US Election 2024: What a Donald Trump or Kamala Harris win may mean for Dalal Street

As market participants across the globe awaited the outcome of the 2024 US presidential election, early trends showed Republican Donald Trump leading in more states against Democrat Kamala Harris. What can the humble Dalal Street investor expect in either case? Will a Donald Trump win trigger a rally on Wall Street, and can such a trend take the Nifty50 past its late-September peak of 26,277? Zee Business Managing Editor Anil Singhvi has analysed the possibilities with a few important levels in the headline index, which has yet to cover a 2,064.1-point, or 7.9 per cent, distance to retest its all-time high. 

During the pre-market hours on Wednesday, November 6, in India, all eyes eagerly awaited the numbers in the historically swing US states in Arizona, Georgia, Michigan, Nevada, North Carolina, Pennsylvania and Wisconsin.

All eyes were on seven key swing states in the contest to reach 270 votes in the Electoral College: Arizona, Georgia, Michigan, Nevada, North Carolina, Pennsylvania and Wisconsin.

While Trump is learned to be hosting a VIP dinner in Palm Beach, Florida, Harris is reportedly hosting a party at her alma mater, Howard University, in Washington DC.

2024 US Election Results | What market guru Anil Singhvi thinks 

What will a Donald Trump win may mean?

According to the market wizard, Wall Street rallied on Tuesday in anticipation of a Trump win. The Dow Jones rose 427.3 points, or 1.0 per cent, to end at 42,221.9 and the S&P 500 gained 70.1 points, or 1.2 per cent, to settle at 5,782.8, while the technology stocks-heavy Nasdaq Composite shot up 259.2 points, or 1.4 per cent, to 18,439.2. 

Singhvi believes that a Trump win may lead to further gains in the US markets. 

He expects the Nifty50 to attempt to surpass the 24,500 zone in that case. 

What a Kamala Harris win may mean?

The market guru feels that the US markets are expecting lower chances of a Harris win. There is a possibility of a sell-off across global markets in such a case, he said. 

If that happens, a fall below the 23,800 mark may worsen the weakness in the Nifty50, according to Singhvi. 

What will be the impact on Dalal Street?

A clear outcome of the US election in early trends may give a clear direction to Dalal Street, with markets anticipating higher chances of a Trump win in the historic election. 

Dalal Street bulls can expect a strong breakout at the 24,500 mark on the Nifty50 with spaces like PSUs, metals and IT enjoying rapid buying, he said. 

The market guru suggests investors to start buying in case of a lacklustre start to the day. 

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