Bitcoin soared past $80,000, reaching a new all-time high, fueled by expectations of favorable regulations under the new administration. President-elect Trump's pro-crypto stance and the Republican Party's strong performance in the election sparked a surge in investor confidence. The potential for a crypto-friendly Congress further boosted the market, with experts pointing to the likelihood of supportive legislation.
Bitcoin nears $80,000, driven by optimism over Trumps pro-crypto stance and pro-digital-asset lawmakers in Congress, with strong demand for ETFs and interest-rate cuts boosting cryptocurrency investments.
Indian markets ended in the red due to weak corporate earnings and foreign outflows. Nifty faces consolidation, with bullish momentum in some stocks like Indian Hotels and Page Industries.
Over 2500 companies, including prominent names like ONGC, Hindalco, and Hero MotoCorp, are set to release their second-quarter earnings this week. Early reports suggest muted results, with analysts predicting the slowest growth in over four years due to a marginal 2% rise in Nifty earnings.
While Reliance Industries, Bharti Airtel, ICICI Bank, ITC, Hindustan Unilever and Life Insurance Corporation of India (LIC) suffered erosion in their market valuation, Tata Consultancy Services (TCS), HDFC Bank, Infosys, and the State Bank of India were the gainers.
When Trump ran for president in early 2016, US equities were on shaky footing, posting their worst start to a year since the financial crisis with a drop of more than 5% in January. By the time of his inauguration, the S&P 500 was coming off a 9.5% gain in 2016 after ending 2015 in the red. The index was trading at 17 times projected earnings. The yield on 10-year Treasuries was around 2.5%, and the fed funds rate sat at 0.75%.
