In the wake of Donald Trump’s win in the US presidential election, stock markets surged more than 1% on Wednesday, with the BSE benchmark Sensex rising 901 points due to strong purchasing in IT and pharmaceutical firms.

The BSE Sensex extended its advances to the second day, rising 901.50 points, or 1.13 percent, to close the day at 80,378.13. It surged 1,093.1 points, or 1.37 percent, to 80,569.73 throughout the day. To end at 24,484.05., the NSE Nifty surged 270.75 points, or 1.12%.

Following the US election results, which reduced political uncertainty due to Trump’s strong mandate, global markets saw a relief bounce. Due to anticipation of tax cuts and more government expenditure, this has resulted in significant risk-on emotions.According to the IT Q2 results, BFSI expenditure in the US has increased, which is good news for Indian firms, said Vinod Nair, Head of Research at Geojit Financial Services. The smallcap index rocketed 1.96 percent, while the BSE midcap gauge rose 2.28 percent.In anticipation of a recovery in IT expenditure in the US, IT spearheaded broad-based domestic purchasing. At the end, all sectoral indices were higher. While teck (3.37 percent), realty (2.68 percent), industrials (2.66 percent), services (2.53 percent), and utilities (2.44 percent) were among the biggest winners, the BSE IT surged 4.04 percent. On the BSE, 968 stocks fell, 95 stayed the same, and 3,000 stocks increased.

Infosys and Tata Consultancy Services both increased by more than 4% from the 30-share Sensex group. Among the major winners were HCL Technologies, Tech Mahindra, Adani Ports, Larsen & Toubro, Maruti, and Reliance Industries. The laggards were Titan, Axis Bank, Hindustan Unilever, IndusInd Bank, and HDFC Bank.

Seoul, Shanghai, and Hong Kong closed down on Asian markets, but Tokyo settled higher. The green was quoted in the European markets. On Tuesday, Wall Street closed the day much higher. The benchmark for world oil, Brent crude, fell 2% to $74.02 a barrel. According to exchange statistics, domestic institutional investors (DIIs) purchased shares worth Rs 3,030.96 crore on Tuesday, while foreign institutional investors (FIIs) sold shares worth Rs 2,569.41 crore.