NEW DELHI: Stock indices started on a strong note Thursday as bank and IT stocks continued their bullish trend. The benchmark BSE Sensex increased 534 points or 1.31 percent to 41,150 in the first operations; while the broader NSE Nifty it moved 150 points or 1.26 percent more to 12.059.
The top winners in the BSE package included State Bank of India (SBI), HCL Tech, Infosys, Tata Steel, Tech Mahindra and Bajaj Finance, with their shares rising as much as 5.75 percent.
On the NSE platform, all sub-indices were trading green and Nifty PSU Bank was up as much as 3.30%.
Traders said strong earnings from the nation’s largest lender, SBI, boosted banking stocks, and TI stocks supported gains.
In a volatile session, the 30-share BSE Index had finished 355 points or 0.88 percent higher at 40,616 on Wednesday. Nifty was up 95 points or 0.80 percent to close at 11,909.
On the global front, Asian stock markets strengthened on Thursday, while bonds held big gains as investors waited for a clear outcome from the US elections, with the likely prospect of a policy stale seemingly welcomed by Wall Street during the night.
Live: 2020 U.S. Election Results
Both President Donald Trump and Democratic challenger Joe Biden have paths for 270 votes in the electoral college as states count mail-in ballots. Biden had a small advantage in Wisconsin while the Trump campaign filed a lawsuit to try to stop the vote counting in that state.
Gambling sites leaned towards Biden as the results came in, having favored Trump long before.
However, the prospects of Democrats taking over the Senate also dimmed, pointing to a stalemate if Biden were to take the White House.
“The stock markets have now decided that they like the perspective of a president who ‘does nothing’, without the control of both houses of Congress, where history is on his side,” said Ray Attrill, chief strategy officer. exchange rate of the National Australia Bank. Reuters agency.
(With contributions from the agency)
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