarification on disclosure violations by Adani Group entities Stock exchanges have sought clarification on violation of disclosure norms by Adani Group entities regarding the alleged bribery case in the US and subsequent cancellation of Kenya’s airport expansion deal. In its response to the case in the US, Adani Group firms on Thursday had said “there are no allegations made against the company”.

On clarification with regard to Kenya cancelling airport expansion and energy deals following the US bribery and fraud indictments, the group is yet to respond to the bourses.

While there was no word from Sebi officials, experts pointed out the regulator will have to definitely look into it if there are any disclosure and other violations and take necessary action.

Zomato to replace JSW Steel in Sensex from December 23 Food delivery company Zomato will replace JSW Steel in the BSE Sensex as prt of the index reconstitution which becomes effective from December 23.

India’s forex reserves plunge USD 17.76 bn to USD 657.89 bn India’s forex reserves dropped by USD 17.761 billion to USD 657.892 billion for the week ended November 15, the RBI said on Friday. In the previous reporting week ended November 8, the overall reserves dropped by USD 6.477 billion to USD 675.653 billion.

The kitty, which had hit an all-time high of USD 704.885 billion in end-September, has been declining for multiple weeks now, at a time when the rupee has also been under pressure.

For the week ended November 15, foreign currency assets, a major component of the reserves, decreased by USD 15.548 billion to USD 569.835 billion, the data released on Friday showed.

Sebi proposes engaging independent agency for appointment of key personnel at exchanges, MIIs Sebi has proposed engaging independent external agencies to identify suitable candidates for the appointment of key management personnel at market infrastructure institutions. The NRC will evaluate these recommendations and send them to the governing board and Sebi. The aim is to ensure independence, transparency, and accountability in key managerial appointments. Sebi also proposes a cooling-off period for KMPs and directors to prevent conflicts of interest.

BSE introduces F&O contracts in 3 Adani stocks, Paytm & 39 others from Dec 13 India’s oldest stock exchange BSE on Friday announced introduction of futures & options (F&O) contracts of 43 stocks which will be available for trading from December 13.

Tech view: Nifty forms encouraging Hammer pattern. How to trade on Monday The Nifty gained 375 points over the week to close at 23,907. A smart comeback by the bulls in the second half of this week as the market recovered almost the entire loss registered in the first half. Technically, levels have played an important role in this 1-2 weeks as the indices have respected support and resistance markers very well.

The candlestick (Hammer) pattern formed on the weekly chart is an encouraging one. The broader markets also outperformed as compared to the mainline indices. India VIX witnessed a sharp rally to the levels of 16.10 (Up by 8.93%).

The important key takeaway for Nifty is that it is bouncing back from the lower levels and is also holding above 200 Day Exponential moving average on a weekly closing basis, which is currently placed at around 23,500 Mark. As long as Nifty is holding above 23.5 K, the present pullback rally which started recently is likely to continue. Support for Nifty is now seen at 23,650 and 23,500. On the higher side, immediate psychological resistance for Nifty is at 24,000 Mark and the next resistance zone is at 24,200-250 levels, said Tejas Shah, Technical Research, JM Financial & BlinkX.

In the open interest (OI) data, the highest OI on the call side was observed at 24,000 and 24,100 strike prices, while on the put side, the highest OI was at 23,900 strike price followed by 23,800.

STOXX 600 hits one-week high on tech boost, eyes weekly gains Tech led gains in Europe on Friday, with the benchmark stock index on track for its first weekly advance in five, as the recent selling pressure due to geopolitical tensions eased, but the mood was still sombre after discouraging economic data.

The pan-European STOXX 600 was up 0.6% as of 0915 GMT and was set for its second day of gains.

NFO Alert: Axis Mutual Fund launches momentum fund Axis Mutual Fund has announced the launch of the NFO of Axis Momentum Fund, an open-ended equity scheme following the momentum theme.

The new fund offer or NFO of the scheme is open for subscription and will close on December 6.

The fund will be benchmarked against the NIFTY 500 TRI. The fund will be managed by Karthik Kumar and Mayank Hyanki. The minimum investment amount is Rs 100 and in multiples of Re 1 thereafter.

Market Statistics: Advance declines ratio favors buyers

Sector View: Realty, IT stocks shine

Rupee closes stronger, RBI intervention blunts impact of surging dollar

Top Nifty gainers and losers in today’s session

Sensex Heatmap: 29 of 30 Sensex stocks end in the green

Nifty above 23,900

Sensex settles 1,961 pts higher; SBI, TCS gain 4% each

Sensex Today | Stock Market LIVE Updates | Mapping the bull market: Insights into Bitcoin’s position in the cycle Anush Jafer of Mudrex Research analyzes Bitcoin’s rally nearing $100,000, highlighting its market cycles, phases of a bull market, and potential altcoin momentum in early 2025, urging investors to monitor key factors.

Sensex Today | China stocks post worst day in 6 weeks as poor tech earnings, Trump fears weigh

Sensex Today | Further steep hike in housing prices may prove to be a deterrent to demand: Prashant Thakur, Anarock Prashant Thakur of Anarock Group highlights a 59-60% price rise in top cities post-Covid, with Hyderabad seeing a 70% surge.

He notes stabilizing prices during the festive season, cautioning against further steep increases.

