Nifty, Sensex continues downward trend, selling continues despite Trump victory

Mumbai (Maharashtra) [India], November 7 (ANI): Indian stock markets opened flat with a marginal dip on Thursday after Donald Trump's victory, while FIIs continued to remain net sellers in Indian markets.
The Nifty 50 index opened flat at 24,489.60 points, while the BSE Sensex index was down marginally by 0.16 percent during early trade to 80,248.60 points.
Experts noted that global markets supported Trump's victory on Wednesday, and his success in the elections is expected to be more potentially transformative than initially thought. However, his decisions could have both positive and negative impacts on different sectors.
"The Trump victory is turning out to be more potentially transformative than thought earlier. With the Congress and the Senate coming under Republican control and President Trump exercising power without bothering about another term in office, hugely transformational decisions are possible in the months following Trump's assumption of office. These decisions may turn out to be both good and bad" said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
He further added "His pro- business initiative of 'America First' can strengthen the American economy. But if he walks his talk and imposes a 60 pc tariff on Chinese imports and 10 to 20 pc tariff on imports from other countries, that would trigger inflation and jeopardise the Fed's policy of containing inflation, necessitating a rethink of the Fed's present policy of rate cut. This has the potential to negatively impact global stock markets".
In the sectoral indices, a mixed performance was seen on the National Stock Exchange, with Nifty Auto, Nifty Pharma, Nifty IT, and Nifty FMCG gaining, while Nifty Bank, Nifty Metal, and Nifty Private Bank declined.
In the quarterly announcements today, Mahindra & Mahindra, Trent, Rail Vikas Nigam, Linde India, Lupin, NHPC, and Aditya Birla Fashion & Retail are some of the major companies set to announce their second-quarter financial performance.
In other Asian markets on Thursday, Japan's Nikkei index was down marginally by 0.4 percent, while Hong Kong's Hang Seng gained 0.68 percent. Taiwan's weighted index also rose by 1.07 percent, and South Korea's KOSPI index was up by 0.41 percent. In China, the Shanghai Composite also gained 0.75 percent after Trump's return.
U.S. markets on Wednesday rallied on Trump's victory, with the S&P 500 and Nasdaq indices both surging more than 2 percent. (ANI)