US Elections 2024: How Will Donald Trump’s Historic Win Influence the Indian Market?

US Elections 2024: Donald Trump won the 2024 presidential election in the United States, securing the required 270 electoral votes and recovering the presidency after defeating Kamala Harris. With this historic win, Trump becomes only the second US president in 132 years to serve two non-consecutive terms, following Grover Cleveland in 1884 and 1892. Trump previously won the presidency in 2016, lost it in 2020, and has again reclaimed it in 2024. This election has had a significant impact on the American and worldwide markets, particularly the dollar index, which soared to 105, sending the Indian rupee to a historic low of 84.23.

Increase in Cryptocurrency and Indian Market 

The election has also had an impact on the bitcoin market, with values rising due to Trump’s pro-crypto position. Cryptocurrencies, particularly Bitcoin, have seen surges of 9%, 15%, and even 22% in recent days. In India, market experts are examining the potential effects on several sectors, particularly pharmaceuticals. Girish Sodani Kirai, co-founder of Insure Capital, stated that companies with direct U.S. FDA participation, such as Zydus and Lupin, may reap long-term gains from predicted regulatory relaxations. However, the immediate impact may be limited when the new administration in the United States takes office. In the Indian stock market, the Nifty’s important support level is identified as 24,500. The upcoming trading hours will tell if the market maintains an upward trend or drops, as the effects of recent U.S. election results continue to affect the market.