The Indian benchmark indices towards the close extended early gains to close higher with Sensex ending higher by 724 points or 1.78 percent at 41340, while Nifty notched gains to the tune of 1.78 percent to scale to 12120 points. On the sharp run, India VIX, measure of volatility on Indian stock markets cooled off by close to 10%.
Hindalco, SBI, IndusInd Bank, BPCL and Tata Steel were among the top gainers, while laggards included HeroMotocorp and HDFC Life.
Heavyweight stocks including SBI, HDFC Bank, Infosys, HCL and RIL also helped the indices to gain sharply.
Much of the gains are on the back of global cues as investors assess the likelihood of Joe Biden Presidency. A victory for Democratic candidate Joe Biden will be good for emerging markets, including India said analysts while stating that the prediction of the US election outcome is harder than ever.
As per latest reports, Biden has already won 264 eletoral votes and for winning the US Presidential race a total of 270 votes are needed.
Meanwhile, European stocks also traded in the green with French CAC and German DAX up, 0.95 percent and 1.16 percent, respectively.
Rupee also settled higher by 40 paise at 74.36 against the US Dollar.