The Indian stock market closed Tuesday up 1 percent, supported by favorable global signals, ahead of the outcome of the US presidential election. Analysts say that while predicting the outcome of the election is more difficult than never a victory for Democratic candidate Joe Biden will be good for emerging markets (EM), including India. READ MORE
Among the major indices, the S&P BSE Sensex rallied 504 points, or 1.2%, to 40,261 levels and the Nifty50 index recovered the 11,800 mark to finish at 11,813.50, 144 points higher, or 1.24%. India VIX fell almost 4 percent to 24.2 levels.
Sectorally, except for Nifty Realty and Nifty Media, all other indices finished in green. Nifty Bank jumped more than 3 percent or 790 points to 25,683 levels, while Nifty Metal rose more than 2 percent to 2,391 levels.
In the broader market, the S&P BSE MidCap Index gained 0.42 percent to settle at 15,021 levels, while the S&P BSE SmallCap Index finished at 14,834, up 52 points, or 0.35 percent.
Global markets
European stock markets rose in early trading on Tuesday as investors bet on a clear win for Joe Biden as the United States votes in its most polarized presidential election in memory.
In Asia, South Korea’s leading index advanced 1.7 percent and Hong Kong’s index rose 2.2 percent.
The MSCI China index hit a 23-year high after Chinese factories’ activity expanded the fastest in a decade. The Japanese markets were closed for the holidays.
In commodities, oil prices extended their rally, but concerns about rising coronavirus cases around the world limited further gains.
(With input from Reuters)
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