The domestic stock market ended nearly a per cent higher on Wednesday ahead of the US Presidential election outcome. As per the latest report, Democratic candidate Joe Biden has secured 225 electoral votes, while Donald Trump has won 213 seats so far. A candidate needs to win 270 electoral votes to capture the US presidency.
The S&P BSE Sensex gained 355 points, or 0.88 per cent to settle at 40,616 levels while NSE's Nifty ended at 11,908.50, up 90 points, or 0.8 per cent. India VIX slipped over 4 per cent to 23.2 levels.
In the broader market, the S&P BSE MidCap index ended 0.43 per cent higher at 15,086 levels while the S&P BSE SmallCap index settled at 14,883, up 0.33 per cent.
Sectorally, IT stocks rallied in the trade. The Nifty IT index climbed nearly 1.8 per cent to 21,104.55 levels with all the 10 constituents advancing.
In the earnings corner, State Bank of India's (SBI's) September quarter (Q2FY21) standalone net profit jumped 52 per cent year-on-year to Rs 4,574.16 crore as the lender's provisions declined during the quarter. In comparison, it had clocked a net profit of Rs 3,011.7 crore during the corresponding quarter of FY20. The stock settled flat at Rs 205.50 on the NSE.
In the global markets, share markets were whipsawed, while bonds and the dollar gained on Wednesday as results from the US presidential election proved far closer than polls had predicted, potentially leaving the outcome in doubt for days or weeks.
US equity futures went on a wild ride, rising then falling, climbing again as the voting seemed to favour Trump only to sag once more as the president vowed to make a Supreme Court challenge.
In commodities, oil prices were largely steady after President Donald Trump falsely claimed victory in a tight US election, despite millions of votes still to be counted and the final result not yet clear.