NEW DELHI: Equity indices started on a strong note on Thursday as banking and IT stocks continued their upward trend. The benchmark BSE sensex surged 534 points or 1.31 per cent to 41,150 in early trade; while the broader NSE Nifty moved 150 points or 1,26 per cent higher to 12,059.
Top gainers in the BSE pack 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 per cent.
On the NSE platform, all the sub-indices were trading in green with Nifty PSU Bank surging as much as 3.30 per cent.
Traders said that strong earnings from the country’s biggest lender SBI lifted banking stocks, with IT stocks supporting the gains.
In a volatile session, the 30-share BSE index had ended 355 points or 0.88 per cent higher at 40,616 on Wednesday. Nifty had climbed 95 points or 0.80 per cent to close at 11,909.
On the global front, Asian share markets firmed on Thursday while bonds held big gains as investors awaited a clear result from the US election, with the likely prospect of policy gridlock seemingly warmly welcomed by Wall Street overnight.
Live: US election results 2020
Both President Donald Trump and Democratic challenger Joe Biden have paths to 270 Electoral College votes as states tallied mail-in ballots. Biden held a narrow lead in Wisconsin while Trump’s campaign filed a lawsuit to try and halt vote counting in that state.
Betting sites swung toward Biden as the results trickled in, having earlier heavily favoured Trump.
Yet the prospects of the Democrats taking the Senate also dimmed, pointing to deadlock should Biden take the White House.
“Equity markets have now decided they like the prospect of a ‘do nothing’ President, lacking control of both houses of Congress – in which respect history is on their side,” Ray Attrill, head of FX Strategy at National Australia Bank, told news agency Reuters.
(With agency inputs)