Markets surge on rally in IT stocks

Donald Trump’s victory in the US presidential election provided a booster shot to domestic equities as investors rejoiced in anticipation that India could be a key beneficiary of the China Plus One policy.

Shares of information technology companies were the top gainers as potential cuts in corporate tax rates in the US are likely to aid the growth for these companies. HCL Tech, Tech Mahindra, Infosys and Tata Consultancy Services jumped 3.5-4.5%, contributing to 51% of the gains on the Sensex.