Market may open on weak note

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 51 points at the opening bell.

Investor focus on Wednesday was also likely on the U.S. presidential election between incumbent Donald Trump and former Vice President Joe Biden.

Global markets:

Overseas, Asian stocks are trading mixed as results from the U.S. Presidential election hinted at a close race with no clear winner yet in sight. A private survey also showed China's service sector activity growing in October, with the Caixin/Markit services Purchasing Managers' index coming in at 56.8.

Hong Kong-listed shares of Alibaba tanked in Wednesday morning trade after the anticipated initial public offering of affiliate Ant Group was suspended amid regulatory concerns.

In US, stocks jumped on Tuesday as investors hoped a clear winner would emerge from the U.S. presidential election and a delayed, or contested, result would be avoided.

Heading into Tuesday's vote, former Vice President Joe Biden held a lead in national polling over President Donald Trump. In swing states, where the election will be decided, polling averages are tighter than the national polls.

Domestic markets:

Back home, domestic equity benchmarks ended with strong gains on Tuesday, led by banks and financial shares. The barometer index, the S&P BSE Sensex, jumped 503.55 points or 1.27% to 40,261.13. The Nifty 50 index added 144.35 points or 1.24% to 11,813.50.

Foreign portfolio investors (FPIs) bought shares worth Rs 2,274.40 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,100.92 crore in the Indian equity market on 3 November, provisional data showed.

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