Benchmark indices surged in trade following strong global cues, ahead of the US election. European markets surged near 2 per cent, while most of Asia also closed the day strongly. Ahead of the polls, Joe Biden held a lead over current US President Donald Trump.
The Nifty ended the day higher by a solid 150 points, closing the day slightly below the 11800 points mark. Leading the set of gainers in trade was ICICI Bank, which surged a huge 7 per cent in trade, following a spectacular 6 per cent rally on Monday. Hindalco, Power Grid, HDFC and HeroMoto Corp were some of the other Nifty gainers.
A few Nifty stocks like UPL, NTPC, Nestle and Infosys lost ground in trade. In fact, NTPC fell even after the company's board approved the share buyback of 19,78,91,146 fully paid-up equity shares of the face value of Rs 10 each at a price of Rs 115 per equity share for Rs 2,275.75 crore
HDFC rallied after reports that home loans disbursals were the second highest in its history. Meanwhile, the Indian rupee ended marginally higher at 74.40 per dollar. Markets are expected to be increasingly volatile ahead of the US elections and the outcome thereof and hence caution is advised.