The Bombay Stock Exchange closed 265.15 points higher at 27,517.68, and the National Stock Exchange Nifty rose 93.75 points to end at 8,525.75 on Thursday, a day after markets crashed following Donald Trump’s victory in the United States presidential elections. The Indian rupee also hit a two-month high of 66.41 against the dollar during early trade, as Indian exporters and banks were seen selling the American currency.

In early trade, Sensex had climbed by more than 400 points, and the Nifty index had crossed the 8,500-mark with a rise of more than 135 points. The slightly lower closing was because of mild profit-booking (the selling of shares to realise gains) in stocks of auto and IT companies, NDTV reported. The rise in markets was also attributed to Trump’s victory speech, which the research director at Forex.com, Kathleen Brooks, said made him sound “more presidential” than he had at any point during his campaign.

Banking shares rose for the second straight day following the Centre’s demonetisation of Rs 500 and Rs 1,000 currency notes, Business Standard reported. The stocks of State Bank of India, Indian Overseas Bank and Union Bank of India all rose between 5% and 7%, with SBI and Kotak Mahindra Bank hitting 52-week highs. While the move has been praised by business houses and some political parties, it has led to people rushing to banks to exchange their high-value notes.

Gold and silver also gained – gold crossed the Rs 30,000-mark for 10 g during early trade, while silver was selling at more than Rs 43,600 per kg.

On Wednesday, Indian markets had crashed by more than 1,600 points to hit a seven-year low before recovering significantly. The election results also spooked markets in the US, Europe and other parts of Asia and pushed the Mexican peso to its lowest since the 1994 tequila crisis.