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

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

On the other hand, Nifty closed at 24,484 after gaining 270.75 points or 1.12 per cent. The Nifty Bank rose 110.15 points or 0.21 per cent 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 per cent. Nifty Smallcap 100 index closed at 18,906.10 after gaining 402.65 points or 2.18 per cent.

Buying was seen in Nifty's auto, IT, PSU bank, financial service, pharma, FMCG, metal, realty, media, and energy sectors. All sectors closed with trading in green.

TCS, HCL Tech, Infosys, Tech Mahindra, Adani Ports, L&T, and Maruti were the top gainers in the Sensex pack. Titan, IndusInd Bank, Hindustan Unilever, Axis Bank, and HDFC Bank were the top losers.

The market trend remained positive. On the Bombay Stock Exchange (BSE), 3,013 stocks were trading in the green, 961 in the red, and there was no change in 89 shares.

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.