The domestic stock market ended over one per cent higher on Tuesday, on the back of favourable global cues, ahead of the US presidential poll outcome. According to reports, Democratic candidate Joe Biden is ahead in national opinion polls, but races are tight in battleground states that could tip the election to Donald Trump.
Among the headline indices, the S&P BSE Sensex rallied 504 points, or 1.2 per cent, to 40,261 levels and the Nifty50 index reclaimed the 11,800-mark to end at 11,813.50, up 144 points, or 1.24 per cent. India VIX dropped nearly 4 per cent to 24.2 levels.
Sectorally, barring Nifty Realty and Nifty Media, all other indices ended in the green. Nifty Bank jumped over 3 per cent or 790 points to 25,683 levels while Nifty Metal rose over 2 per cent to 2,391 levels.
In the broader market, the S&P BSE MidCap index gained 0.42 per cent to settle at 15,021 levels while the S&P BSE SmallCap index ended at 14,834, up 52 points, or 0.35 per cent.
Among buzzing stocks of the day, Cadila Healthcare ended nearly 7 per cent higher on the BSE as the company reported strong results in the September quarter (Q2FY21), with net profit after adjusting for exceptional items jumping 73 per cent year-on-year (YoY) at Rs 562 crore.
Shares of Housing Development Finance Corporation (HDFC) rose over 4 per cent to Rs 2,131 on the BSE, thus gaining over 10 per cent in the past two days after the company reported higher than estimated September quarter (Q2FY21) numbers, led by improvement in asset quality and steady assets under management (AUM) growth.
In the global markets, European stock markets rose as investors bet on a clear win for Joe Biden as the United States votes in its most polarised presidential election in living memory.
In Asia, South Korea’s main index advanced 1.7 per cent and Hong Kong’s index sprinted 2.2 per cent higher.
In commodities, oil prices extended their rally but concerns over surging coronavirus cases around the world capped further gains.