A decisive victory for Donald Trump in the US Presidential election 2024 saw the global markets and cryptocurrencies soar, including Indian indices.

S&P and Nasdaq futures of the US markets rose over 2%, with the small-cap Russell 2000 skyrocketing by 6%.

Meanwhile, the dollar index climbed 1.4%, marking its best day since March 2023. The dollar now stands at ₹84.32 (at 7.15 pm) on Wednesday.

The South Korean currency fell sharply against the US dollar during intra-day trading at 1,400.5 won to the dollar as of 8.20 pm local time, marking the first time to surpass the 1,400 won threshold since April 16. The won opened at 1,374 won at 9 am, up 4.6 won from the previous session.

But the won-dollar rate reversed course in the morning, with the US dollar strengthening on news that Trump held an advantage over Democratic rival Kamala Harris in the Electoral College vote, reported a news agency.

A second Trump presidency could have significant implications for South Korea's trade policy, as Trump has previously suggested imposing an up to 20% tariff on all goods imported into the US.

The positive momentum in stock futures, driven by signs of a decisive outcome in the 2024 U.S. elections, also lifted European equities, which gained 0.9% (STOXX 50).

DAX Performance Index was up by 0.035% at 7.15 pm, FTSE 100 at 0.25%, and CAC by 0.53%.

Cryptocurrency also shot up by a whopping 6.61%, as the Bitcoin to USD conversion stood at over $74,000.

The Indian benchmark indices also welcomed Donald Trump's convincing victory in the US presidential elections as both Sensex and Nifty gained more than 1% amid heavy buying in the IT sector.

The Sensex closed at 80,378.13, up 901.50 points or 1.13%.

On the other hand, Nifty closed at 24,484 after gaining 270.75 points or 1.12%. The Nifty Bank rose 110.15 points or 0.21% to 52,317.40. The Nifty Midcap 100 index closed at 57,355.80 at the end of trading after gaining 1240.35 points or 2.21%. Nifty Smallcap 100 index closed at 18,906.10 after gaining 402.65 points or 2.18%.

According to market experts, the global markets experienced a relief rally following the US election results, reducing political uncertainty with Trump securing a strong mandate.

This has led to strong risk-on sentiments, driven by expectations of tax cuts and increased government spending. The domestic buying was broad-based, with IT leading the charge in anticipation of a rebound in IT spending in the US, they said.

(with inputs from syndicated feed)