Obama victory lifts Indian equities, rupee

A Barack Obama saw Indian equities gaining significant ground even while the rupee gained 20 paise. Indian equities were trading sharply higher with the Nifty surging 44 points at 5768 points, while the Sensex gained 132 points at 18949 points, on hopes that quantitative easing measures would continue under Obama.

Among the index gainers were Jaiprakash Associates, Bank of Baroda, Reliance Infra and DLF. Among the stocks that lost ground were Tata Power, Siemens, Bharti Airtel and Lupin Laboratories.

Software stocks were all trading higher on hopes of better prospects for software exports. Equities are expected to rally even further along with commodities on hopes that quantitative easing measures would continue with Barack Obama as President.

Meanwhile, the rupee gained 20 paise as a surge in equities provided support to the currency. The rupee was trading at 54.20 against the dollar at 12.30 pm IST.

GoodReturns.in