Indian Stocks Track Regional Peers Higher Ahead of U.S. Election

Indian stocks tracked Asian peers higher ahead of the U.S. election.

The S&P BSE Sensex climbed 1.3% to 40,261.13 in Mumbai, while the NSE Nifty 50 Index advanced by 1.2%.

Swings in stock prices eased Tuesday for the first session in five after a measure of volatility yesterday touched its highest level in three months.

“A clear verdict in the U.S. election on either side would be taken well by the market,” said Abhimanyu Sofat, head of research at IIFL Securities Ltd. in Mumbai.

Volatility in global markets, driven by fresh lock-downs in Europe and the U.S. election had overshadowed early signs of an economic recovery in India.

As quarterly earnings continue, 23 of the 35 companies that have reported results so far have beaten or matched analysts’ estimates, with Sun Pharmaceutical’s higher-than-expected profit the most recent. Adani Ports and Special Economic Zone Ltd. is due to report results today.

The yield on the benchmark 10-year government bond increased by one basis point to 5.9% while the rupee was steady at 74.4075 against the U.S. dollar.

The Numbers

  • Twelve of 19 sector sub-indexes compiled by BSE Ltd. advanced, led by a gauge of banks.
  • Nineteen Sensex shares rose while 11 fell.
    • ICICI Bank Ltd. contributed the most to the Sensex index’s gain and was the biggest winner with a 6.5% jump, while Reliance Industries Ltd.’s 1.5% drop made it the biggest drag on the index

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