Sensex rises for the third day amid tight US presidential race, IT and banking stocks rally

Rising for the third straight session, the Sensex rallied 355 points on Wednesday following gains in Reliance Industries, Infosys and Kotak Bank amid a positive trend in global markets ahead of the outcome of the US presidential elections. After a volatile session, the 30-share BSE index ended 355.01 points or 0.88 per cent higher at 40,616.14.

Similarly, the broader NSE Nifty climbed 95 points or 0.80 per cent to 11,908.50.

IndusInd Bank was the top gainer in the Sensex pack, surging around 5 per cent, followed by Sun Pharma, Reliance Industries, Infosys, Kotak Bank and Tech Mahindra.

On the other hand, HDFC, PowerGrid, Axis Bank, ICICI Bank, NTPC and L&T were among the laggards.

According to traders, domestic equities followed global stocks that were upbeat ahead of the outcome of the US presidential election.

The poll is headed for a nail-biter, with Joe Biden having won 225 electoral college votes and US President Donald Trump following with 213 till last reports came in. The winner should have at least 270 electoral college votes out of the 538.

Earlier in the day, Trump claimed that a "major fraud" was being perpetrated on the American people and said he will take the matter to the Supreme Court, even as the counting of votes was in progress in the battleground states.

Elsewhere in Asia, bourses in Shanghai, Seoul and Tokyo ended with gains, while Hong Kong settled in the red.

Stock exchanges in Europe were also trading on a positive note in early deals.

Meanwhile, international oil benchmark Brent crude was trading 2.72 per cent higher at USD 40.79 per barrel.

In the forex market, the rupee depreciated 35 paise to close at 74.76 against the US dollar. ANS ABM ABM