U.S. Election Results: Sensex, Nifty End See-Saw Session Higher
The U.S. election battle between Donald Trump and Joe Biden remains a close call with results now hinging on the key battleground states where counting was still on.
Both, the Democrats and the Republicans, are now bracing for drawn-out counting process that could take many more hours to resolve. Pennsylvania, Wisconsin, North Carolina, Georgia, Michigan and Nevada are the key states which may determine this year’s winner.
President Donald Trump jumped the gun and falsely declared that he had won the re-election bid. Calling the ongoing vote counting a “fraud on American public”, Trump said he would ask the Supreme Court to intervene.
“Frankly we did win this election,” he said. “So we’ll be going to the U.S. Supreme Court. We want all voting to stop.”
Minutes after his comments, the Associated Press declared that Biden had won Arizona, a state Trump won in 2016. It is the first state to flip in the election and complicates the president’s path to re-election.
The results so far give Biden a 238-213 lead in the Electoral College. The first candidate to reach 270 will claim the presidency.
Catch latest U.S. election updates here.
Closing Bell: A Volatile Session
Indian equity markets ended a highly fluctuating day with gains, extending their winning streak for the third straight day.
The S&P BSE Sensex ended 0.9% higher at 40,616, while the NSE Nifty 50 index managed to end above the mark of 11,900, ending with gains of 0.8% at 11,908.
The Nifty Bank too had a volatile trading day, trading in a broad range of over 800 points. The index recovered over 600 points from the day's low to end 0.3% higher at 25,771.
The Nifty Pharma index was the top sectoral gainer in today's session, ending 2.2% higher while the I.T. index too ended with gains of 1.8%.
The Nifty Realty index was the top sectoral laggard; ending 1.9% lower.
IndusInd Bank ended as the top gainer on the Nifty, with gains of 4.9%. 33 out of the 50 index constituents gained. UPL ended lower for the third straight day and was the top Nifty laggard for most parts of the session, down 3.9%.
Broader markets had a mixed picture at the close of trade. The Nifty Midcap index ended 0.6% higher while the Nifty Smallcap index ended little changed.
India Volatility index ended off the day's low, but down 4.3% at 23.2.
949 stocks on the NSE ended with gains while 868 stocks declined.
Global Market Check: U.S. Futures Swing After Trump Comments
U.S. stock futures fluctuated while Treasuries jumped after President Donald Trump called for Supreme Court to intervene in the counting of votes.
Contracts on the S&P 500 benchmark swung from losses to gains. Futures on the Nasdaq 100 remained up 1.5% for most of the day. Ten-year Treasury yields fell to 0.76% while the dollar strengthened.
Earlier, Trump falsely claimed an election victory even as several battleground states were still counting votes.
Elsewhere, the Stoxx Europe 600 Index was little changed while the MSCI Asia Pacific Index climbed 0.3%.
Alibaba Group Holding Ltd. tumbled 7.5% in Hong Kong after China halted the initial public offering of Ant Group Co., in which Alibaba owns one-third stake. Asian stocks were mixed with Japan outperforming and Australia lagging.
How Sectoral Indices Are Faring
Post Trump’s Address, the S&P 500 and Dow futures Have Given Up Gains To Extend Losses.