Sensex Today | Stock Market LIVE Updates | Nifty healthcare stocks trading in green

Sensex Today | Stock Market LIVE Updates: Sensex zooms 2,000 points

Stock Market LIVE Updates | SENSEX ZOOMS 1,900 PTS

Stock Market LIVE Updates | Nifty Realty index gains 3%; Raymond, DLF among top winners from the pack

Sensex Today | Stock Market LIVE Updates: Nifty IT, Nifty PSU Bank and realty rise 3% each

Sensex Today | Stock Market LIVE Updates: LIC Housing Finance accepts bids for bond reissue, bankers say India’s LIC Housing Finance has raised ₹10 billion ($118.44 million) through the reissuance of its 7.57% October 2029 bonds, according to three bankers. The company is offering a yield of 7.65% on the bonds and had invited bids from bankers and investors earlier on Friday, the sources added.

Sensex Today | Stock Market LIVE Updates: RIL shares jump 3%

Sensex Today | Stock Market LIVE Updates: The combined market cap of all listed stocks on BSE rose by Rs 7 lakh crore to Rs 432.25 lakh crore

Sensex Today | Stock Market LIVE Updates: RIL contributes over 200 points to Sensex’s gains, ICICI Bank adds 170 points

Sensex Today | Stock Market LIVE Updates: Sea of green

Sensex Today | Stock Market LIVE Updates: Sensex soars 1,700 points

Sensex Today | Stock Market LIVE Updates: Bata India Appoints Durgesh Singh as CFO

Sensex Today | Stock Market LIVE Updates: All Nifty stocks trading in green

Sensex Today | Stock Market LIVE Updates: Sensex surges 1,600 pts

Sensex Today | Stock Market LIVE Updates: Indian banks’ credit risk from Adani exposure seems contained, JPMorgan says JPMorgan stated on Friday that Indian banks’ loan exposure to the struggling Adani Group appears to be “manageable,” and any potential credit risk following the indictment of its billionaire founder-chairman in the United States seems to be “contained.”

Sensex Today | Stock Market LIVE Updates: Sensex soars over 1300 points

Sensex Today | Stock Market LIVE Updates: Sudeep Shah’s top bets from PSU Banks and realty pack “I believe that in the upcoming sessions, we could see a relief rally, with potential levels around 23,850 to 23,950. On the downside, the 23,500 to 23,450 zone is likely to provide strong support,” says Sudeep Shah

Sensex Today | Stock Market LIVE Updates: Silver futures rise on spot demand Silver prices increased by Rs 377 to reach Rs 90,302 per kilogram on Friday, as market participants raised their positions. On the Multi Commodity Exchange, silver contracts for December delivery rose by Rs 377, or 0.42%, to Rs 90,302 per kg, with a trading volume of 18,654 lots.

Sensex Today | Stock Market LIVE Updates: Abbott introduces leadless pacemaker in India for patients with slow heart rhythms

Sensex Today | Stock Market LIVE Updates: Sebi investigating whether Adani Group flouted disclosure rules: Report India’s capital markets regulator is investigating whether the Adani Group breached rules that require the disclosure of market-sensitive information, according to sources familiar with the matter.

Sensex Today | Stock Market LIVE Updates: Bitcoin at record highs, sets sights on $100,000 Bitcoin reached a new all-time high on Friday, setting its sights on the $100,000 mark. This impressive rally was driven by growing expectations of a more favorable regulatory environment under a potential Donald Trump administration.

SENSEX SOARS 1,200 PTS: NALCO, Coforge among top BSE 500 stocks that hit 52-week high today

Sensex Today | Stock Market LIVE Updates | Nifty Realty stocks trading in green

Sensex Today | Stock Market LIVE Updates | Kitex Garments board announced 2:1 bonus share issue

Sensex Today | Stock Market LIVE Updates | Sensex surges over 1,100 points

Stock Market LIVE Updates | Japan’s Nikkei ends higher as chip-related shares track Nvidia’s gains Japan’s Nikkei gained 0.68% to close at 38,283.85 on Friday, boosted by chip stocks following Nvidia’s rise, though it ended the week down 1.6%.

The Topix gained 0.51%, posting a weekly loss.

Sensex Today | Stock Market LIVE Updates | Valuations, not growth, pose the bigger challenge for Indian markets: S Naren S Naren, ED & CIO at ICICI Prudential AMC, emphasizes that while the economy isn’t slowing due to a low fiscal deficit, high valuations, especially in small and midcaps with inflated PEs, are a concern driven by continuous fund inflows.

Sensex Today | Stock Market LIVE Updates: ICICI Bank, Reliance, SBI power Sensex higher

Sensex Today | Stock Market LIVE Updates | Sensex Heatmap: 28 of 30 Sensex stocks in green

Sensex Today | Stock Market LIVE Updates | BSE & NSE levy fine of Rs 9.77 lakh on Rashtriya Chemicals and Fertilisers

Sensex Today | Stock Market LIVE Updates | Adani Enterprises surges 4%

Sensex Today | Stock Market LIVE Updates | Sensex surges over 1,000 points

Sensex Today | Stock Market LIVE Updates | Top Nifty gainers and losers at this hour

Sensex Today | Stock Market LIVE Updates | Advance declines ratio favors buyers

Sensex Today | Marksans Pharma shares rise 2% as it gets USFDA approval for Loratadine USP 10mg tablets

Stock Market LIVE Updates | RPP Infra Projects wins new orders worth Rs 21.83 cr